The area around this property is becoming increasingly popular and you want to capitalize on the growth and potential increase in value. You have drawn up plans that include tearing down the old building and replacing it with a newer, more modern building that is about the same size. Unfortunately, locals have not responded well to your plans, as they consider it to be a somewhat of a landmark. What would you do in this situation and why?
Option 1: Build the new building anyway – they will get over it.
Option 2: Renovate the old building because the square footage you plan to rent out is about the same, and the building facade could be preserved. ( This one is correct)
Option 3: Do nothing to the building, and sell it in a couple years.