What Is a Mix-Use Development?
Mixed-use development is a term that has been gaining popularity in the last few years. It is one of the most popular trends in the commercial real estate industry and it consists in fully integrating commercial spaces within zones or buildings that, traditionally, have other uses. (Related topic: office space for rent, office space for sale)
From an urbanistic point of view, mixed-use development projects are designed to promote a variety of activities as a community. There is interaction within the same space, removing or reducing the need to make long car trips or public transportation.
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It contrasts with working or commercial centers separated from residential zones: it was one thing to talk about residential neighborhoods and a different one to talk about commercial and working centers, which normally determine the urban expansion. In addition to this, there are other factors such as traffic, mobility problems and lack of infrastructure, which derive from this expansion.
One of the main advantages of these types of projects is that the productivity of the place, increase the cost of land. At the same time, the developers’ income increases, there is a quick ROI and the crime rate decreases in the area.
Types of Mix-Use Development
– Real estate projects integrated by mall/shopping centers, offices, and apartment buildings.
– Offices with commercial zones.
– Apartment buildings that have commercial areas on the lower floors.
– Apartment complex or condos with service and commercial zones.
– Hotels with commercial zones or restaurants operated by well-known brands.
– Hospitals with restaurants or commercial zones.
– Industrial zones with commercial areas.
– Colleges with commercial areas and cafeterias or restaurant operated by well-known brands.
Advantages of Mixed-Use Development
– A mixed-use development improves the mobility in the sector. There is no need for traveling long routes to run errands or buy groceries. This factor leads to sales increases in the shops located in the area.
– It decreases the crime rate in the zone. A place which has homes and shopping centers has more people not only living but also passing through it. Therefore, it is unlikely for crimes to happen there.