Mixed-Use Archives - REBusinessOnline

North Texas Mixed-Use Boom Moves Full Steam Ahead

Taylor Williams — Wed, 07 Sep 2022 11:54:10 +0000

By Rob Welker, president and partner, Hoefer Welker; and Steven Janeway, principal and commercial practice leader, Hoefer Welker As one of the biggest states, Texas regularly sees some of the largest demand in real estate development in the country. In recent years, North Texas specifically has experienced a rapid short-term increase in population, leading to a significant development boom and driving up urban and workforce construction volume, rental rates and sale values. Mixed-use developments have led the charge in commercial growth throughout the Dallas-Fort Worth (DFW) metroplex. Higher overall interest in a live-work-play lifestyle has contributed to the development of a larger number of spaces that provide corporate, retail and residential capabilities. Gone are the days when corporate campuses and multifamily complexes were predominantly in the suburbs; tenants and employers have increasingly searched for living experiences in urban environments where they can combine the three biggest facets of their lives within a single destination. This provides the convenience that tenants crave and the access to concentrated populations that retailers and office users need to be successful. The Coastal Exodus As personal and business income tax rates, regulatory hurdles and costs of living abound in coastal markets, corporations have begun relocating…

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More Than A Cliche: How Frisco Has Become the Ultimate Live-Work-Play Suburb

Taylor Williams — Wed, 24 Aug 2022 11:43:24 +0000

By Chris McCluskey, vice president of development, VanTrust Real Estate; and Robert Folzenlogen, senior vice president of strategic development, Hillwood In the past decade, the popularity of “live-work-play” developments has skyrocketed, making the concept a somewhat overused cliché in the commercial real estate world. However, the reasoning behind the acclaim remains true — people love convenience and a sense of community. And “live-work-play” is the reason that cities like Frisco that are located outside dense urban cores have thrived. According to the U.S. Census Bureau, Frisco’s population has grown by 71 percent over the last decade, consistently ranking as one of the fastest-growing cities in the nation. But this growth did not happen overnight; rather, a combination of ideal location and elected leaders’ vision has driven much of Frisco’s success. By prioritizing all real estate classes — office, residential, retail — Frisco has been able to find the right balance between bustling urban amenities and the serene background of suburbia, making it one of the most competitive landscapes today and for the foreseeable future. A Balanced Approach Suburbs are no longer known for just their family appeal, although this feature still remains a high priority for many households. Young professionals…

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More Than A Clichè: How Frisco Has Become the Ultimate ‘Live-Work-Play’ Suburb

Taylor Williams — Wed, 24 Aug 2022 11:41:43 +0000

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Texas Retailers Still See Major Value in Mixed-Use Settings

Taylor Williams — Tue, 08 Feb 2022 12:29:58 +0000

By Taylor Williams The factors that have long enticed Texas retailers and restaurants to locate in mixed-use environments are back in full force, such that these users are once again willing to pay a premium for spaces built-in density and walkability. In some ways, this trend never really disappeared in Texas, one of the first states to reopen during the early months of COVID-19. Through measures passed in 2020 like sanctioning to-go alcohol sales and allowing businesses to stay open, albeit at reduced capacities, Texas has worked to minimize retail and restaurant closures and prevent large volumes of these spaces from being returned to markets. Neither has the state’s job and population growth slowed during the 22-month global health crisis, allowing developers across all asset classes to push forward. In addition, the newfound desire from consumers and businesses to work, shop and dine outdoors as much as possible has kept trains rolling on mixed-use projects, which inherently connect different uses through external features like trails, open streets, pocket parks and plazas. From a design standpoint, those connective features remain critically important, says Barry Hand, principal in the Dallas office of global architecture firm Gensler. “Pocket or linear parks are viewed…

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Northeast Developers Push for Local Retail in Mixed-Use Projects

Taylor Williams — Tue, 06 Jul 2021 12:17:47 +0000

By Taylor Williams As consumers throughout the Northeast move closer to returning to their pre-pandemic lifestyles, unleashing pent-up demand on the retail, restaurant and entertainment sectors, owners of mixed-use properties are gaining a renewed appreciation for local concepts that create a special sense of identity. Of course, the inclusion of local uses and concepts in the larger overall retail tenant base is nothing new in the world of mixed-use development. And sources agree that having some marquee, national brands is also a critical ingredient in the recipe for a successful retail roster and experience. “High-quality retail creates places where people want to live and work, but unless you’re committed to doing a couple hundred thousand square feet, most of your retail component is going to be food and beverage (F&B),” says George Banks, founder of Revel, an Atlanta-based firm that provides food hall consulting services. “Everybody loves Shake Shack and Jeni’s [Splendid Ice Creams], but we advise our mixed-use clients to go as hyper-local as possible when it comes to F&B.” But in general, the COVID-19 pandemic hit local mom-and-pop operators, which often lacked the cash and credit to cover their revenue losses, much harder than their national counterparts. More…

