Retail UPD ATE
Combo Packages
Mixed-use projects help retail developers achieve scale and diversify their
offerings, but don’t solve all their financing problems
By John Jordan
Contributing Editor
A number of New York City area developers and brokers involved in major retail
mixed-use projects say this particular niche has seen its popularity rise because
of an increased need to achieve sufficient scale, offset the high cost of land and
broaden interest by diversifying product offerings.
They say retail tenants are attracted to projects that bring shoppers to stores, so developers are responding by adding either office or residential uses. And, from a home-buyer’s or renter’s perspective, shopping convenience is a plus, so some developers are
adding small- to medium-sized retail components to their residential projects.
A joint venture of the Rockefeller Group and TDC Development is planning 350,000 sf of retail along with residential and hotel components at Flushing Commons in Queens. It’s currently going through the environmental review process.
