Different developers look at mixed-use in different ways. One developer will look for trade areas that provide solid demand for retail, residential, office and perhaps other uses. The goal is to create developments where no single use dominates the others.
Still other developers gauge the demand for various uses and adjust the use offerings to match demand. In such cases, one use may dominate the center.
As part of our in-depth coverage of mixed-use developments – see the October 2011 issue of Chain Store Age – we talked with Rob Wetherald, VP development for Peoria, Ill.-based Cullinan Properties, Ltd., owner and developer of the Streets of St. Charles mixed-use project in metro St. Louis, about how the format draws, and supports, retail.
How important are design and amenities to today’s mixed-use projects, especially with regard to the retail component?
Mixed-use isn’t news, but it continues to make headlines anyway. After a several-year period when ground-up building has ranged from sluggish to practically non-existent, a number of mixed-use projects are beginning to stir with renewed life as leasing gains traction once again.
Any early skepticism about the longevity of mixed-use has been silenced. The art of combining components to create a live-work-play project has evolved into a science. And those that have become particularly adept at building, leasing and managing mixed-use properties say that the right formula makes for a successful development. Chain Store Age talked with three top developers of mixed-use projects and uncovered several trends that are governing, and continuing to evolve, the format.