Where are developers building new retail?

In the suburbs, shift from malls to mixed-use

Dec.December 26, 2017 10:15 AM

Rendering of CityPlace in Doral

Developers in the suburbs continue to build retail despite the sector’s woes.

They’re just not building retail spots at big suburban shopping malls, the Wall Street Journal reported.

Housing developers and those with retail expertise are joining forces in places like Florida, Massachusetts and Arizona to build pedestrian-friendly retail adjacent to housing.

“The single biggest change is walkability,” said Steve Patterson, chief executive of Related Development LLC in Miami, which earlier this year opened a mixed-use project in Doral, Florida., that had 250,000 square feet of retail along with 700 residential units.

And some retail landlords are developing residential units or offices next to malls and shopping centers, which helps support foot traffic for retailers. But the expertise to pull off such projects can take years to build.

“It’s not something you decide on a Friday and execute on a Monday,” Federal Realty West Coast president Jeff Berkes said. “It’s not always easy and it’s not always perfect.” [WSJ]Rich Bockmann

Related Articles

Brookfield Asset Management CEO Bruce Flatt

“We underwrite every investment like we’re going to hit a recession”: Brookfield CEO

Kitopi CEO Mohamad Ballout (Credit: Kitopi and iStock)

“Smart” kitchen and delivery startup raises $60M for US expansion

Cadre founder Ryan Williams and Allen Smith

Cadre brings on former Four Seasons CEO as president

AKS Capital Partners Managing Partners Aaron Appel and Walker & Dunlop CEO Willy Walker

Walker & Dunlop acquires Aaron Appel’s AKS Capital Partners

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

As the years go by_A look back at 17 years of real estate history

A look back at 17 years of real estate history

Vornado CEO Steve Roth and 595 Madison Avenue (Credit: Google Maps and Getty Images)

Fendi, Berluti take over old Coach flagship at 595 Madison

From left: Authentic Brands Group CEO Jamie Salter, Simon Property Group CEO David Simon, and Forever 21 CEO Do Won Chang (Credit: Getty Images)

Forever 21’s biggest landlord could become its new owner