The Houston metropolitan area is one of the fastest-growing locations in the United States. More and more people are flocking to the biggest city in Texas, which means a lot of development. While development to some degree is inevitable, some are focusing on redevelopment as an alternative.
Redeveloping old property can have many positives for many locations throughout Houston. Why do developers like Jerome Karam and his team at JMK5 Holdings go in this direction? These are a few benefits to redevelopment that make sense.
Saving Time and Money
It makes sense for developers to look for redevelopment projects as much as possible for their own benefit. It can save time and money on a project by using a building that already exists. Yes, some of the parts might get a little tedious, but the more they can be reused, the better.
Something as simple as just saving time on setting up water and sewer service can be huge. Many developers are attempting to hold onto as much as possible for the aesthetic value as well. The less work that needs to be done aesthetically, the easier it is to push through projects. An existing building might need more year-to-year care and maintenance as time goes on, but it still saves a ton of time on the front end. The best part is, that money saved can then be passed along to make the new development that much more affordable in the end.
Fewer Legal Issues
A redevelopment project might not face the same type of legal issues that other projects have. Things such as getting permits become so much more tedious on a new piece of land. The permit process is much more relaxed when a building is already in place. Houston as a city has done a pretty good job with that for developers.
Cities growing at a fast rate like Houston can sometimes find it difficult to keep up with new development as well. It is less of a hassle to redevelop an existing area. There are still some snags that any developer can possibly run into, but this greatly reduces the risk. It is basically like pressing fast forward and zooming through a project. Many developers love having this little cheat code instead of having to play the waiting game far too often.
Helping the Entire Neighborhood
Developers have a specific role in any community they go into as far as making as many improvements as possible. If a developer is only causing negatives, they are doing a disservice to the entire neighborhood. A redevelopment project usually has more positives than negatives for a community, which is great news for areas that might currently be struggling.
To start with, there are a lot of environmental benefits to redevelopment. This cuts down on new resources being required, land disturbances, and more distractions to go with brand new construction. It also cleans up an area that might be untouched over the past few years.
An existing building in any community has its own little slice of history. Many people in the Houston area have great pride in where they are from, and seeing a building of significance come down will frustrate many people. Being able to rehabilitate that building and put it to use in a new way can revitalize not only that building but the entire area around it.
All neighborhoods go through good times and bad. It is inevitable at times when brand new development is required, but being able to hold onto a piece of history can help an entire neighborhood feel uplifted. Karam and his team understand that, and many other developers in Houston do as well.
Why Real Estate Redevelopment Projects in Houston Stand Out
There are some obstacles when dealing with any redevelopment process, but those are usually seen as minor compared to the positives. Ultimately, there is a reason why people like Karam and others are going in this direction. They know that if there is potential with a building, it can really go a long way towards making a positive impact on Houston.
Many view Houston as a relatively new city compared to other large metropolitan areas in the United States. However, there are still plenty of historic buildings and locations that have the chance to benefit greatly from the redevelopment.
It is becoming a very popular business strategy to go this route and try to make the Houston area a better place overall by using what currently exists. Karam is just one of many visionaries who believe there is great potential in the community for years to come. Real estate redevelopment is on the rise, and it allows for a certain level of creativity to give areas their own flavor. No one wants to see Houston look like the same place in every pocket of the city.
