Select demolition ahead of commercial building renovations may range from abating asbestos and remediating mold to entire building strip-outs and removal of all nonstructural elements.
The scope of these projects can take years to come to fruition due to the careful planning and many moving parts needed to create the perfect building for your requirements.
Yet renovating an older building and bringing it up to code for public use can still save you money versus new construction. Our guide discusses how select demolition services save you money in the long run.
Preserving Existing Structures
Select demolition preserves load-bearing and historic structures in the building, which saves money on construction costs from materials to labor. It’s more cost-effective to renovate an older site versus new construction at the same site since there will likely be costs associated with hazardous waste removal (asbestos, lead, mold) in either case.
Faster Project Timelines
Renovating an older structure can have faster timelines versus new construction. This will depend on the scope of the project and site preparation. There will be fewer moving parts involved with a renovation project compared to a full build, especially for a large site.
Government Incentives
Depending on the jurisdiction of the project, government incentives may come into play. For example, the Ohio Historic Preservation Tax Credit Program provides a state tax credit of up to 25% of qualified rehabilitation expenditures up to $5 million.
There is also a federal tax credit equal to 20% of the rehabilitation costs. Actual results may vary, but it’s important to discuss these options with your company’s accountant or tax law attorney.
Utility Reconfiguration Costs
An existing building likely has some utilities running to it already. Select demolition preserves the existing utilities going to the building, including sewer, electrical, and plumbing (perhaps gas if the building is modern enough). Installing new utilities can be cost-prohibitive, depending on the location of the project.
Another thing to consider is an urban versus a rural property. Utilities in urban areas are typically less expensive. So, a large-scale urban building might incur fewer costs when it comes to utility placement.
Location, Location, Location
The business model and usage of the building come into play when a developer chooses a site. How will the building be used? What is the function of the building? How close is it to the target market?
For example, rehabbing an old building near a vibrant urban area with restaurants, entertainment, and sports venues can create traffic to your building. From lofts to entertainment, getting people in the door is essential to business success. And location is a huge part of that.
Marketability
Renovation and revitalization projects often come with major announcements, news stories, and excellent public relations when done properly. Your team can leverage this marketability to attract tenants to the building because you will need leases before the project is finished.
For example, once the site begins the renovation work, your team can hold a press conference showcasing what the renderings will look like and how the building will be used.
One outstanding project that demonstrated marketability is the historic Fayette County Courthouse in Lexington, Kentucky. The iconic, beautiful building preserved the historic elements while making a brand-new interior for events and tenants.
As a former government building and icon of the community, various local news agencies covered the project.
Contact Our Cincinnati Asbestos Abatement Company
Our team specializes in select demolition waste disposal to safely remove dangerous and non-hazardous material. Contact us or call 859-363-4863 to learn more about what we can do for your building renovation project in Cincinnati and other states in the Midwest and Mid-Atlantic region. We’re happy to discuss your project requirements with you.
