As consumer purchasing journeys continue to evolve and the demand for brick-and-mortar stores contracts across the nation, failing Class-B and -C mall properties will have to get creative and diversify their portfolio to include non-retail uses if they are to continue generating revenue.
In fact, according to a 2017 JLL Retail Study, 30.0% of malls surveyed have started the process of making mixed-use environments by adding non-retail uses, with multi-family housing being the most popular choice.
Find out how cities around the country are embracing this mall-to-mixed use phenomenon and leveraging existing financing tools, planning capacities, and regulatory frameworks to support the redevelopment of malls as catalytic community development projects. From state laws expediting approval processes for projects featuring affordable housing to form-based codes and Tax Increment Financing districts, find out which states and cities are leading the charge in this article written by LOA Associate Nur Asri for the APA Economic Development Division News and Views.
Stay tuned as we update our mall-to-mixed use redevelopment tracker in January 2019! To read our previous update on mall-to-mixed use projects from 2017, click here. Or find out more about the expansion of WeWork in malls here.