Mixed-use development: Difference between revisions

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{{Globalize|1=article|date=February 2021}}
[[File:Kirkland Vertical mixed use (4575235975).jpg|thumb|Apartment complex with retail and medical offices on ground floor, [[Kirkland, Washington]]]]
[[File:Ballston TOD.jpg|thumb|[[Ballston CommonQuarter]] in [[Arlington, Virginia]], part of the [[Baltimore-Washington metropolitan area]], is transit-oriented, mixed-use and densified, giving a "downtown" feel in an [[edge city]].]]
[[File:Bitola 2007.JPG|thumb|right|Traditional mixed-use development pattern in a city center: [[Bitola]], [[North Macedonia]]]]
'''Mixed -use development''' is a type of [[Realreal estate development|urban development]], [[urban design]], [[urban planning]] and/or a [[zoning]] classification that blends multiple [[Landland use|uses]], such as residential, commercial, cultural, institutional, or entertainment, into one space, where those functions are to some degree physically and functionally integrated, and that provides pedestrian connections.<ref>[https://books.google.com/books?id=iB_ALDYrWMUC&pg=PA216 ''Business Geography and New Real Estate Market Analysis'', Grant Ian Thrall, p.216]</ref><ref name="arc">{{cite web|url=http://www.atlantaregional.com/File%20Library/Local%20Gov%20Services/gs_cct_mixedusetool_1109.pdf
|title=Quality Growth Toolkit: Mixed-use Development|publisher=Atlanta Regional Commission|page=2|archive-url=https://web.archive.org/web/20111128011547/http://www.atlantaregional.com/File%20Library/Local%20Gov%20Services/gs_cct_mixedusetool_1109.pdf|archive-date=2011-11-28}}</ref><ref>{{Cite journal|last1=Raman|first1=Rewati|last2=Roy|first2=Uttam Kumar|date=2019-11-01|title=Taxonomy of urban mixed land use planning|journal=Land Use Policy|volume=88|pages=104102|doi=10.1016/j.landusepol.2019.104102|bibcode=2019LUPol..8804102R |s2cid=201338748|issn=0264-8377}}</ref> Mixed-use development may be applied to a single building, a block or neighborhood, or in zoning policy across an entire city or other administrative unit. These projects may be completed by a private developer, (quasi-) governmental agency, or a combination thereof. A mixed-use development may be a new construction, reuse of an existing building or [[brownfield site]], or a combination.<ref>O’Connell, Evan. Submission to the Cork City Development Plan 2021-2028: Re: Mixed Planning System. https://consult.corkcity.ie/ga/system/files/materials/1399/2492/Submission%20to%20the%20Cork%20City%20Development%20Plan%202021-2028_%20Re_%20Mixed%20Planning%20System.pdf</ref>
 
==Use in North America vs. Europe==
Traditionally, human settlements have developed in mixed-use patterns. However, with [[Industrialisation|industrialization]], governmental zoning regulations were introduced to separate different functions, such as manufacturing, from residential areas. Public health concerns and the protection of property values stood as the motivation behind this separation.<ref name=":3" />
 
In the United States, the [[Single-family zoning|practice of zoning for single-family residential use]] was instigated to safeguard communities from negative [[Externality|externalities]], including air, noise, and light pollution, associated with heavier industrial practices.<ref name=":3" /> These zones were also constructed tobecause exacerbateof racial and class divisionstensions.<ref name=":8">{{Cite journal|last=Hirt|first=Sonia|date=November 2012|title=Mixed Use by Default: How the Europeans (Don't) Zone|url=http://journals.sagepub.com/doi/10.1177/0885412212451029|journal=Journal of Planning Literature|language=en|volume=27|issue=4|pages=375–393|doi=10.1177/0885412212451029|s2cid=154219333|issn=0885-4122|url-access=subscription}}</ref>
 
