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Development Opportunities

We feel there is a window of opportunity now to convert old Mills, Warehouses, Office Buildings and other type Industrial buildings into residential housing utilizing the HUD 221-d4 loan program. It can also be used for apartment buildings with high vacancy and in need of rehab. Under the HUD 221-d4 loan program you can get up to 90% LTV financing that is fixed for 40 years and includes both hard and soft costs rolled into a non-recourse mortgage.

We feel most of the listings on this page would work as housing using this program.

The circumstances of the current housing economy have created an opportunity for investors and develpers with vision. The construction industry is slow and you could get more competetive project pricing and probably a shorter project completion timeline. Also, if your goal is to convert to condominiums down the road when the housing market rebounds, we can structure the financing so that the prepayment penalty burns off after 5 years. Current interest rates are in the mid 6's.


Potential number of units has been estimated by deducting 20% of total square footage for common areas and using 800 square feet per unit from the remaining 80% square footage. This is just a general guideline and each property will have unique characteristics which would determine this number.

Updated 5/13/2011
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Town
Property Description
Asking Price
Square Feet
Potential #of Units
$ per sq ft
Comments
Contact Broker
Connecticut
Ansonia
Mill Buildings
227,000
227
9.91

Adaptive ReUse opportunity. Mill buildings ready for conversion to housing, etc. Proposed conversion plan shows 72 residential units (could be more). Various buildings also include an occupied office building with tenant paying $150,000 NNN annually for at least 5 years.

Iowa
Des Moines
Office Bldg.
New Listing
238,666
238
10.47
The Equitable Building is one of the city's most prestigious landmark buildings. Once known as the tallest building west of the Mississippi, this 19-story multi-tenant office building offers investors the opportunity to own one of the most recognizable buildings in the Midwest strategically located in the heart of Iowa's capital city. 
Originally constructed in 1923, the building has been periodically renovated and updated since that time. The newest addition to this ever-evolving site are the high-end residential condos located on the upper floors. The conversion process began in 2006 when floors 11 through 19 began being demolished to shell condition for condominium construction. A total of 146,285 square feet is presently vacant, consisting of vacant retail and office space and demolished shell office floors intended for condominium construction.
Maine
Lewiston
Mill Complex
New Listing
560,000
560
7.12

Tax credit qualified, redevelopment opportunity consisting of 560,000 square foot 6 story mill on 7 acres on the Androscoggin River. Acquire it at about $7.00 per square foot and get 45% of your redevelopment expenses back in fed and state tax credits and up to $20/unit on LIHTC's. The city recognizes this site as the keystone of its mill yard redevelopment effort. A cell tower lease is being negotiated at time of listing. Seven acres, 1000+- ft of river frontage, frontage on two streets, one being at the bridge connecting Auburn and Lewiston.

contact broker
Portland
Harborfront Land
Price Negotiable
Financing Available
10 acres

10-acre development site on Portland Harbor with 1,000 linear feet of waterfront. 15 bldgs on-site - several structures suitable for historic renovation. Concept plan in place for residential, hotel, retail and office use along with expansion of existing marina. PRICE IS NEGOTIABLE.

Massachusetts
Easthampton
Mill Bldg.
125,368
125
7.66
4-story masonry building situated on 4.4 acres of land. Close proximity to I-90 and I-91.
Hudson
Land
New Listing
12 acre development parcel located across from Walmart and KFC next to the I-290/495 intersection.
West Springfield
Mill Bldg.
New Listing
Price Not Disclosed
Financing Available
119,218
119
The former Southworth Paper factory located on 2.82 acres of Industrial zoned land. Located along the Westfield River, the property features ample on-site parking and easy access to highways.
West Warren
Mill Complex
New Listing
Price Not Disclosed
Financing Available
563,000
563
Historic 15 building predominantly Mill complex situated on over 100 acres along the Quaboag River. Excellent access to Mass Pike.
Missouri
Kansas City
Office Bldg.
New Listing
106,392
106
22.56
12-story office bldg. available for apartment conversion.
Kansas City
Warehouse Bldgs.
New Listing
175,252
175
8.53
Two West Bottom warehouse buildings for sale along with 2 vacant lots. Main buildings constructed in 1907 and 1918 and have had 2 owners since they were built! The pride of ownership has kept these properties in very good condition. One is 6 stories while the other is 6 with a half floor on top. The property is in very good condition and could be used as either warehouse, a residential conversion or commercial loft space. There is a connecting bridge on 4 stories of the property. It has a dry sprinkler system. Additionally, 937 has a dock building next door which is connected giving the space more up to date dock doors. There also is a cell phone tower and lease on one of the properties
St. Louis
Office Bldg.
New Listing
170,000
170
12.94

Historic 16-story, brick and stone building available for development opportunity. Former senior housing facility. Qualifies for state, federal and brownfield credits. Located in the heart of downtown at the corner of Locust Street and North 11th Street. Minutes from several MetroLink Stations.

