![]() |
Real Estate News and Advice |
October 7, 2008 |
|
|
|
|
|
Prefab Rooftop Addition May Inspire Canadian Intensification
by PJ Wade
As urban land values drive new development upward to skyscraper heights, the flat roofs of existing buildings become fertile ground for construction. Add a floor or two to an older building and the result may be increased property value and greater income potential. Owners of multi-unit residential, commercial or industrial buildings may be overlooking opportunity when flat roofs remain unused space. The green movement has encouraged the growth of rooftop gardens, but this is only one aspect of the development potential. The level, open space on top of older buildings may represent ideal sites for construction of new living or work space in "pop-up" structures, or through the addition of a new floor or two. Top-floor apartments could be transformed into two storey penthouses with a resulting increase in property value and income; offices in the same location could be expanded upwards into prestigious, customized bi-level commercial space. These renovations could be stand-alones or undertaken concurrent with building system modernization projects like updating of elevator or electrical services. While increased land values make building up worth a closer look, manufactured housing offers a practical, cost-effective alternative to on-site construction that makes vertical intensification projects feasible. One exemplary renovation project recently received a 2006 CMHC Housing Award from the federal housing agency for its innovative application of manufactured space to intensification of a social housing building:
"We are used to thinking of roofs as an end rather than a beginning," said Architect Dean Goodman. "We are used to looking across at buildings, but now we are building up, so we look down. When we look down on roofs, they are ugly. We need to look at [roofs] differently." Concrete buildings are preferable, but engineers can determine rooftop capacity for any building using existing drawings and on-site surveys. Many factors dictate whether it is feasible to build and what to construct, including the condition of the foundation, essential structural upgrades and the extent of the renovation. Cost-benefit analysis must also consider time frames, financing and levels of inconvenience for those who live or work in a building. Goodman suggests most owners should at least consider the possibilities. Owners who aren't familiar with development might not understand their building's potential nor realize that there is a need for a particular type of space in the area. Investigating the potential may only involve a small expenditure for the services of an engineer and consultation with an architect. Prefab rooftop renovations can overcome intensification cost barriers and add flexibility that may convert innovative design and green thinking into increased property value and financial gain:
Has your building reached its full potential? Published: November 28, 2006 Use of this article without permission is a violation of federal copyright laws.
|
Real Estate News Network
Today's Real Estate Outlook
Mortgage Rates
30 Year Fixed: 6.10% 15 Year Fixed: 5.78% 1 Year Adj: 5.12% (U.S. Weekly Averages) Today's Headlines
|
|||||||||||||||||
| ||||||||||||||||||
|
for Agents
Readers' Choice
|
||||||||||||||||||