Mixed-use developments have set a new trend in the real estate industry where property developers prefer developing properties in a way that concentrates related amenities within a given area. Globally, the mixed-use development concept is forcing contractors to ensure compatible land usage by constructing public amenities, commercial properties, and residential properties within proximity. The idea behind mixed-use development is to utilize the available pieces of land conservatively.
One of the factors that have led to the rise in this development trend is the fact that creating mixed-use development properties is a cost-effective way of encouraging vibrant communities. The provision of different amenities to individuals living within mixed-use development areas encourages more urban settlements. These vibrant communities are a significant boost to the local retail industry as residents of an area fuel 24-hour economic viability.
According to industry experts, mixed-use development properties are generally established in a way to encourage the conservative utilization of energy and other environmental resources. Every modern-day mixed-use property focuses on ensuring that residents enjoy comfortable living at the minimum possible expense on energy. Buildings are constructed to allow the use of natural light from outside. Most mixed-use property developers also harness natural sources of energy, such as the sun, through relevant technologies like solar panels.
Property developers in mixed-use arrangements often concentrate related properties within a given area. This cuts down on residents needing to travel long distances to work. It also eliminates the need to travel long distances for everyday items. The resultant harmonious existence allows contractors to minimize, as much as possible, the need and expense of construct roads.
Mixed-use developments are preferred to residential neighborhoods as they have become associated with more health benefits for residents. Individuals living within such areas have ready accessibility to amenities, including hospitals, doctor’s offices, and urgent care facilities. Access to medical services and general healthcare allows residents to gain the necessary sensitization, which ensures that they lead healthy lives.
Mixed-use development properties’ preference in most modern cities encourages the social and economic development of the targeted areas. Mixed-use properties are expected to receive more emphasis in the coming years, even as governments and other stakeholders in the construction sector work towards ensuring a sustainable future.
The outline vision for a mixed-use development is creating a vibrant location, a thriving micro-economy, and an ambitious and challenging concept, that includes a series of well-defined objectives and targeted outcomes. This mixed-use development as an investment represents a tangible commitment to manifest a central theme and the creation of a sense of place and a new destination.
In essence, a mixed-use development transforms an ‘address’ into a landmark, a development that adds value to the community as well as an economic driver for businesses and the developer.