Mike Levin’s Post

I see this trend continuing to yield positive results! "Many #mall owners are working to diversify their #properties with #entertainment, #offices and #educational #tenants, but a study published last year by #realestate firm JLL found #housing was the most popular use in these projects, as nearly 54% of mall #redevelopments in 2022 incorporated #residences. The same study found about one-third of redeveloped #anchor spaces in #malls, most often former Sears #stores, were scrapped for #residential uses such as #apartment towers. Residential projects can reenergize #retail properties with a new base of #customers on site who can boost #restaurants, #fitnesscenters and other businesses and also address the nation’s #housingshortage." #larrytheleasinglawyer

🏢✨ Say Hello to Life at the Mall! What if your favorite mall became your new home? Across the U.S., struggling shopping malls are transforming into vibrant, mixed-use communities. Developers are reimagining these spaces by adding housing units, creating places where you can live, shop, dine, and even play—all in one spot! 🌳 From green spaces and walkways to on-site amenities like gyms and restaurants, these revamped malls are offering convenience, community, and a fresh take on urban living. 🏘️ With a housing crisis in full swing, adding apartments to malls isn’t just innovative—it’s necessary. This trend breathes new life into vacant retail spaces, builds much-needed homes, and supports the local economy. In our region, the Oglethorpe Mall in Savannah, is joining this national movement! Housing units are being added to its footprint, transforming the historic shopping destination into a vibrant, mixed-use community that combines retail and residential spaces. Whether it’s luxury units in Phoenix, affordable housing in Indianapolis, or exciting new developments right here in Savannah, mall living is becoming an exciting reality. Could this be the future of housing? 📢 What do you think—what would you enjoy most about living at the mall? #MallLiving #UrbanRevitalization #HousingCrisis #MixedUseDevelopment #LiveShopPlay #HomesForAll

https://lnkd.in/dNjtHYd8 Indoor malls, which usually have large surface parking lots, present a favorable opportunity for developers to build large mixed-use projects amid a scarcity of large developable tracts in dense neighborhoods, noted Jaime Sturgis with Native Realty, a Fort Lauderdale-based brokerage. “You have these big boxes and big pads on a tremendous amount of land that is underutilized,” Sturgis said. “These big retail centers are in prime locations that are well suited for some type of redevelopment, usually market-rate and affordable housing.”  Developers planning mall-to-mixed-use conversions also benefit from dealing with willing sellers that want to offload underperforming big box spaces, or that want to partner with a builder to add a residential component to an indoor shopping center, Sturgis said.  “As occupancy wanes, the debt service ratio for malls falls, and loans mature. Simultaneously, owners of those properties start exploring alternative exit strategies,” Sturgis said. “They can sell a portion to someone who can come in and do a better development, or they may do a joint venture by bringing in an equity partner to redevelop the asset.” Native Realty

• Malls are adding apartments to address the U.S. housing shortage and revitalize retail spaces. • Over 192 malls are integrating housing, creating mixed-use hubs with shops and amenities. • Developers face challenges like zoning, high costs, and redesigning mall structures.

Great article on how developers are reviving old malls by replacing department stores with apartments. #modernretail #developers #TopRetailExpert #residential https://lnkd.in/gmmejBTq

The Promenade Shopping Centre in Thornhill, just north of Toronto, is undergoing a substantial transformation as part of a broader redevelopment plan aimed at creating a vibrant, mixed-use urban centre, reported Retail Insider. "The 535,000-square-foot mall, already a key retail hub in the Greater Toronto Area, is adding new residential towers, retail spaces, and entertainment attractions to meet the needs of a growing and diverse community. Two newly constructed residential towers, standing at 30 and 35 storeys, house over 780 units and offer direct connections to the mall, providing a seamless integration between living and retail spaces. These towers, which were sold out before completion, are expected to be fully occupied by the end of the year. This is just the first phase of a long-term redevelopment plan that will continue to increase density in the area through additional residential and office spaces." https://lnkd.in/eUDUXJ78 #toronto #retail #shoppingcentre #redevelopment #mixedused

Developers are revitalizing aging malls by converting former department store spaces into residential apartments. A study by JLL found that in 2022, nearly 54% of mall redevelopments incorporated housing, with about one-third of redeveloped anchor spaces, often former Sears stores, transformed into residential units. This trend not only addresses the nation's housing shortage but also brings a steady stream of on-site customers, boosting surrounding businesses and breathing new life into these retail spaces. https://lnkd.in/dyCb4Gt6

Living at the Mall: Reinventing Retail Real Estate The American mall isn’t fading away—it’s evolving into a solution for modern living and housing needs. As highlighted in the New York Post, developers across the country are transforming underutilized malls into vibrant, mixed-use hubs that combine housing, retail, and entertainment. Pacific Retail Capital Partners is at the forefront of this trend, with Principal Oscar Parra offering key insights in the article. Top Takeaways: 1. Mixed-Use Spaces are the Future: Housing, retail, and entertainment are being integrated to create vibrant community hubs, redefining what it means to live, work, and play in one location. 2. Addressing the Housing Crisis: With a nationwide shortage of 4.5 million homes, malls are stepping up to provide much-needed housing, including luxury units and affordable options. 3. Convenience Redefined: As Najla Kayyem from Pacific Retail explains, the ease of access to services, retail, and amenities makes these developments akin to resort living. 4. Optimizing Underutilized Space: More than 34 million square feet of mall space sit vacant in the U.S., and repurposing this land offers an innovative approach to solving retail and housing challenges. 5. Challenges to Overcome: Construction costs, zoning laws, and outdated lease agreements are hurdles, but the potential for revitalizing malls is undeniable. A New Era for Developers: As Oscar Parra noted, it’s better to disconnect housing from traditional mall layouts, creating standalone, yet integrated, apartment complexes to maximize value and appeal. This shift represents a new chapter for commercial real estate, which PRCP is at the forefront of —one where innovation meets the growing needs of our communities and real estate evolves for the next generation. Read the full article below: https://lnkd.in/eRivnXGj #NYPost #RetailEvolution #PRCP #MixedUseDevelopment #MixedUseAsset #CRE

Multifamily housing is definitely a good choice at most mixed-use developments with a retail focus, but the residential component has to be planned right, for example, the type of housing, the location within the project, the parking allocation, some buffer from the commercial segment, the design elements, walkable amenities to integrate the real estate uses, etc.