Paramount Real Estate Properties, Brokerage’s Post

Strip retail centers are located in every community, and this Enterprise Community Partners sponsored report found converting just 10% of them -- typically older, underutilized properties, could create 700,000 new homes. Half would be lower density multifamily, and half would be higher density, up to mid-rise mixed use buildings. The author asserts, "It's not only housing strategy, but you can add the economic development lens, the urbanism lens by making it more pedestrian-friendly and walkable and accessible by transit." While structural unsuitability often hinders conversion of urban office buildings, the major redevelopment hurdle on strip malls is existing single-use zoning. In the DMV, conversion at the inner ring suburbs offers housing where is is needed the most -- people places instead of parking lots. #affordablehousing #neighborhoods #commercialrealestate #creativefinancing #zoning

"Adaptive Reuse" in helping satisfy our Housing needs doesn't just mean the building that exists but realllllllllllllly means the SITE that the Building exists on! LOVE this piece! AND Strategy! Have seen it work MANY a time! "State and local jurisdictions are desperately looking for new ways to speed up affordable housing development as the supply of homes falls short of demand nearly everywhere in the U.S. This fall, the Biden-Harris administration announced new resources to support commercial conversions to create affordable housing." #ThielTeam #MadisonRealEstate #WisconsinRealEstate #RealBrokerLLC #DevelopmentConsulting #Development #RealEstate #Innovation #Housing #HousingCrisis #AppropriateDevelopment #Design #Sustainability https://lnkd.in/g2FX5Q-G

🏡 Awesome initiative to create affordable housing through commercial space conversions. Looking forward to seeing more about how vacant strip malls can be repurposed for affordable housing. 👩🏻💻 "While much of the focus is on office conversions, an idea that swept the nation as millions of Americans transitioned to remote work, relatively few office buildings are physically suitable for conversion. The costs can be incredibly high and the surrounding neighborhoods, often in business districts, are not necessarily conducive to new housing and the needs of residents. There’s a better option hiding in plain sight: repurposing the vacant and underutilized strip malls that are spread across the country in urban and suburban areas alike... At Enterprise, our new analysis estimates that if we redeveloped just the best-suited 10% of America’s strip malls, we could build 700,000 new affordable homes across the country." #AffordableHousing #HousingDevelopment #WhiteHouseHousingSupplyActionPlan

Another Toronto mall is set to vanish in the coming years to make way for a new mixed-use community containing condos, retail, and new park space, reported Daily Hive. "The owners of Jane Finch Mall in North York have proposed a multi-phased redevelopment that would demolish the shopping centre to support new density on the heels of the new Finch West LRT. The first hints of a major redevelopment at Jane Finch Mall came in 2019 when the property owners established the jfm+ (Jane Finch Mall Plus) process to engage with mall tenants and the local community on a shared vision for the site’s future." "More news came in mid-2022, when a lobbying file appeared on the city’s lobbyist registry, indicating that a major redevelopment plan was in the works. Most recently, property owners have pitched a proposal to city planners calling for a dozen buildings rising up to 50 storeys in height, plus two parks served by a network of new roads." "Buildings designed by BDP Quadrangle would frame new public spaces, including 8,448 square metres of new public parkland and a sprawling 1,846-square-metre plaza that would act as a focal point for the community. https://lnkd.in/gQMfWxdH #toronto #mallredevelopment #retail

The US faces a dual challenge of a retail apocalypse and a housing affordability crisis. A new report by Enterprise Community Partners suggests that converting just 10% of vacant strip malls into housing could yield over 700,000 homes, providing a potential solution. The process is often simpler than transforming urban office buildings, offering an opportunity to repurpose underutilized spaces. Have you come across successful examples of mall conversions in your community, and how could this innovative approach address housing shortages in various regions? 🤔 https://lnkd.in/g9w2gK33 Gary Fleisher Ken Semler Daniel Small, Steve Burrows Tim Seims Greg Otto Matthew Haas Jennifer Castenson Anthony Gude, Dana Taylor Gon Zifroni Robert (Bob) Long Gene Meredith Audree Grubesic Tina Holtz Paul Richards

“…new Cupertino neighborhood to rise atop [former regional] mall gets city OK “The Rise, as the new project is called, would be built on the site of the former Vallco Shopping Mall at the corner of North Wolfe Road and Stevens Creek Boulevard, a short distance from Interstate 280 in Cupertino. “One huge challenge: The Rise and countless other commercial and residential projects in the Bay Area and nationwide must scout for construction financing in a forbidding [financial] landscape … “Here are some key [staff-approved] components differ from prior versions of the development: “— Housing: 2,669 residential units, an increase of 11.1% from the 2,402 homes that were previously proposed. “— Offices: 1.95 million square feet of space, a decline of 1.4% from the prior version. “— Retail and entertainment spaces: 226,400 square feet, a 53.4% decline from the previous proposal. “ ‘With this approval, the project will be moving forward,’ Cupertino City Manager Pamela Wu said.” https://lnkd.in/gZZ8YiMK

Toronto has plans to redevelop some of your favourite malls into condo communities... There's a provincial push to introduce transit-oriented communities at sites well-served by rapid transit, have made SmartCentres Eglinton West (also known as Westside Mall) at Caledonia and Eglinton a favourable location for substantial intensification. Here's a list of some of the malls that are set for redevelopment. Alot of nostalgic memories for many of us in Toronto/GTA. Westside Mall, Scarborough Town Centre, Yorkdale, Sherway Gardens, Fairview Mall, the ongoing redevelopment of Galleria Mall, Yorkgate Mall, Jane Finch Mall, Agincourt Mall, Atrium on Bay, Dufferin Mall, Centrepoint Mall, Cloverdale Mall, and Malvern Town Centre With a significant shift in customer purchasing going online over the years, do we still need malls? #buildyourfuture #housing #construction #finance #realestate

From mall to mixed use, it's awesome to see some "dead malls" come back to life as vibrant communities. It's not an easy road (this article cites community opposition, pandemic delays and legal battles, among other obstacles!), but it's an exciting solution to two pervasive problems - huge, obsolete shopping centers (and acres of concrete parking lots) and a lack of accessible and affordable housing. Read more here. https://lnkd.in/eREp5QnD

Communities across the country are facing a housing affordability crisis driven by a shortage of homes. Urban planners and developers across the country are pushing a fix for both: converting strip malls into housing: #Multifamily #RealEstate #CommercialRealEstate

Value Add / End User Opportunity with Redevelopment Upside Unique opportunity to purchase a 11,867 square foot mixed-use retail building located near the intersection of Canada Way and Edmonds St in Burnaby’s Edmonds neighborhood. The property is in close proximity to Edmonds School Park and Community Centre in addition to transit hubs, restaurants and other community amenities. The 2 storey building currently has 13 units (3 commercial retail units (CRUs) and 10 office units). The 10,012 square foot lot also has a OCP designation allowing for a 4+ storey mixed-use development. At present, there are 10 parking stalls at the rear with one point of ingress and egress in addition to streetside parking at the front. Recent lease transactions support market rates of $25/SF/YR + in the Edmonds neighborhood. From a repositioning standpoint, one has an exceptional opportunity to increase market rents/rental income in order to add significant value. Lease provisions also allow for end-users to occupy a substantial percentage of the building, while benefiting from holding income/appreciation. $25/SF/YR + for retail & office in the Burnaby Submarket https://lnkd.in/dcVHjYHC