Today’s consumers in Israel, as well as the United States, choose to spend more on their quality of life, over buying things. In the past few years, the whole concept of shopping has gone through some changes, shifting its focus from owning things to acknowledging new ideas. Online shopping and e-commerce redesigned consumer behaviors, which was eventually implicated in the development of residential and commercial real estate projects. As one of the key drivers of economic growth, consumerism made retailers rethink their real estate needs. Not so long ago, the idea of living in an urban environment and walkable communities wasn't really popular. In fact, only a decade ago, most people were against this idea, which is why they were choosing the suburbs over downtown.
Modern generations, on the other hand, want to live, work, play and shop, all in one place. Haysha Deitsch is a real estate developer with a main focus on mixed-use developments. Over the years he has managed not only to meet, but surpass his client’s expectations. Located in some of New York City’s prime locations, his mixed-use projects include everything from hotels and offices to parks and shops, all on a few acres or within the same building.
Mixed-use projects are equally convenient for both young and old people. They are a common sight in cities like New York, Boston, and Miami, where the appeal of urban living is especially popular among new waves of prosperous generations. Mixed-use projects add vitality to urban areas and represent a productive use of space, which offers multiple opportunities. Deitsch has worked on some of NYC's most successful mixed-use projects. As he explains, the real challenge is to find a viable project and locate it in a market where the demand has not been met. Mixed-use projects are great for building efficiency and energy efficiency, as well as for enlivening the community. This urban component keeps the place vital and occupied 24 hours a day. For an experienced developer and member of the USGBC like Haysha , this particular aspect of mixed-use buildings is a great opportunity.
In the long run, mixed-use developments have real value. Owners are especially appealed by sustainable and green efforts which can save them money and draw more renters. When it comes to choosing sustainable systems and materials, Haysha warns to be careful and ensure that the return on investment is worth it. Around these days we even see more and more developers bringing mixed-use facilities to suburban areas, proving that they can work outside of city centers. Regardless whether it is downtown or in a suburban area, the best way to evaluate a potential mixed-use project is by testing whether it is a good location for the commercial project.
The compact, efficient land use of mixed-use developments, provides residents with the opportunity for short commutes to work and convenience shopping. While developing such projects, it is important to match local development goals and create economic opportunities, regardless whether it is a small or large community. This increasingly popular trend of mixed-use developments is helping boost local economies, providing valuable employment opportunities, and revitalizing communities. Mixed-use developments are in fact old concepts, and we are now simply rediscovering their value.