By Adam Robinson, RAF Pacifica Group
The demand for mixed-use properties throughout the U.S. continues to rise. Consumers want convenience, and are seeking walkable communities where they can engage, interact, live, shop, work and play all in one location.
Developers recognize this, and are increasingly incorporating multifamily components within their mixed-use developments. But, what are the keys to success when combining these product types?
Find the Right Location
Look for dense, highly-walkable areas in markets with strong job, population, and economic growth that deliver a high quality of life and will ultimately attract residents. Coastal regions, such as San Diego, are a prime example. We are currently developing mixed-use projects in Carlsbad and Solana Beach, CA, both of which have demonstrated an exceptionally high quality of life and continued economic growth.
Cater to the Local Demographics
Make sure you understand the demographics, then gear the development toward the needs and wants of the local community. A mixed-use development in Carlsbad, for example, might have a different demographic profile than one in downtown San Diego. Additionally, young professionals and millennials will have different needs than their baby-boomer counterparts. Taking a hyper-localized approach to target the needs in a particular area could lead to project success.
Incorporate Unique Tenants
While the residential component of a mixed-use development provides a built-in consumer base, owners and developers need to seek out unique tenants. Residents and consumers alike are looking for retailers and foodie concepts that are not widespread, and that they can’t access on every corner. Incorporating a diverse and different tenant mix that are just a quick walk away could appeal to more potential residents.
Ultimately, developments with environments that foster a sense of community and engagement, where people want to live, work, and play, will find the most success.
Adam Robinson is the Founder & President of RAF Pacifica Group, a privately held, full-service commercial real estate investment firm that acquires, owns, and develops industrial and office properties.
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