The magnitude of this kind of project means it must deliver long-term ROI.
Buildings and developments that are designed to accommodate a diverse mix of tenants—retail, food and beverage, hotel, office, residential, and more—generate round-the-clock activity and are inherently more adaptable to shifts in market dynamics and consumer demands. This adaptability improves a project’s overall viability. Real estate developers and property owners and operators benefit over the long term when flexibility and diversity are considered from the start. There are economic benefits in the short term, too, as different components of a mixed-use development generate capital at different paces. For example, residential units that are sold pre-construction can bring early cashflows and support later investments in spaces for offices, retail, and entertainment.
Flexible tenant spaces are important, and innovative uses of steel and glass have the power to become architectural icons, but when the art and science of such ambitious projects converge, the potential for large-scale social impact can be even bigger. ROI is often indirect in the form of civic pride and community resilience—and this is the real notion of transformation. The most innovative, forward-thinking clients are those who understand the broad-reaching opportunities they have to influence the future—to support and even change the culture of a city. They are willing to think big and take risks, and they appreciate that we’re willing collaborators in making change. Like copilots on a flight with a single parachute, we trust each other as we take leaps together.