Redefining Neighborhoods
Redefining Development and Mixed-Use Neighborhods
It is no secret the trends of the "live-work-play" live style are becoming increasingly popular in large cities, especially those with a large population and traffic density. Starting in large cities such as New York, Boston, Atlanta and Miami and making their way into less, but considerately populated areas.However, the question is, how will these new communities affect retail and restaurant sectors as well as suburban neighborhoods? Are mixed-use properties an area of expertise developers and Commercial Real Estate agents should get a hand in sooner than later?
Cities and developers are flocking to these mixed-use projects as a way to increase value and uses for a particular site. With traffic congestion getting worse each year, the conversation has shifted toward creating more engaging communities where residents can live and work without getting in their cars.
Mixed-use redevelopment does not just mean turning an old mall into a live-work-play community, it also means creating new districts and neighborhoods within a city.
Major architects such as SB Architects have been designing many mixed-use redevelopments around the country, including work with Seritage Growth Properties to give new life to former Sears stores.
SB Architects Vice President Jason Ambrose, who has been working with Seritage, said the biggest challenge is to find a way to redesign the retail environment to reflect a great mix of food and dining and entertainment and organizing retail without having a traditional anchor. These projects are not markers of the death of retail, but finding new ways to incorporate better uses.
Mixed-use is about creating new communities as well. Redevelopment of mixed-use around transit to create pedestrian-focused and non-vehicular development is an important concept to the firm.
“It’s not just a sense of lifestyle and dining and entertainment,” Wright said. “It’s housing. It’s community gathering places where you’re really building a sense of like-mindedness.”
The Rise Of Mixed-Use Neighborhoods
Mixed-use may be gaining popularity now, but it was not always a sought-after asset class.
Lenders used to be suspicious of mixed-use projects. Now capital sources are becoming much more comfortable with this asset class, which is making it easier for developers long term.
Creating The Ideal Mixed-Use Community
Creating a live-work-play development requires additional considerations compared to a single-asset project.
The goal is to activate the space morning, afternoon and evening and connect the different uses with an outdoor area such as dining, landscaping and whimsical elements.
What they’re doing is adapting design philosophy for single-family and … multifamily and creating a sense of place and capitalizing on the unique community features of any projects,.
Typically, SB Architects incorporates an open space element that allows for different uses throughout the year. A project may include a food hall, a farmers market and an amphitheater that could be used for different events throughout the year. Anchor stores are smaller and tend to have an entertainment element such as a bowling alley.
Retail developers have to start thinking differently about this asset class. Development should not be just retail within a Class-A center. There are opportunities in the Class-B or Class-C world as well. Redevelopment could eventually include other uses like industrial where a shop will have a smaller footprint, but also have on-site distribution where shoppers can buy products in-store or online and pick items up at a later date.
Retail is not dead, we are only redefining the way it is incorporated into the redevelopment of communities and consumer desires.
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