The heyday of separate-use [[zoning in the United States]] came after World War II when planner and [[New York City Parks Commissioner]], [[Robert Moses]], championed superhighways to break up functions and neighborhoods of the city. The antithesis to these practices came from activist and writer, [[Jane Jacobs]], who was a major proponent of mixed-use zoning, believing it played a key role in creating an organic, diverse, and vibrant streetscape.<ref name=":5" /> These two figures went head-to-head during much of the 1960s.<ref>{{Cite web|title=Jane Jacobs|url=https://www.pps.org/article/jjacobs-2|access-date=2021-10-12|website=www.pps.org}}</ref> Since the 1990s, mixed-use zoning has once again become desirable as it works to combat [[urban sprawl]] and increase economic vitality.<ref name=":3" /><ref>{{Cite web|date=2007|title=Chicago Zoning Ordinance|url=https://www.metroplanning.org/uploads/cms/documents/chicago-zoning-ordinance.pdf|website=Metropolitan Planning Council}}</ref>
 
In most of Europe, government policy has encouraged the continuation of the city center's role as a main ___location for business, retail, restaurant, and entertainment activity, unlike in the United States where zoning actively discouraged such mixed use for many decades. In England, for example, hotels are included under the same umbrella as “residential"residential," rather than commercial as they are classified under in the US.<ref name=":8" /> France similarly gravitates towards mixed-use as much of Paris is simply zoned to be “General"General Urban," allowing for a variety of uses. Even zones that house the mansions and villas of the aristocrats focus on historical and architectural preservation rather than single family zoning.<ref name=":8" /> Single family zoning is also absent in Germany and Russia where zoning codes make no distinction between different types of housing.<ref name=":8" />
 
America’sAmerica's attachment to private property and the traditional 1950s suburban home, as well as deep racial and class divides, have marked the divergence in mixed-use zoning between the continents.<ref>{{Cite journal|last=Hirt|first=Sonia|date=2012-11-01|title=Mixed Use by Default: How the Europeans (Don't) Zone|url=https://doi.org/10.1177/0885412212451029|journal=Journal of Planning Literature|language=en|volume=27|issue=4|pages=375–393|doi=10.1177/0885412212451029|s2cid=154219333|issn=0885-4122|url-access=subscription}}</ref> As a result, much of Europe's central cities are mixed use "by default" and the term "mixed-use" is much more relevant regarding new areas of the city where an effort is made to mix residential and commercial activities – such as in Amsterdam's [[Eastern Docklands]].<ref>{{Cite journal | doi=10.1177/0885412212451029|title = Mixed Use by Default| journal=Journal of Planning Literature| volume=27| issue=4| pages=375–393|year = 2012|last1 = Hirt|first1 = Sonia|s2cid = 154219333|author1-link = Sonia Hirt}}</ref><ref>{{Cite journal | doi=10.1080/09654310500242048|title = Mixed-use development: Theory and practice in Amsterdam's Eastern Docklands| journal=European Planning Studies| volume=13| issue=7| pages=967–983|year = 2005|last1 = Hoppenbrouwer|first1 = Eric| last2=Louw| first2=Erik|s2cid = 154169103}}</ref>
 
==Contexts==
Expanded use of mixed-use zoning and mixed-use developments may be found in a variety of contexts, such as the following (multiple such contexts might apply to one particular project or situation):<ref>{{cite web|url=https://www.epa.gov/sites/productiondefault/files/2014-04/documents/this-is-smart-growth.pdf|title=This is Smart Growth|publisher=United States Environmental Protection Agency|date=April 2014|access-date=September 20, 2019}}</ref>[[File:Barracks Row, DC.jpg|thumb|[[Barracks Row]] in [[Washington, D.C.]]; ground-level retail with upper-story residential. ]]
* as part of [[smart growth]] planning strategies
* in '''traditional urban neighborhoods''', as part of urban renewal and/or infill, i.e., upgrading the buildings and public spaces and amenities of the neighborhood to provide more and/or better housing and a better quality of life—examples include [[Barracks Row]] in [[Washington, D.C.]], and [[East Liberty, Pittsburgh]]
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==Benefits==
'''===Economic'''===
 
