for years. It’s common to live in downtown Boston, New York City, Chicago or Miami and take public transportation, said John- son, but it’s a new concept in Phoenix, Las Vegas and parts of California. These areas are playing catch-up, which could spell opportunity for investors. THE RIGHT MIX Most mixed-use developments have several stories of residential above a retail-based ground floor. Getting the right mix of retail, which can range from chef-driven restaurants to barbershops and medical office space, can be tricky. John Kelley, a partner with North American Properties, said that with Avalon, they wanted to bring in retail that was unique—the first of its kind in the area—and experiential. For exam- ple, Whole Foods Market has a wine bar and cooking school, Lululemon conducts on-site yoga classes, and Orvis holds on-site demonstrations of fly-fishing equipment.
Those qualifications are important for two reasons. First, people will drive from other parts of Atlanta to have din- ner at a unique chef-driven restaurant or to shop at a retailer’s only store in the state. Second, the experiences provided by the development’s retail tenants help enhance the social life of its residents. Kelley said streetscape was para- mount when they were trying to find the right mix of retail for Avalon. They wanted the sidewalks to be busy 18 hours a day, seven days a week, filled with residents, office and retail work- ers, shoppers and diners. His associ- ate, Munger, added that what sells the residential units isn’t necessarily the floor plan or high-end finishes; it’s the lifestyle and streetscape.
amenities, amenities,” said Rosana Tor- res, an architect with GTM Architects. It isn’t enough to have a fitness center for residents, she added. Now, to be com- petitive, you might offer yoga classes or massages. You might have a business cen- ter so Millennials can work from home. And that’s just the tip of the iceberg. Millennials and Boomers both want open areas where they can entertain, in- cluding interior spaces that are more like social lounges and outdoor spaces where they can barbecue. Some upscale devel- opments will have music rooms, bicycle storage and repair areas, and wine cellars. Johnson said pets, especially dogs, are big with single Millennials, so it’s not uncommon for units to have outdoor spaces to walk your dog and shampoo- ing areas inside. Some developments even bring in professionals to wash and clip residents’ dogs on-site. The features in the actual units are less important. Most have high-end fin- ishes, sometimes coupled with exposed brick and ductwork, depending on
AMENITIES, AMENITIES, AMENITIES
“Where you used to say it’s about loca- tion, location, location, with mixed-use, I think you could also say it’s amenities,
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