Reversal of single-use urban planning trends in the late 1990s and early 2000s have led to the rise in mixed use property development. Cities across the US have loosened zoning regulations separating residential and commercial buildings in recent years, paving the way for developers to meet the growing demand for mixed use properties, says Jacob Frydman. Large scale multi-use properties are also increasingly advertised by municipalities as prestige projects to revitalize city centers and bolster cultural identity through the mix of cultural and commercial elements. Demographic trends are a key driver for the rise in demand for mixed use properties. Maturing millennials (who are entering the property and rental market) and downsizing baby boomers are looking for dense urban spaces with access to transportation and services. In 2017, the National Community and Transportation Preference Survey found that 62% of millennials and 45% of baby boomers preferred “walkable communities” and shorter commutes when deciding where to live. Income is another important driver of preferences, with 41% respondents earning less than $50,000 per year citing access to public transportation as a key determinant of housing choices.
Jacob Frydman is a property development expert and CEO of Frydco Capital Group with over 30 years of experience in structuring, financing, and executing highly complex real estate transactions. He has developed over 5 billion square feet of real estate on the east coast, participating in projects valued at $2 billion. Frydman has shared his knowledge as a property market expert on Bloomberg and CNBC, as well as taught on real estate finance at Columbia University and the New York Law School. A noted philanthropist, he is an active supporter of several charities, including the National Committee for Furtherance of Jewish Education (NCFJE), and The Brem Foundation. Frydman holds a Bachelor’s degree in Finance from Boston University, and a Juris Doctor from Case Reserve Western University.
Jacob Frydman – CEO & Chairman – United Realty Advisors, LP – LinkedIn: https://www.linkedin.com/in/jacobfrydman
Jacob Frydman – Huffington Post: http://www.huffingtonpost.com/author/jacob-frydman