Mixed Use Property Development: Why Are They More Heavily Used in Some Areas Than Others?

Property DevelopmentDone well, mixed-use development brings people together to live, work, shop and relax together in a single area. It can create a vibrant and lively center that is a boom to regional commerce and establishes a culture and personality of its own. However there are many challenges to developing a successful mixed-use property development. How can you be sure that your project will thrive?


The Vision of Mixed-Use Property Developments

Picture a busy pedestrian street, lined with sidewalk cafes, attractive retail storefronts and people bustling from their homes in upper level apartments to shop and eat on their way to work. Acquaintances run into each other on the street, and cars are kept to the outskirts. This image is certainly enjoyable. It’s a place we’d all like to be. But do we all want to live there? Probably not.

Mixed-use property developments aren’t for everyone. They appeal more to urban dwellers than those who obsess over our lawns and gardens and prioritize a comfortable distance from the closest neighbor. It can also be difficult to break the car habit – especially in climates that experience weather extremes. On the most humid days of August (or the bone-numbing bitter of northern winters), trekking outside for everything from a cup of coffee to groceries can present a barrier to entry for many. 

So what are the requirements for a successful mixed-use property development

 

Making Mixed-Use Work 

1. Location, Location, Location 

Mixed-use property developments can help revitalize downtowns, energize suburban growth, and jumpstart neighborhoods in transition.  While developers will seek locations with the right mix of supporting infrastructure and demographics to support new businesses, savvy commercial real estate professionals know that mixed-use property development is more than a numbers game – the business mix must also fit the needs and personality of the existing neighborhood.

Currituck County, N.C. is home to one successful mixed-use development that doesn’t fit a typically “urban” characteristic. The tourism-focused Corolla Light Town Center in Corolla relies on visitors to the Outer Banks and seasonal residents, offering  a cluster of shops, apartments, restaurants and entertainment that appeals to the region’s recreation enthusiasts. Offerings range from skateboarding to Segwaying, to buying fishing tackle or kites, to booking horse tours all in one space.  

 

2. The Right Tenant Mix

To help ensure an appealing mix of businesses (and avoid a ghost town of empty storefronts), attracting the right commercial tenant mix is key. A combination of necessary goods and services, such as an upscale grocer and a salon or coffee shop, along with specialty stores and restaurants will help keep people in an area longer and offer an entertainment component. A successful mix often includes bookstores, fast-casual dining, bakeries, coffee shops, and boutiques. 

 

3. Design 

People want to live and shop somewhere that is eye-catching and attracts more visitors and new residents to the town. There needs to be clear signage, large windows to attract people from the sidewalk, and new architecture that is complimentary to the existing structures. Also, when developing a mixed-use property, remember to consider the neighborhood and nearby architectural vernacular. As a walkable, integrated experience, a mixed-use development operates best when connected to surrounding properties and blended into the fabric of the community through thoughtful design. 

 

4. A Thoughtful Planning Process

Engaging the local community and town planners at the very beginning stages of a mixed-use property development will help ensure a smoother process.  While new development can bring a sense of excitement and anticipation, it can also bring about questions and unknowns to future neighbor.

Working together to address concerns such as density, parking, traffic and accessibility in an active dialogue will be critical to the project’s future success.  Remember, the community are at the same time your neighbors, potential tenants and customers.  Establishing communication early and often can help ensure a positive outcome for all stakeholders. 



Five Reasons to Think Currituck Currituck County, N.C, has several zoning designations and land use areas that are intended for mixed-use property development. Learn more about the business incentives and lifestyle appeal of locating your project here – home to the Outer Banks and located just 30 minutes from bustling Hampton Roads, Va. Download 5 Reasons Your Should Be Thinking Currituck. 


 

No Comments Yet

Let us know what you think