NAHB Best In American Living - Winter 2018 - v2 - 21
The following demographic trends confirm this new frontier:
Existing office park with excessive surface parking
◾ Millennials have surpassed baby boomers as the nation's
largest living generation.
◾ Suburbs that evolve to meet the urban convenience and
amenity preferences of millennials are becoming magnets
for companies looking to attract workforce talent.
◾ The nation's elderly population will grow to 81 million in 2050.
◾ More than 70 percent of those over 50 plan to age in place
in their homes or communities, where they may have
lived for decades.
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Office Park Repair: Downtown Doral, Miami, Florida
An out-of-date, single-use office park was transformed into a high-density, mixed-use development. At full build-out,
it will contain 5,000 residential units in multifamily buildings and townhouses, with 1 million SF of office, 250,000 SF
of retail, and civic features, such as a park, an elementary school, a library, and new city hall.
IMAGES COURTESY OF CODINA PARTNERS
21 BEST IN AMERICAN LIVING | www.bestinamericanliving.com
Where will these 100 million people live? The next frontier in
residential innovation will be in the suburbs and will capitalize
on shifting market trends driven by millennials seeking
affordable, dynamic neighborhoods and seniors wishing to live
actively and gracefully in their own communities. An urgent
rethinking of current growth patterns is necessary to accommodate these needs, while containing and reversing decades
of sprawl that promotes car dependency, poor health, and
waste of financial and environmental resources.
The aim of sprawl repair is to build communities based on
the neighborhood unit, similar to the traditional fabric that was
established in towns and cities prior to World War II. By incorporating residential options-including houses, townhouses,
apartments, and live-work units-within single-use, auto-centric
suburban developments, sprawl repair can rebalance these
properties into more complete, robust communities. This can
help convert stranded suburban assets into valuable products.
SHIFTING TRENDS CREATE OPPORTUNITIES
The current retail climate is causing former giants, such as
Macy's, Sears, and J.C. Penney, to abandon their mall anchor
positions and jettison assets. This is due to changes in shopping
habits, from increasing e-commerce, an oversupply of retail, and