Alberta Development's Provost

Like lifestyle centers, possibly one of the biggest new trends in the shopping center industry is New Urbanism, mixed-use open-air centers that create an environment where people can dine, shop and live. Some municipalities love the idea of these projects because they can create density, cut down on sprawl and revitalize neighborhoods. And developers like Steiner + Associates, which in 2001 unveiled Easton Town Center in Columbus, OH, one of the first such projects, opens them in suburban areas. One session at ICSC’s Spring Convention, entitled “Lifestyle Centers – Is New Urbanism the Next Wave?” examines these projects. One of the panel speakers is Donald Provost, a principal at Englewood, CO-based Alberta Development Partners. His firm is building four projects in the Denver area that incorporate aspects of New Urbanism. Provost spoke with GSR Ticket about the trend of New Urbanism and how it will impact the future of retail real estate.

GSR: Why do developers like New Urbanism projects?

Provost: Fundamentally, it’s what’s right for the real estate. Developers are, for a lack of other adjectives that come their way, are fairly smart folks and are not going to engage in the development of a piece of property that’s not financially feasible and/or a good business model. So I think what a lot of the progressive developers are starting to see is that mixed-use, New Urbanism planning principles integrated into their sites makes a lot of sense. It helps the long-term viability of a piece of real estate as well as the financial model.