Thursday, January 11, 2018

Mall-to-Mixed Use Tracker

Nur Asri is an Associate at Larisa Ortiz Associates.

In recent months, we've seen a slew of headlines announcing the redevelopment of dying malls as walkable, mixed-use neighborhoods. These complex undertakings (read our post on the challenges associated with redeveloping malls) are popping up across the country as more commercial developers seek to diversify their portfolios in this turbulent retail climate. Join us as we round up some of the latest mall-to-mixed use projects:

Source: LOA (2018)

There are a number of uses other than 'Retail/ Restaurants/ Entertainment' that have been introduced to dying shopping mall sites. This includes housing, office space and hotels. In fact a majority (35%) of the projects we tracked now feature the full suite of uses - retail, housing, office and hotels. Retail and housing is the second most popular use combination on these former shopping mall sites, comprising 26% of total projects tracked.

When we look at the geographic distribution of these projects, the state of California comes up as a clear leader in these mall transformations. 29% percent of the projects we tracked are located up and down the coast from San Diego to the Bay Area. The State of Virginia also fares well with a 20% share of tracked projects located between Tyson's Corner and Richmond, however, it is the Mid-Atlantic region as whole that leads this redevelopment trend with 40% of projects located in VA, PA, MD, NJ and NY.

Source: LOA (2018)

The traditional American mall will no doubt continue to reinvent itself as consumer preferences and lifestyles change so keep your eyes peeled for similar projects in your own city! Comment below if your town is seeing a new mall-to-mixed use conversion. Here's a full list of mall-to-mixed use projects we tracked:

Source: LOA (2018)

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