The Combination of Retail and Residential Space Signals a Growing Trend in Urban Living

The integration of retail and residential spaces has been noticeable in recent property development. This symbiotic relationship offers residents, business owners, and property managers significant advantages.

Lifestyle properties catering to guests’ daily needs are becoming more popular than ever, which is evident in the rise of new construction accommodating these services. Forbes notes this growing mixed-use property trend, adding that it’s not enough to create just the physical space — property managers have to do their part in engaging the community to make the concept genuinely successful.

Creating opportunities for repeat business also has much to do with building up. Investors are expanding vertically, especially in areas without available land (think New York City).

Even existing structures are being renovated to accommodate multi-functional living spaces that offer residents everything they could wish for in one place. The mixed-use concept is the ultimate convenience and revenue opportunity, from taking the elevator straight down to the dog groomer to being a mere one-minute walk from the best bistro in town.

Mixed-use properties are the future wave, creating ample pathways to a well-lived life.

Benefits for residents

The convenience and accessibility of a mixed-use property is undeniable. Residents enjoy immediate access to essential services and amenities.

For instance, Midtown 24 apartments in Plantation, Florida, provide rental living and feature ground-floor shops such as a convenience store and a salon. This accessibility simplifies daily routines and enhances the quality of life for residents.

Mixed-use developments encourage interaction among residents and business owners, fostering a sense of community. Social spaces, such as cafes and fitness centers, act as communal hubs where people can meet, socialize, and engage in local culture.

Another plus side to combining residential property with offices and shops is the exposure it grants to diverse people, goods, and services.

Living in a mixed-use building allows residents to enjoy a variety of lifestyle options without the need for extensive travel. This format is in the works at Zona Village in Davie, Florida: Retail spaces like Ella Café – a local coffee shop – are starting to take root, setting up the perfect spot for residents to unwind and connect with neighbors.

Advantages for business owners

Restaurants, galleries, stores, and other client-focused services in residential buildings have a ready-made customer base. The convenience of proximity can increase foot traffic significantly. According to a study by the National Association of Realtors, mixed-use developments can increase sales by up to 30% for retail businesses.

Businesses that establish themselves within these communities often benefit from a more stable revenue stream due to the consistent patronage of residents. Regular customers help businesses build loyalty, leading to long-term success.

This brand loyalty and repeat business means retailers have the opportunity to engage with the community on a personal level, fostering relationships that can lead to increased customer loyalty.

Local businesses can also tailor their offerings to meet the residents’ specific preferences, creating a mutually beneficial relationship.

Critical features of mixed-use properties

Mixed-use properties have some common characteristics, which all include a certain kind of adaptability based on guests’ needs:

• Mixed-use design: The architectural layout of mixed-use buildings often features ground-floor retail with residential units above, allowing for seamless access. Property managers should consider layouts that maximize visibility and accessibility for retail spaces while maintaining a comfortable living environment for residents. Investors should be strategic about what types of businesses can open up shop, considering the sound, smell, and private living atmosphere residents demand.
• Community spaces: Common areas such as lounges, rooftop gardens, or event spaces can attract residents and encourage them to engage with local businesses. Hosting community events or markets can further strengthen these relationships. Workspace is another bonus that appeals to the work-from-home professional, part-time or full-time student, and those needing a space to flex their creativity muscles on a project.
• Quality amenities: Providing quality services and residential amenities is essential for attracting residents. Retail spaces offering fitness centers, salons, or cafés can enhance the overall living experience. A well-rounded mix of amenities encourages residents to spend more time in the community, benefiting businesses with a home on the same property.

Residential communities across the United States are reaping the rewards of combining retail and residential spaces.

This economically-savvy urban living creates a win-win situation for residents, owners, and property managers. With a mixed-use model, managers enhance the quality of life for residents while providing a loyal customer base for businesses and opportunities for community engagement.

Property managers and business owners should embrace this trend as the demand for walkable, mixed-use communities grows. Fostering these environments caters to the evolving needs of urban living, transforming how we experience our neighborhoods.