Why developers are building housing at shopping malls
From CNBC: 2024-12-05 13:31:16
11, 2021.
David Goldman | AP
But in 2013, developers began a $7 million renovation to turn the space into a mixed-use property with residential and commercial space. Now, the Arcade has 48 affordable micro-lofts and 17 market-rate apartments. The property is fully occupied, according to the General Manager.
Apartment living at the mall can offer unique amenities and experiences that traditional housing might not. From easy access to shopping and dining to community events and entertainment options, living at the mall provides a convenient and vibrant lifestyle for residents. With the trend of mall redevelopment continuing, more Americans may find themselves calling the mall home in the future.
Developers transformed a historic mall in Rhode Island into 48 micro-units, attracting tenants like graphic designer Amy Henion. Real estate investor Scott Sheehan bought a $250,000 apartment in a mall in Rhode Island to rent on Airbnb, projecting annual revenue of $25,000 to $45,000. The Grand Avenue Mall in Wisconsin also underwent a renovation to add apartments, offering unique living experiences with amenities like a pickleball court and gym. John Borchardt, a resident of the former Grand Avenue Mall, enjoys living in an apartment with unique foyers and easy access to stores like TJ Maxx and Foot Locker. The mall also features a food court with more than a dozen restaurants, providing convenience for residents but potentially making it too easy to rely on takeout. Pacific Retail’s executive VP of marketing envisions a future where living at the mall is akin to a resort, with all services and amenities charged to one account for a seamless living experience. 1. The stock market experienced a significant drop today, with the Dow Jones Industrial Average falling by 500 points. This was attributed to concerns over rising inflation rates and uncertainty surrounding global trade tensions.
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