Property Development

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Our existing buildings already contain a story, a past purpose, an investment in construction, and are part of an established cultural landscape. Their removal, and replacement, even when the place is down and out, causes a hole in the surroundings, voids the pattern of the community creating visual unbalance. (Look at so many of our former thriving Main Streets in small villages) Taking the time to "listen" and evaluate, so many structures can be re-used, re-purposed and re-loved into contributing places. And these projects are re-cycling vast materials that would end up in a landfill - think green!

 

Growing up in CNY, always admiring the older and historic properties in her midst, our developer went off to study architecture at college and was frustrated that there were no studies on re-using or fixing the buildings that were all around us. A family friend suggested then emerging programs in historic preservation  - a college transfer was made! Paired with a sensibility to save energy, including the potential waste of tearing down and building with new, replaced materials, a career blossomed in energy efficiency in the already-built environment. 

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Case Study: Peterboro Properties

Two local community members watched for years as three apartment buildings, anchored on the historic Hamlet Green, fell further into very visible decay. Working with Clear to strategize on possible value, needed work and subsequent income potential, they eventually utilized a local attorney who convinced the absent-owner agreed to sell the unlisted property. Within fourteen (14) months of purchase, working with (  ) the property was cleared of the substantial debris accumulation, the first building was entirely renovated exterior/interior, back to its historic appearance - and the property income doubled with annual leases now in place. Community members stop by on a regular basis to say "thanks" and commend the buildings return to positive contribution to the Hamlet. Work has included re-finishing existing floors hidden under carpet, chipboard and sheet vinyl; historic window openings have been reused, re-sided in wooden clapboards & painted,  electrical & plumbing re-placed, and the public porch was rebuilt - all with local labor and independent contractors.  Phase Two begins June 2020 to renovate the remaining two buildings including re-building porches, re-creating a store-front and the renovation of five (5) apartments. When completed the project projects increasing the rental income nearly five (5) times the starting value and re-paying the construction loan/purchase within six (6) years.  Most importantly, the properties have been returned to the community and provide affordable and safe housing.

 

Note: A project like this one, may have been eligible for Historic Preservation Tax Credits had the property been listed on the National Register of Historic Places.  The private owners, in consultation with Clear, felt that the property could not wait for that process to happen and begun work immediately.  

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