Rudy Milian, CRRP’s Post

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

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 plan to convert old malls in South Florida into mixed-use   Electra America and BH Group plan to convert South Florida malls into mixed-use spaces, driven by the demand for housing, The Real Deal reports. The Southland Mall, for instance, is set to become Southplace City Center, featuring apartments, a hotel, medical offices, retail spaces and a community amphitheater. The trend is fueled by the Florida Live Local Act, which encourages the development of mixed-use projects with at least 40% of residential units set aside for workforce housing. “We saw this as a unique opportunity for us in a growing portion of Miami-Dade County,” says Joe Lubeck, who is with Electra America. “There’s definitely a lack of quality retail, quality food and beverage options and a significant demand for residential.”   Learn more: rptn.io/DAjyAArBkea #ThomasTitleandEscrow #CommercialRealEstate #TitleTrove #Housing #MixedUse

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

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

🏗 Exciting Redevelopment at Preston Center Pavilion 🌆 Dallas' Preston Center Pavilion is set for a transformative redevelopment, introducing a multifamily tower and office tower with ground-floor retail into the heart of North Dallas. Ramrock Real Estate LLC aims to enrich the area with a mix of residential, office, and retail spaces, enhancing the urban landscape and pedestrian experience. 🛍 230,000 Square Feet of Retail: The current site, known for its vibrant retail offerings, will see an expansion to include high-rise living and office spaces. 🏢 Mixed-Income Housing Initiative: The project seeks approval for increased floor area and height, tied to providing mixed-income housing, with a proposal to make 5% of units affordable for households earning 81% to 100% of the median family income. 🌳 Enhanced Open Spaces: Responding to feedback, Ramrock has increased the open space in its design, promoting a more engaging and pedestrian-friendly environment. 🔄 A Diverse Urban Mix: The introduction of multifamily units to an area predominantly featuring office and retail uses aims to boost the vitality of Preston Center, maintaining ground-floor retail along the core. https://lnkd.in/gFcdQW7q #landinvestment  #landevelopment #dfwrealestate #cre 

Eastgate Square, a longstanding mall in Hamilton's Stoney Creek area, is proposed to be transformed into a mixed-use community, reported UrbanToronto.ca. "Located beside the future eastern terminus of the Hamilton LRT B-Line, the southern half of the shopping centre site would become a transit-oriented community featuring residential towers as high as 20 storeys rising above retail and public spaces. Plans designed by BDP Quadrangle for Harrison Equity Partners include renovating the existing mall while adding the significant new density, similar to many mall redevelopment proposals across the Greater Toronto Area." https://lnkd.in/eteZXQMs #hamilton #shoppingcentre #redevelopment

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

Repurposing malls represents a complex, yet increasingly necessary, response to the changing dynamics of consumer behavior, urban development, and economic revitalization. In this week's blog, we explore various facets of mall repurposing in greater detail, including zoning ordinances, neighborhood views, economic impacts, construction challenges, and potential new uses. Get the inside scoop here: https://lnkd.in/g6tfMx-D