Mixed-use developments are home to significant employment and housing opportunities.<ref name=":1">{{cite journal| url=https://doi.org/10.1177/875697281704800607| doi=10.1177/875697281704800607| title=Competitive Precinct Projects: The Five Consistent Criticisms of "Global" Mixed-Use Megaprojects| year=2017| last1=Harris| first1=Mike| journal=Project Management Journal| volume=48| issue=6| pages=76–92| s2cid=117672467| url-access=subscription}}</ref> Many of these projects are already located in established downtown districts, meaning that development of public transit systems is incentivized in these regions.<ref name=":2">Pace,{{Cite B. (n.d.).web |title=Advantages and disadvantagesDisadvantages of mixedMixed-useUse development. Gaebler.com Resources for Entrepreneurs. Retrieved October 3, 2021, fromDevelopment |url=https://www.gaebler.com/Advantages-And-Disadvantages-Of-Mixed-Use-Development.htm |access-date=2023-11-09 |website=Gaebler.com Resources for Entrepreneurs |language=en}}</ref> By taking undervalued and underutilized land, often former heavy industrial, developers can repurpose it to increase land and property values.<ref name=":1" /> These projects also increase housing variety, density, and oftentimes affordability through their focus on multifamily, rather than [[Single-family zoning|single-family]] housing compounds.<ref name="planning.org">{{Cite web|title=American Planning Association, "Planning and Community Health Research Center: Mixed Use Development|url=http://www.planning.org/nationalcenters/health/mixedusedevelopment.htm|url-status=dead|archive-url=https://web.archive.org/web/20130207034351/https://www.planning.org/nationalcenters/health/mixedusedevelopment.htm|archive-date=2013-02-07|access-date=2012-11-01}}</ref> A more equal balance between the supply and demand of jobs and housing is also found in these districts.<ref name=":5">Xiaoping Liu, Ning Niu, Xingjian Liu, He Jin, Jinpei Ou, Limin Jiao & Yaolin Liu (2018) Characterizing mixed-use buildings based on multi-source big data, International Journal of Geographical Information Science, 32:4, 738-756, {{doi|10.1080/13658816.2017.1410549}}</ref>
 
'''===Social'''===
[[File:Pentagon Row.jpg|thumb|Apartments with ground floor retail and ice skating rink at Pentagon Row in Arlington, VA. ]]
This development pattern is centered around the idea of “live"live, work, play," transforming buildings and neighborhoods into multi-use entities. Efficiency, productivity, and quality of life are also increased with regards to workplaces holding a plethora of amenities.<ref name=":2" /> Examples include gyms, restaurants, bars, and shopping. Mixed-use neighborhoods promote community and socialization through their bringing together of employees, visitors, and residents.<ref name=":2" /> A distinctive character and sense-of-place is created by transforming single use districts that may run for eight hours a day (ex. commercial office buildings running 9am - 5pm) into communities that can run eighteen hours a day through the addition of cafes, restaurants, bars, and nightclubs.<ref name="planning.org" /> Safety of neighborhoods in turn may be increased as people stay out on the streets for longer hours.<ref>{{Cite journal|last1=Trench|first1=Sylvia|last2=Oc|first2=Taner|last3=Tiesdell|first3=Steven|date=1992|title=Safer Cities for Women: Perceived Risks and Planning Measures|url=https://www.jstor.org/stable/40113842|journal=The Town Planning Review|volume=63|issue=3|pages=279–296|doi=10.3828/tpr.63.3.r16862416261h337|jstor=40113842|issn=0041-0020|url-access=subscription}}</ref>
 
