2C — August 10 - 23, 2018 — Pennsylvania — M id A tlantic
Real Estate Journal
ixed-use projects that blend residential, commercial, office By Bill Coan, ITEC Entertainment Corporation Mixed-use is the answer to job growth in theMid-Atlantic M Enhancing a space to an experiential level involves en- gaging multiple “senses” that commercial RE developers of- ten don’t consider. Conceiving a creative premise or overarch- ing backstory incorporating lighting, sound, display, and even smell into properties can create a destination instead of just a location. By orchestrat- ing these components within the property, developers can enhance emotive experiences and weave subtle storylines into spaces. For example, a new or existing development, that is on or near a historic site, can leverage or repur- pose natural structures and features of a location, such as an old mill, notable factory or picturesque waterfall that instantly provides the basis for a clever premise or storyline. With some creative enhance- ments, a story can become an elaborate narrative for a rich Guest experience. The story would inspire the direction of the rest of the development including the environmental and facility designs, assist with special event program- ming, and a selection of key complementary tenants that integrating the ART of landscape architecture with the SCIENCE of civil engineering Bill Coan continued on page 16C and / o r en - tertainment into a single c o h e s i v e property de- sign are be- coming more common in the U.S. This type of devel- opment, which ranges from individual structures through entire neighborhoods, is fos- tering a contemporary, highly competitive real estate sub- market and new retail trend in the Mid-Atlantic region. For instance, Dollar Tree re- cently unveiled its $300 mil- lion urban mixed-use project in Chesapeake, Virginia, and The Berkleigh, a mixed-use apartment development in Middle River, Maryland, re- ceived a $72.6 million loan for construction funding earlier this year. Mixed-use properties that incorporate office space, retail, and entertainment will be piv- otal to the continued growth in the region by catering to Millennial culture and life- style. Through these fun and creative environments, cities in the region can successfully draw millennials to live and work, as exemplified by Rich- mond, VA. Richmond’s Mil- lennial population has nearly doubled since 2010, with its growth is often attributed to a few key factors, including high paying jobs, affordable housing, a thriving entertain- ment scene and high-profile company offices (e.g. Amazon, Facebook, and Capital One). To ride on the coattails of Richmond and drive growth in the Mid-Atlantic through mixed-use projects, real es- tate developers and global multinational corporations should consider the following strategic elements. Creating Destinations Instead of Locations Developers must go beyond aesthetics to increase the value and marketability of their projects. The best way to create an immersive experi- ence is to look for inspiration in what the theme park and at- tractions industries have been doing for years now, and bring that sense of wonderment to drive interest for corporate mixed-use facilities as well as profits.
Marcus & Millichap 2005 Market St. • Ste. 1510 Philadelphia, PA 19103 P: 215-531-7000 F: 215-531-7010 www.marcusmillichap.com
Sean Beuche, Regional Manager
★★★★ EXCELLENT INVESTMENT OPPORTUNITY! ★★★
R E A L E S TAT E
Tuesday, August 28 th at 1 pm
Mixed Use Commercial Property on 8.84 ± Ac. in East Rockhill Twp., PA
• Gas Station • Cashier Bldg • 2 Story Barn • Mobile Home
Property Location: 501 Route 313, Perkasie, PA 18944
• Zoning in Village Commercial District. Located at a traffic signaled intersection of Rt 313 (Dublin Pike) & North 5th • Gas Station is currently leased with 2 fuel islands/pumps, canopy, lighting, lighted sign & a 10’ x 14’ cashier bldg with 200amp electric service & 3 underground storage tanks
(2) 6,000 gallon & (1) 10,000gallon. • 52’ x 67’ post and beam construction 2 story barn, stone/block shingle roof. • 12’ x 56’ mobile home currently occupied adjacent to the barn.
PREVIEW Mon., August 13 12 NOON - 2 PM
The Shoppes at Belmont, Lancaster
TERMS: 10% Buyers Premium based on the high bid. 45-Day closing, sold in As-Is condition, no contingencies. 10% deposit with a minimum deposit of $10,000 in guaranteed funds. 2% Broker Co-op.
www. rg s a s s oc i a te s . com
215-723-1171 • www . AlderferRealEstate . com
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