Mixed Use Developments Go Vertical

Mixing office, retail, residential and entertainment space in one location is an idea on the rise, literally. For example, take the Time Warner Center in New York City. The 80-story, $1.7-billion building houses a 2.8-million-square-foot combination of condominiums, office space, a Mandarin Oriental hotel, CNN television studios, performance space, restaurants and retail space that includes a Whole Foods Market. It’s a stupendous urban version of mixed-use developments that have cropped up in suburbs across the U.S. since the early 90s.

These spaces often outperform standard suburban real estate in office and retail lease rates, residential rents, retail sales, hotel room occupancy rates and property values, both on-site and in surrounding areas (according to a study by Charles Lockwood, a real estate historian and author). All this multi-use bounty comes at a price, however, since building these 24/7 communities costs more. Design is more complex because retail needs are often at odds with residential needs. Restaurants have different logistical requirements than office space. It’s also difficult to find the right mix of high- and low-end retail tenants. Residents need groceries and dry cleaning far more often than luxury jewelry or clothing, making the right mix of tenants a top priority for developers. Nonetheless, in close-in urban areas or highly desirable waterfront or scenic locations, the extremely high cost of land often dictates dense, vertical mixed-use development.

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