Change will happen; let’s plan for it.
As architects how can we plan to anticipate change long-term for a private house, an institutional building owner or even limiting turnover of a commercial lease tenants? Ideally people and buildings can change together.
How can residential buildings plan to anticipate change?
In residential design, we consider how a client can break the traditional migration pattern of first house, house for kids then shrinking back down to empty nest to stay in one house for life. Maybe there is a part of the house we plan to use to create passive income when the kids are gone to make homes more financially sustainable. We can also consider multi-generational compounds were family members can move between structures as families grow and lives downsize.
Can institutions plan to anticipate change as well?
For institutional owners, we can use the masterplan design concept to create solutions to evolve or even lead fundraising. We master planned a future prayer walk for the Monastery of the Holy Spirit that installed a couple of years after the first phase of construction. It is nice to have the next phase in your back pocket to be available for an immediate capital campaign to respond for a large gift inquiry. Other owners can plan for a future asset creation by planning for prime parcels for sale with a low cap rate lease in place. When is it time to create some cash they can target long term-tenants with low cap rates to build to suit, rent, and then sell the building and lease to institutional investors.
Tactics developers can use to plan for change.
For commercial owners, we consider how a design can work with the tactics of our client’s ownership plan; an apartment project can be design for condo conversion as an exit strategy.
Our experience has also shown us how a shared facility building concept can create a place where an building owner can grow their own tenants for a next phase projects. Prep Atlanta, started as a shared kitchen facility for food trucks then evolved into a business incubator because the tenants could grow within the facility. Now the Owner has finished the next phase building with larger kitchens allowing tenants from the first facility to grow into the second. Imagine the bank approaching a developer to tell them they really need to start the next phase and the local politicians saying the building department will help however possible to get the building on line to create jobs.