What lengths will people go to for their dream home? Across America, individuals are embracing ambitious, unconventional projects, transforming abandoned and unusual spaces into stunning residences. From repurposed baseball stadiums to dilapidated Italian buildings and even solitary lighthouses, CNBC Make It’s “Unlocked” series showcases remarkable stories of ingenuity, perseverance, and the realization of extraordinary homeownership dreams. These projects highlight the potential inherent in unconventional spaces and demonstrate the lengths some will go to create their ideal living environment.
Key Takeaways: Dream Homes From Unexpected Places
- Former Baseball Stadium Transformed: A derelict Indianapolis Indians stadium was converted into a luxury $14 million apartment complex, showcasing the potential for adaptive reuse of historical structures.
- Schoolhouse to Apartments: An abandoned school was successfully repurposed into a thriving 31-unit apartment building, demonstrating the viability of transforming underutilized educational spaces.
- Residential Airpark Living: A test pilot’s unique home situated within a residential airpark offers a compelling blend of aviation passion and comfortable living, complete with a private hangar. Monthly mortgage payments come in at a hefty $4,000.
- Lighthouse Renovation: An abandoned lighthouse was purchased for a mere $71,000 and painstakingly renovated into a unique home, highlighting the dedication and perseverance required for such projects. The renovation itself cost an additional, surprising $300,000.
- Italian Dream Home for €1: Americans took advantage of an Italian initiative, securing a dilapidated property for €1 and investing a further $35,000 to renovate it into a dream vacation and retirement home.
An Abandoned Baseball Stadium is Now a $14 Million Luxury Apartment Complex
Michael Cox’s vision of converting a former Indianapolis baseball stadium into a residential complex might have sounded ludicrous initially. Yet, after a $14 million renovation, Stadium Lofts stands as a testament to his ambition and entrepreneurial spirit. The stadium, home to the Indianapolis Indians from 1931 to 1996, faced demolition before Cox and his partners acquired it for a mere $1.
The transformation, completed in under two years between 2011-2013, resulted in a 138-unit apartment complex boasting 95 one-bedroom units, 26 two-bedrooms, and 17 lofts. Rents range from $900 to $1,700 per month, inclusive of washers and dryers. Importantly, the developers retained original features like the scoreboard, ticket booths, and press box, preserving a piece of the stadium’s history. “We designed it such that when you walked in, you felt like you were walking into a historic stadium rather than an apartment building,” said partner John Watson.
The Impact of Adaptive Reuse
The Stadium Lofts project exemplifies the successful implementation of adaptive reuse, a sustainable approach to urban development that revitalizes underutilized spaces. This model not only preserves historical landmarks but also provides much-needed housing and contributes to neighborhood revitalization. The complete leasing of all apartments upon opening in 2013 underlines the high demand and profitability of this innovative strategy.
They Turned an Old School into a 31-Unit Apartment Building
Jesse Wig’s journey began with an off-market deal for an abandoned school in 2019—an opportunity that ignited his entrepreneurial spark. Teaming up with Adam Colucci and Dan Spanovich, they purchased Bowtie High for $100,000 and embarked on an ambitious $3.3 million renovation, transforming it into a 31-unit apartment complex.
Despite exceeding their initial budget, the project reached full occupancy within six months of leasing. Monthly rents start at $1,400 for one-bedrooms and $1,600 for two-bedrooms. The renovated apartments retain original features like chalkboards and large windows, offering unique character, while modern amenities like stainless steel appliances and in-unit laundry add to their appeal. This success led them to acquire and renovate the school across the street, demonstrating the scalability and viability of their innovative approach.
A Pilot Pays $4,000/Month to Live in a Residential Airpark
Joe Sobczak’s home search prioritized functionality over conventional aesthetics. For this test pilot, the ideal home was one where he could easily access his aircraft. In 2017, he purchased a 3-bedroom, 7-bathroom, 5,000-square-foot home at a residential airpark, complete with a 3,600-square-foot hangar, for $698,000. His $4,000 monthly mortgage allows access to convenient air travel, bypassing lengthy commutes. Sobczak describes this location as his favorite of his three homes, appreciating its proximity to Yosemite and the ability to “breathe the fresh air and stay out of the congestion of the Bay Area.”
The Appeal of Airpark Communities
Residential airparks present a niche market offering residents the unique amenity of direct access to their aircraft. This appeal is particularly strong for individuals whose professional requirements or lifestyles necessitate convenient air travel, demonstrating the expanding value of specialized housing options.
She Bought an Old Lighthouse for $71,000 and Spent $300,000 Turning it into a Home
Sheila Consaul’s unconventional home-buying journey began in 2009 when she discovered the government auctioning off lighthouses. This sparked an interest in renovating the Fairport Harbor West Lighthouse in Ohio. Purchasing it for $71,000, she embarked on a long, challenging renovation that would, contrary to her initial budget of $200,000 end up costing $300,000 extra.
The lighthouse, built in 1925 and abandoned in the late 1940s, now offers a unique three-bedroom, three-bathroom space of almost 3,000 square feet. The remote location presented logistical challenges; appliances had to be transported by boat and carefully lifted via crane to its half-mile-offshore platform. Despite the extensive effort and unexpected additional cost, Consaul expressed immense satisfaction, stating that “This was a great challenge, a great opportunity, and I loved every minute of it.”
These Americans Bought an Abandoned Home in Italy for $1 and Spent $35,000 Renovating It
Rubia Daniels grasped an exceptional opportunity through an Italian initiative aimed at revitalizing depopulated towns: purchasing a dilapidated property for €1 (approximately $1). This came at the cost of extensive renovations. The buildings, however, suffered from mold, water damage, termite infestation, and a collapsed roof. Yet, Daniels saw a vision beyond the challenges, recognizing the potential to create a vacation home, restaurant, and wellness center. She is investing $35,000 into transforming this once-neglected property into the ultimate vision. “I wouldn’t be able to do this back in California because the cost would be much higher,” points out Daniels highlighting both the economic and personal value of this unique adventure.
