Mixed-Use Developments Boon Or Bane?
Las Vegas real estate developers are turning to mixed-use developments to combat the high cost of land and its effect on the affordability of homes for Las Vegas. Real estate developers are also turning to other ideas
- increasing the residential density,
- reducing lot sizes to 4000 sq feet for tract homes and
- turning to mid-rise and high-rise blocks of apartments instead of the single-family homes which were the norm a few year ago.
The mixed-use developments are offering residential, retail and office space within a location which allows for the residents to shop and even work in the same area.
These projects in suburban locations, are offering home buyers maintenance-free lifestyle opportunities according to Peter Dennehy in a report from the Sullivan Group.
For example two mixed-use developments include the Carina Corp's 40-acre Village at Centennial Springs is a mixed-use project in the northwest valley. Diversified Real Estate Group started work on the 50-acre Urban Village on Las Vegas Boulevard South, and The Curve is planned on 47 acres in Southwestern Las Vegas.
Though mixed-use projects are catching up they are a lot of complex issues associated with such projects. Residential, office and retain spaces have their challenges and opportunities. There are different zoning laws and rules applicable to each.
Right now there is no law specific to mixed-use developments and developers are using the loop holes in the law to exploit non-residential purpose land for residential use to cater to the increasing demand for homes.
0 Comments:
Post a Comment
<< Las Vegas Homes News