Quote:
Originally Posted by Keith P.
It is an awful building from the standpoint of the tenants. Now one can argue that is because the owner has failed to maintain it, but a building is not much different from a car - at some point the cost of repairs no longer makes sense and you are better off getting a new one.
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Quote:
Originally Posted by Drybrain
That's probably true, but due to the historical, cultural, architectural, etc. factors at play (and the fact that buildings like these were built to last indefinitely, if well maintained) that point is takes a lot longer to reach with a building than with a car.
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Comparison to a car is actually a good analogy. Once they are past their useful life and relatively young, both cars and buildings often get junked or torn down, replaced by something new and shiny. Often the decision to do so is mainly financial, though often also based on emotional (i.e. a style of the recent past that is now considered unfashionable) and health/safety reasons as well.
However, there are always examples that for some reason have lasted past their useful life in salvageable condition, and past the point of being "unfashionable" in the public's eye (i.e. past the "best before" date of the marketing people who seem to have to power to make us spend money on new stuff whether we need it or not). At this point, once they become less common, even the general public recognize the intrinsic value of these items from the past. Then this intrinsic value can trump purely financial interests.
Antique cars are restored all the time and highly valued, so are heritage buildings. Often they are upgraded to modern healthy/safety standards as well.
In this case, I can see no reason why at least the facade of this interesting and historic structure can't be used in a new project. While Keith's basic business plan takes into account the cost of renovation as a negative, it excludes the value of the heritage structure to the finished product. Not to mention the value that isn't easily defined by a dollar sign.
This building was built of quality materials back in the day, with custom features illustrating local history, such as the sailing ships visible in the photo in this thread. This architectural and construction style is of high quality and is just not done anymore, so therefore I think that many would consider this building worthy of preservation and repurposing.
I agree that, as the future of this building is looking at the moment, this is a project that has a lot of negatives and few positives. Hopefully the developer reconsiders and decides to spend a little more to make this a quality project with a higher payout on the other side.