Shopping Centers Today

APR 2015

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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Page 44 of 83

he proverbial corner of Main and Main, long a hub for high-visibility retail, is now in unprecedented demand for ur- ban housing. instead of duking it out for site control, however, developers from these once-warring factions are joining forces to share space, nudged by changing market demands and pressure from lenders, cities and environ- mentally conscious consumers. Worldwide, nearly all site plans for new retail development and redevelopment have residential space penciled in — atop, beside or nearby — ranging from the few hundred units pegged for the top of australia's Melbourne central mall to the 6,000 homes that will be wo- ven through the mammoth Macerich–lennar homes joint venture in San francisco called candlestick point. T living above The STore DEVELOPERS ARE INCREASINGLY ADDING HOMES TO THE MIX By Steve McLinden A P R I L 2 0 1 5 / S C T 45 "it's all part of a great and positive transformation occurring as big malls transition from single-purpose to multipurpose," said ian Thomas, principal of Thomas consultants, of van- couver, british columbia. "Malls want to add 24-hour activity to transition from daytime activ- ity centers to nighttime hubs." federal realty investment Trust knocked down a defunct center in north bethesda, Md., a few years ago to create the upscale, mixed-use pike & rose, where about 500 residences are nearing completion, to support phase one of a 24-acre development that will feature 450,000 square feet of retail. The second phase will bring nearly 1,000 more living units, including 11 floors of luxury condos atop a new canopy by hilton hotel. "having residential builds

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