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Or you know they could try to promote more mixed use properties, which is what most people actually want. It's very clear that city centers are growing everywh
by malandrew 13y ago
Or you know they could try to promote more mixed use properties, which is what most people actually want.
It's very clear that city centers are growing everywhere because that's what young people are gravitating towards. It's a lifestyle thing and if they don't consider the lifestyle people aspire to in their future plans, they are going to go bankrupt again.
Take a look at SF for an example. Many people would love to live in the few blocks surrounding the commercial areas of the Mission, the Haight (upper and lower), North Beach, Union Street, Hayes Valley, etc. Those areas are desirable because they are supremely convenient. They are the "modern mall" because they are also the "timeless mall", i.e. the mall that naturally forms when people decide where they want to shop instead of corporate overseers. It's a pattern that exists everywhere in the world in big modern cities to small towns designed before the advent of the car.
Betting on mixed use buildings creates "captive demand", since your commercial store customers conveniently live right upstairs. And they are happy to live in such buildings because they provide the ultimate access by foot to food, bars, supermarkets and other businesses that enrich their lifestyle.
There are a few thing they need to do to make such mixed use properties desirable.
* Mixed use properties need authentic business with unique identity instead of franchises (e.g. a building with a starbucks and a moe's underneath it isn't as desirable as one with a neighborhood coffee shop and a local burrito joint).
* The deals struck by commercial owner's associations (COAs) need to consider the needs of the HOA which is often formed after the COA for any mixed use property. Any property (like the Beacon in SF) where the COA has unfair deals that prejudice the residents of a building often end up in litigation that suppresses the value of the the property in the building causing the building to move to having more renters than owners.
Unfortunately many of the new building projects in SF don't take this into account. There are a ton of new projects going up south of the ballpark. All those properties will be filled because of the extremely limited stock of housing, but they are not going to be desirable places to live because of how few of those properties are designed to be mixed use, which is what will make that area feel like a neighborhood instead of a vertical suburb that you need to leave in order to visit a commercial center.