A mixed-use property or development is a building or space that serves more than one purpose. Such spaces may include retail businesses alongside residential apartments, offices beneath condos, or movie theaters atop storage units. This type of real estate is especially common and useful in urban spaces, where they are functionally integrated for the benefit of local residents and businesses.
New York City has some great examples of popular, successful mixed-use properties. Here are several that exemplify why this type of property is healthy for city dwellers of all stripes.
1. City Point Brooklyn
City Point is the largest and most visible mixed-use development in Downtown Brooklyn, which is one of the fastest growing neighborhoods in the country. The center, scheduled for opening in 2016, is located where Flatbush Ave and Fulton St converge. It will include major retail outlets like Target and Century 21 along with a collection of restaurants, a cinema, and the residential City Point Tower One.
City Point Brooklyn encompasses 1.8 million square-feet. Its design is meant to serve the community’s academic, residential and commercial communities in Downtown Brooklyn.
2. 80 Columbus Circle
In Upper Manhattan by Central Park, Columbus Circle offers an impressive mixed-use tower: 80 Columbus Circle. Within it you’ll find the Meridian Oriental Hotel, luxury condos and a variety of restaurants. It opens up to a curved atrium with many shops, beneath which a Whole Foods provides grocery access to residents and visitors.
3. Olympic Tower
A 51-foot bronze and black tower on 5th Ave in Manhattan, the Olympic Tower is a mixed-use building that was groundbreaking at its time of construction in 1975. At that point, the idea that a tower could at once contain apartments, office buildings and high-end retail was unheard of; the Millennium Tower was the first of its kind.
Today, the Olympic Tower has 20 floors of office, including those used by the NBA, and 30 floors of condominiums.
4. Millennium Tower
Part of the trio of buildings called Lincoln Square, the Millennium Tower is located in Manhattan at 67th street and Broadway. 368 condominiums are in this 54-floored tower, but as it’s mixed use, that’s not all: it also includes a multi-screen cinema, ample retail space, and a large health club.
5. The Park Imperial
As regal as it sounds, the 53-story Park Imperial is an impressive multi-purpose building located on 56th street between Broadway and 8th Ave in Midtown Manhattan. The building houses Random House’s 25-story headquarters alongside its condominiums, which boast large windows and stunning views.
6. 3 World Trade Center
This in-progress development, smack-dab in the middle of New York’s financial district, will be part of the World Trade Center Complex. The tower will be 80 stories, home offices atop 5 floors of retail. 3 World Trade Center’s main tenant will be the advertising giant GroupM, responsible for one in three ads globally. The tower is expected to be completed in early 2018.