Pacific Retail Capital Partners’ Post

GGLO's James Bradley, AIA talks about the reinvention of malls and how the integration of housing into retail spaces represent a significant shift in urban planning and consumer behavior. Here’s how housing fits into the evolving landscape.

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

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

🏢✨ 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

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

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

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

Clybourn Place Development Update. Shopping Center Remake on Chicago’s North Side Could Include 500-Unit Apartment Tower Owner of Clybourn Place Says It Plans To Knock Down and Replace Most of Existing Retail Space. After losing the original Goose Island Beer brewpub, Patagonia and Bed Bath & Beyond as tenants, the owner of a shopping center on Chicago’s North Side is proposing a major redevelopment that eventually could include an apartment tower as tall as 520 feet. CRM Properties is drawing up major changes to the mostly vacant, 3-acre Clybourn Place shopping center in Lincoln Park, the largest of which would be the addition of up to 500 luxury apartments in a later phase, according to preliminary plans provided to CoStar News. If plans for an approximately 50-story tower are eventually approved by the city, it would bring significant changes to the Clybourn Corridor shopping district and nearby, low-rise residential streets east of Clybourn Avenue. https://lnkd.in/eUjb7EY3

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.