Mixed-Use Trend Continues To Grow

(Ian Ritter is national online editor for GlobeSt.com/RETAIL.)

CHICAGO-As mixed-use retail centers become more common, developers are realizing that housing is a key component in these types of projects, said speakers here at the International Council of Shopping Centers’ Fall Conference here Tuesday. “Housing does create great synergy with the retail department and will help center sales,” said Emerick Corsi, executive vice president of Cleveland-based Forest City Enterprises.

Corsi was referring to his company’s Victoria Gardens center in Rancho Cucamonga, CA, which has 1.3 million sf of retail, including such anchors as AMC Theatre, J.C. Penney and Macy’s. The project is adding 500 residential units that executives hope will boost the center’s already strong sales per sf of $600.