What are the best practices for conducting a feasibility study for adaptive reuse of historic buildings?

2 Define the scope

The next step of a feasibility study is to define the scope of the project, including your vision, objectives, and requirements. You need to articulate what you want to achieve with the adaptive reuse of the building, what are the values and benefits that you expect to generate, and what are the needs and expectations of your target users or clients. You also need to establish the functional and spatial program of the project, such as the type, size, and layout of the spaces, the services and amenities that you will provide, and the design and aesthetic principles that you will follow.

3 Explore the options

The third step of a feasibility study is to explore the options for the adaptive reuse of the building, and compare their advantages and disadvantages. You need to generate and test different scenarios for the conversion of the building, taking into account the context, the scope, and the design criteria. You need to consider how you will preserve, enhance, or modify the existing features of the building, how you will integrate new elements and systems, and how you will balance the historical and contemporary aspects of the project. You also need to evaluate the impact of each option on the site, the environment, the community, and the stakeholders.

4 Assess the feasibility

The final step of a feasibility study is to assess the feasibility of each option, and select the most suitable one for your project. You need to analyze the technical, financial, legal, and social feasibility of each option, and weigh their risks and opportunities. You need to estimate the costs, revenues, and returns of each option, and identify the sources and methods of funding and financing. You also need to identify the permits, approvals, and compliance that each option requires, and the timeline and process for obtaining them. Moreover, you need to assess the market demand, the competitive advantage, and the social acceptance of each option, and how they align with your vision and goals.

5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?