Acquisition and development of mixed-use properties allows us to create environments that add value to the building and to our residents. Our dedicated retail team is involved in all aspects of our mixed-use project from site acquisition to placemaking strategy and design review to leasing/merchandising strategy and finally, delivery of space and opening or retail tenants. Commercial and retail is not simply a requirement or an afterthought, it is a critical piece of the social and financial success of a mixed-use project.
WHAT ARE MIXED-USE PROPERTIES?
A mixed-use commercial property is either a building or a land development that includes both residential and commercial use. For example, a structure that has office space on the ground floor and apartment units on the top floor would be considered mixed-use residential or mixed-use office space. As is familiar with most mixed-use properties, the residential portion takes up more square footage than the commercial share. For tenants, mixed-use space is commonly referred to as a live-work space.
WHAT ARE THE CHALLENGES?
Mixed-use properties must be carefully planned in order to achieve their highest and best use. This includes ensuring that building parameters such as living and working spaces are utilized in a manner which complement each other and in conformity with the character of surrounding real estate. The footprint of mixed-use real estate can take up a single building or span an entire city block or neighborhood. The permit approval of development or use of these types of real estate require local jurisdictional approval, however the community-driven benefits of mixed-use properties (increased foot traffic, ease of travel, etc), can far outweigh these challenges.