Jamison Properties and the Adaptive Reuse Solution to Southern California’s Housing Crisis
The housing crisis in Southern California is a well-documented issue, compounded significantly by recent wildfires that devastated countless homes and left many residents displaced. Amid this urgent situation, Jamison Properties, a Los Angeles-based developer, is spearheading efforts to convert underutilized office spaces into much-needed residences.
History and Mission
Founded in 1995 by David Y. Lee, Jamison Properties has established a formidable portfolio that encompasses approximately 18 million square feet of real estate. Since 2013, the firm has successfully completed seven adaptive reuse projects within Los Angeles and currently has three more under construction, with additional initiatives in various stages of planning.
The Rationale Behind Adaptive Reuse
With a staggering office vacancy rate of nearly 24% across Greater Los Angeles and even higher rates of 33.3% in Downtown Los Angeles, according to recent data from CBRE, Jamison Properties recognizes the potential of transforming vacant office buildings into residential units. This strategy stands as a cost-effective approach that benefits both the environment and the local community by addressing the housing shortage.
Insights from Jamison Properties’ Leadership
In a recent interview, Jamison Properties’ President Garrett Lee discussed the firm’s adaptive reuse strategy, tracing its roots back to the Great Recession, which highlighted a simultaneous need for more housing amidst high office vacancy rates.
“It was sort of a combination of falling office occupancy after the recession, similar to today after [the pandemic], and then this rise in the need for housing in the city.” – Garrett Lee
Valuable Lessons Learned
As Jamison Properties embarks on its 10th conversion project at 3325 Wilshire Boulevard, Lee shared key insights gathered from their ongoing developments:
- Engaging experienced contractors familiar with adaptive reuse is essential, given the unique challenges posed by such projects.
- Understanding the significant role of structural retrofitting in ensuring safety and compliance is crucial.
- Maximizing the use of existing building components can lead to savings in both time and costs.
Challenges and Misconceptions
Adaptive reuse presents inherent challenges, particularly concerning unforeseen structural issues. Lee emphasizes the need for flexibility in project planning and execution:
“You can plan as much as you want, and rely on existing documentation as much as you can. But no matter what, once everything’s opened up, you always find something that’s not exactly as it shows on the drawings.” – Garrett Lee
A common misconception about adaptive reuse is that the final projects differ significantly from newly constructed buildings. Lee clarifies that these conversions often result in spaces that feel as modern and updated as new construction, thanks to extensive renovations that include mechanical, electrical, and plumbing updates.
The Future of Adaptive Reuse in Los Angeles
Currently, there are around 4,400 housing units from adaptive reuse projects in the pipeline across Los Angeles. However, Lee notes that regulatory hurdles may be impacting the pace of these developments:
“Part of it could be the fact that the citywide adaptive reuse ordinance hasn’t been approved yet.” – Garrett Lee
Once approved, this ordinance is expected to facilitate broader opportunities for office-to-residential conversions throughout the city, potentially expanding into areas currently restricted from adaptive reuse initiatives.
Concluding Thoughts
In light of the ongoing housing challenges in Southern California, the potential for adaptive reuse to provide timely solutions remains significant. As Jamison Properties continues to lead this charge, the importance of supportive city policies will be crucial in maximizing the impact of these conversion projects to address the region’s housing needs effectively.
For further inquiries, contact Nick Trombola at nt*******@****************er.com.
