Housing Savannah, Inc.’s Post

The Evolution of the American Mall as highlighted in this recent feature by CNBC with quotes from our very own Najla Kayyem and Oscar Parra. Pacific Retail is at the forefront of transforming traditional retail spaces into dynamic, multi-use destinations such as our projects underway Yorktown Center and District Galleria. From integrating residential spaces to curating services and amenities that cater to modern lifestyles, our properties are evolving to meet the needs of today’s consumers while driving value for our communities. By reimagining malls as hubs for living, working, and gathering, we’re shaping a new future for retail real estate—one that puts convenience, accessibility, and innovation at the core. #RetailEvolution #CREInnovation #CommunityDriven #FutureOfMalls #PacificRetail #MixedUseDevelopment #PRCP #AssetManagement

Malls to mixed use…. “the ease of access is kind of the point.” While it could take years to get there, Kayyem said living at the mall could one day be similar to vacationing at a resort, where everything is charged to one account using a centralized system. “It’s tough when you have a mix of ownership groups, but ideally, you’re living somewhere and you have an account, and you can shop and dine and eat and buy things on your account,” said Kayyem. “That would be real, true, seamless integration to make it frictionless for someone to live there.” 👋Say hello to life at the mall… thank you Gabrielle Fonrouge CNBC for sharing the highlights. KEY POINTS 🏢More people are living at American malls as real estate developers knock down department stores and construct apartment buildings in their place. 🏡At least 192 U.S. malls planned to add housing to their footprint as of January 2022, and at least 33 had constructed apartments since the pandemic began. Dozens more apartment projects are currently underway in California, Florida, Arizona and Texas. 🛍️ The trend not only helps to chip away the housing shortage in the U.S., but also brings people closer to the remaining retail and restaurant spaces in shopping centers. #development #realestate #mallstomixeduse #evolution #future #vision Oscar Parra Pacific Retail Capital Partners Matthew Chudoba Kerri Harper

Excellent comments on strategies for retail and housing below. To add to this conversation, our own analysis—and experience—indicates roughly 1000 (say 800-1200) additional housing units within a five-minute walk (quarter mile) can attract the critical mass of retailers (think 50% or more food, caffeine, and beer) to a “Main Street” or former mall site. And launch a new urban mixed, walkable urban place—in a city or a suburb.

The topic of retail-to-residential conversion covered here by Gabrielle Fonrouge at CNBC (with an emphasis on single-owner mall environments) is one worthy of exploration for mixed-use, mixed-owner environments like our downtowns and Central Business Districts. As we all know, COVID has resulted in fewer people going into the office every day, therefore spending less in local restaurants, coffee shops, and service providers. A report on retail storefronts, issued last month by the City of New York, found that 5,500 (35%) of the city’s currently vacant storefronts have been vacant since Q1 2020. Yet policymakers and urban planners continue to advocate for zoning policies requiring retail on the ground floor of nearly every new building, a policy fully divorced from economic reality.

Why developers are turning to shopping malls to fix the housing crisis 🏢🏠 Housing at shopping malls?? 🛍️ It may sound surprising, but developers are now turning to malls as a potential solution to the housing crisis. 🏘️ With the rise of online shopping, many malls have been struggling to stay afloat. 💻 But instead of abandoning these spaces, developers are repurposing them into mixed-use developments that include residential units. 🏙️ This trend not only helps to revitalize struggling malls, but also provides much-needed housing in urban areas. 🏢 The convenience of living in a mall is unparalleled. 🛍️ Residents have access to a variety of retail, entertainment, and dining options right at their doorstep. 🍔🎬 Plus, with the addition of amenities such as gyms, pools, and green spaces, these developments offer a modern and convenient lifestyle. 🏋️♂️🌳 🏢 But it's not just about convenience. 🛍️ By utilizing existing structures, developers are able to reduce construction costs and create more affordable housing options. 🏘️ This is especially important in cities where housing prices continue to rise. 💰 And with the added benefit of reducing urban sprawl, these developments are a win-win for both residents and the environment. 🌎 🏢 So next time you visit your local mall, imagine living in one of its units. 🛍️🏠 It may be the future of urban living! 💡 #HousingAtMalls #MixedUseDevelopments #RevitalizingSpaces #ConvenienceLiving #AffordableHousing #SustainableLiving #UrbanRevitalization #MallLiving 🏢🏠🛍️🌳🌎

“As of January 2022, at least 192 U.S. malls planned to add housing to their footprint, and at least 33 had constructed apartments since the pandemic began, according to Realogic, a real estate consulting firm. At least a dozen more apartment projects are underway at malls across the country, including in California, Florida, Arizona and Texas.” “While top-tier malls continue to be in high demand, nearly 34 million square feet of U.S. mall space is vacant and off the market. Most Americans live within an hour of a mall with a high vacancy rate or low consumer traffic — or is abandoned altogether.” “Add in the nationwide housing deficit of 4.5 million homes and it makes a trend that experts say is poised to continue. For developers, adding apartments can not only fill a need, but also bring people closer to their remaining retail stores and restaurants.” - Gabrielle Fonrouge

Why developers are building housing at shopping malls - https://lnkd.in/gnb3Sjaz Say hello to life at the mall. The classic American mall is undergoing a dramatic transformation as real estate developers swap out dying department stores for apartments, ushering in an era where living at the mall could soon become a new norm.Some U.S. developers are knocking down department stores like

Shopping Mall Conversions to Condos? Probably Not a Good Idea. I'm not sold on the concept of converting shopping malls into residential units. The quality and viability of these units as solutions for workforce housing are questionable. While the idea of repurposing unused spaces is interesting, it might not address the real needs of our communities effectively. What are your thoughts, yay or nay? #RealEstate #HousingCrisis #UrbanDevelopment #WorkforceHousing #CommunityPlanning #SouthFlorida

Our 2021 report, "Rethinking the Retail Strip," was recently cited in Fortune Magazine's article on the potential to convert "strip malls, shopping centers, dead malls and their cousins" into hundreds of thousands of new apartments nationwide. ''Strip malls, they’re ubiquitous, they're everywhere, they’re often underperforming,' MAPC’s Land Use Planning Director Mark Racicot told Fortune. 'In many cases, they already fit in the neighborhood." Find our full study at: https://lnkd.in/dGD9DwR9