New Urbanism Building Properties
// October 1st, 2009 // Real Estate
Are we in the midst of a downtown Renaissance? Thomas Jaekel, managing director of Wrightwood Capital based in Chicago, thinks so. “There’s a trend toward movement back into the city, with old neighborhoods being rediscovered,” he says. “In these instances, the combination of high density and land costs makes mixed use a more economic solution for developers.” He adds that mixed-use building properties not only apply downtown, but also appeal to suburban dwellers who desire a more urban setting within their smaller communities. If you’re looking to invest in real estate, you should definitely look into the “new urbanism” concept as you decide which buildings to buy.
One group of people drawn to new urbanism properties are well-to-do baby boomers. They like the idea of comfortably aging in a resort-like setting, where they can do all their shopping, working and living in the same building. In Palm Beach, Florida, some luxury communities even incorporate fitness centers and Aveda spas into their beachfront condos. “We believe there is going to be a great demand right now for these properties,” says Creative Choice Group President Dilip Barot, who is working on just such a real estate investment property. “More affluent people are getting interested in wellness and there are more people willing to live this lifestyle.”
Another demographic for mixed-use building properties is the echo boomers; the children of baby boomers. Many of their parents initially fled to the suburbs but the echo boom cohort is looking to be right in the center of the action. “Echo boomers want to live in a 24/7 environment with a walking lifestyle versus suburban sprawl,” explains Thomas Jaekel of Wrightwood Capital. This crowd is not only concerned about reducing their carbon footprint and energy consumption, but they’re also attracted to social gathering hotspots — restaurants, bars, pubs and concert halls. People looking to invest in real estate need to look toward future generations of home buyers to hedge their bets.
For building properties to be eligible for new urbanism, they must meet several criterions. First, they must be walkable: the community must be able to arrive easily and without hassle (otherwise they’ll go somewhere else). Second, they must contain diversity. In order for a school to function, there must be teachers, cooks, janitors and school bus drivers all able to walk to work. Third, these communities must be compact, as new urbanism should be the anti-thesis of “suburban sprawl.” The physical design must also be edgy and attractive on this USA property for people to want to spend a lot of time there, which is why some of the world’s top designers are being called in to work on these projects and much green space is being incorporated into the design.
Jeremy Larson is a foremost expert in the acid reflux remedy field. His work has been extensively published in various online publications in the areas of acid reflux remedy. For more information on the treatment, visit remedyforacidreflux.com.
