Mixed-use developments offer many benefits to those who live and work in them. They provide a more convenient way of life by putting everything you need—from groceries to entertainment—within easy reach. Mixed-use buildings are growing in popularity because of this and their many other advantages. Here are the top 10 benefits of mixed-use property development.
Mixed-use developments are in areas that offer greater convenience. Rather than having to drive to different parts of town for work, shopping, and leisure, mixed-use buildings put everything you need in one location. This is not only more convenient, but it also saves time and money on transportation.
For example, DAC Development’s 808 N Cleveland Ave. location sits in the heart of the River North Neighborhood. Residents are within walking distance to many stores, services, and recreational activities, such as:
It’s also close to dozens of restaurants, takeout locations, salons, children’s activities, and indoor and outdoor fitness options.
Mixed-use developments are often more affordable than other types of property. This is because developers can use the extra commercial space to offset the residential units’ cost. As a result, mixed-use buildings have lower rents and purchase prices than purely residential or commercial properties.
Besides the money residents save by living in a more convenient location, they also save from the overall cost of owning or renting a unit in a mixed-use building. When everything you need is close by, you don’t have to spend as much on transportation. This can be a significant saving in an era with rising gas prices.
Mixed-use developments offer several on-site amenities that make life more convenient for residents and businesses. For example, many mixed-use buildings have retail space on the ground floor. This means residents can do some of their shopping without leaving the building.
Common amenities include:
The facilities in these buildings make life more convenient for tenants and companies. They also contribute to the building’s sense of community.
Mixed-use developments are more environmentally friendly than other types of property. This is because they lead to less car use and, as a result, lower emissions of greenhouse gases. In addition, many mixed-use buildings have sustainable features, such as energy-efficient lighting and solar panels.
The reduced dependence on cars also has other environmental benefits. It reduces the amount of pollution and noise from traffic and frees up space for parks and other green areas. This improves an area’s overall quality of life and makes it more attractive to residents and businesses.
Mixed-use developments create more vibrant neighborhoods. This is because they bring together people of all ages and walks of life in one place. As a result, mixed-use buildings promote social interaction and a sense of community.
Mixed-use developments can also help to revitalize rundown areas. By bringing in new businesses and residents, mixed-use buildings can help to create jobs and spur economic growth.
Mixed-use developments are often more secure than other types of property. This is because they are typically in well-lit and busy areas. In addition, many mixed-use buildings have security features, such as CCTV cameras and on-site security guards.
The increased security of mixed-use developments is beneficial for both residents and businesses. Residents feel safer in their homes, and businesses experience less crime. This helps create a more positive image of the area, attracting even more businesses and residents.
Mixed-use developments are essential for effective urban planning. This is because they efficiently use land and resources. In addition, mixed-use buildings can help to revitalize rundown areas. By bringing in new businesses and residents, mixed-use buildings can help to create jobs and spur economic growth.
Mixed-use developments generate more tax revenue than other types of property. This is because they have a higher value and usually include commercial space. As a result, mixed-use buildings are a valuable asset to any city or town. This prosperity can benefit local governments as well.
Mixed-use developments are also an essential part of creating sustainable communities. By promoting walking and public transportation, mixed-use buildings help to reduce car use and its associated environmental effects.
A single building with several stories containing residences and businesses has far fewer utility connections to the outside world than if those same uses were in two or more separate buildings. That’s because a single connection to the water main, sewer, and electricity is all that’s needed.
It’s not just the number of connections that is reduced. The pipes and wires required are also smaller in diameter because they don’t have to serve as many individual units. This results in lower costs for the construction of the building and the ongoing maintenance of the utilities.
Mixed-use developments typically have higher property values than other types of property. This is because they are in high-demand areas and offer a variety of amenities.
The increased property values of mixed-use developments benefit both businesses and residents. Businesses enjoy lower property taxes, and residents see the value of their homes increase. This makes mixed-use buildings a wise investment for both individuals and companies.
Mixed-use developments are usually more attractive than other types of property. This is because they have various uses, leading to a more varied and eclectic mix of people. As a result, mixed-use buildings are more vibrant and exciting places to live and work.
The variety of uses also makes mixed-use developments more visually attractive. They often have a more varied and exciting architecture than purely residential or commercial properties. This can add to the overall character and charm of an area.
The benefits of mixed-use developments are evident. They offer a variety of advantages to businesses, residents, and the community. Learn more about our mixed-use buildings and other developments here.