Colleges and universities need "a wise process in place to assist in their planning of what to do with their venerable and least attractive buildings." This requires a feasibility study such as the following seven-step model. Step one: determine the project requirments." What should the renovation's purpose be in terms of space, program, aesthetics, budget, etc. Step two: evaluate the exisiting conditions. Architects and engineers should coduct a thorough inspection. Step three: perform a code analysis. New codes are typically required whenever renovation takes place. Step four: analyze the program/building fit. This helps determine whether the building is suited for the new use based on circulation, adjacencies, area, etc. Step five: develop alternative design concepts. The architect should begin developing several design solutions that are complete enough for beginning cost analysis. Step six: conduct regulatory reviews. The alternative concepts should be presented to outside audiences with a public and/or regulatory interest in the project. Step seven: select the preferred design alternative. The alternatives are presented to university leaders with an explantion of major rationale. The authors believe money spent on this will pay for itself in savings during actual realization and life of the project.  

Citation
James McKinney, John Missell, and Thomas Fisher. 1994. Planning for Renovations on Campus. Planning for Higher Education. 22(4): 17–23.