Live, work and play mixed use developments are an attractive real estate development option that has quickly become one of the most popular and economically successful types on the market today. It may even end up being the kind of place you want to live! Are these development models the future of real estate?
What Are Live, Work and Play Mixed Use Developments and Facilities?
Ages ago, communities didn’t have large residential, commercial, and industrial sectors. Rather, everything inhabited the same space. The concept of these communities was common during Ancient Roman and Medieval times, when people would not only live in a building, but would work there as well.
During these times, people would provide manufacturing and service industries right from the comfort of their homes. Today, we’re getting back to that idea. The change to a more service-based economy in modern times, such as writing online content or cutting hair, eliminates the need for a large workshop. It allows people the chance to enjoy facilities that create a small office out of which they can operate.
The modern concept focuses on providing living areas with places to work, including office centers and computer rooms. Sometimes a community shares these areas, such as in an apartment complex. The benefits are obvious as people can work from home without having to travel far to get to work.
In our more modern “fun-oriented” society, the concept of play also influences these living areas.
Play Is Crucial in These Mixed Community Settings
The idea of concentrating work and living environments may not be that new, but the idea of placing entertainment options there is a bold step. It helps make the facility more enjoyable for its residents. In addition, these high-quality options for fun may even attract investors. Types of entertainment options standard in these facilities include:
● Arcade centers
● Stores for shopping
● Exercise areas
● Small theaters
● Pools and sauna areas
● Bars and restaurants
These entertainment options help provide an environment that will attract more potential residents. It also increases the price of purchase or rent there, making it a higher-paying investment for the average real estate buyer. Think of these centers as an amenity that intrigues customers and makes them choose your property. Like apartments with car ports or washers and dryers, those with entertainment and work options are more attractive and demand higher prices from wealthier and more successful potential clients.
The Other Ways Live, Work and Play Mixed Developments Benefit Investors
One factor that has led to the increase of live, work and play mixed use developments is the fact that people are acclimating to living near industrial areas. The age of sprawling cities with massive industrial complexes has helped people get used to the idea of noise and air pollution. While these problems are unfortunate, living near these areas has some benefits. For those interested in investing in these types of facilities, this is a positive change.
For example, individuals who work in a factory may be more open to a living facility near it as it allows them to travel to work more quickly. And if their entertainment centers are at their home, they are less likely to travel long distances to have fun.
While some may claim this limits personal interaction, it may actually increase it. Living in such self-contained facilities may cause people to see their neighbors more often and build stronger bonds. In this way, a more robust sense of community flourishes, and residents are more likely to want to spend money at the facility. This increased economy helps attract business to these areas and increases the lucrative nature of the investment.
The Future of Live, Work and Play Mixed Developments Is in Your Hands
A large number of people are turning to these live, work and play mixed use developments as the future of real estate development. They provide the kind of benefits that are hard to ignore. These benefits include not only the major financial upswing they can provide for a savvy developer but how they can condense living, working, and playing and create a self-contained community that is fun, engaging, and enjoyable to visit.
If you’re curious about live, work and play mixed use developments or think it would benefit people near you, it is worth learning more about how to get started. Don’t hesitate to call us or connect with us online to find out more about this process. We can give you the insight you need to get started on what can be a life-changing financial investment, not just for you, but for the residents who flock to these well-planned developments.