You may have heard the phrase “mixed-use development” before, but what does it exactly mean? Fast becoming the norm in urban and suburban areas, it refers to a pedestrian-friendly development blending two or more residential, commercial, cultural, industrial, or institutional uses.
It is important, however, to sift through the confusion. Mixed-use is not just limited to a multi-story development incorporating commercial use on the ground level with residential uses on its upper floors. It also provides three or more significant revenue-generating uses such as retail and entertainment; fosters integration, density, and compatibility of land uses; and promotes a walkable community with uninterrupted pedestrian links.
Image source: Pixabay.com
Mixed-used developments can be vertical, or a single building (such as a skyscraper or terrace building) accommodating multiple uses, or horizontal, where a range of different building on the same site assume a specific purpose such as office, residential, or civic use.
In recent years, mixed-use developments have become a prominent feature of planning policy, seeking to revitalize urban centers and generate gains for the community such as reduced need for transport, more local jobs, and enhanced property values. Retailers, for instance, benefit from the traffic flow of customers living so close to their establishments, while the latter enjoy the proximity to so many choices.
Image source: Pixabay.com
The goal of progressive development, after all, is to maximize the use of land while offering a high-quality lifestyle to those in and around a given development.
Alan Naul is a specialist developer and sponsor for commercial real estate. For more real estate reads, subscribe to this blog.
