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 | Jan 18, 2017
Frank Gehry’s Grand Avenue Project in Los Angeles may finally be ready to break ground
The oft-delayed project was set to begin in 2007 but was halted due to the recession.
Mixed-Use | Dec 1, 2016
Amsterdam’s new sustainable mixed-use building embraces the idea of living on the water
The Sluishuis employs a unique shape that makes it appear different from every vantage point.
Mixed-Use | Dec 1, 2016
Initial work on mixed-use development, The Parks at Walter Reed, is underway
The D.C. development is the product of a partnership between Hines, Urban Atlantic, and Triden Development Group.
Multifamily Housing | Dec 1, 2016
One of Canada’s largest media companies dives into real estate development
Rogers moves forward on M City, a multi-building, multi-year project in a Toronto suburb.
Office Buildings | Nov 15, 2016
Under Armour unveils phase one of 50-acre Baltimore headquarters
The campus will be located in Baltimore’s $5.5 billion Port Covington redevelopment project.
Mixed-Use | Nov 10, 2016
Terraced mixed-use development planned for Shanghai’s urban city ring
The development will be highly accessible and provide ‘humanism’ to the area.
Mixed-Use | Nov 8, 2016
Blue Star Accelerator program seeks to help early stage businesses in the technology, sports, and entertainment industries
Applications for the program are currently being accepted.
High-rise Construction | Nov 1, 2016
Winthrop Square will give rise to Boston’s second tallest building
The building will become the tallest residential tower in the city.
Mixed-Use | Oct 31, 2016
New Frank Gehry project on Sunset Boulevard moves forward with a few compromises
Among the compromises, the 8150 Sunset Blvd. project will see its tallest residential tower reduced by 56 feet.
Mixed-Use | Sep 27, 2016
10 Design wins competition to design huge mixed-use development in China
China Resources Land, New Fenghong Real Estate Development, and China Resources Trust have designated 50 billion yuan for the construction of the development.