Washington Prime's 43-Acre Sale Deal Near LA Shows Added Lure of Mixed Use for Malls
In an article published by CoStar on November 18, Partner Matthew Kramer is quoted discussing mall redevelopment in the post-COVID era.
Even before the onset of COVID-19, mall owners were looking to alternative uses for their properties in response to the rise of e-commerce sales. Now, with the pandemic intensifying the e-commerce trend and reducing foot traffic in malls, the strategy is being considered with additional incentive.
"Mixed-used redevelopment of existing malls into work, live and entertainment destinations is not just a roadmap for survival but for success," Kramer said. "While the technique has been in use for some time, the redevelopment of malls into multiuse, walkable developments will become common. At the same time, I don't think every mall will be able to be saved."
As mall owners explore mixed-use opportunities, many are developing new and innovative methods of maximizing the value of their real estate assets.
"Malls where mixed-use redevelopments work best are generally considered in the industry to be properties with transportation infrastructure in place and easy access via roads or rails," Kramer said. "It helps to be close to city centers where there is population density."
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