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Downtown Sioux City Experiencing Explosive Growth, Transformation

Kristin Harlow — Thu, 10 Sep 2020 11:45:25 +0000

By Marty Dougherty, City of Sioux City Downtown Sioux City, Iowa is currently experiencing growth and transformation on an unprecedented scale. This emerging and vibrant place is not only celebrating its rich and colorful history with multiple historic property renovations, but has made strides to re-invent itself and take the downtown to new levels. These efforts include the growth of new residential options, an increasing number of cultural attractions and quality-of-life amenities, new entry corridors and a commitment to an extraordinary and ever-evolving riverfront park. This energy and economic activity offers a range of development opportunities, including residential, office, retail and entertainment. While COVID-19 has had some minor impacts, all of the ongoing downtown construction projects have been able to stay on track and are being completed on schedule, as of the writing of this article. Reinvestment district Over $150 million in public and private capital is currently being invested in a 25-acre downtown reinvestment district. This entertainment, cultural and residential district has been designed to extend from the downtown’s entryway directly into the heart of downtown. The district features four signature projects, with a total of 10 public or private buildings that will be fully completed in 2020. These…

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Building Momentum: How Public-Private Partnership Revitalized Downtown Topeka, Kansas

Kristin Harlow — Thu, 21 May 2020 11:45:39 +0000

The city of Topeka has built significant momentum in the five years since its downtown revitalization. Capital investment and strategic planning at the city’s center had a reverberating effect across town, from the expansion of vocational-technical training to the growth of Kanza Fire Commerce Park. Public-private partnership The year 2015 was pivotal with a $9.4 million public-private investment in infrastructure and amenities along Kansas Avenue, the main downtown thoroughfare. The city invested $5.8 million in roadway, sewer and streetscape infrastructure. Meanwhile, private businesses sponsored pocket parks with statues, benches and fountains. The Downtown Topeka Foundation brought another $4 million in private funding to the effort through its “Imagine Downtown” capital campaign. Since that day, local investors like AIM Strategies LLC have purchased more than 25 buildings on the avenue for gradual restoration into thriving businesses like Iron Rail Brewing, Cyrus Hotel and The Pennant restaurant, bowling alley and vintage arcade. Popular annual festivals and parades expect to see even more traffic after the unveiling of the next phase of major downtown investment. Evergy Plaza With 30-foot digital screens and the 50-foot CapFed On 7th Stage, Evergy Plaza was developed as a hub for community and a catalyst for business. The…

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Wichita’s Downtown Revitalization Serves as Catalyst for New Projects

Kristin Harlow — Thu, 07 May 2020 11:45:00 +0000

Wichita has been experiencing a strong downtown revitalization that has brought construction of new and redeveloped office, retail and mixed-use projects throughout its urban core over the past few years. Two years ago, companies began relocating downtown as shifting workplace demographics incorporated close proximity, “live, work, play” amenities in order to grow their businesses as well as attract and retain talent. Today’s businesses are seeking modern Class A finishes within Wichita’s center where these types of environments exist or will be available in the near future as developments continue. Downtown revitalization In the early 2000s, downtown Wichita lost many of its office users to more suburban office developments on the east and west edges of the city, leaving high vacancy rates and rendering many downtown office buildings functionally obsolete. Now this trend has reversed after the Wichita Downtown Development Corp. put together a comprehensive master plan to revitalize the urban core. Developers purchased key catalytic sites and repurposed them into economic drivers for downtown as shifting demographics brought about the need for businesses to attract and retain top talent with both onsite and walkable amenities. As new office projects downtown are beginning construction and being completed, the idea of relocating…

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Placemaking, Integration Define Mixed-Use Projects in Texas

