Residents in mixed-use developments enjoy close access to shops, restaurants, and services that make daily tasks simpler. By eliminating the need for driving altogether and making things more manageable.
Establishing a mixed-use project requires meticulous planning to comply with local zoning, building, and environmental regulations as well as spreading financial risk by creating revenue from multiple sources.
Transit-Oriented Developments (TODs)
TODs (Transit-Oriented Developments) are areas centered on transit stations or stops with high-density residential, office and retail areas that are connected by a network of public spaces and streets. Their central area typically boasts civic uses as well as entertainment and public-oriented retail opportunities to create an inviting center full of life and activity for walkers.
TOD projects typically provide residents with a host of public amenities, from parks and green space that foster social interactions to reduce stress levels; as well as community facilities like libraries or centers to provide easier access to resources.
TODs are intended to minimize traffic congestion and the reliance on cars, thereby helping reduce carbon emissions and improve air quality. Furthermore, reduced car travel means safer streets for pedestrians and cyclists – leading to an increase in their use. Furthermore, TODs may help boost local economies, encourage sustainable growth, support business attraction/retention efforts, as well as enhance local economies overall.
Common Spaces
When designing commercial spaces, including amenities that are used by both residential and business tenants is key for creating more flexibility while simultaneously encouraging interaction among users and developing a sense of community.
Supplying residents with access to retail, restaurants, and gyms within their community reduces commute time while simultaneously increasing convenience – not to mention encouraging healthier lifestyles by encouraging physical activity.
Mixed-use developments offer many advantages to developers and tenants alike; however, their complexity makes them more challenging than traditional projects, often necessitating extensive coordination among stakeholders and an intricate zoning process. As this increases the chance for budget overruns or timeline delays to arise, it’s crucial that they are carefully planned.
Retail
Mixed-use developments draw in tenants by offering various property types within one project. This multifaceted approach to work, play and live has proven popular with tenants looking for convenience and walkability.
Mixed-use developments offer multiple streams of income to reduce risk by diversifying revenue sources. If demand for commercial spaces decreases during an economic downturn, residential rentals could help mitigate its effect.
Retail, restaurant and other amenities help activate ground-floor spaces and enhance the experience for residents, workers and shoppers. Furthermore, these facilities support local businesses while creating vibrant communities. Millennials and baby boomers increasingly desire one-stop shops offering instant gratification while providing opportunities to socialize in walkable environments – this trend is hastening the development of mixed-use development trends to meet current and future generations’ needs.
Affordable Housing
Integrating affordable housing within a mixed-use development can ensure that members from all income levels are able to take advantage of all its benefits. A live-work model that pairs commercial space on ground level with residential units above fosters entrepreneurship, supports small businesses, and promotes work-life balance for residents alike.
According to the Urban Land Institute’s Mixed-Use Development Handbook, a mixed-use development is defined as any project which includes three or more revenue-producing uses (retail/entertainment, office, residential, hotel and civic/cultural/recreation), combined with seamless pedestrian connectivity for optimal walkability.
Affordable housing within mixed-use developments presents many benefits to developers; however, this approach also poses unique challenges. These projects often have complex zoning regulations and lengthy vendor procurement processes which may delay completion timeframes significantly. Furthermore, developers must be ready to respond to community concerns regarding increased traffic or noise issues as part of the development.