20/07/2021
Now that you have envisioned your multiple use, multifunctional and multipurpose mixed use development.
You may ask yourself... What are the benefits of developing your property in this manner?
So... Let's start with the obvious economic and/or investment benefits, which include:
1. Economic viability
- Where having multiple uses on one property allows for multiple revenue producing uses. This means that you have varied options when it comes to potential investor buy-in, not only this, but the multiple land uses attract and serve multiple stakeholders. In this COVID19 economic climate, having flexible investment options is most definitely a benefit.
- Some Municipalities also provide a tax rebate for developing higher more compact densities, especially within the Central Business District (CBD) that means money back in your pocket. I think we can all say... Yes to that!
Then we have the cost of developing, which includes:
2. Cost of infrastructure
- Because of the high density and compact nature of your envisioned development, another benefit is a decrease in the cost of infrastructure. This is not only for the Municipality but also for the developer. Instead of using millions to connect to and to develop infrastructure far from your desired development, mixed use developments allow for the use of already existing infrastructure, optimization of this infrastructure for the benefit of your development.
Not forgetting the overall community vs development benefits, which include:
3. Sustainability
- Creating a sustainable environment, where, economic, social and environmental activities operate in an integrated manner.
For example, because land uses are in one space, a healthy, vibrant, walkable environment is created and maintained.
Usually mixed land uses are located in areas that are close to public transport facilities, therefore convenient transit linkages are created and maintained.
Having multiple land uses in one space means that being in close proximity to places of interest is increased (such as employment opportunities, public/social services and recreational facilities are located close to eachother).
Ultimately, the goal for mixed use developments is to create an environment where people can work, live and play. And where everyone benefits.