Our Investment Thesis
The Most Urgent Opportunity in America
Adaptive reuse is the most effective path to solving America’s housing shortage—and Still Property Group is built to lead it.
empty buildings - exploding demand
America's Housing Crisis Meets Commercial Vacancy
The U.S. faces a shortage of nearly 3.8 million homes, yet office vacancy sits near 20%, and hotel properties remain underutilized. Ground-up construction costs have soared by over 35% since 2019, creating barriers for traditional development. Adaptive reuse—converting offices and hotels into housing—is the smarter, faster solution already aligned with zoning and policy incentives.
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Why adaptive reuse?
Faster, Cost-Effective & Sustainable Housing
Adaptive reuse is more than converting buildings—it’s a strategic realignment of how housing is delivered. By repurposing existing hotels and offices, we achieve substantial cost savings, accelerate project timelines, reduce carbon footprints, and revitalize communities faster and more efficiently than traditional new construction methods.Our typical reuse projects complete in 18–24 months vs. 36–48 months for new builds.
Adaptive reuse generates approximately 30–40% less CO2 emissions compared to new construction.
Our projects consistently undercut per-unit development costs by 15% on average compared to ground-up.
Our regulatory expertise has shortened average entitlement timelines by up to 60% compared to market benchmarks.
Deliver in months
Speed to Market
Adaptive reuse dramatically shortens entitlement periods and construction timelines. Our proactive entitlement strategy and extensive regulatory knowledge streamline project approvals, significantly accelerating returns for investors and providing housing units when they're most urgently needed.
Environmentally responsible
Sustainability
Adaptive reuse significantly reduces carbon emissions by minimizing construction waste and eliminating extensive site work typical of new developments. Repurposing vacant properties invigorates communities, bringing residents, economic activity, and renewed vibrancy to neglected urban corridors—aligning directly with ESG principles and long-term sustainable growth.
lower basis, better margins
Lower Build Cost
Direct procurement, tight budgeting controls, and hands-on project management allow SPG to further reduce construction costs by another 10–20%, providing substantial margin protection and enhanced profitability even during market volatility.
complexities meets expertise
Zoning Advantage
Conversion projects frequently bypass the extensive rezoning processes required by new developments. We leverage decades of experience navigating complex urban regulatory environments, ensuring faster entitlements, reduced risk of delays, and a streamlined path to project completion.
Our Investment Thesis
Aligning Opportunity & Impact
Our thesis is simple and focused: we target undervalued, underperforming commercial real estate in high-demand markets facing significant housing shortages.
Adaptive reuse allows us to rapidly transform these vacant offices, hotels, and outdated assets into profitable residential housing—delivering tangible community benefits, investor returns, and environmental sustainability.
We have proven the thesis works.
Past Performance
Unmet Demand in Key MSAs & Micromarkets
We invest in high-growth micromarkets where housing shortages and vacant commercial assets converge. This creates a supply-demand imbalance we can immediately monetize.
Why These Markets Work
Savings Engineered Into Every Project
We acquire assets below replacement cost, reusing existing structure, MEPs, and entitlements. This results in development budgets 15–20% lower than new construction.
Our Proven Strategy
Flexible Exit Solutions, Stable Returns
Our projects are structured for multiple, viable exit paths—including long-term rental hold, institutional sale, or individual unit sell-offs. As experts in condo mapping and legal conversion, we unlock maximum flexibility and liquidity.
Experts in Condo Conversion
our Proven strategy
Executing the Vision
We translate our adaptive reuse investment thesis into reality through a disciplined, multi-faceted strategy. Our approach is designed to identify underutilized properties, efficiently convert them into high-quality residential units, and deliver exceptional returns to our investors.Become an Investor
Join Us in Transforming Real Estate
We invite accredited investors to partner with Still Property Group in our mission to address housing shortages through strategic adaptive reuse projects.Invest Directly Alongside the Sponsor
Participate in our GP-led Fund I, targeting high-performing adaptive reuse projects across select U.S. markets.Target Returns of 30%+ IRR
SPG targets market-outperforming returns through disciplined underwriting and embedded cost efficiencies.6-8 Yr Lifecycle, 3 Yr Deployment
Capital is called over three years, with structured exits planned to deliver liquidity and return optionality.Adaptive Reuse Fund Currently Open
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