Office Space

Developers Adapt Aging Commercial Buildings for Apartments and Condos

12 MIN READ
DOWNTOWN LIFE: Hamilton Properties redeveloped the Davis Building in Dallas into apartments. The property is 97 percent occupied.

DOWNTOWN LIFE: Hamilton Properties redeveloped the Davis Building in Dallas into apartments. The property is 97 percent occupied.

Cloud 9 Sky Flats Minnetonka, Minn.

  • Past Life: Insurance office building
  • Units: 164, selling for base prices of $145,000 to $450,000
  • Sales: More than 100 sold
  • Features: WiFi environment through out; each unit comes with a flat screen TV and wireless phone system; Scandinavian-inspired cabinetry with brushed steel details
  • Notable: Some buyers have merged units to create individual units valued between $700,000 and $1 million
  • On the Web:www.cloud9skyflats.com

Dallas Power & Light Dallas, Texas

  • Past Life: Includes two historic structures, which are the 18-story building completed in 1931 for Dallas Power and Light and an 8-story structure built in 1935 for Continental Supply Co.
  • Units: 158, with ground floor retail
  • Stats: Each apartment is 1,000 square feet and rents for roughly $1,400 monthly.
  • Competition: Surrounded by 1,200 apartments within three blocks, with another 750 units under construction
  • On the Web:www.dallaspowerand light.com

The Residences at Rodney Square Wilmington, Del.

  • Past Life: Home to the Delaware Trust Building, built in the 1920s
  • Units: 272 luxury apartments and 272 parking spaces
  • Mix: Studios, one- and two- bedroom units, and penthouses, which rent for $825 to $3,500
  • Money: Renovation cost partially financed with $15 million of historic tax credits
  • On the Web:www.theresidences.net

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