Taylor Williams — Fri, 27 Mar 2020 11:35:05 +0000

Development trends in commercial real estate are beholden to the whims of consumer behavior. When it comes to mixed-use in the 21st century, successful projects deliver a high-quality experience that centers on a sense of social belonging and connection — for living, working and playing alike. “In today’s experiential economy, demographic changes and shifts in consumer values and preferences across generations are converging on the desire for social connection,” says Brian Cramer, senior vice president and head of the Dallas office of mixed-use developer Newland Communities. “People crave experiences and connections, which is why mixed-use environments will become even more important in community development.” Bob Schultz, the developer of Mid Main, a mixed-use destination in Houston’s Midtown neighborhood, echoes Cramer’s position on man’s inherently social nature as a driver of growth in the mixed-use space. “Our experience is that these various populations are willing to live with each other as never before,” says Schultz. “Demographics of those who live in urban areas cross over in terms of age and economic differences in ways that are either comfortable or virtually unnoticed by the different populations. In other words, people who like to live, work and play in areas with density value…

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Why Invest in Grand Rapids: Lifestyle, Job Market and Affordability

Kristin Harlow — Thu, 07 Nov 2019 12:45:36 +0000

While most national investors and developers focus on larger Sun Belt and coastal markets such as Austin, Atlanta, Nashville and Phoenix, Time Equities has had great success investing in Grand Rapids and continues to believe strongly in the future potential of the area. As an opportunistic company, we often go where others do not, looking for markets and assets with strong risk-adjusted returns. Grand Rapids provides such an opportunity. The small city has been ascendant for the past decade and has a bright outlook. Its population and job growth equal many of the fastest-growing markets in the Sun Belt. Its economy is bolstered by large medical and education employers supported by impressive charitable contributions from the region’s wealthy families. In addition, the city also boasts a diversified economy with manufacturing, breweries and white-collar employment. And most importantly, it’s home to a burgeoning young and educated workforce. Grand Rapids’ combination of lifestyle, job market and affordability make it a regional draw. Grand Rapids experienced population growth of 41 percent from 2010 to 2017, compared with 22 percent for the Nashville metro area and 19 percent for the Dallas metro area. This growth was aided by a net migration of 31,285 people.…

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Flood of Development Activity Continues in Cedar Rapids

Kristin Harlow — Thu, 22 Aug 2019 11:45:59 +0000

As I have enjoyed writing in six previous August articles since 2013, we have seen Cedar Rapids, the 2014 “All-America City,” go from flood recovery in 2008 and 2016 to record levels of development. The city set a record for building permits in fiscal year 2018 of $375 million, which was $133 million over the previous year and $29 million more than the 2012 record by $29 million. Activity in fiscal year 2019 is estimated to be a very impressive $320 million. Flood protection system reached another milestone on Nov. 22, 2018, when the city and Army Corps of Engineers officially signed the agreement for $117 million of federal funds to allow the entire east side of the river flood protection system to be completed within five years. The west side is being funded through a state sales tax rebate program and 10 years of flood bonds to allow the entire $750 million flood protection system to be completed in the next decade. This year there are already four sections under construction with several additional portions being bid over the next several months. The flood protection system will not be just berms or walls that will block the view of…

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Cornhusker State Has a Knack for Mixed-Use Projects

Kristin Harlow — Thu, 27 Jun 2019 11:45:30 +0000

The term “mixed-use” appears to be all the rage, possibly a victim of its own success. A similar phenomenon occurred in the retail world with the introduction of the term “lifestyle center.” As a concept grows in popularity there is the natural inclination to capitalize on the movement, which can ultimately lead to watering down the concept. However, despite a trend toward reducing the term “mixed-use” to its lowest common denominator, namely having two different product types, Nebraska’s mixed-use developers have remained dedicated to a meaningful and synergistic combination of several product types: office, residential, retail and food and entertainment. Nebraskan’s zeal for creating sizable mixed-use projects has provided its residents a variety of developments possessing a genuine and meaningful sense of place and community. Although there’s more mixed-use projects in the making for the Husker State, for the purpose of this article we’ve chosen five projects that best represent the state’s mixed-use development. These developments not only create a desirable feel, but positively impact the larger community. Frankly, it’s one thing to have a successful mixed-use development where live, work and play isn’t just a marketing tag line. But, it’s a whole different matter when a project’s success spills…

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Increased Development Brings New Life to Wichita’s Core

