Thesis (M.C.P. and S.M. in Real Estate Development)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2004. / This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections. / Vita. / Includes bibliographical references (leaves 92-95). / by Sung-Min Thomas Suh. / M.C.P.and S.M.in Real Estate Development / This thesis examines the financial feasibility of office-to-residential conversions in Downtown Manhattan's asset markets given the policy context shaping redevelopment opportunities. The analysis explores whether such conversion feasibility is desirable in the larger context of Downtown Manhattan's economic development. Market evidence from Downtown Manhattan's underperforming Class B/C office stock as well as record high performance in residential markets indicate that office-to-residential redevelopment is no longer an option, but a market-based necessity for transitioning Downtown Class B/C stock into more economically viable uses. Although markets have long identified office-to-residential conversion as the highest and best use of land in Downtown's markets, policymakers have also played an important role in facilitating conversion activity by allowing markets to adjust to economic changes. In the mid-1990's, policymakers used two separate approaches to advance sustainable redevelopment by clearing regulatory barriers for conversion and establishing incentives to encourage redevelopment activity. In comparison to these measures, post-9/11 incentives were designed to hold the market together and address immediate short-term redevelopment needs to stabilize markets in the long-term. The thesis establishes that even in today's evolving conversion markets, Downtown presents a substantive level of risk for developers. The findings reveal a crucial interdependence between critical mass and private sector investment in services. These issues are compounded by longstanding urban planning issues involving infrastructure, transportation, and access. The market study, institutional analysis, and case-based material support the position that under current market conditions, policy measures must readjust conversion policies to foster reasonably paced residential redevelopment in conjunction with larger economic development plans for Lower Manhattan.
| Identifer | oai:union.ndltd.org:MIT/oai:dspace.mit.edu:1721.1/35694 |
| Date | January 2004 |
| Creators | Suh, Sung-Min Thomas, 1975- |
| Contributors | Langley C. Keyes and Lynn Fisher., Massachusetts Institute of Technology. Center for Real Estate. Program in Real Estate Development., Massachusetts Institute of Technology. Dept. of Urban Studies and Planning., Massachusetts Institute of Technology. Dept. of Urban Studies and Planning., Massachusetts Institute of Technology. Center for Real Estate. Program in Real Estate Development. |
| Publisher | Massachusetts Institute of Technology |
| Source Sets | M.I.T. Theses and Dissertation |
| Language | English |
| Detected Language | English |
| Type | Thesis |
| Format | 95 leaves, 3747721 bytes, 4333078 bytes, application/pdf, application/pdf, application/pdf |
| Coverage | n-us-ny |
| Rights | M.I.T. theses are protected by copyright. They may be viewed from this source for any purpose, but reproduction or distribution in any format is prohibited without written permission. See provided URL for inquiries about permission., http://dspace.mit.edu/handle/1721.1/7582 |
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