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Mixed-use space is the future of retail

Mixed-use developments offer consumers vibrant environments in which to live and play and, importantly, reduce lengthy treks between home and work.

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London Olympic park under construction

In MORE Vision 3, we looked at cultured shopping and its impact on new consumers. Retail spaces are increasingly fusing with a variety of residential, entertainment and service areas—and from Athens to London, developers are embracing the multi-use model.

London is gearing up for the 2012 Summer Olympics, and furniture giant IKEA is capitalising on new opportunities with a massive mixed-use development called Strand East.

Situated close to the Olympic site, the development could accomodate 1,200 homes, a 350-room hotel, shops and cafes, as well as healthcare services, a school, a nursery, and a water power plant. The development is situated around a series of waterways, with a water taxi service included to transport residents around the site, which is thought to be worth more than $40 million.

Athens hosted the 2004 Summer Olympics, and now hopes to satisfy angry creditors by selling the Hellinikon Olympic park, which will be developed into a landmark mixed-use location.

The government hopes to earn at least $6.7 billion from the sale of the park, which is located eight kilometers south of Athens. Spanning nearly 1,530 acres, and including a 337-berth marina, the site is three times the size of Monaco. The Greek government is hoping to see it developed into residential properties, business parks, hotels and retail facilities.

But it’s not just Olympic Games that have developers jumping into mixed-use real estate. Back in London, Morgans Hotel Group announced that it will soon sign a hotel management agreement for a 360-room hotel located at Sea Containers on the South Bank.

Sea Containers is an approximately 412,000 ft2 office building, located close to many cultural attractions and business hubs. The owner of Sea Containers intends to renovate the building into a mixed-use development to include a 360-room Mondrian hotel and 280,000 ft2 of prime office space. Morgans intends to invest approximately $15 million in the project.

Watch this space for the next MORE Vision!

Every two months, MORE Vision by MAPIC will contribute to the retail real estate community’s knowledge base by exploring a key trend influencing retail property strategy today. Each issue of this multichannel and multi-tool service will include a presentation of a trend, with history, key figures and useful links. Questions raised will be opened up for debate on our social media platforms – the best comments and discussions will be summarised and published here on the MIPIMWorld blog.

MORE Vision 1 – Social shopping

MORE Vision 2 – Citysumers

MORE Vision 4 – Retail renaissance

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Interested in mixed use concepts? Find out more about how retailers and marketers are drawing crowds to retail spaces around the world!

Image: EG Focus

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