Over time, the needs of a real estate market can see significant changes, meaning that owners have to either change with the times or bear the losses. For an example, search no further than the commercial building named Brookside Park, which is being converted into Brookside Park Signature Lofts.
In brief, Brookside Park started out as a commercial building with 32,000 square feet of rentable office space in Avon, CO. Since its completion in 1997, the local demand for office space has faded even as interest in local cultural and recreational attractions continued to rise, prompting the conversion of Brookside Park into a residential building with the assistance of TAB Associates.
The plan is to have 16 lofts, which will be separated into two and three-bedroom residences. Eight of these lofts will be situated in the existing building, while its underground level will be converted into storage units and other amenities for the residents. Furthermore, both the interior and the exterior of Brookside Park will see significant changes such as renovated window systems to make it a pleasure to live in.