For those who don’t know, mixed-use development blends a variety of uses such as residential, commercial, cultural and industrial, and some of the benefits are fairly obvious, such as the inherent curbside appeal it creates.
After all, it’s not very hard to see the allure in being able to walk from your place of residence right out to the street to find shops, restaurants, bars, etc., without ever having to hop in your car, nor the allure in a built-in customer base for nearby retail shops.
However, there are some additional advantages that many don’t consider. So, read on to learn about how mixed-use development may be even more beneficial to even more people than you know.
Mixed-use properties are highly efficient.
First of all, one of the main benefits of mixed-use development is the resulting efficiency. Yes, the access to so many services in just a single setting presents a lot of advantages to residents, but it’s also great for conserving and/or maximizing land resources, in general.
Additionally, there are more opportunities for building and energy efficiency in mixed-use development because of the single-setting setup, which allows for a more environmentally friendly process.
The close proximity of different uses also leads to a more efficient maintenance situation, which means that there’s commonly a significant reduction in overall long-term maintenance costs.
The point is, the efficiency and resulting benefits that mixed-use development presents don’t just extend to the people who live in the properties. They also make for a more advantageous situation for the investors, retail establishments, etc.
They allow for more diversification.
Mixed-use developments are diverse by nature, and diversification is never a bad thing when it comes to investing. It tends to be less risky than putting all your eggs in one basket and investing in a single asset.
With mixed-use development, one use can offset another. For instance, if there’s a certain time when the retail shops tend to struggle a bit, the residential units will still be going steady.
In addition to offsetting each other, the various uses in a mixed-use development can also fuel one another. For example, retail shops will experience better exposure being seen daily by nearby residents, and thriving business will only help to attract new residents.
Mixed-use developments also typically lead to longer leases for commercial properties, which creates more continuity, but the point is that the diversity that mixed-use development presents makes investors less vulnerable to sudden shifts.
The uses and benefits are expanding and evolving.
Because of developers and property managers like Capodagli Property Company, the benefits of mixed-use development are only expanding, and brand new ways to further optimize the process are emerging all the time.
In addition to that, younger generations like millennials are increasingly preferring to live in central locations with easy access to anything they may need, which makes them a perfect fit for the mixed-use development model.
These younger potential residents are looking for a higher sense of community in their residential areas as well now, and that’s exactly what mixed-use properties can help to cultivate.
Mixed-use development fits the future.
On top of all that, because of the proximity of uses, traffic and pollution in the area is commonly reduced in mixed-use developments, making the model an even environmentally friendlier one, as well a healthier one in that in encourages more physical activity and a safer one in that it could help reduce drunk-driving incidents.
The bottom line is that mixed-use development isn’t just highly beneficial for residents but for investors, retail shop owners, and everyone else involved in or affected by it as well. The benefits are growing and expanding, and the attraction of it all is only proving to be stronger among younger generations.
About Us: Capodagli Property Company is a full-service real estate development, construction, and property management firm specializing in transformational multifamily and mixed-use real estate projects.