CHALLENGES AND SOLUTIONS TO MULTI-USE PROPERTIES
Mixed-Use properties are properties that are comprised of different uses, such as residential & office, residential & retail or residential & warehousing or light manufacturing. In reality, the title tells it all and can include any type and multiple uses.
Laurie Baker, CREW Network 2016 president and Senior Vice President of Camden Property Trust, predominantly a multi-family apartment owner and operator, discusses some of the unique challenges of owning and operating multi-use properties.
You can’t just own and operate a mixed-use project like you would, just retail, office or apartments. It often involves, at times, conflicting interests of the various tenants. If there are residential units above restaurants, the residents are often concerned with smells and noise emanating from the restaurants and bars causing them to seek limitations on the hours and methods of operation of the retail establishments. It really takes a dedicated and creative approach to satisfy all those concerned.
Laurie tells interesting stories on how Camden addressed some of these conflicting issues, in some cases, using a very creative approach.