I just had a thought provoking H&BU conversation with a reviewer. He had just put an assignment out to bid of an existing restaurant facility built in 2008 that is proposed to be converted into professional office space. He wanted an as is and an as proposed value. However, he told me that if the H&BU was determined to be continued use as a restaurant facility, then just provide a valuation of the property as a restaurant and leave the as proposed analysis in the H&BU. This seemed like a problem to me. This assumes that the H&BU of the property upon completion is still as a restaurant, however, once renovations have taken place, it may be no longer feasible to renovate it back to a restaurant. I argued that if I don't provide a H&BU of the property as proposed, then I will not be providing an as proposed value at all. He disagreed and said that my as proposed value would be contained within the H&BU analysis. He also argued that there is only ever one H&BU analysis not a separate analysis for as is and for as proposed. This didn't feel right... am I wrong on this? I tried to look it up in the 13th Edition, but did not find my answer.