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“
Your greatest weakness
can become your greatest strength.”
The name Plan B was chosen for several reasons.
It always pays to be looking ahead. If what you are doing
isn’t producing the desired result, then what to do?
In real estate development, as well as in many areas of
life, things rarely go exactly as planned. Plan B signifies
being flexible and able to use a different approach when
necessary.
Plan B’s primary focus is the redevelopment
and adaptive reuse of historic properties for distinctive
loft apartments and commercial spaces. The company targets
buildings that have little remaining economic life but that
possess rich historic character and qualities suitable for
an adaptive reuse. In other words, properties ready for
their “Plan B” usage. Typically, these properties
are located in neighborhoods near the urban core that have
fallen on hard times. The barriers for a successful redevelopment
can be great. The utilization of various development subsidies
is often essential in overcoming the increased costs and
mitigating the development risks.
The difficulty of redeveloping an older historic
building in an area that has seen little new investment
eventually becomes an asset. The same barriers to entry
that, in the beginning, make our development difficult to
bring to fruition also exist for other developers. The same
is not true in many of the suburban locations that are today’s
darlings for the herd of real estate developers. Our developments
assist in the revitalization of its’ neighborhood.
However, it is rare that overbuilding occurs. Instead, the
neighborhood experiences a steady and rewarding growth.
Further, it is rare for a historic building to be perfect
for its new use. As a result, its sense of place is unique.
Sometimes quirky. It is not a cookie-cutter type building
that may exist many times over around the corner and down
the street. Residents and commercial tenants readily embrace
the feel of something different and unique.
John W. Miller is the principal shareholder
of Plan B. His varied background includes spending a year
in Brazil as a Rotary Exchange Student, as well as audit
and tax assignments in public accounting and working for
other developers. A CPA since 1977, John has also worked
in loan workouts during the S&L crisis. In 1995 he purchased
his first redevelopment project as a principal. |
