Mixed Use Overview in Philadelphia
The state of Philadelphia has a prime history in various forms of architecture with many properties dating as far back as the 1800s. While Philly is recognized for its exceptional rental departments and skyscraper office blocks, it also possesses multiple mixed used properties in urban settings that remain prominent and functional today.
Changes in economic conditions and unpredictable markets have made property developments increasingly expensive. The high demand and minimal supply makes the need for building space for tenants, offices and entertainment or institutional purposes necessary. More residents and professionals are in search of rentals while developers are looking to maximize their investment potential.
Philadelphia includes top mixed use projects to transform the manner in which property is used in highly trafficked and city living zones. A prominent example of a successful multi-functional property is the FMC Tower at Cira Center South. This impressive building stands at a 49 story height and offers residential suites, fitness areas, a swimming pool, health spa, offices and conference rooms.
Many projects involving multi-use buildings are underway from the Curtis Center to the Lincoln Square with the purpose of creating residential and office suites. The Lincoln Square aims to create apartment blocks with additional parking and retail services. Such developments in Philly have become a modern take on maximizing the functionality of properties and creating more economical solutions in attractive urban settings.
Philadelphia has invested in the renovation of older buildings in the city center to expand upon its use and purpose while breathing new life into promising community areas. The purpose of combining retail, hotel, office and residential living is to improve the appeal of the environment and attract greater investment potential and property returns. The higher the demand and ability to meet this demand can provide property developers with exceptional returns and future possibilities.
Rates of Return to Expect in the Mixed Use Sector
According to quantity surveyors, the purpose of developing mixed use properties is to create a more efficient way of living or conducting business. Consumers favor convenience and having modern amenities within reach makes the building more efficient, transport economical and creates a more relaxed way of living. The secret to achieving such goals is the conversion of many outdated buildings or properties that have not achieved its full potential to be converted into its mixed use operation.
A mixed use center in Philadelphia can be an incredibly valuable investment with the right choice of services, choice of tenants and the location of the building. The projects that have been completed and future mixed use tasks focus on a combination of modern living with functionality, combining residential with commercial, retail and medical facilities. These amenities are easily accessed by the residents making it convenient and favorable.
The value in the mixed use sector is dependent on variety it offers from accessible clinical services to entertainment and retail. While the rate of return on these multi-functional developments can prove positive and favorable, the building must be modernized, offer secure parking, and the right choice of tenants make for a successful combination. It is important to note that selling a mixed development in Philadelphia is selling a lifestyle to the city goer and independent urban tenant.
Zoning for Mixed Use in Philadelphia
Philadelphia has issued a new zoning regulation but there are still restrictions within these codes that must be addressed to facilitate efficient and successful project development. The building associations in Philly have recognized the expansive number of residential properties and the need to combine the commercial and apartment sectors to create a bustling and lively community. The businesses in the popular areas provide economic support and solutions and integrating these with tenants make for successful property developments.
The city updated its zoning regulations in 2012 to facilitate the transformation of property into commercial and residential. The purpose of such mix-use zoning laws is to remove the often complex, lengthy and unnecessary case assessments that simply delay important project developments. While the zoning codes for commercial mixed used have been met with some criticism from industrial building owners, there is potential for a valuable investment and incredible future returns.
Ricardo Silva and Mixed-Use Properties in Philadelphia
Mixed use properties combine commercial, residential, institutional or other related purposes properties. These multi-purpose units have become increasingly popular and with its range of in-demand features, building developments for such functions are expected to rise leading to greater numbers of successful mixed use buildings. Ricardo Silva knows Philadelphia like the backs of his hand and he can help you assess your potential investment and increase your opportunities to multiply your assets. Ricardo’s great expertise in the industry of hotels, offices, residential properties and retail is the perfect combination to guarantee the success of your investment.