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Mixed-Use Development Requires Balance

LOS ANGELES—The mixed-use developments to make it through the downturn had a balance of product type that could stand on its own, according to experts at ALIS 2015.

By Kelsi Maree Borland | Updated on January 29, 2015

LOS ANGELES—“The most successful mixed-use projects that made it through the downturn were properties that have a balance,” said Timothy J. Grisius, SVP of lodging and mixed-use development at Marriott International. “If the project is contingent on the condos, then you have a problem during a downturn.” At ALIS 2015, Grisius sat on a panel with Rob McIver, principal and CFO at the Athens Group, and panel moderator Clifford Risman, a partner at Gardere, discussing the ins and outs of mixed-use development.

McIver agreed, adding that each component also needs to stand on its own, and not be overleveraged. Because of the mistakes made during the downturn, a lot of projects that are breaking ground today are a lot more balanced than in 2006-2007. Speaking more broadly about success of mixed-use projects, he said, “The structures need to start with a good partnership to create a destination that works. There is a lot of give and take through the development process and natural friction among different parties, so ultimately, having a strong, shared vision at the start of the project is essential.”

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