OTR A.D.O.P.T. – Advancing Derelict & Obsolete Properties Through Transfer
This is a good example of:Saving historic buildings with a new owner matchmaking service
OR (Over the Rhine) ADOPT began as a Master’s Thesis in Urban Planning from Massachusetts Institute of Technology (MIT) on how to save older buildings from demolition. Danny Klinger heard about a pending demolition and contacted the owner. Since May 2013, Klingler has matched six buildings with new “adopters,” who acquire buildings. OR ADOPT vets potential developers to ensure that owners have the technical and financial capabilities o complete the renovations and return properties to productive use once completed. Properties are typically sold below market rate in order to maximize the investment that goes into renovation and restoration.
Key Takeaways for Other Communities
- An “adoption agency” approach can help match qualified buyers to properties based on the amount of work needed.
- Vacant properties can lie on a spectrum of disrepair: from cosmetic work to almost complete reconstruction. The matchmaking process needs to take this into account.
- Many cities have regulations related to officially condemned buildings and historic preservation; one useful service can be help with eliminating or navigating red tape.
- There are also tax and other credits available – having someone help assemble the paperwork for these benefits is also helpful.
Image: City of Cincinnati