WHAT'S RIPE FOR REDEVELOPMENT?
|Manekin broker Brendon Behan tells us a property's redevelopment feasibility depends on higher and better use (like industrial to medical office). The numbers on, say, Class-C to Class-A office conversions typically don't justify the investment. Manekin's redevelopment of 5500 Lombard St has a high parking ratio, is TOD (the MARC is expected to stop there in 2015 and the Red Line to start building in '17), and nestles into the the elbow of the I-895 off ramp. That kind of transportation access, especially in a submarket that has upped its own ante, compounds the benefits of redevelopment.|