'''===Environmental'''===
 
Mixed-use neighborhoods and buildings have a strong ability to adapt to changing social and economic environments. When the [[COVID-19 pandemic]] hit, New York retailers located on long, commercially oriented blocks suffered severely as they were no longer attracting an audience of passersby. By combining multiple functions into one building or development, mixed-use districts can build resiliency through their ability to attract and maintain visitors.<ref>{{Cite news|last=Chaffin|first=Joshua|date=2021-10-09|title=Manhattan's office towers are a tale of the haves and the have-nots|work=Financial Times|url=https://www.ft.com/content/0fc60c68-7e8f-492d-ae4c-f66272793212|archive-url=https://ghostarchive.org/archive/20221211191208/https://www.ft.com/content/0fc60c68-7e8f-492d-ae4c-f66272793212|archive-date=2022-12-11|url-access=subscription|url-status=live|access-date=2021-11-23}}</ref>
 
More sustainable transportation practices are also fostered. A study of [[Guangzhou|Guangzhou, China]], done by the Journal of Geographical Information Science, found that taxis located in regions where buildings housed a greater variety of functions had greatly reduced traveling distances.<ref name=":5" /> Shorter traveling distances, in turn, support the use of [[Micromobility|micro-mobility]]. Pedestrian and [[Bicycle-friendly|bike-friendly]] infrastructure are fostered due to increased density and reduced distances between housing, workplaces, retail businesses, and other amenities and destinations.<ref name=":3">{{cite journal| url=https://doi.org/10.1080/10835547.2013.12090352| doi=10.1080/10835547.2013.12090352| title=An Empirical Study of the Efficacy of Mixed-Use Development: The Seattle Experience| year=2013| last1=Delisle| first1=James| last2=Grissom| first2=Terry| journal=Journal of Real Estate Literature| volume=21| pages=25–57| url-access=subscription}}</ref> Additionally, mixed-use projects promote health and wellness, as these developments often provide better access (whether it be by foot, bicycle, or transit) to farmer's markets and grocery stores.<ref name="planning.org" /> However, hybrid metropolises, areas that have large and tall buildings which accommodate a combination of public and private interests, do not show a decrease in carbon emissions in comparison to metropolitan areas that have a low, dense configuration. This is possibly because hybrid metropolises are prone to attract car traffic from visitors.<ref>{{cite journal |last1=Zagow |first1=Maged |title=Does mixed-use development in the metropolis lead to less carbon emissions? |journal=Urban Climate |date=1 December 2020 |volume=34 |page=100682 |doi=10.1016/j.uclim.2020.100682 |bibcode=2020UrbCl..3400682Z |s2cid=224862707 }}</ref>
 
== Drawbacks ==
'''===Equity'''===
[[File:Vessel in Hudson Yards, 2021-10-02.jpg|thumb|"The[[Vessel (structure)|Vessel]]", -a Touristtourist attraction featuring interconnected staircases with viewing ledges in the mixed-use neighborhood of [[Hudson Yards (development)|Hudson Yards]], NY.New York]]
Due to the speculative nature of large scale real estate developments, mega-mixed-use projects often fall short on meeting equity and affordability goals. High-end residential, upscale retail, and [[Class A Office Space|Class A office spaces]] appealing to high-profile tenants are often prioritized due to their speculative potential.<ref name=":1" /> There is also a trend towards making residential spaces in mixed-use developments to be condominiums, rather than rental spaces. A study done by the [[Journal of the American Planning Association]] found that a focus on homeownership predominantly excludes individuals working in public services, trades, cultural, sales and service, and manufacturing occupations from living in amenity-rich city centers.<ref name=":6" /> Despite incentives like density bonuses, municipalities and developers rarely put a significant focus on affordable housing provisions in these plans.<ref name=":6" />
 
