Will “residential zones” exist in 25 years, or are they the “malls” of our time?
Just 25 years ago, malls dominated — now many of these dead spaces are being converted to mixed-use developments.
So what about 25 years from NOW? Are “residential zones” the malls of our time, to be gawked at in just a few short decades?
“Across the U.S., developers are placing big bets on mixed-use projects, many of them with budgets into the billions or hundreds of millions.” A recent Smart Cities Dive article, “5 of the largest mixed-use development projects in the works across the US”, highlights some GIANT mixed-use development projects.
The projects on this shortlist include not only residential (both rent and own) and commercial spaces but also green spaces, medical centers, conference centers, and more.
And consider two of our great real estate challenges: changing retail dynamics — the death of the shopping mall, the explosion of online retail and smaller storefronts—and affordable housing shortages—the need for more affordable residential spaces, especially in growing cities. Mixed-use spaces, like the conversion of an old shopping mall into a mixed-use residential and commercial area, tackle the changing retail dynamics and housing shortages all at once.
Would you live in a renovated mall if it meant a cool, affordable apartment with walking-distance coffee shops? Developers are betting that you might, especially if the mixed-use space is walkable, environmentally friendly, and cool.
Check out this quote from Marloes Knippenberg, CEO of global mixed-use operator Kerten Hospitality, in NS Business:
“Mixed-use developments are spreading fast now…to have a SINGLE-USE ASSET has become a costly investment. So, we have worked on developments with long and short-stay components, work environments and related services. The perfect mix depends on the location and what else has been built around it.”
It’s not just investors and developers who are interested — politicians recognize the chance to eliminate anger about housing shortages. (See: Biden’s infrastructure plan calls for cities to limit single-family zoning and instead build affordable housing.)
Thoughts? Is this the future?
Just 25 years ago, malls dominated — captured hilariously in Buzzfeed’s “33 Outrageous Pictures Of Shopping Malls During The ‘90s”. Now, so many of those spaces are abandoned.
“…with malls closing so quickly — check the popular site deadmalls.com — the problem of what to do with these deserted eyesores has been worrying local officials and planners for years. Suddenly, the thought of making a home where you or your parents may have once done your back-to-school shopping doesn’t seem so far-fetched.”
So what about 25 years from today? What do you think “residential zones” will look like then?
Will our future selves gawk at old pictures of suburban life, where residential and commercial are most separated?
Image Photo by Michael Tuszynski on Unsplash