Mixed-use development: Difference between revisions

Revision as of 21:05, 26 June 2023

Revision as of 02:55, 2 July 2023

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'''Economic'''

Mixed-use developments are home to significant employment and housing opportunities.<ref name=":1">{{cite journal| url=https://doi.org/10.1177/875697281704800607}}</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, B. (n.d.). Advantages and disadvantages of mixed-use development. Gaebler.com Resources for Entrepreneurs. Retrieved October 3, 2021, from <nowiki>https://www.gaebler.com/Advantages-And-Disadvantages-Of-Mixed-Use-Development.htm</nowiki>.</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: {{doi|10.1080/13658816.2017.1410549}}</ref>

'''Social'''

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'''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. <nowiki>http://www.economicpolicyresearch.org/images/docs/research/political_economy/Cost_of_Hudson_Yards_WP_11.5.18.pdf</nowiki></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" />

'''Aesthetics'''

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[[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 <nowiki>https://www.bloomberg.com/news/articles/2019-04-12/the-visa-program-that-helped-pay-for-hudson-yards</nowiki>.</ref>

==See also==