Mixed-use developments have become a popular solution for breathing new life into urban precincts, tackling transportation challenges, and managing densification. Touted as 'sustainable communities,' these developments align with contemporary state and local sustainability goals. However, delving into case studies reveals that orchestrating such developments stands as one of the most intricate challenges in real estate.
At the core of mixed-use developments is the integration of 'live-work-play' elements within a single space. This approach offers individuals and families a spectrum of housing options for both short and long-term stays. Simultaneously, commercial establishments cater to shopping and working needs, while a variety of services and amenities provide avenues for recreation and entertainment. On the surface, the benefits are apparent: reduced reliance on transportation, optimized infrastructure, heightened walkability, and enriched social networks through increased chances for face-to-face interactions. Yet, the complexities inherent in bringing these multifaceted components together underscore the demanding nature of mixed-use development projects.
Delivering mixed-use projects poses a formidable challenge, amplified by a confluence of factors. Limited development finance, attributed to the perceived higher risk of such projects, coupled with the difficulty in synchronizing property cycles across diverse subsectors, adds layers of complexity. Furthermore, the construction and management of mixed-use spaces demand a specialized skill set and a level of experience that further compounds the intricacies of these endeavors.
In an effort to deepen our comprehension of mixed-use developments and their interconnectedness with sustainable development, this research endeavors to analyze and apply mixed-use development as a modulating factor. The study explores the historical evolution of the concept, tracking movements and advocacies surrounding it, and delving into both the benefits and challenges it presents. The research not only aims to elucidate the complexities but also proposes a forward-looking approach to accelerate the creation of mixed-use developments in India. The methods employed in this research encompass an extensive literature review and primary research focused on the nuances of mixed-use developments.