|The new Tysons Corner skyline gets an update with a residential tower.|
Shopping mall developers are increasingly responding to this growing demand by growing the commensurate supply of mixed-use projects that include a residential component. Both Macerich and Simon Properties, two of the largest mall developers in the nation, are adding housing to projects in their portfolios. Macerich recently added a 430-unit residential tower to Tysons Corner mall and Simon is adding a 319-unit mid-rise luxury building at its Phipps Plaza Property in Atlanta. Simon has also added 232-units to its Southdale Center mall in Edina, Minnesota. Downtown's and urban places are clearly the inspiration for these former Edge cities.
|Skyview Center and Skyview Parc in downtown|
Flushing, Queens, a combined mall/apartment building
But if you think this is just a suburban trend, think again. Downtown Flushing, Queens, NY is home to the Shops at Skyview Center a $1 billion dollar project that is home to an 800k mixed-use, multi-level shopping center with stores like BJ’s, Nike Clearance Store, Forever 21, Target and Nordstrom Rack. Above Skyview Center is Skyview Parc – a luxury apartment building that is luring an international crowd of buyers (many Chinese) to some of the area’s most pricey apartments (the average apartment sells for over $700k). The project also offers a four acre landscaped park on the roof of the mall with walking trails, playgrounds, a dog run and picnic tables. Nice place to live if you can afford it…