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
High-rise Construction | Oct 4, 2017
90-story mixed-use building could become Denver’s first supertall tower
Manhattan-based Greenwich Realty Capital is developing the project.
Reconstruction & Renovation | Sep 28, 2017
Plans for Chicago’s historic Post Office building revealed by 601W Companies and Gensler
The redevelopment project is currently the largest in the nation.
Mixed-Use | Sep 26, 2017
Perkins+Will designs new international business community in Cali, Colombia
The new free trade zone is designed to resemble a small village.
Mixed-Use | Sep 25, 2017
Getting there is half the fun: Mass transit helps entertainment districts thrive
In Los Angeles, the entertainment district L.A. Live is expected to benefit from the proposed expansion of the city’s mass transit system.
Mixed-Use | Sep 25, 2017
One of L.A.’s most sought-after neighborhoods receives a new mixed-use development
The new development will feature 166 units and 9,000 sf of ground-floor retail.
Mixed-Use | Sep 22, 2017
Defending against the online dragon
Some entertainment districts are going light on retail, partly because “the bulk of the leasing demand is for dining and entertainment,” say Barry Hand, a Principal with design mega-firm Gensler in Dallas.
Mixed-Use | Sep 21, 2017
Entire living rooms become balconies in a new Lower East Side mixed-used development
NanaWall panels add a unique dimension to condos at 60 Orchard Street in New York City.
Mixed-Use | Sep 18, 2017
Urban heartbeat: Entertainment districts are rejuvenating cities and spurring economic growth
Entertainment districts are being planned or are popping up all over the country.
Mixed-Use | Sep 14, 2017
Capital One eschews the traditional bank with the Capital One Café
The new branch in downtown Santa Monica offers 8,400 sf of space designed by Gwynne Pugh Urban Studio.
Libraries | Sep 1, 2017
Johnson Favaro selected to design new main library in Riverside, Calif.
The choice comes after a 12-year planning process and a yearlong selection process.
