Mixed-use construction blends residential, commercial, recreational and institutional facilities to create a pedestrian-based living and working environment.
This type of construction has what it takes to offer real opportunities to architects and builders alike. Here’s why:
1. Mixed-use construction appeals to millennials
According to the 2016 Emerging trends in Real Estate report by Price Waterhouse Cooper, Many of the millennial generation, which now presents approximately a quarter of the U.S. population are actively seeking living areas that combine the advantage of urban and suburban living. They are attracted to the suburbs but not like that of their parents. More like a hub-and-spoke model of residential housing areas adjacent small urban centers.
When a large segment of the population wishes to redefine the suburbs, that spells opportunity.
2. Mixed-use construction is attractive to real estate investors
Again, according to the PWC report, there is “more capital available than a handful of 24-hour markets can absorb”. This means investors are increasingly turning towards secondary cities (also called 18-hour cities). They are also turning to the suburbs to seek better returns.
PWC also points out that the growth of small businesses (fewer than 50 people) is now outpacing the growth of larger ones. Office space pricing being what it is in large city centers, mixed-use communities are a better fit for these businesses.
3. Mixed-use construction makes sense as city planning
Because of its emphasis on walkable distances between housing and services/amenities, mixed-use architecture can mitigate traffic and stop urban sprawl. It also has the advantage of maximizing space use.
4. People will want to live in mixed-use based communities
Mixed-use based communities are the right size. Human-sized. Therefore, they’re attractive to young and old, looking to find alternatives to short car trips and traffic gridlock. Such communities support pleasant activities such as walking, biking or making short hops on public transit. They also promote safety because of round the clock presence of people, as opposed to large city centers.
Mixed-use construction is worth your looking into
Of course, the creation of such communities requires proper zoning and must obey local financing and approval processes, which may or may not be conductive this kind of construction. But certainly, with the current economic uptrend, recent interest in urban revitalization and sustainable real estate development, it is worth your while to look into this promising form of construction business.
Finally, you should know that Open Joist Triforce has had some success in these types of projects thanks to its availability and quick turn around (no need to wait for weeks to have custom trusses built) as well as very competitive pricing.