Defining Mixed-Use Developments
Mixed-use developments are much more than an industry buzz word, they are a growing trend across the current real estate landscape. The concept is really a new way of life, one that can positively impact residents, neighbors and the whole community. Here is a breakdown of how multi-purpose spaces are being used across Lupoli Companies’ properties and business practices.
The true definition of a mixed-use development is simple. It is a live-work-play destination. To take it a step further, it is an urban development strategy blending residential, commercial, cultural, institutional and/or entertainment uses to create an area where those functions and services are physically and functionally integrated.
These developments all share a unique advantage, the buildings are in use more hours by more people than a single structure. By incorporating office and residential along with retail into a single project, everyone can benefit. Residents can typically walk or bike to run their errands, grab a bite to eat or even go to work. While retailers enjoy increased customer traffic flow from those who live and work so close to their businesses.
There are three different types of mixed-use developments. Horizontal consists of several single-use buildings clustered together in a campus environment to provide a variety of complementary and integrated uses that are all walkable. A great example of this is Lupoli Companies’ Riverwalk in Lawrence, where many mill buildings have been revitalized for a distinct urban innovation district in a live, work, play environment. The Vertical version combines all of these uses within the same building, for example you may find retail shops, restaurants and commercial businesses on some floors with private residences on others, like Thorndike Exchange and The Heights at Haverhill. The last style is called Walkable and it incorporates all of the above, both horizontal and vertical buildings grouped together within a 10-minute walking distance—once The Pavilion is added to Riverwalk, it will transform our current horizontal model into this walkable one.
Lupoli Companies reflects CEO Sal Lupoli’s vision for an innovative and adaptive approach that is helping to shape the future of mixed-use developments in Gateway Cities across Massachusetts. Click here to get an update on recent and on-going projects across their business portfolio.