It has been interesting to review new trends when it comes to converting downtown and major business district areas. Per the below linked article, they want room for people to be able to walk comfortably, not have to worry about traffic and "hurry", and offer a variety of shops, restaurants, and entertainment within close proximity.
At the same time, we all continue to read about the decline in malls, as large anchor stores walk away into the sunset. Malls are being converted to residential or industrial because they are not able to attract the numbers they used to. Mall spaces have plenty of room for parking, with most of them offering free parking to encourage visitors to easily be able to make a day out of visiting. Most malls have (or had, but could again) forms of transportation to accommodate those who do not or cannot drive to get there.
Downtown space in the vast majority of municipalities is the most expensive space within the community. Parking is often a big hassle for shoppers, whether because of having to drive around multiple levels to find a spot or facing paying more for a space than for some of the merchandise they would like to purchase.
The time is right for developers and investors to research their markets of interest on these trends. Land that is or was used as mall space includes parking, structure, and is ripe for transportation, while being available for a lot less of a financial investment. Consumers would not have to deal with downtown traffic and parking hassles in order to shop or enjoy their leisure time. Being "first in" on an opportunity of this magnitude could be a life changing decision.
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