Central Business Districts are under pressure to keep themselves relevant as they face competition from new, vibrant mixed-use neighborhoods emerging across the world’s largest cities. Public-private partnerships could be the answer.
These new mixed-use neighborhoods are attracting more businesses, residents, and investment that might otherwise be directed toward the urban core. Cities can compete with this trend by collaborating with developers, government agencies, and academic institutions to encourage redevelopment of existing buildings—converting office space to residential use, for example, according to a recent report from JLL.
Governments should anticipate real estate market demand changes and provide greater flexibility to developers and investors. Cities and states can expand tax credits to offset the cost of conversion and streamline the planning process to reduce the lead time for redevelopment projects.
These projects also offer environmental benefits. Refurbishing buildings has a lower carbon impact compared to building new structures.
Related Stories
Mixed-Use | Apr 9, 2024
A surging master-planned community in Utah gets its own entertainment district
Since its construction began two decades ago, Daybreak, the 4,100-acre master-planned community in South Jordan, Utah, has been a catalyst and model for regional growth. The latest addition is a 200-acre mixed-use entertainment district that will serve as a walkable and bikeable neighborhood within the community, anchored by a minor-league baseball park and a cinema/entertainment complex.
MFPRO+ New Projects | Apr 8, 2024
Construction complete on The Station Apartments in Minneapolis
Big-D Midwest recently completed construction on The Station Apartments at Malcolm Yards, an innovative and unique housing property in Minneapolis.
Mixed-Use | Apr 4, 2024
Sustainable mixed-use districts: Crafting urban communities
As a part of the revitalization of a Seattle neighborhood, Graphite Design Group designed a sustainable mixed-use community that exemplifies resource conversation, transportation synergies, and long-term flexibility.
Multifamily Housing | Mar 18, 2024
YWCA building in Boston’s Back Bay converted into 210 affordable rental apartments
Renovation of YWCA at 140 Clarendon Street will serve 111 previously unhoused families and individuals.
Sustainability | Mar 13, 2024
Trends to watch shaping the future of ESG
Gensler’s Climate Action & Sustainability Services Leaders Anthony Brower, Juliette Morgan, and Kirsten Ritchie discuss trends shaping the future of environmental, social, and governance (ESG).
MFPRO+ Special Reports | Feb 22, 2024
Crystal Lagoons: A deep dive into real estate's most extreme guest amenity
These year-round, manmade, crystal clear blue lagoons offer a groundbreaking technology with immense potential to redefine the concept of water amenities. However, navigating regulatory challenges and ensuring long-term sustainability are crucial to success with Crystal Lagoons.
Products and Materials | Jan 31, 2024
Top building products for January 2024
BD+C Editors break down January's top 15 building products, from SloanStone Quartz Molded Sinks to InvisiWrap SA housewrap.
Mixed-Use | Jan 29, 2024
12 U.S. markets where entertainment districts are under consideration or construction
The Pomp, a 223-acre district located 10 miles north of Fort Lauderdale, Fla., and The Armory, a 225,000-sf dining and entertainment venue on six acres in St Louis, are among the top entertainment districts in the works across the U.S.
Mixed-Use | Jan 26, 2024
Entertainment districts are no longer just about sports, dining, and music
Diversity of experiences is what makes entertainment districts tick these days. That’s one reason why offices continue to be included in district proposals. And in their efforts to emerge as year-round destinations, more districts are either including residential in their proposals or supporting existing districts with housing.
Mixed-Use | Jan 19, 2024
Trademark secures financing to develop Fort Worth multifamily community
National real estate developer, investor, and operator, Trademark Property Company, has closed on the land and secured the financing for The Vickery, a multifamily-led mixed-use community located on five acres at W. Vickery Boulevard and Hemphill Street overlooking Downtown Fort Worth.