Repurposing School Buildings

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Cities, Repurposing Buildings, Schools, Senior Housing

As schools close across the country a trend is developing to find new uses for these buildings. The school buildings are being sold and finding a variety of new uses. As of June 2013 the Detroit public school district has made $16 million either by selling or leasing closed school buildings or vacant land. One of the purchasers converted a 100 year old school building into a movie theater, Cass City Cinema which is now called Cinema Detroit showing indie films. Other Detroit schools buildings have been turned into lofts, a music school and a recording studio.

In Kansas City a school is being repurposed as affordable senior housing. A school in Portland was bought and turned into a hotel. Chicago has closed nearly 50 schools and is having a harder time finding buyers. They have sold 8 building for approximately $8.3 million in total. They have received interest for turning a school into a community center, affordable senior housing or market rate housing.

When a new high school was built in Ypsilanti, Michigan the former historic 3-story Ypsilanti High School was sold and successfully developed into senior housing units.

The Michigan Historic Preservation Network has “A Community Guide to Repurposing Vacant and Underutilized Historic Buildings”.

Amy Freundl of Reinhart Commercial has an elementary school building in Munith listed for sale which could be developed into a vocational training center, multi-family or senior housing. See Listing info.

Source: Huffington Post

Source: Chicago Tribune

Rents Rise

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Ann Arbor, Investment Property, rentals, Rents

Due to high demand for rentals in Ann Arbor, tenants are paying more this year and can’t dally in making a decision or the property will be taken.

Reinhart Property Manager, Cathy Petchell says, “There has been high demand for single family rental homes and condos this past Spring/Summer.  This high demand has boosted rental rates higher this year than in the past years. Properties in the best condition, priced competitively haven’t stayed on the open market long and usually had multiple applications. Spring and Summer tend to be the busiest months for rentals with the market slowing down over fall and winter.”

Ann Arbor’s median and average rent for 2013 will be released this month from the Department of Numbers. Vacancy is at an all-time low.

Rents are also rising in other mid-sized cities. Nashville, Tennessee has rentals increases up 18% since 2009 and more than half of households renting in the Nashville metro area are paying more than 30% of their income to rent.

With the rents rising, rentals are seen as a good investment and Mega-Investors are buying up properties in targeted cities with potential for price appreciation.

Source: Ann Arbor News

Source: Wall Street Journal

Source: Realtor Magazine

 

Efforts to Create Affordable Housing in Ann Arbor

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Affordable Housing, Ann Arbor, Community, Urban Design, Washtenaw County

On May 22nd, the task force on Sustainable Revenues for Supportive Housing Services recommended a plan to the Washtenaw County Commissioners, to create 500 or more units of housing to help the homeless. The goal is to have the housing and supportive services paid for through a millage and endowment fund. An endowment fund was established in 2011 and has $2.1 million in commitments to date.

The Platt Road Site Community Advisory Committee met on June 11th and is moving forward to the next stage in the design process for the best use of the parcel that held the Washtenaw County Juvenile Center. This is expected to take several months and they want community imput. The main event will be a public multi-day design session. The public will be able to work with urban designers, architects and landscape designers, making use of their skills to create something tangible.

Source: The Ann Arbor Chronicle

Source:  The Ann Arbor News