Multi-Use Is New Los Angeles Real Estate Trend: Partners Trust Podcast #9by Dane Findley on June 21, 2010
Organizations across the country in charge of revitalizing historic downtown areas are re-embracing the concept of the mom-and-pop storefront. Only, they’re not called “mom-and-pops” anymore. They’re called “multi-use,” and these new residences are being zoned for “live/work.”
A key component in a city’s strategy to combating sprawl is to infuse the oldest areas of its communities (often the main streets and downtown neighborhoods) with new charm, by making these areas more pedestrian-friendly, more vertical, and restoring the “common areas,” such as nearby parks or walking trails.
Often, new developments in these areas have Green, eco-friendly building elements, and are sold as either lofts with attached street-level artist studios, or, house-in-back-with-storefront-in-front property concepts.
Buyers of these spaces tend to be entrepreneurs, artists, or small-business owners, who either:
~ relocate an existing business and save money by combining residential and commercial spaces
~ launch a new business in a more affordable way than if they rented an additional commercial space
~ use the “extra” part of the property as an amazing home office
~ in fact, because of the zoning options, such properties (including the “main house”) can be either all commercial, all residential, or both.
Vertical-living seems like a logical outcome for urban areas, particularly downtown LA, and even the Westside of Los Angeles, where “they’re not making anymore land,” and what land is available between the 405 freeway and the Pacific ocean is, well, finite.
Podcast #9 – Listen Now
What am I missing? Please share with me your own thoughts on new real estate trends, multi-use zoning, and vertical living, in the comments section below.