The pandemic is fueling change, and new developments are primed to be the manifestation of change. Properties in the planning stages are accounting for new needs and demands, and they could be the first symbol of changes in real estate. Developer Hines is in the planning stage of its massive $3 billion, 200-acre Riverwalk project in San Diego, and it is looking at new ways and technologies to incorporate wellness throughout the community. The project should start construction later this year, which allows the developer to incorporate newly emerging trends.
"We are thankful that we won't start finalizing specific architectural designs until next year," Eric Hepfer, managing director at Hines, tells GlobeSt.com. "The timing allows us to monitor emerging trends in design and technology that could maximize wellness and safety at the Riverwalk Village. Hines also maintains an Office of Innovation to focus on the intersection of technology and real estate and has a well-established partnership with the Mayo Clinic + Well Living Lab."
While the pandemic will certainly bring some change, Hepfer doesn't imagine that there will be a long-term, fundamental change in the way that residents use space and interact with each other. "We believe the desire to gather and socialize is an essential part of human nature, and that will continue to be true as we understand and recover from the current pandemic," he adds. "We also have strong convictions about the long-term viability of transit and believe that it will have an important role to play in the San Diego transportation landscape for the foreseeable future."
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As a result, the overarching vision of the project—which is creating a true- live-work-play environment—isn't changing. "We're not changing the vision of our project," Pete Shearer, an associate at Hines, tells GlobeSt.com. "It will continue to be centered around the pedestrian experience with a focus on transit. We will, of course, implement best practices for safety and wellness and monitor how those changes affect building systems and building design."
The project also has time on its side. The pandemic is affecting us now, but the project is years away from delivery. "From a timing standpoint, we are at least two and a half years from our first move-ins, so we hope that the economic and pandemic realities have improved by then," adds Shearer.
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Kelsi Maree Borland
