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 | Feb 22, 2016
Goettsch Partners and Lead 8 win design competition for Shanghai mixed-use complex
The designers stressed walkability and green space to attract visitors.
Mixed-Use | Feb 18, 2016
New renderings unveiled for Miami Worldcenter master plan
The ‘High Street’ retail promenade and plaza is one of the largest private master-planned projects in the U.S. and is set to break ground in early March.
Green | Feb 18, 2016
Best laid plans: Masdar City’s dreams of being the first net-zero city may have disappeared
The $22 billion experiment, to this point, has produced less than stellar results.
Mixed-Use | Jan 25, 2016
SOM unveils renderings of dual-tower Manhattan West development
The five million-sf project includes two office towers, a residential tower, retail space, and a new public square.
Mixed-Use | Jan 8, 2016
Aedas’ Shanghai project named the world’s best mixed-use architecture
Mapletree Business City Shanghai and VivoCity Shanghai took home a crown at the International Property Awards
High-rise Construction | Jan 7, 2016
Zaha Hadid designs a tower of 'stacked vases' in Melbourne
The structure is supported by sets of curved columns that taper to four different base heights.
Mixed-Use | Dec 23, 2015
'Tree-covered mountains' planned for urban Shanghai
Heatherwick Studio unveiled a 300,000-sm mixed-use project in the Chinese city’s main arts district.
Mixed-Use | Nov 16, 2015
Italian architect designs vertical forest with prefab units by BuroHappold
Cantilevered planters will host cedar trees and other plants hundreds of feet above ground.
Multifamily Housing | Oct 7, 2015
BIG designs lush, terraced mixed-use building in Sweden
Cascading glass and wooden cubes create a form similar to Northern Ireland’s Giant’s Causeway rock formation.
Multifamily Housing | Oct 1, 2015
Wiel Arets unveils twin, 558-foot mixed-use towers in Bahrain’s capital
The development, Bahrain Bay Tower, will consist of two residential towers connected “by a plinth of retail, office, parking, and public park space.”