The Benefits of Mixed-Use Development

Mixed-use projects which was the norm until the 1920's, is on the rise again. Mixed-use development is now more in demand in an effort to better use space and optimize urban areas.

Mixed- Use Benefits
Mixed-use developments allow for many benefits to local communities. These developments can potentially drive the revitalization of struggling areas, encourage high-quality design, and promote pedestrian traffic. Mixed-use developments promote village-style mixes of retail, restaurants, offices, civic uses, and multifamily housing. As this CCIM article says, 

"Developments with office components add new jobs and increase the customer base for local shops and services. Multifamily brings new residents to suburban towns, creating a demand for restaurants, movies theaters, grocery stores, and other entertainment venues. The retail component adds to the town’s tax base and the parking helps control traffic and keep the pedestrian friendly format."

These properties have become an important generator of  tax revenues both sales and property increased general revenues, and have encouraged additional economic investment in local communities.

Mixed -Use Popularity
Currently, the use of mixed-developments is growing in popularity due to the its many benefits to residents and the environment. Convenience, community, and security are also driving the demand for mixed-use property. Using mixed use property has increasingly granted smaller areas a connection to multiple routes, and allow traffic to flow more smoothly.

Block Real Estate Service's Use of Mixed-Use

Block Real Estate Services (BRES) is also utilizing mixed-use where it fits within a development. For instance, Lenexa currently has its first mixed-use project under construction. The development, Renner 89, is a two story mixed use building located off of 89th Street and Renner Boulevard. The building is designed to house retail and restaurant space on the first floor.The second floor will have meeting rooms and a conference center. Renner 89, along with Perceptive Software LLC’s new development is projected to be complete by spring 2014. Read more in this Business Journal Article. The development plans on driving new commercial and residential developments in the Lenexa area such as WaterCrest at City Center, BRES' latest multifamily community.

Mixed-use development allows people to feel better connected to their communities while conserving space and promoting pedestrian-friendly habits. When the location is right, this fluid mix of living, work and retail amenities is ideal for multifamily communities.

Contributor:

Greg Galvin
VP, Director of Multifamily Development
Block Real Estate Services