What is considered a mixed use property?
What is a Mixed-Use Property or Development? Mixed-use properties or developments combine residential and non-residential buildings. It can be a single building, several buildings, or an entire neighborhood. Mixed-use properties can include restaurants, gas stations, retail stores, multifamily housing, parks, and more.
What does mixed use mean in real estate?
In its simplest form, mixed use property combines two or more types of real estate, such as retail and residential, or office and industrial in a pedestrian-friendly setting. By combining different property types, developers and landlords are able to better serve both the businesses and residents who occupy the space.
Which best describes a mixed use property?
Mixed-use property means property on which will exist, after completion of residential construction work or a combination of residential construction work and commercial construction work, a building or structure used for both residential and commercial purposes.
What are the benefits of mixed use development?
Provides more housing opportunities and choices. May increase affordable housing opportunities. Enhances an area’s unique identity and development potential (e.g., village centers, locations near bike paths, or “gateway” areas that announce a community’s strengths) Promotes pedestrian & bicycle travel.
Why is mixed land use important?
Mixed Land Uses: A mix of commercial, business and retail uses reduces the need for people to travel. Mixed use areas can then be pedestrian friendly as space is not needed for cars. … Compact building design also allows more open space to be preserved for recreation, storm-water mitigation and places for nature.