The real estate market in New York is poised to begin the new year with optimism toward growth. Most people in the market for new properties understand that mixed use facilities that incorporate retail, office and residential living spaces have the versatile options that investors, retailers and homebuyers look for.
With that, it would seem that any new mixed use project would be a success, but it doesn’t always happen this way. Because of this, several factors must be considered before moving forward with a proposed development. A few of them will be described in this post.
Is the retailer appropriate for the venue – Essentially, the location must be suitable to what the retailer needs and the type of consumers that will seek out the retailer.
What type of traffic is expected – When the location is conducive to foot traffic, as opposed to vehicular traffic, smaller, boutique like retailers should be considered as tenants. At the same time, when customers will primarily be coming by car, a larger retailer may be appropriate.
The culture of community – With the culture of shopping changing, a retailer must provide a unique experience to keep people coming back. As such, the culture within the community must be considered when choosing retailers that will be a part of the project.
In considering these factors, the guidance of an experienced real estate lawyer is important to the success of a new mixed use project. If you have additional questions about the legal protections that come with choosing a retailer, we invite you to contact us.