'''===Financing'''===
 
Mixed-use buildings can be risky given that there are multiple tenants residing in one development.<ref name=":2" /> Mega-mixed-use projects, like [[Hudson Yards (development)|Hudson Yards]], are also extremely expensive. This development has cost the City of New York over 2.2 billion dollars.<ref name=":4">Fisher, B and Leite, F. (2018) “The Cost of New York City’s Hudson Yards Redevelopment Project.” Schwartz Center for Economic Policy Analysis and Department of Economics, The New School for Social Research, Working Paper Series 2018-2. http://www.economicpolicyresearch.org/images/docs/research/political_economy/Cost_of_Hudson_Yards_WP_11.5.18.pdf</ref> Critics argue that taxpayer dollars could better serve the general public if spent elsewhere.<ref name=":4" /> Additionally, mixed-use developments, as a catalyst for economic growth, may not serve their intended purpose if they simply shift economic activity, rather than create it. A study done by Jones Lang LaSalle Incorporated (JLL) found that "90 percent of Hudson Yards' new office tenants relocated from Midtown."<ref name=":4" />
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==Examples of cities' mixed-use planning policies==
=== Australia ===
[[File:Ann Street, Fortitude Valley, Brisbane.JPG|thumb|Mixed-use developments in [[Fortitude Valley, Queensland|Fortitude Valley]], Queensland]]
The first large-scale attempt to create mixed-use development in Australia was the [[Sydney Region Outline Plan]], a plan that identified [[Sydney]]'s need to decentralise and organise its growth around the metropolitan area. Its main objective was to control the city's rapid post-war population growth by introducing growth corridors and economic centres that would help prevent uncontrolled sprawl and the overuse of the car as a means of transport <ref name="srop">{{cite book |author=State Planning Authority |title=Sydney region outline plan 1970–2000 A.D.: a strategy for development |publisher=[[Government of New South Wales]] |year=1968 |___location=Sydney}}</ref><ref>{{Cite web |last=Gentin |first=Michael |title=ALL MIXED UP: A Critical Analysis of Mixed Use |url=https://www.be.unsw.edu.au/sites/default/files/upload/pdf/schools_and_engagement/resources/_notes/5A3_28.pdf |archive-format= |access-date=20 June 2024 |website=unsw.edu.au |page=29 |format=PDF}}</ref> Several city centres such as [[Parramatta]] or [[Campbelltown, New South Wales|Campbelltown]] benefited from these policies, creating economic hubs with his own inner-city amenities along Sydney's main thoroughfares.<ref name="srop" />
 
Subsequent plans complemented the initial one with new policies focused on economic and urban renewal issues. In particular, the 1988 Plan was designed in collaboration with a transport strategy and was the first to recommend higher development densities.<ref>{{Cite web |title=A Metropolis of Three Cities |url=https://www.planning.nsw.gov.au/sites/default/files/2024-04/greater-sydney-region-plan.pdf |website=planning.nsw.gov.au |publisher=Greater Sydney Commission |page=28}}</ref> Since then, Australian planning authorities have given greater priority to mixed-use development of inner-city industrial land as a way of revitalising areas neglected by the decline in manufacturing, consolidating and densifying the previously underpopulated urban centres.<ref>{{Cite web |last=Grodach |first=Carl |last2=Gibson |first2=Chris |last3=O'Connor |first3=Justin |date=2019-08-25 |title=Three ways to fix the problems caused by rezoning inner-city industrial land for mixed-use apartments |url=http://theconversation.com/three-ways-to-fix-the-problems-caused-by-rezoning-inner-city-industrial-land-for-mixed-use-apartments-121566 |access-date=2024-06-19 |website=The Conversation |language=en-US}}</ref><ref>{{Cite web |last=Baker |first=Emma |last2=Lange |first2=Jarrod |last3=Coffee |first3=Neil |date=28 September 2016 |title=Density, sprawl, growth: how Australian cities have changed in the last 30 years |url=http://theconversation.com/density-sprawl-growth-how-australian-cities-have-changed-in-the-last-30-years-65870 |access-date=19 June 2024 |website=The Conversation |language=en-US}}</ref> This new urban planning approach has had a significant impact on the use of land parcels in major Australian cities: according to 2021 data from [[Australian Bureau of Statistics]], mixed zoning already suppose more than 9% of new housing approvals.<ref>{{Cite web |date=15 June 2022 |title=Land and Housing Supply Indicators, 2022 |url=https://www.abs.gov.au/statistics/industry/building-and-construction/land-and-housing-supply-indicators/latest-release |access-date=19 June 2024 |website=www.abs.gov.au |language=en}}</ref>
 
