Central Business Districts are under pressure to keep themselves relevant as they face competition from new, vibrant mixed-use neighborhoods emerging across the world’s largest cities. Public-private partnerships could be the answer.
These new mixed-use neighborhoods are attracting more businesses, residents, and investment that might otherwise be directed toward the urban core. Cities can compete with this trend by collaborating with developers, government agencies, and academic institutions to encourage redevelopment of existing buildings—converting office space to residential use, for example, according to a recent report from JLL.
Governments should anticipate real estate market demand changes and provide greater flexibility to developers and investors. Cities and states can expand tax credits to offset the cost of conversion and streamline the planning process to reduce the lead time for redevelopment projects.
These projects also offer environmental benefits. Refurbishing buildings has a lower carbon impact compared to building new structures.
Related Stories
Mixed-Use | Jun 14, 2021
SB Architects and LandDesign unveil design for Rivana at Innovation Station
The development is located 25 miles west of downtown Washington, D.C.
Mixed-Use | Jun 10, 2021
Safdie Architects unveils design for ORCA Toronto
The project comprises nine towers in total.
Mixed-Use | Jun 7, 2021
Henning Larsen designs an active community hub for London
The project will be the firm’s first in London.
Mixed-Use | Jun 2, 2021
World’s tallest detached-core building completes in Shenzhen
Morphosis designed the project.
Mixed-Use | May 24, 2021
33-story glass mixed-use tower to rise in downtown Orlando
DLR Group is designing the project.
Mixed-Use | May 24, 2021
Olson Kundig unveils new mixed-use high-rise in Atlanta
The project is currently under construction along Atlanta’s BeltLine.
Mixed-Use | May 19, 2021
Salt Lake City mixed-use residential community will feature micro units
KTGY is designing the project.
Multifamily Housing | May 12, 2021
Affordable mixed-use housing complex completes in South Los Angeles
KFA designed the project.
Mixed-Use | May 7, 2021
Mixed-use development tops out in Brooklyn’s Brownsville neighborhood
The project will bring 160 affordable housing units to the area.
Mixed-Use | May 4, 2021
Renderings of Williamsburg’s largest new residential development revealed
Woods Bagot designed the project.