Mixed-Use Development (MXD)
MXD’s prominently blend a combination of residential, commercial, cultural, or institutional uses where those functions are physically and functionally integrated and provide strong pedestrian connections. Vantage Point Real Estate Development Management, LLC senior professionals are long experienced in MXD, and tout its benefits which include: greater variety and density of uses; reduced distances between housing, workplaces, retail businesses and other destinations; more compact development; stronger neighborhood character; and pedestrian and bicycle-friendly environments.
Our senior professionals also address criticisms that MXD is viewed as too risky by many developers and lending institutions, because economic success requires that the many different uses all remain in business. They know that mixed-use commercial space is often seen as being best suited for retail and small office users, and that construction costs for MXD currently exceed those for similarly sized, single – use buildings. At times, MXD challenges include fire separations, sound attenuation, ventilation, and egress, which may result in additional cost arising from meeting these design needs.
Some of the more frequent MXD practices with which our senior professionals have experience include:
• neighborhood commercial zoning – convenience goods and services, such as convenience stores, that are permitted otherwise strictly residential areas
• main street residential/commercial – two- to three-story buildings with residential units above and commercial units on the ground floor facing the street
• urban residential/commercial – multi-story residential buildings with commercial uses on the ground floor
• office/residential – multi-family residential units within office buildings
• retail district retrofits – repositioning a retail area to add a more village- like appearance and mix of uses
• live/work – allows residents to operate small businesses on the ground floor of the building where they live
• studios/light industrial – residents operate studios or small workshops in the building where they live
• hotel/residential – mix of hotel space and high-end multi-family residential
• parking structures with ground-floor retail