Mixed Use Developments: Shaping the Future of Real Estate3 min read
Have you ever worked in an office that wasn’t simply an office?
Imagine having a play area, a shopping area, and a comfortable place to stay, all in the same building or zone. That’s only one facet of what a mixed-use development entails, and there are more.
Mixed-use projects are built in which suitable land uses, public facilities, and utilities are layered together at different dimensions and intensities. They might be a single structure, a city block, or entire neighborhoods constructed for mixed use by a private developer, a government agency, or a combination of both.
For example, consider an office space for lease in Bangalore that needs to be used as a workplace, a gym, a sports area, and residential quarters, among other things. In this case, mixed-use developments may be beneficial.
Mixed-use developments can be classified into the following categories based on their intended use:
Retail centers, offices, hotels, or apartments, or all three, are common features of today’s mixed-use developments. Some projects go beyond this, incorporating hospitals, libraries, and schools to create a “village” setting. However, in this blog, I’ll focus on commercial developments.
Types of Mixed-Use Developments
Mixed use can be horizontal, vertical, or a combination of the two, depending on the size of the piece of land.
Here, the same structure is used for a variety of functions and applications. The need to build vertically is becoming more common. It’s then a matter of figuring out how and what to put together, as well as how to provide ample parking, efficient circulation, and the best service arrangement.
Multiple structures are located within the same zone, allowing for the use of land for a variety of uses in horizontal mixed-use developments. Each structure would have its own envelope and would be arranged in a horizontal mix throughout the site. Such structures need large tracts of land with separate traffic circulation, parking, and entrances.
What Are the Benefits of Mixed-Use Development?
- Diverse and dense housing
- Buildings are closer together as a result of the shorter space between them
- Land use diversity is favored
- By enabling revenue-generating uses, infrastructure and service costs are kept low
- Boosts growth throughout time
- Good design components are offered to renters
- Improved ambiance in the area
- A setting that is more pedestrian-friendly
Some Concerns to Be Aware of:
A mixed-use development incorporating retail, hotel, and office space makes for a wonderful combination, but also presents planning issues. It’s crucial that there’s adequate parking, that it’s well designated, and that the entrances to the office and the hotel are different.
The problem of mixed-use developments with apartments directly above retailers brings a plethora of additional concerns. Apartment tenants are more permanent and, as a result, more demanding than hotel and office inhabitants, who are more willing to put up with small inconveniences as a result of being located above a business hub.
Although it can be pretty complicated with all the users interacting, by decoupling the finances of commercial buildings from the overall economics of the complex, more affordable housing may be provided.
To be ready for a mixed-use project, one should:
- Have a strategy for community development that is both broad and deep.
- Implement the zone categorization in a small area and zone the development correctly.
- Combine regulatory and financial incentives, like free reductions, reduced parking restrictions, and area incentives.
- Make a market study to see if a mixed-use development is feasible.
These developments are becoming the standard for progressive development in modern times since they provide a means to make the most effective use of land while also delivering a greater quality of life for people who live or work in them.
A structure with numerous functions that respond to the demands of its surroundings encourages the development of varied neighborhoods. Although sustainable building is a compelling and vital benefit of mixed-use buildings, they accomplish more than that. They help us rethink how we can build metropolitan areas in such a way that increased urbanization is a benefit rather than a liability.