Raze it or renovate it? How developers decide

[cjane]

The Allied REIT owns numerous heritage bulidings in Calgary, including the Lougheed Building, Arts Central and Fashion Central. CEO Michael Emory describes the benefits of heritage properties and maintains that "tearing down an old building isn’t always the best decision," rather "retaining and renovating older buildings can be financially viable for both developers and the tenants that will ultimately lease the space."

As per the article: "According to Mr. Emory, there are three things tenants look for in Allied REIT buildings: proximity to the downtown core, a distinctive environment (both inside and out) and lower operating costs per square foot."