Replacing moribund strip malls with multifamily housing could make a notable dent in the housing shortage and revitalize under-used properties across the country, according to a report from housing nonprofit Enterprise Community Partners.
Converting just 10% of strip malls into housing could create 700,000 new homes, the report says. That estimate assumes half of the housing projects would be lower-density multifamily housing and half would be medium-density multifamily buildings of up to six stories.
Converting malls into housing is often less complex than transforming urban office buildings into homes. Demolishing a single-story strip mall is easier than rebuilding a downtown high-rise.
Land-use policy updates, tax incentives, and other regulatory changes would be required in many cases to convert property from commercial use to residential, however.
Related Stories
MFPRO+ News | Oct 6, 2023
Announcing MultifamilyPro+
BD+C has served the multifamily design and construction sector for more than 60 years, and now we're introducing a central hub within BDCnetwork.com for all things multifamily.
Multifamily Housing | Mar 24, 2023
Average size of new apartments dropped sharply in 2022
The average size of new apartments in 2022 dropped sharply in 2022, as tracked by RentCafe. Across the U.S., the average new apartment size was 887 sf, down 30 sf from 2021, which was the largest year-over-year decrease.
Self-Storage Facilities | Dec 16, 2022
Self-storage development booms in high multifamily construction areas
A 2022 RentCafe analysis finds that self-storage units swelled in conjunction with metros’ growth in apartment complexes.
Multifamily Housing | Jun 30, 2021
A post-pandemic ‘new normal’ for apartment buildings
Grimm + Parker’s vision foresees buildings with rentable offices and refrigerated package storage.
