New Urbanism Building Properties
Mixed-use building properties make for great commercial real estate investing opportunities these days. “Naperville, Illinois, is a good example of urban-type development in a suburban setting,” says Robert Bach, senior VP of research and client services for Grubb & Ellis Co in Chicago. “Mixed use has a profound impact on the way cities are growing,” he adds. “It represents more intelligent use of land, and traffic is worsening, so there’s more acceptance by households and businesses to be located in mixed use.” The predominant preference is to live, work and play all within a short radius to cut back on unfavorable commutes and driver frustration.
One group of people drawn to new urbanism properties are well-to-do baby boomers. They like the idea of comfortably aging in a resort-like setting, where they can do all their shopping, working and living in the same building. In Palm Beach, Florida, some luxury communities even incorporate fitness centers and Aveda spas into their beachfront condos. “We believe there is going to be a great demand right now for these properties,” says Creative Choice Group President Dilip Barot, who is working on just such a real estate investment property. “More affluent people are getting interested in wellness and there are more people willing to live this lifestyle.”
Analysts of new urbanism building properties have many thoughts about where the future of mixed-use commercial real estate investing will go. Some say that downtown cores will continue to borrow this structure to revitalize their aging infrastructure and abandoned parts of town into thriving community centers. Others believe that suburbia will begin to develop commercial hubs in the retail centers and anywhere surrounding public transit stations. Perhaps some malls, libraries and town halls will incorporate residential living space as well. It’s really up to the individual buying investment property to determine the demand in a particular community and step in with the right solution.
For building properties to be eligible for new urbanism, they must meet several criterions. First, they must be walkable: the community must be able to arrive easily and without hassle (otherwise they’ll go somewhere else). Second, they must contain diversity. In order for a school to function, there must be teachers, cooks, janitors and school bus drivers all able to walk to work. Third, these communities must be compact, as new urbanism should be the anti-thesis of “suburban sprawl.” The physical design must also be edgy and attractive on this USA property for people to want to spend a lot of time there, which is why some of the world’s top designers are being called in to work on these projects and much green space is being incorporated into the design.
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