Just Trust Amstel III
Since the structural vacancy issues in office stock became part of the political debate in the Netherlands, architects came up with numerous design and transformation solutions for the vacant office buildings. Undoubtedly spatial strategies are part of the solution but the crux of the problem however is of a financial nature. The large difference between book value and market value of the office buildings is the main concern for property owners. Real value and virtual value are imbalanced. Devaluating or even demolishing their (young) property is simply not an option since this would drastically harm their financial balance, their market position and their credibility. With the scattered ownership in Amstel III and no one willing to take this loss, each party is waiting for another to act, creating a deadlock situation. The only way out of this situation is by collaboration and sharing loss.
The first step needed for improving Amstel III is therefore creating property trusts in which owners become shareholders and all loss and profits are equally shared (based on their property value). This allows a reorganization of current tenants to concentrate occupancy to the most recent and up to date buildings in the district. The bad apples in the area can be emptied, devaluated in the balance, and opened up to new initiatives. Each stakeholder in the trust takes a small loss at the start but will eventually fully profit from the improved settling climate for tenants, both residential as businesses.
Jury Assessment
"In a well-written text the participants make it clear that an approach that focuses on the financial position of the property owners is well worth consideration. More restraint in the elaboration would have been appropriate."
competition entry
Europan 11
shortlisted
year
2011
