Developers are banking on conversion projects
Developers are taking advantage of the estimated 4,500 bank locations in the United States which closed between March 2020 and February 2022. Since banks are well-suited for conversion projects, developers are already repurposing many of those buildings into sought-after community spaces, clinics, condos, and apartments.
Companies like Gardner Tanenbaum in Oklahoma and Baum Revisions in Chicago see opportunity in these ventures, since a successful conversion can have an ROI of 20%. They’re currently working on projects expected to add hundreds of units in the two cities.
We love to see people get creative and create their own opportunities. Banks are empty, people desperately need housing, so why not repurpose the empty spaces? We’ll be interested to see if this conversion work becomes a larger trend.
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