Buying a Mixed Use Property
Mixed-Use is a unique type of development that combines the elements of residential, retail, office and entertainment.
Mixed-Use projects are being developed in both urban and suburban markets and on a global scale.
In an effort to formulate an industry-wide definition, four industry organizations, the International Council of Shopping Centers, Inc. (ICSC), the National Association of Industrial and Office Properties (NAIOP), the Building Owners and Managers Association International (BOMA), and the National Multi Housing Council (NMHC), collaborated on an cross-organizational member survey to identify the characteristics among mixed-use developments. The survey was conducted from July 11, 2006 through August 3, 2006 and featured 1,004 respondents.
Per their joint report, "though mixed-use is commonly defined as a project that features the mixing of at least three significant revenue-producing uses, i.e. retail, residential and commercial, today the definition represents a collection of components working together simultaneouslyóand the project may include a non-revenue-producingóthough traffic-generatingóelement. Thus, as a result of the survey, the new working definition for mixed-use development by these four associations is:
"A mixed-use development is a real estate project with planned integration of some combination of retail, office, residential, hotel, recreation or other functions. It is pedestrian- oriented and contains elements of a live-work-play environment. It maximizes space usage, has amenities and architectural expression and tends to mitigate traffic and sprawl."
Ready to get started?
Even if you've just started thinking about selling, contact us now. A Century 21 Bamber Commercial Professional will be in touch to discuss ways to sell your property faster and for the best price.