Mixed-use developments are popping up all over the country and their popularity has grown substantially in recent years. These developments are unique in that they offer shopping, business offices, and residential spaces in a single location. Here are several benefits associated with mixed-use developments.
The design of mixed-use communities encourages people to walk instead of drive. These communities are walkable and therefore increase the likelihood that people will walk as a form of exercise. In fact, most people have shown that if possible, they would rather walk than drive to their destinations. Mixed-use developments help grant this wish and lead to healthier choices.
Greater tax revenue
The density of mixed-use properties provide municipalities with increased tax revenue. This benefit is particularly true if the former property was a vacant lot. In fact, there are estimates that suggest that the tax revenue of mixed-use developments are 10 times greater than that of traditional developments.
This type of construction takes up less space than more traditional designs for residences and shopping, which are normally separated with empty space in between. In addition, mixed-use designs preserve open space while also protecting historic areas. The reduced sprawl also has a positive impact on the environment because it reduces the need for a car.
Ideal way to revitalize a city
Some cities have areas that are filled with blight and boarded up buildings that no one has used in years. Mixed-use developments can assist municipalities in revitalizing these areas and turning them into pleasant spaces that people want to visit. This development can transform an area and turn a once undesirable space into a beautiful reflection of a city and its people.
Encourages community and economic growth
Because mixed-use developments allow people to live, work, eat, and shop in one place, there is a greater sense of community. This type of symbiotic relationship is also great for the economy and produces a vibrant commerce center.
Indeed, mixed-use properties offer a plethora of unique benefits. Not only do mixed-use developments offer health advantages, but they also offer economic and social advantages as well. Municipalities can greatly increase tax revenue while also revitalizing areas that have been overcome with blight. Mixed-use properties will likely continue to be a popular trend in the construction of commercial and residential spaces throughout the world in the upcoming years.