New Urbanism Building Properties
Thursday, November 19th, 2009 Subscribe To Our Feed
The real estate investment properties of the future are mixed-use, with condos, apartments, retail centers, restaurants, movie theaters, fitness centers and office space all bundled into one resort-style building. “You don’t put all your eggs in one basket,” says Peter Waldt, managing director of development consulting for Cushman & Wakefield Inc. in New York. People looking to invest in real estate find that there is a mitigated risk when casting a wide net. Additionally, these building properties create a sense of place and community, whether they’re located downtown or in a suburban center.
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.
When you’re looking for building properties for your new urbanism project, consider old factories, warehouses, abandoned strip malls and beaten up apartments/condos. All these places can be purchased for low prices and transformed into an upscale community center. Choosing the right location is essential, so be sure you’re near transit hubs and other amenities. Attracting the right businesses into leasing with you will also be important, so you may want to meet with some prospective clients before you begin building to assess their needs and desires too. Creative real estate investing involves bringing all parties to the table — architects, urban planners, retail managers and community leaders, included.
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