Mixed-use developments have a positive impact on communities, the economy and the environment. Plaza Companies has developed some of the most prominent and successful mixed-use developments in the state of Arizona, including SkySong, The ASU Scottsdale Innovation Center, Park Central and the Plaza Del Rio campus. These developments have several key benefits.
Decreased Infrastructure Costs
Large-scale, single use, and large-lot residential developments can often require costly and redundant municipal infrastructure to function. Well-planned mixed use spaces can create an overall cost savings for developers. Mixed use developments can consolidate your operation due to a consolidated infrastructure. While developers may need to contract with experienced property management teams, these developments can be maintained more efficiently, and ultimately help in decreasing costs.
Gaining Tax Revenue Per Acre
Developments within a dense, more compact area of land can generate more tax revenue for municipalities. Dense, mixed use developments centered downtown or adjacent to transit can be more financially beneficial as cities gain more tax revenue per acre than before development. According to a report prepared by Smart Growth America, tax revenue can increase up to 10 times, on average, with the introduction of mixed-use development to a community.
Reducing Long-term Maintenance Costs
Vertical mixed use developments can be beneficial because they reduce long-term maintenance costs of individual buildings. By stacking apartments over retail or an office space, there is an ability to share some of the maintenance of that building between the uses.
Impact on the Environment
Mixed use developments aid greatly in efficiency with its diversification and are much less land consumptive. They also bring sustainability with improved energy usage or green efforts that are appealing to owners due to the cost savings. People who live and work in these developments enjoy easy access to residential, commercial, cultural, and industrial spaces, reducing the need for a car.
Mixed-Use Developments with Plaza Companies
Working with Plaza Companies ensures you are working with experts in the industry. Our mixed use developments include some of the most high-profile and successful projects of their kind in Arizona. Learn more about our mixed use projects by contacting us today!