Mixed-use developments are becoming the cornerstone of the commercial real estate industry. Their functionality and attractiveness for both tenants and customers can not only make for a successful development, but can help rejuvenate the communities they’re in.
As one of the top commercial real estate development, leasing and management companies in Phoenix, Plaza Companies partners with organizations in healthcare, retail, hospitality, industrial and more to create, lease and manage high-quality mixed-use developments. Read our article below and learn more about how mixed-use developments are incredible community boosters and elevate the businesses that occupy them.
What is a Mixed-Use Development?
The term “mixed-use development” holds a variety of meanings and can be applied to a wide range of development projects. Typically, development projects may be considered mixed-use if they provide more than one use or purpose within a shared building or developed area. When it comes to commercial real estate, these properties usually incorporate a mix of industries like those in housing, office, medical, retail, and industrial.
These projects can vary in scale from a single building occupied by a retail space on the ground floor with an upstairs apartment to developments with multiple buildings containing separate but compatible uses such as retail centers, office buildings, and medical clinics.
Regardless of how a mixed-use development looks, they’re becoming a very important part of the market. They create places where people can live, work, and be entertained, all while creating desired lifestyles wherever they are built.
Mixed-Use Developments Improve Local Economies
One of the biggest reasons these developments are becoming so widespread in the United States is how beneficial they are to local economies. They increase foot traffic in the areas they occupy by creating a sense of place and convenience for people who live in its proximity.
Additionally, these developments encourage private investment, promote tourism, and increase tax revenue. They transform neighborhoods by bringing in residents and visitors to one location where they can experience a hub for entertainment, shopping, and comfortable living.
Mixed-Use Developments Promote Social Connectivity
Another benefit to these projects is how they promote social connectedness. One of the biggest goals of building these types of developments is creating spaces where people can engage in a comfortable setting. Oftentimes this involves developing properties with beautiful plazas, parks, and sidewalks. These property features encourage people to go outside and mingle with other community members.
These Developments Reduce the Need for Car Use
Mixed-use developments not only promote greener spaces, but they encourage people to leave their car in the garage by being convenient for people who live in its proximity. Many residents, employees, and visitors can walk from their work or their homes to engage with the businesses on the property. Additionally, developments that are near public transportation stops make it extra convenient for people outside of the neighborhood to enjoy the property’s amenities and businesses.
Plaza Companies Works With The Best Mixed-Use Developments in Phoenix
Whether you’re looking to expand your real estate portfolio or find the perfect spot for your business, Plaza Companies is the go-to choice for commercial real estate services. Our expertise includes everything from property management and development to brokerage services, and we’re proud to be one of the best in the Valley. Contact us today and one of our representatives will be in touch with you as soon as possible.