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interaction is important for arts; difficult for non-profit to harness inefficient, high <br />building operation costs <br />School, other non-traditional uses <br />? <br /> <br />Possibly retail, depending on the condition of the building and rehab costs; interior <br />? <br /> <br />overhangs and open space would make it interesting <br />If acquiring building at market rate, would not look to reuse but rather would look at <br />? <br /> <br />demo <br /> <br /> <br />3.Can you (roughly) anticipate what the cost per square foot might be for conversion of <br />the building into another use? <br />$100 per square foot for tenant improvements; cost approx. $160 per square foot to <br />? <br /> <br />build <br />Class A office space <br />? <br /> <br />Non-profit rent would be $0.60 – $0.80 per square foot; any tenant improvements <br />? <br /> <br />minimum is $50 per square foot in general <br />It would be roughly as much to retro existing building as to build new (without <br />? <br /> <br />factoring in parking) <br />Need to split up space and do something with council chambers; assume asbestos; <br />? <br /> <br />wouldn’t guess without engineer studies first; $100 per square foot would be a very <br />safe minimum; lease for $1.40 wouldn’t support the tenant improvements <br />Recently built new office space for $130 per square foot, which is probably similar to <br />? <br /> <br />the rehab cost for the building <br />Would expect rehab cost to be at least 15-20% of building value; seismic upgrade, <br />? <br /> <br />asbestos abatement would increase the cost <br /> <br /> <br />4.What are some of the challenges associated with re-use of the existing building? <br />Visibility, access, no way to describe where shop is within building, general façade <br />? <br /> <br />ugliness <br />The way the building is sited, half in ground/ramps are an issue for entrances; shame to <br />? <br /> <br />use full block for 1-story building, numbers lead to having multiple floors, a lot of <br />unusable space, small amount of rentable space, seismic issues <br />Building not suitable for retail or residential; office too risky given glut of office <br />? <br /> <br />currently available <br />Leasable value is lower because there is no street level access, no interaction with the <br />? <br /> <br />street; <br />Not pedestrian friendly; four block faces of elevated blank walls <br />? <br /> <br />Building faces inward, sits up above street level <br />? <br /> <br />Systems are likely outdated, useful life of the building is probably limited <br />? <br /> <br />No current market for additional office space <br />? <br /> <br />The price of keeping the building because of the claims that it is historic or significant <br />? <br /> <br />for period of architecture is too high given the value of the property, may end up <br />regretting keeping it; wouldn’t be cultural asset over time, too big, too valuable, not big <br />enough cultural asset <br /> 2 <br /> <br />