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Yes dawg, it can and does happen. However the economics have to be there. Look at the area surrounding the site, would you want your kids playing around that location? Are there other ratty and condemned buildings? Are there homeless squatters in the area?
These matter when someone looks to rebuild. It is a MASSIVE project to bring old buildings up to code. Completely re-piping, re-wiring, replacing the walls and floors, installing new locations for appliances. It's not like you're simply installing new cabinates, the entire building would have to be altered save for the bricks.
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"Smite the rocks with the rod of knowledge, and fountains of unstinted wealth will gush forth." - Ashbel Smith as he laid the first cornerstone of the University of Texas
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