Dive Brief:
- A 64-story, mixed-use skyscraper in Los Angeles has entered the planning phases and could break ground as early as 2019, according to Curbed Los Angeles. Proposed by developer Brookfield Properties, the Los Angeles Department of City Planning said construction could finish in 2023.
- The development, located near the FIGat7th shopping center, will include 781 residential condominiums and 6,700 square feet of retail space. In addition to some private amenities for residents, the project's public space will include an outdoor plaza that could add seating for a potential restaurant.
- Another developer recently filed plans to build a 43-story building nearby that will include 436 rental units and 10,000 square feet of commercial space.
Dive Insight:
Mixed-use developments are springing up across the nation's landscape. Some, like this proposed tower in Los Angeles and a 39-story tower in Atlanta, are more modest in their proposals than others, boasting residential condos, resident amenities, commercial space and parking in the lower levels.
Other mixed-use developments are more robust, such as the recently announced $700 million supertall in Chicago. Topping out at 1,011 feet, the 76-story structure will have nine stories of restaurant, retail and office space, in addition to other amenities. The remaining floors will house luxury apartments and condominiums.
Purdue University is undergoing a mixed-use project it estimates could take up to 20 years to complete. Dubbed a self-contained "live-work-play" community, the $1.2 billion, 450-acre development is set to include university housing, a hotel, a convention center and an innovation hub. The development would allow pieces of Purdue’s innovation-to-commercialization programs to exist under the same roof, in addition to including leased space for venture capital firms, according to the Journal & Courier.
Appealing to commercial and residential clientele alike, the two markets tend to complement each other in their offerings and ability to attract the other one. Fortune Builders notes that the mixed-use developments, in turn, are on the rise due to their wider exposure to foot-traffic, more efficient property management, existing amenities, decreased risk and walkability or proximity to transportation.