Kristin Harlow — Thu, 30 May 2019 11:45:00 +0000

Like many U.S. cities, Wichita’s downtown has experienced an unprecedented revitalization in recent years, with new development and the reimagining of older structures. Growth in the core is not slowing anytime soon if current projects under construction or on the drawing board are any indication. A number of projects, revolving around a new baseball stadium, are poised to inject new life into the historic Delano District. Plans for a new performing arts center are under discussion, and major mixed-use developments and public improvement projects along East Douglas Avenue are positioned to enhance the link between Delano and the city’s Old Town district. According to the organization Downtown Wichita, more than $1 billion has been invested in the urban core in the last 10 years, $631 million of which was private investment. The city center has retained a number of high-profile businesses after a decade of notable companies relocating to northeast suburban office locations. Project pipeline Following the recent addition of more than 800 apartment units in and around the central business district, commercial activity is on the upswing. The Spaghetti Works District, expected to be completed this fall, is a $23 million mixed-use development led by TGC Development Group and…

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Momentum Grows in Topeka Via Holistic Economic Development Plan

Kristin Harlow — Thu, 23 May 2019 11:46:34 +0000

A renaissance is underway in Topeka, Kansas, with undeniable momentum as new commercial, industrial and residential developments emerge citywide. The year 2015 was pivotal with a $9.4 million public-private investment in infrastructure and amenities along Kansas Avenue downtown. Local investors have purchased more than 25 buildings on the avenue for gradual restoration into thriving businesses like Iron Rail Brewing, The Pennant, Cyrus Hotel and Kansas Avenue Lofts. The 45,000-square-foot Evergy Plaza is slated to open in March 2020 in the shadow of the Kansas Statehouse. A crowning jewel of downtown development, the plaza will feature a 50-foot performance stage, digital screen, programmable fountains, fireplaces and an ice skating rink during the winter. According to a recent market study, growth in the Capital City shows no signs of slowing down. St. Louis-based Development Strategies says downtown could support expansion over the next decade to include 900 new or rehabilitated housing units, 300,000 square feet of new or rehabilitated office space, 690,000 square feet of retail space and at least 200 more hotel rooms. “Investments downtown enhance quality of life and quality of place to help attract and retain a workforce that will take us into the next 15 to 20 years,”…

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Omaha Undergoing ‘Remarkable’ Downtown Transformation

Kristin Harlow — Thu, 25 Apr 2019 11:45:56 +0000

Remarkable. It’s the word that continues to pop up in interviews and conversations relating to the present transformation occurring in Omaha’s downtown area. If you think you might be experiencing déjà vu, it’s likely because you are. After all, it wasn’t that long ago when the same word was being used to describe the transformation that took place in downtown Omaha 10 to 15 years ago. It was at that time that approximately $2.5 billion was invested in Omaha’s downtown through a combination of public and private developments. Omaha introduced a laundry list of new buildings and projects, including the city’s new arena and convention center (presently branded the CHI Health Center), TD Ameritrade Park (the home of College World Series), the 45-story First National Bank Tower, the National Park Service Building, Gallup Organization’s operational headquarters, Union Pacific’s 1.1 million-square-foot headquarters, The Holland Performing Arts Center, Roman L. Hruska Federal Courthouse and The Bob Kerrey Pedestrian Bridge. That was remarkable. What could be so “remarkable” about the current downtown Omaha transformation? The answer is a redevelopment of the Gene Leahy Pedestrian Mall as part of the $300 million Riverfront Revitalization project. You might be thinking $300 million doesn’t sound remarkable…

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Making ‘Live, Work, Play’ A Reality

Taylor Williams — Tue, 02 Apr 2019 12:19:30 +0000

Mixed-use properties come in all shapes, sizes and locations, but developers say the most effective projects are those that transform multi-use real estate developments into unique destinations with vibrant social scenes. In Texas’ biggest markets, robust job and population growth have bolstered demand for more apartments and hotels, as well as office, retail and restaurant space. But it takes a developer that understands human psychology and social behaviors to successfully combine three or more of these uses into a final product that receives equal levels of demand for each use. To that end, the “live, work, play” notion has become a catchphrase that to some extent figures into the branding and marketing campaigns of virtually every mixed-use project that comes out of the ground. However, the developments that become real hubs for social gathering, new experiences and the general passing of time are those in which uses complement one another, and in which the site supports all uses evenly. “The concept behind ‘mixed-use’ — a smaller environment where uses aren’t as clearly separated and people conduct their home, work and entertainment lives in the same place — really defines how people live in many other parts of the world,” says…

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Mixed-Use Makes its Mark on Kansas City Neighborhoods

