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In addition to converting the existing building, the developer is prepared to build a new structure of five or six stories next to it if demand warrants.
The developers plan to build a new structure atop the foundation of the demolished roundhouse building.
There are advantages to not trying to build a new structure, however.
"If you tear it down and build a new structure, you can only build about half of what's there," Mr. Baksa said.
He said his job has been to come into an existing team and build a new structure rather than a new team.
In 1905 The Real Estate Record and Guide reported that he had hired McKim, Mead & White to build a new structure.
Similar(44)
Each year after that, he builds a new structure.
In others, they have taken the remains of an original spire and built a new structure to hold it up.
It switched its strategy to specialise in telecommunications and built a new structure to go with it.
Instead of redoing a beloved old house by ripping out all the old furnishings, they've built a new structure and decorated it with vintage pieces.
"And if the owner built a new structure with distinctly different apartments than existed before," he said, "the tenant's payment of $1 would not give the tenant the right to occupy a new apartment".
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com