In the past, we introduced the advantages of mixed-use development, which offers a blend of business, retail, and residential use. We’ve been keeping a close eye on mixed-use development trends for quite some time. Here’s what our team of Central Coast builders is seeing in 2020.
Mixed-use continues to grow in popularity. Once seen primarily in urban areas, mixed-use development is finding its way into more suburban regions as density increases and residents seek housing options that are less car-centric. Mixed-use is coming in all configurations: vertical, horizontal, and a combination that includes both, usually designed around a central core attraction, such as a park or plaza.
Demand is driven by a generation that increasingly appreciates urbanization and is willing to pay for the conveniences it provides. This is an era of less mall, more small. Therefore, the commercial aspects of mixed-use projects, such as retail and dining, are being geared toward more boutique and lifestyle offerings.
Single-use zones can feel like they’ve rolled up the streets when businesses close or residents leave for the day. Multi-use areas remain vibrant from early morning through late evening.
Public spaces included in mixed-use developments are being designed to accommodate everything from live music and small festivals to farmers’ markets and even town square style public meetings.
On the business front, many in the workforce enjoy working independently while being socially connected. Spaces that allow for coworking or “working alone together” are popular. Businesses offering essential services to those residing and working in the urban or suburban core are also finding favor.
Those who live or work in mixed-use areas appreciate gathering socially, which makes fitness studios, entertainment venues and cafes desirable.
Residents look for walkability and access to public transportation, with many more living car-free than in the past few decades. They live nimble, flexible lifestyles, so demand is high for smaller, low-maintenance rental units. They look for sustainability and appreciate repurposed buildings that have been reimagined into lively, livable spaces.
Buyers occupying residential units in mixed-use developments are often young retirees with the time and financial resources to take advantage of the cultural offerings found in more urban settings.
Developers are paying close attention to the desires of the service, retail and residential markets they serve. Anticipating their needs, acknowledging their desires, and accommodating their changing lifestyles is imperative to design and development of successful mixed-use properties. Some of our favorite mixed-use projects include ICON Gardens UCSB and The Mix @Monetery.
If you’re interested in mixed-use development as an investment or are seeking a mixed-use development for your next home or business, reach out to us. We’re always happy to hear your ideas and share our insider perspective.