Mixed-use developments combine retail, commercial and housing spaces into one building – they’re most often found in urban settings.
An ideal mix of tenants creates a vibrant community where residents can shop, eat and live – which is known as walkability – which attracts millennial homebuyers as well as keeping tenants satisfied.
Vertical Mixed-Use Buildings
People have long sought buildings that serve multiple functions within a walkable environment, as evidenced by traditional village centers featuring grocery stores, shops and inns located close together as well as houses within walking distance of these venues.
Today, vertical mixed-use buildings have become more prevalent. They feature retail on the ground floor, office space on upper levels, and residential living options above. Such developments help foster vibrant communities while decreasing our dependence on cars by enabling residents to fulfill daily needs without needing to commute for services.
However, multi-use projects require a higher investment and may present greater risk than single-use ones. Furthermore, they place increased demands on local services like water, electricity and sewage infrastructure and high occupancy levels can cause noise pollution as well as displacement due to gentrification and displacement effects. To minimize such consequences communities must ensure affordable housing requirements are in place while small businesses receive financial support to mitigate any possible adverse reactions of these developments.
Horizontal Mixed-Use Buildings
Horizontal mixed-use buildings feature both commercial and residential spaces in one building, creating more opportunities for interaction between residents and tenants. Their close proximity encourages interaction, sparking conversations among different areas that create a sense of community. Plus, being home to tenants from diverse backgrounds allows individuals to form new bonds between residents.
Developers frequently turn to this form of development due to its efficiency. It provides benefits like increased customer exposure, simplified property management and readily available amenities – not to mention contributing towards building diverse and sustainable communities.
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Affordable Housing
Mixed use developments offer tenants several amenities that attract a wider array of potential customers, for instance apartments with grocery stores on the ground floor can serve not just apartment residents but also those from surrounding neighborhoods, which helps decrease car trips and thus traffic congestion and pollution (U.S. EPA).
Local businesses benefit from having multiple uses within one building as they attract foot traffic, regular spending and the possibility of cross-marketing between different businesses within it. Retailers in particular appreciate this approach since a mix of uses can mitigate risks associated with residential market slowdown; as well as seeing steady business from office dwellers and visitors.
Local governments can also benefit financially from mixed-use developments, as sales and property taxes generate greater revenue than for single-use structures. Furthermore, mixed-use developments provide nonvehicular access to destinations while aligning with small town/rural priorities for protecting open space while decreasing air pollution levels.
Employers
As more people move into mixed-use neighborhoods, their needs for food, stores and services will increase. This will benefit local businesses while creating new employment opportunities and raising public transportation demand which helps prevent congestion on local roads.
Investors also find mixed-use developments attractive because of the diversifying income streams provided by residential and commercial tenants – this reduces risk in their portfolios and can help protect against economic fluctuations.
Planners and communities that wish to reap the benefits of mixed-use development must take an holistic approach. This requires consulting with community institutions and service organizations in order to get input about local needs and priorities as well as activities designed to promote equitable engagement and support anti-displacement strategies. They should also consider zoning reforms so as to reduce exclusionary housing regulations and create more inclusive neighborhoods, while simultaneously encouraging affordable housing investments such as public transit – this will result in higher occupancy rates, lower vacancy rates and more stable rental income for investors.