=== Canada ===
One of the first cities to adopt a policy on mixed-use development is [[Toronto]]. The local government first played a role in 1986 with a zoning bylaw that allowed for commercial and residential units to be mixed. At the time, Toronto was in the beginning stages of planning a focus on developing mixed-use development due to the growing popularity of more social housing. The law has since been updated as recently as 2013, shifting much of its focus outside the downtown area which has been a part of the main city since 1998. With the regulations in place, the city has overseen the development of high-rise condominiums throughout the city with amenities and transit stops nearby. Toronto's policies of mixed-use development have inspired other North American cities in Canada and the United States to bring about similar changes.<ref name=":6">{{Cite web|url=https://uwaterloo.ca/environment/sites/ca.environment/files/uploads/files/planning_for_mixed_use_affordable_for_whom.pdf|title=Planning for Mixed Use: Affordable for Whom?}}</ref>
 
One example of a [[Toronto]] mixed-use development is Mirvish Village<ref>{{cite web | last=Hume | first=Christopher | date=2015-03-20 |title=Honouring his parents at Honest Ed's site | url=https://www.thestar.com/life/homes/2015/03/20/honouring-his-parents-at-honest-eds-site.html?fb_ref=Default |work=The Star |access-date=2019-11-25}}</ref> by architect [[Gregory Henriquez]]. Located at [[Bloor Street|Bloor]] and [[Bathurst Street (Toronto)|Bathurst Street]], a significant intersection in Toronto, portions of the Mirvish Village project site are zoned as "commercial residential" and others as "mixed commercial residential.".<ref>{{cite web | date=2017-03-17 |title=Honest Ed's and Mirvish Village | url= https://www.toronto.ca/legdocs/mmis/2017/te/bgrd/backgroundfile-102235.pdf |work=City of Toronto | access-date=2019-11-25 | pages=26}}</ref> Within the City of Toronto's zoning by-laws, commercial residential includes "a range of commercial, residential and institutional uses, as well as parks."<ref>{{cite web | date=2019-07-15 |title=By-law No 569-2013 | url= https://www.toronto.ca/wp-content/uploads/2018/07/97ec-City-Planning-Zoning-Zoning-By-law-Part-1.pdf |work=City of Toronto Zoning By-law | access-date=2019-11-25 | pages=6}}</ref> Mirvish Village's programmatic uses include rental apartments, a public market, and small-unit retail,<ref>{{cite web | last=Bozikovic | first=Alex | date=2015-03-05 |title=Redevelopment of Honest Ed's in Toronto holds several surprises | url=https://www.theglobeandmail.com/news/toronto/redevelopment-of-honest-eds-in-toronto-holds-several-surprises/article23274452/ |work=The Globe and Mail |access-date=2019-11-25}}</ref> while also preserving 23 of 27 heritage houses on site.<ref name="Bozikovic">{{cite web | last=Bozikovic | first=Alex | date=2018-05-17 |title=Honest Ed's redevelopment shows what it takes to make a Village | url=https://www.theglobeandmail.com/news/toronto/honest-eds-redevelopment-shows-what-it-takes-to-make-a-village/article34131651/ |work=The Globe and Mail |access-date=2019-11-25}}</ref> The project is notable for its public consultation process, which was lauded by Toronto city officials.<ref name="Bozikovic"/> Architect [[Gregory Henriquez|Henriquez]] and the developer had previously collaborated on mixed-use projects in [[Vancouver]], [[British Columbia]], including the successful [[Woodward's Building|Woodward's Redevelopment]].<ref>{{cite web | last=Bula | first=Frances | date=2010-01-04 |title=From slum to new urban mix | url=https://www.theglobeandmail.com/real-estate/from-slum-to-new-urban-mix/article569880/ |work=The Globe and Mail |access-date=2019-11-25}}</ref>
 
