How to Assess the Highest and Best Use for an Adaptive Reuse Development

How to Assess the Highest and Best Use for an Adaptive Reuse Development.

The Highest and Best Use Assessment of an Adaptive Reuse Development A Former Agere Systems Campus Redevelopment Plan By Jin Hsiao Hsu Submitted to the Department of Architecture in Partial Fulfillment of the Requirements for the Degree of Master of Science in Real Estate Development At the Massachusetts Institute of Technology ABSTRACT: Fix it up or give it up and start over? This interviews and case studies based research was conducted to determine important factors in a successful adaptive reuse development and applied them to a sizable and well maintained former electronic manufacturing campus in Orlando, Florida. Furthermore, wholesale mart was introduced and studied as the theme of new mixed-use project. The process of identifying viable alternative uses for the property advances in two stages: (1) characterizing existing buildings and site, in regards to its size, physical features, location and market; (2) comparing demand characteristics of alternative uses and through elimination process arriving at single or mixed-use best use for the property. The proposed new use of wholesale mart and accompanying trade shows may not be conventional real estate development and falls in the category of regional malls and hospitality amenities, where property management actively engaged in creating synergy and business opportunity for its tenants and customers. Thesis advisor: Lynn Fisher, Assistant Professor of Real Estate, Department of Urban Studies and Planning