Denver’s population continues to grow while land coveted by real estate developers is at a premium. While they benefit from an influx of residents, increasing property taxes are forcing them to get the most out of every dollar they spend.
Innovative and Environmentally Friendly
Part residence, part business, mixed-use development creates spaces that combine a variety of elements as opposed to constructing individual buildings for each. They can also offer a variety of innovative design options that provide an urban feel for single and multi-family housing.
Employing a more environmentally friendly approach, these buildings can also promote construction in more dense and compact land. Residential tenants can help to reduce their global footprint by minimizing traffic and pollution due to retail businesses being a short walk away in a more pedestrian-friendly setting.
Addressing Diverse Needs
Developers in the planning stage must first determine the best possible mix of dwellings and retail space that have vastly different requirements. HVAC, electrical systems, signage, and trash for residents and businesses are only the beginning of a multi-use building’s needs. Parking must reflect the needs of tenants and customers while complying with the Americans with Disabilities Act.
Even though they are using their respective spaces for different reasons, symbiotic relationships among all tenants can create an environment where everyone can co-exist and mutually benefit from the place they call home or do business.
Once completed, the mixed-use structure will likely stand for decades, providing residential renters with consistency and business owners a means to make a living with customers literally “built-in.”
Being on the cutting-edge of multi-use development requires not only a financial commitment but also legal counsel to navigate the transactional process.