=== United States ===
[[File:Pearldistrict.jpg|thumb|261x261px|Mixed-use spaces developed in Portland, Oregon]]
In the United States, the [[United States Environmental Protection Agency|Environmental Protection Agency]] (EPA) collaborates with local governments by providing researchers developing new data that estimates how a city can be impacted by mixed-use development. With the EPA putting models in the spreadsheet, it makes it much easier for municipalities, and developers to estimate the traffic, with Mixed-use spaces. The linking models also used as a resource tool measures the geography, demographics, and land use characteristics in a city. The Environmental Protection Agency has conducted an analysis on six major metropolitan areas using land usage, household surveys, and GIS databases. States such as California, Washington, New Mexico, and Virginia have adopted this standard as statewide policy when assessing how urban developments can impact traffic. Preconditions for the success of mixed-use developments are employment, population, and [[consumer spending]]. The three preconditions ensure that a development can attract quality tenants and financial success. Other factors determining the success of the mixed-use development is the proximity of production time, and the costs from the surrounding market.<ref>{{Cite web|url=https://www.epa.gov/smartgrowth/mixed-use-trip-generation-model|title=Mixed-Use Trip Generation Model|date=2013-04-28}}</ref>
 
====Portland====
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==== Hudson Yards, NYC ====
This[[Hudson Yards (development)|Hudson Yards]] project is also the US's largest project to ever be financed by TIF ([[tax increment financing]]) subsidies. It did not require voter approval, nor did it have to go through the city’scity's traditional budgeting process. Rather, the project is financed by future property taxes and the [[EB-5 visa|EB-5 Visa]] Program.<ref name=":4" /> This program provides VISAs to overseas investors in exchange for placing a minimum of $500,000 into US real estate.<ref>Capps,{{Cite K.news (|date=2019, April -04-12). |title=The HiddenWorst HorrorThing ofAbout Hudson Yards IsIsn't Howthe ItArchitecture Was Financed.|language=en |work=Bloomberg CityLab.com Retrieved October 12, 2021, from |url=https://www.bloomberg.com/news/articles/2019-04-12/the-visa-program-that-helped-pay-for-hudson-yards. |access-date=2023-11-09}}</ref>
[[Hudson Yards (development)|Hudson Yards]] is the largest private real estate development in the history of the United States.<ref name=":7">{{Cite web|date=2021-04-30|title=COVID-19 Pandemic Accelerates Mixed-Use Development Trends|url=https://www.beckgroup.com/beck-think/covid-19-accelerates-mixed-use-trends/|access-date=2021-11-11|website=The Beck Group|language=en-US}}</ref> The project commenced in 2005 when the [[New York City Council]] approved the rezoning of the district from low-density manufacturing to high-density mixed use.<ref name=":4" /> The once deteriorated piers, located on the West Side of Midtown, are being refashioned into commercial office space, a mix of affordable and luxury housing, restaurants and retail space, a high-end [[Equinox Group|Equinox]] hotel and fitness center, and multiple public parks. Set to be completed in 2024, the development is expected to accommodate 125,000 workers, visitors, and residents daily.<ref name=":7" /> [[The Related Companies|Related Companies]] and [[Oxford Properties]] are the primary developers on this plan.<ref name=":7" />
 
This project is also the US's largest project to ever be financed by TIF ([[tax increment financing]]) subsidies. It did not require voter approval, nor did it have to go through the city’s traditional budgeting process. Rather, the project is financed by future property taxes and the [[EB-5 visa|EB-5 Visa]] Program.<ref name=":4" /> This program provides VISAs to overseas investors in exchange for placing a minimum of $500,000 into US real estate.<ref>Capps, K. (2019, April 12). The Hidden Horror of Hudson Yards Is How It Was Financed. Bloomberg CityLab. Retrieved October 12, 2021, from https://www.bloomberg.com/news/articles/2019-04-12/the-visa-program-that-helped-pay-for-hudson-yards.</ref>
 
==See also==
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* [[Main Street]]
* [[New Urbanism]]
* [[Pedestrian village]]
* [[Principles of Intelligent Urbanism]]
* [[Public space]]