The real estate industry is constantly evolving, leading to diverse trends and patterns. In the opinion of Joe Cianciotto, one trend that has become exceedingly popular is mixed-use developments. Such developments facilitate the creation of convenient, walkable communities. Mix-used projects allow residents to live, shop, work, and socialize within the development, thereby cutting travel times and improving quality of life.  Mix-used properties have particularly emerged as an advantageous trend for developers as they help maximize land use and promote sustainable building practices. Developers are able to increase revenue streams while reducing risk through diversification by combining different property types in a single project.

Joe Cianciotto sheds light on some of the benefits associated with mixed-use developments

Urban spaces are gradually evolving, which makes mixed-used developments an attractive option for investors. They tend to combine residential, commercial, recreational, and at times even industrial uses within the same development. This provides diversification and resilience, as well as makes the property highly appealing to the tenants. 

Even though the concept of mixed-use developments is not new, it is steadily growing in popularity and is likely to play a critical role in the future of real estate. Such developments differ on the basis of varying designs and layouts. Depending on multiple variables, like the availability of space, mixed-used developments can be vertical or horizontal.  Vertical mixed-use developments are generally designed to have facilities like retail stores, gym, restaurant and coffee shop on ground level and multifamily units on top. Horizontal mixed-use developments, on the other hand, include multiple single-use properties, usually the ones that serve complementary functions. Horizontal mixed-use developments are especially common in suburban areas, where there is more space.

There are a number of benefits associated with mixed-use developments, including:

• Enhanced convenience:  The convenience they provide to the residents and workers is among the primary advantages of mixed-use developments. As they have amenities like restaurants, offices, retail stores, entertainment venues, and more within walking distance, residents are able to enjoy a more walkable lifestyle. This helps lower the reliance on cars and promotes a sense of community.
• Economic viability:  From the perspective of a developer, mixed-use developments can be quite financially lucrative. Diversifying multiple types of properties within a single project allows developers to appeal to a broader range of tenants and investors. This helps spread their risk and increase the odds of profitability.
• Increased social interaction: Mixed-use developments tend to foster improved social interaction and a sense of belonging among residents. They often feature shared spaces like communal gathering areas, plazas and parks, which enables such developments to promote a vibrant street life. They help facilitate connections between people from diverse backgrounds.
• Environmental sustainability: Concentrating multiple functions and facilities within a compact urban footprint would help reduce urban sprawl, as well as the associated environmental impacts. Mixed-use developments typically encourage diverse types of sustainable modes of transportation like biking, walking, as well as the use of public transit, which plays a key role in mitigating traffic congestion and lowering carbon emissions.

In the opinion of Joe Cianciotto, mixed-use developments are generally quite user-friendly by design, and have sustainability and technology at the core of it.