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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

  • work Practice Area

    Real Property - Transactions

Date & Time
  • event Date

    Thursday, January 28, 2021

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

$347.00
CLE
ALL

This CLE course will provide real estate counsel with guidance on the legal issues facing repurposing commercial real estate that has become vacant due to the severe economic downturn. The panel will address issues related to petitioning zoning changes, removing holdover tenants, and increasing flexibility of use for commercial spaces.

Faculty

Gary S. Forshner
Founder
Law Offices of Gary S. Forshner

Mr. Forshner represents real estate developers, property owners and other business clients in matters related to land use and zoning, traditional real estate development, and redevelopment projects and commercial real estate transactions throughout New Jersey and in Pennsylvania. He counsels clients engaged in a wide variety of projects, including mixed use, residential, industrial, office, retail, and affordable housing development. Mr. Forshner has notable expertise in issues related to solar energy initiatives and the telecommunications industry.

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Deborah A. Lawlor
Discipline Leader, Planning Services
Maser Consulting, PA

Ms. Lawlor has over 40 years of experience specializing in land use and environmental planning. She is Discipline Leader for Planning Services for Maser Consulting, Inc, a multi-discipline consulting firm serving public and private sector clients nationwide (to be known as Colliers Engineering & Design, Inc. in starting in 2021). Ms. Lawlor manages a team of 10 planners specializing in master planning, redevelopment, zoning, affordable housing, resiliency planning, and community engagement. She previously worked for the New Jersey Meadowlands Commission.

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Todd Scheffler
Vice President, Retail Repositioning
Colliers International

Mr. Scheffler brings over 35 years experience in all areas of real estate to Colliers International but his expertise is commercial retail property. He began his career as a project architect and designer working for several notable architectural firms in Chicago specializing in shopping centers. As an architect, Mr. Scheffler helped design, plan, and build numerous shopping centers, retail buildings, stores, and other commercial projects throughout the country. Through this experience, he became interested in the science and psychology of retail business and consumer behavior. This led to his practicing real estate with the desire to understand how buildings function not just structurally, but economically and financially as well. Mr. Scheffler worked with several notable real estate firms acquiring, analyzing, developing, redeveloping, leasing, and managing real estate assets totaling over $1bn.

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Description

Property owners have historically addressed struggling properties by either (1) finding a new tenant/buyer or (2) investing significant capital in upgrading the property. However, a third option, repurposing and/or redeveloping the property for a different use, is an increasingly viable alternative in keeping with recent market trends.

While the 2020 economic downturn accelerated the problem, large commercial spaces have been emptying at high rates due to major retail bankruptcies and office closures. As shopping malls, retail centers, and office complexes become vacant, property owners and communities must determine how to utilize this space.

Some jurisdictions have guiding policies for the conversion of retail or office space, and many localities now advise that zoning boards must "provide consistently applied administrative guidance on key areas of consideration when reviewing conversion proposals" and take into account the requested conversion's potential long term impact on neighborhoods. Other considerations are whether the requested repurposing is a product of "short-term market fluctuations" or resulting from a long term systemic shift in needs and feasibility.

Although repurposing may significantly increase a property's value, it often involves significant zoning approvals to complete. More municipalities are working with developers to reposition properties in order to reuse properties that would otherwise be vacant eyesores.

Additionally, counsel may have to deal with straggling tenants in near-empty properties and address the legal issues involved in maximizing the use of a struggling complex.

Listen as our expert panel of real estate attorneys advises on working with the stakeholders, local government, and communities themselves to turn empty properties into functioning opportunities for all. The panel will address zoning issues, compliance and conversion issues, and removal of holdover tenants as methods for effectuating this goal.

Outline

  1. Petitioning zoning changes
  2. Removing holdover/leftover tenants
  3. Repurposing issues
    1. Office space
    2. Retail

Benefits

The panel will review these and other relevant topics:

  • What are best practices for dealing with a struggling or vacant property?
  • How can counsel work with zoning boards to amend the use of existing properties?
  • What are best practices for handling community push back on changed use of properties?
  • How can counsel address holdover tenants in near-vacant properties to maximize future use?