Land Development Today - July/August 2007 - (Page 34)

MIXED-USE • Demand for office space must be carefully analyzed for each individual market. Trying to utilize a “cookiecutter” approach is a recipe for failure, according to Toledano. “You have to conduct a good market study before doing anything else. dings Group) That analysis helps deterUS Capital Hol le, FL. (Courtesy erda mine what to build and who plaza in Ft. Laud 1 North retail will use that space – small view from the 32 A rendered professional firms or a corporate headquarters that will take higher costs of land, design and pensate by adding more amenities three to five floors.” construction in an urban setting. to the mixed-use concept. • Finding the right location is far • Neighboring buildings, services • A decision on whether to sell more critical to the success of a and features should be factored office condominiums or offer mixed-use project than for a into the site selection process. leased space depends on the local stand-alone office tower. Nearby restaurants, recreational market and target user. “The key Developers agree that an urban and cultural attractions – as well as is to look at the office market eco“critical mass” is needed to supany transit stations or services – nomics,” said Goodkin. “You have port a multipurpose facility. And can significantly enhance the to compare the cost of owning the potential economic return, appeal of the office space. If these versus the cost of renting.” either through sales or rent, needs elements are not currently present, • Offering a high level of amenities to be strong enough to justify the the developer may need to comto office owners and tenants is a vital element of today’s “lifework-play” package. Fitness centers, coffee shops and business center support services are quickly becoming “basics” in a modern office environment. • Parking structures and operations must also be factored into the mix. A residential garage, for instance, may need an access control system, while an office or retail garage should allow convenient short-term access for visitors, customers and employees. Balancing these factors in a mixed-use development continues to be as much of an art as a science, according to Goodkin. But a significant portion of the office market is clearly moving in this direction, creating new opportunities for the nation’s mixed-use developers. SLDT About the author: One of the nation’s most experienced real estate writers, Richard Westlund covers the market for a wide range of industry and consumer publications, including Florida Realtor, California Real Estate, South Florida CEO and The Miami Herald. Before becoming a freelance writer in 1986, he was executive editor of the Review Business Newspapers and executive business editor of The Miami News. Circle 179 • or www.LandDevelopmentToday.com/adinfo 34 July/August 2007 Sustainable Land Development Today http://www.earthguard.com http://www.earthguard.com http://www.LandDevelopmentToday.com/adinfo

Table of Contents Feed for the Digital Edition of Land Development Today - July/August 2007

Cover Contents Our Voice: Industry Advocates Your Voice: Reader Response Cover Story: Preparing Your Tax Strategy The Rules of the Game Historical Redevelopment Project Profile: Seattle’s High Point Retention: From Ravine to Road Land Use: Picatinny Arsenal Mixed Use: Florida Offices Industry News Products/Services Showcase Classifieds Recommended Reading Advertiser Index Editorial Board The Last Word: What? Me Plan… Urban Development

Land Development Today - July/August 2007

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