When the buildings are built new, they are being put to multiple uses, making the best use of it. But, as they age and starts breaking down due to lack of maintenance and timely repair, they actually show in miniature the reversing fortune of the city where they are situated. But the question is, why do these places get derelict over the ages? Definitely, there is some bigger and stronger economic force at work which has come up with something modern and much more utilitarian. Also, the increasing maintenance cost, the plunging property values, and also the municipal costs contribute a lot to not finding anyone interested in investing in these properties.
This is exactly where the Benderson Development stood apart, and they are still known for transforming abandoned spaces into successful business centers, and the company continues to grow its portfolio with over 500 properties. Led by Randy Benderson, the organization has always been concerned about making things more creative out of something that already exists. Making something new is easier, but reforming the already existing places which are no more into use, is a challenge that his father took up, and Randy still prefer following this lineage.
Defining the Problem and Getting a Solution- Randy Benderson Speaks Strongly
The long list of vacant and abandoned properties have already shown enough result of rusting the industrial cities of America, and allowing it progress further will only enhance the recession which has hit the economy off lately. The main reasons that have been charted out by Randy and his team are local political and economic contexts, a limited resource to spare and also the shape of the local government. He believes that if the private organizations like theirs could come up and help, then reviving the industries wouldn’t be a tough job at all.
These vacant and abandoned properties have always had some spillover effects which impact the neighboring properties as well. The foreclosed homes might get vacant and abandoned, but the impact that the distressed properties have had on the surrounding properties are worse and immediate remediation is needed. As the new pieces of properties are costlier and investing in them would require more funds, getting these already existent constructions back to operation makes more sense.
Benderson Development has realized it and they have been working on these existent properties for more than six decades. The dream that Nathan saw, was finally idealized by his son Randy Benderson. Recreating something is no less than any creativity, and since the real estate developments are surging the prices, these alternative options would actually make things easy for the residential and commercial projects. As the major cities have already been crowded, companies have actually started hunting spaces in the suburbs, and this has opened a new scope of investment. These vacant and abandoned properties have been the target as most of the legal hassles like plan sanctioning and getting the occupancy of the land gets easily ignored.
Matching what the market demands is indeed the best business policy and Randy has correctly recognized it for further development.