"I love of the 'mental aerobics' of complex real estate deals," says Nathalia Bernardo of Kramer Levin Naftalis & Frankel.

While redeveloping historic properties can be challenging, broader benefits can make adaptive reuse an attractive option for developers, investors, and/or occupiers to differentiate their brands, demonstrate ESG priorities, and leverage unique financing opportunities.

Consumers are looking for an integrated, community-forward experience, and designers are leaning on artwork to create a meaningful connection.

The company has purchased the 42-unit multifamily asset, Terraces at La Cienega, and plans to implement a renovation plan with the addition of 10 accessory dwelling units.