Real Estate Journal — Shopping Centers — New York Deal Making — November 23 - December 13, 2018 — 11B
M id A tlantic
By Tom Londres, Metro Commercial The growing trend of mixed-use shopping centers N ew Y ork D eal M aking
ixed-use develop- ments in commer- cial real estate have
Real Estate Brokerage Property Management At Metro Commercial, we are 100% leased at Lincoln Square located in Philadelphia at Broad andWashington Streets, a mixed-use urban develop- ment anchored by Target and PetSmart. Our brokers are in lease-up at The Promenade at Granite Run, a major mall re- development turned to mixed- use development just outside of Philadelphia in Media, Penn- eas that have high employment growth are likely to attract mil- lennials seeking job opportuni- ties and baby boomers look- ing for conveniently located, reasonably-priced apartments and condos.
sylvania. Once complete, The Promenade at Granite Run will include entertainment and big- box retail as well as two resi- dential towers. Over at Ellis Preserve’s Phase II, a 240,000 s/f lifestyle center in Newtown Square, Pennsylvania, Metro is leasing to retail, entertain- ment, hotel, residential, and restaurant users. Retailers such as Whole Foods, ULTA, Chipotle, and Wine and Spirits have already opened as well as the Ellis Athletic Center, a luxury fitness facility. Another suburban mixed-use develop- ment, The Promenade at Upper Dublin, will feature a vertically
integrated use of luxury apart- ments over retail, restaurants, and entertainment. The Promenade at Granite Run, Ellis Preserve’s Phase II, and The Promenade at Upper Dublin are prime examples of the mixed-use destinations that traditional retail centers are evolving into. The retail merchandising is a blend of grocery, services, personal care, fitness, restaurants, en- tertainment, and soft goods that create excellent ameni- ties for on-site residential use. All in all, brokers, developers, and investors alike should pay close attention to the mixed-
use trend, as this is a move- ment that is here to stay. The key to success with mixed-use projects is finding the right location that appeals to both a millennial and baby boomer demographic, and incorporat- ing the right mix of retail, residential, and office uses to create the ultimate live-work- play community. Tom Londres is CEO and principal of Metro Commer- cial, the industry leader for retail brokerage providing regional, national, and in- ternational tenant repre- sentation to 140 individual and expanding retailers.
g r o w n i n p o pu l a r i t y over the past f ew yea r s . Deve l opers are looking for more op- portunities where they can integrate
multiple uses, including retail, residential, restaurants, enter- tainment, hotels, and office, to cater to the shift in consumer preference to live in a walkable environment where they can shop, exercise, dine, and play where they live. In fact, Urban Land Institute included mixed- use in its recent Emerging Trends in Real Estate report as it is considered one of the highest-rated sectors on the market right now. This is due to its ability to attract millen- nials and baby boomers, create the feel of an urban area (even when in the suburbs), and pro- vide a “one-stop” shopping ex- perience for customers. These positive facets have made the mixed-use sector one that bro- kers, developers, and investors are keeping their eyes on. Mixed-use shopping centers with residential units cater to two specific demographics. Millennials desire the live- work-play lifestyle because of the convenience it provides. This type of development might allow them to walk to work and access fitness, entertainment, and experiential activities in one location. Baby boomers are also attracted to mixed-use environments as many seek to downsize from their suburban homes and move into smaller apartments or condos that require less maintenance and be able to walk to a salon, spa, restaurant, or grocer. For both age groups, having a range of lifestyle amenities at your doorstep is a huge draw. Outside of urban centers, prime locations for mixed-use developments are affluent suburban communities close to public transportation centers. Here, developers can find a suitable plot of land for devel- opment or redevelopment into a mixed-use center. Suburbs outside of Philadelphia, Bos- ton, Dallas, Houston, Atlanta, and Denver are great because they have a solid employer base and are relatively affordable. Overall, densely populated ar-
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