Back to list May 01, 2018 The Rise of Mixed-Use Development Real Estate in Cumberland County PA The recent rise of mixed-use development real estate offers many benefits for communities and our environment. For communities, mixed-use development can mean a smaller carbon footprint. It can also create closer community ties since residents can live, work and shop within easy walking distance. In turn, there is less emphasis on driving which can lead to more healthful communities, with less commuter stress, less car exhaust and more exercise. The Benefits of Mixed-Use Real Estate For developers, investors and businesses, mixed-use projects offer a great opportunity to place businesses and services in front of customers. Commercial real estate in mixed-used areas is in demand because these developments provide several potential streams of revenue — from business clients and residents. Residents benefit from mixed-use areas because they can save on car costs by doing much of their work and shopping in the same community. They can reduce their environmental impact and can enjoy the convenience of having easy access to needed services and products. This can be especially attractive for seniors and those with mobility concerns, but it can also be appealing to anyone who is interested in spending less time commuting. Businesses benefit from being in mixed-use areas because there are residents nearby, meaning there is plenty of walk-by pedestrian traffic. It’s also often advantageous for businesses to have their employees nearby. They can help build customer relationships since they are part of the same community. Additionally, businesses and residents benefit from the convenience of having complimentary amenities close by. For example, if a coffee roastery opens in a mixed-use area, residents or those who lodge on the property can take advantage. Cafes and restaurants in the same community can also use the roastery as a supplier. In many mixed-use communities, B2B and B2C options are available for businesses, allowing them to expand their reach. Investors can attract many types of residents in mixed-use communities, potentially finding more interested tenants and buyers. The convenience of these properties can also make them an attractive draw because of the environmentally-friendly nature of the mixed-use community as well as the accessibility for all residents to market their services and property. News About Mixed-Use Property in Our Area The Cumberland Area Economic Development Corporation (CAEDC) has a subsidiary real estate development company known as The Real Estate Collaborative, LLC (REC). REC is currently working on a project known as Hanover Commons. Hanover Commons is on the 4.5 acres formerly known as the Tyco site and will be developed for mixed-use. Hanover Commons will include retail areas, restaurant and beverage areas, lodging, office space and additional amenities. Currently, investors and businesses can move to the site. If you are a business interested in Hanover Commons or other mixed-use sites in the Cumberland area or would like more information about mixed-use possibilities in the region, contact CAEDC to learn more.