New Jersey
Dover
Warehouse Bldgs.
New Listing
225,000
225
17.78

225,000 sf, multi-story five building complex on 80,000+\- sf lot. Downtown Dover. Abutted by single family homes. Close to commuter train station, Rte 80, Rte 46, Rte 10, Rte 15 and the Rockaway Townsquare Mall.

Union City
Industrial Bldgs.
New Listing
131,000
131
30.15

A multi building complex consisting of 7 buildings, ranging in height, sits on approx. 1.33 acres. The property can be converted into multi-family residential lofts. Units in the property are currently being rented as commercial lofts. Across from mid-town Manhattan located in New Jersey about a mile west from the Lincoln Tunnel. Midtown sky line views. Accessible to and from I-95, Route 3, Light-rail, Meadowland Secaucus, minutes from the River-road front in Edgewater, Weehawken, and Fort-lee.

Ohio
Cleveland
Industrial Bldgs.
New Listing
Price Not Disclosed
Financing Available
454,625
454
Industrial complex with excellent views of Lake Erie and downtown Cleveland.
Pennsylvania
Philadelphia
Industrial Bldg.
178,000
178
43.82
178,000+/- sqft Industrial building. C3 Zoning with plans for 142 residential units and 2 commercial spaces. Development of Loft style condominiums. Also suitable for conversion to assisted-living, student housing, or subsidized/artist housing.
Pittsburgh
Industrial Bldgs.
New Listing
Price Not Disclosed
Financing Available
458,744
458

Complex consists of 21 manufacturing and warehouse buildings formerly used as a brewery. All utilities are available and connected to the site. Federal historic rehab tax credits are available for redevelopment of the site. Located in Pittsburghs 6th Ward, in the neighborhood of Lawrenceville.

Pittsburgh
Industrial Bldg.
New Listing
218,015
218
14.68

The property consists of 218,015 SF of office and warehouse space on six stories. The Property is located in the middle of Pittsburgh's vibrant Strip District & Lawrenceville neighborhoods. 7 loading docks; 2 drive-in doors

Rhode Island
Warren
Industrial Bldgs.
New Listing
Price Not Disclosed
Financing Available
515,000
515

Mixed use development site located on 14.1 waterfront acres in upper Narragansett Bay. Convenient to shopping, recreation, and downtown Providence. All utilities servicing site. On public transportation.

South Carolina
Greer
Under Construction
144,000
120
13.54
7.3 Acre sight with 900 feet of Lake footage. Architectural Design and Structural Engineering completed. Model unit completed. Main entry and some landscaping completed.
Tennessee
Memphis
Office Bldg.
95,000
95
20.00

Downtown 10 story brick built in 1925; Parking Available; Several floors have undergone major remodeling, partially leased- retail ground floor and office above. Opportunity for conversion to mixed use. Location Description:
Central Business District, Northeast corner of Third & Court, just North of Autozone Park, just South of Civil Court.

Wisconsin
Warehouse Bldg.
220,000
220
20.00
1892 Brick warehouse built in 1892. The property is currently just 10% occupied with short term leases to allow for redevelopment. There is roughly 10,000 sq. ft. of office space and the remainding 210,000 sq. ft. is mostly large open spaces with only two brick firewalls. The building is fully sprinklered with 4 dry systems and the roof has been unsulated and updated. There are 4 freight elevators.
Milwaukee
Industrial Bldg.
120,000
120
28.33
This historic building in downtown Milwaukee is ripe for conversion from warehouse to office, retail or living space. The six floors total 120,000 sq. ft., one of which is partially below grade (220,000 sq.ft. adjacent to this is also available). It is mostly large open spaces with only one brick firewall in the middle. This wall divides each 20,000 sq. ft. floor into two equal areas. There are arched openings in the wall that connect each side. The building is completely sprinklered. Historic tax credits are available if desired, but a historic restoration is not required. Federal Renewal Community and New Market tax credits are available. This includes a capital gains exclusion for properties held at least 5 years.