Like the residential real estate market in New York City, the commercial real estate industry has shown signs of optimism going into 2017. It may be seen both in the purchase of old facilities to make new ones, and in the reconditioning of such buildings to make room for office, retail and residential spaces.
With this in mind, it would seem that just about any new mixed use project is primed to be a money maker, but the reality is that some projects may fail despite the promise and work that goes into them. Because of this, developers and investors must consider a number of factors before embarking on a proposed development.
We will highlight a few of them through this post.
Think about proper retailers – The key to a mixed use property is to bring in many types of people for different purposes. Shopping is very important, so the building and the location must be palatable for retailers as well as their customer base.
Consider the foot traffic that is expected – The closer the venue is to stations where groups of people can easily reach it, the more likely it will be that the venue will be successful.
The type of community – The retailers in a proposed development must offer a distinguishable shopping experience while reflecting the spending habits and culture of the community.
The advice of an experienced real estate attorney can help in ensuring that contracts have the proper language to protect your legal interests while achieving the goals enumerated in these factors.