Monday, November 16, 2009
Many cities or local governments would rather build new developments instead of redeveloping an old building. In most cases, the primary reason for this line of thinking is cost. The redevelopment of an old building can have many structural problems such as electrical wiring malfunctions, rusted pipes, or an inadequate foundation. These are just samples of potential problems, but there could definitely be more expensive underlying damage to a building. So, why would a developer want to fix these potential problems? Instead, the developer can build their own project and tailor it to their specifications. Many developers would possibly agree with the reasoning of the preceding sentence. However, they run the risk of having their newly built project becoming another statistic. Well, what statistic am I referring? It is the same statistic the developers pass over when they opt not to redevelop and instead opt to build new projects.