Until the 1920s, pedestrian-friendly, mixed-use building was actually very common throughout the U.S. The eventual arrival of the automobile as a primary means of transportation meant these properties were no longer absolutely essential or desirable. However, the ideology of mixed use properties has experienced a resurgence since the 1980s, as developers seek to stimulate economic growth and improve the quality of life within relatively dense areas.
What Is Mixed-Use Development?
A mixed-use development can be broadly defined as any piece of property – be it a single building, a substantially large urban or suburban community, or anything in between – that combines residential, commercial, cultural and/or industrial usage within a relatively small and dense area. People who live and work in these constructs enjoy easy access to a wide range of amenities. For example, retail stores, restaurants, gas stations, offices, civic facilities, multifamily housing, parks and hiking and bike trails may all be integrated into a mixed-use property.
Why Go with Mixed-Use Properties
The benefits of mixed-use buildings and properties include the following:
- Stimulating more variety in the design of and options for single and multifamily housing;
- Encouraging development within dense, more compact areas of land;
- Reducing traffic and pollution by allowing residents to use their cars less;
- Creating pedestrian-friendly environments thanks to the short distances between living, work, commercial and recreational destinations.
Residential and commercial developers, leasing agents and tenants all benefit from such properties. Companies welcome the nearby living spaces available to their employees. Employees, in turn, enjoy the short walking or biking commute to work, banks, restaurants, health clubs and/or childcare facilities, as well as public transportation and outdoor recreation.
Mixed-use building is often the key to revitalizing otherwise underdeveloped or blighted areas. Corporations headquartered in these developments provide jobs that can fuel local economic growth as employees and their families become customers for local grocery and retail stores, movie theaters and restaurants.
The resulting tax revenue from raised property values can be put toward improvements in the development’s infrastructure, which in turn stimulates more growth.
Our Current Projects
PinPoint Commercial, the industry’s leading full-service real estate company, specializes in all types of developments, including mixed-use, medical, industrial and senior housing. With projects in several states, PinPoint Commercial provides services to clients from coast-to-coast. For more information, please contact us.
