Change Agents

Creating repurposed residential or retail properties requires marketing and management savvy to provide returns for owners and amenities for occupants. HRI Management Company, which repositions residential, commercial and industrial space, views urban revhalization as a natural alternative to suburban sprawl and focuses its activities on adaptive reuse of historic districts. While the development opportunity is exciting, the reality is it demands people share HRI's pioneering vision, often difficult when a property is located in a decayed area. Last June, Community Housing Initiatives, Inc., a nonprofit group dedicated to the expansion of affordable housing in Iowa, completed the Van Alien Apartments, a conversion of a National Historic Landmark building designed by famed architect Louis Sullivan in the small city of Clinton. Unlike many of HRI's projects, the limited supply of units and the lasting appeal of its famous designer made marketing the Van Alien an easy task with the units fully leased well before its occupancy date.