Houston developers are increasingly looking to restore old buildings instead of tearing them down. But adaptive reuse projects come with additional challenges such as unexpected construction costs and a lack of permitting guidance. These projects require creative financing, like EB-5. And while they are often labor of love, they shouldn’t be attempted by the faint of heart: “Bankers are risk-averse, engineers are risk-averse, city permitting is definitely risk-averse,” says one developer representative.
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