Preliminary Agenda

• How do equity, mezzanine debt, preferred equity, and senior debt typically fit into conversion deals?
• What are lenders looking for in conversion projects today, and how have underwriting standards evolved?
• Using tax credits, TIFs, PACE financing, and opportunity zones to close funding gaps
• How can developers leverage municipal support, grants, or subsidies to make projects viable?
• What are investors and lenders return expectations and exit strategies in today’s market?
• How are appraisers and underwriters valuing partially vacant or obsolete office buildings for conversion?
• Why does private equity fear conversions?
• Analyzing the cost-benefit equation of converting commercial space to residential
• Exploring financing tools, deal structures, and debt and equity frameworks unique to conversions
• Working with banks, private equity, and alternative capital sources
• LEED certification, energy retrofits, and long-term operational savings

• How do developers navigate zoning codes that prohibit residential use in commercial zones? Exploring best practices for securing variances or rezoning approvals
• What are the key differences between office and residential building codes? How can cities streamline code compliance for conversion projects?
• Permitting bottlenecks and streamlining solutions: What models are working?
• By-Right Conversions: What are the trade-offs and potential impacts?
• How can developers and city officials work together to build public support and address neighborhood concerns?
• What incentives come into play for workforce and affordable housing? How is the financing different?
• How municipalities are incentivizing conversions (or creating roadblocks)
• Legal considerations: Title issues, condominium conversion law, construction litigation risks
• Where do attorneys fit into the lifecycle of a project?
• Exploring New York’s “City of Yes” initiative

• Typical project phases and timelines—from acquisition to lease-up
• Critical go/no-go points and early red flags to watch for
• What makes a feasibility study robust? Key components and deal-breakers
• When to convert, when to demolish: making the call
• Design challenges: deep floor plates, outdated layouts, limited windows
• Retrofitting MEP systems, elevators, and stairwells for residential use
• Occupied conversions: phasing construction in active or urban sites
• Permitting and inspection delays: common issues and how to avoid them
• Coordinating architects, engineers, city officials, lenders, and contractors
• Sustainable design: reuse vs. rebuild and ESG considerations
• Flexible floor plans for different markets and demographics
• Setting expectations with partners, lenders, and investors
• Contingency planning and risk management best practices
• Lessons learned from full-cycle conversion projects

• What are the key physical characteristics (floor plate depth, window spacing, ceiling heights, egress, core placement) that determine conversion feasibility?
• What is the most efficient way to evaluate whether the current zoning even allows residential use? How do you identify potential entitlement hurdles?
• Infrastructure evaluation: HVAC capacity, plumbing risers, electrical load, and fire/life safety systems
• Analyzing a building’s ability to accommodate efficient unit layouts, natural light access, and target unit counts per floor. Do the efficiency ratios work?
• Can conversions make better apartments than ground up projects?
• What goes into early-stage financial modeling for a conversion project?
• How do you approach conversions involving landmarked or historically significant buildings? How can you balance preservation requirements with modern residential needs and incentives?
• Does the location, surrounding amenities, and market demand support a successful residential product?
• Creating pro forma models based on as-is conditions vs. post-conversion potential

• What makes older or underperforming hotels attractive candidates for residential conversion compared to office buildings?
• How do existing layouts, plumbing stacks, room sizes and amenity spaces simplify or complicate the conversion process?
• How do you underwrite hotel-to-residential deals? What are the key differences in cost structure, revenue assumptions, and exit strategies?
• How can hotel conversions be leveraged to deliver more affordable housing stock in high-demand urban areas? What financing structures, subsidies, or public-private partnerships make these projects viable?
• Exploring impact-driven strategies that align with ESG goals while addressing housing shortages
• Market dynamics: Extended stay vs. traditional and urban vs. suburban
• What are the common zoning and code issues specific to hotel conversions? How do they differ from office-to-residential projects?
• What has worked? What hasn’t? What did you wish you had known at the outset?

• How do you identify the ideal resident profile and tailor unit design, amenities, and pricing accordingly?
• Crafting a compelling narrative around the building’s transformation to differentiate it in a competitive market
• Pricing Strategy: Best practices for setting initial rents or sale prices
• How do you balance absorption speed with revenue goals?
• What role do virtual tours, social media, and AI-driven leasing platforms play in reaching resident prospects?
• Developing marketing strategies that resonate with your target demographic
• When is the optimal time to go to market? Aligning marketing efforts with construction milestones and seasonal demand
• Naming, branding, and visual identity for newly converted properties
• Capitalizing on macro trends in remote work, hybrid life and housing needs

• What drives the choice between renovation, repositioning, and full conversion across asset types?
• Which non-office assets—malls, warehouses, schools, hotels—are best suited for conversion?
• Successful examples: malls to medical, warehouses to housing, schools to mixed-use
• How do costs, timelines, and risks compare across strategies?
• Hybrid models: blending residential, co-working, hospitality, life sciences
• Key factors: location, building type, vacancy, and market demand
• Regulatory hurdles: entitlement, zoning, and code compliance
• Are cities supporting non-office conversions? What incentives are needed?
• Student housing: repurposing hotels, offices, and multifamily near campuses
• Existing leases: strategies for termination, re-tenanting, or reuse
• Opportunities in refis, workouts, and stalled projects
• Investor appetite and return expectations across asset classes
• How do ESG goals influence strategy decisions?
  
  

How can influential market players better support the growth of women in the real estate industry? How can organizations attract more women into the field and cultivate them as leaders? This session explores ideas around leadership and mentorship training, promoting visibility for female role models, and creating clear pathways for career progression. This small group meeting fosters candid conversations aimed at reshaping the industry into a space where women can excel and lead with confidence.

• Understanding how pricing dynamics differ for underutilized assets and what drives value in conversion candidates
• Exploring debt and equity options, including bridge loans, mezzanine financing, and public-private partnerships
• Due Diligence: Best practices for evaluating building systems, title issues, occupancy history, and compliance with residential code requirements
• Identifying red flags in zoning, environmental, and structural due diligence specific to adaptive reuse
• How do you model cash flows and returns when the asset’s future use differs from its current state?
• Leveraging tax credits, grants, and local government programs to enhance deal viability
• Strategies for securing favorable terms in a competitive or distressed acquisition environment

Technology & Innovation in Conversion Projects
Design Strategies, Construction Logistics & Phasing
Realistic Timelines & Milestones in Conversion Projects