Kristin Harlow — Thu, 24 Jan 2019 12:45:08 +0000

Many of us remember a time when a great new job was measured primarily by the paycheck and the size of the office. How times have changed. And nothing illustrates that better than the favor of mixed-use developments. As the workforce demographic has evolved, so have the amenities that attract top talent. Smart companies know that creating an appealing environment for the best candidates means access to food options, walking distance to shopping and retail choices, and close proximity to housing. Millennials are a big part (but not the only part) of this changing trend, especially as older millennials assume decision-making roles. But employers in general are learning that it makes sense to cater to their workforce by creating a more attractive work environment. From malls to millennials The landscape of American living and working has transformed over the decades. Up until the mid-20th century, mixed-use was everywhere, as many shop owners and employees lived in homes behind their businesses or apartments above their shops. With the rapid growth of the federal interstate system and growing popularity of single-use zoning regulations, however, commercial and residential spaces were largely separated. Not surprisingly, this combination gave rise to the golden age of…

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Mixed-Use Developments Come in All Sizes in Far North Dallas

Taylor Williams — Fri, 30 Nov 2018 12:53:51 +0000

Mixed-use development is not new. It has been around since the shop owner lived in the apartment above the store. Today, however, the term is used to describe an urban environment that allows people to walk easily among a variety of integrated functions. At first glance, one might think mixed-use development in the Plano-Frisco-McKinney area, known as the Far North submarket, is strictly for big-name developers. Familiar destinations such as Legacy West in Plano and The Star in Frisco underscore this notion, offering retail, restaurants, office, hotels and apartments. Take a closer look, however, and you’ll see that the region is also starting to add smaller mixed-use projects that provide convenience, amenities and experience for occupants and visitors. Numbers Matter Will the many kinds of mixed-use development happening now in Far North Dallas be sustainable? If the current market reports are any indication, then the answer is yes. The saying goes that if the vacancy rate in Dallas-Fort Worth (DFW) is less than 20 percent, then the construction cranes come out. CoStar’s Mid-Year 2018 report shows that the DFW office market ended the second quarter with a 15 percent vacancy rate. Specifically in the Far North Dallas, which also comprises…

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How Healthcare Adds Value to Mixed-Use Developments in Milwaukee and Beyond

Kristin Harlow — Thu, 15 Nov 2018 12:45:55 +0000

When it comes to location identification for development, you have to think creatively. In a highly competitive market like Milwaukee, mixed-use projects offer a great opportunity to showcase creativity, take advantage of complementary uses and drive tremendous value for clients and investors. The success of a mixed-use project lies in location. A high-profile location will help attract businesses, which then helps build traffic. Ideally, you want to think outside the box to generate repeat visits with businesses that will help sustain that traffic. An innovative mix of retail, restaurant, hospitality, office and even healthcare can greatly enhance a development. Mixed-use retail developments create new opportunities for healthcare projects. Health systems and physician practices are choosing to prioritize locations they may not have previously considered. There’s been a significant expansion of and increased focus on the outpatient ambulatory environment. The trend of developing specialty outpatient facilities, ambulatory surgery centers and micro-hospitals continues to gain momentum and allows for expansion to remain competitive while maintaining efficiency. An outpatient facility brings traffic. Finding a high-visibility location where customers are already engaging increases the convenience factor. Built-in traffic drivers like restaurants and retail help with trip assurance. For example, after wrapping up a clinic…

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Collaboration is More Vital Than Ever to Keep Construction Schedules on Track

Camren Skelton — Tue, 28 Mar 2017 11:45:52 +0000

With commercial construction activity up by double digits in 2016 and projected to increase another 5 percent in 2017, the industry continues to keep a keen eye on labor shortages and construction costs. This rings even more true in the face of today’s increasingly stringent financing requirements — a critical project element that can push construction schedules out by months and, in the process, create challenges with accurate pro forma data, true labor schedules and pricing. The balance between schedule shifts and a backlog of work has proven particularly challenging for the entire industry, and presumably shows no sign of relief. For optimal success, teams must diligently focus on cross-functional communication, design-build principles and early strategic planning to protect from the pitfalls of 2017’s momentum. Focusing on this early planning gives clients two of the greatest advantages available in our current building climate: a forum for unearthing issues proactively and time to plan for solutions. In cases where design-build isn’t possible, teams can still capture the benefits of this concept by getting the right knowledge leaders at the table early on, providing significant results to project cost savings, resource management and logistics planning. The Labor Issue While the industry jockeys…

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