The Growing Mixed-Use Trend
Over the next two decades, 78 million Baby Boomers and 82 million of their children (Generation Y aka Millennials) will be on the move! That’s 160 million people making new housing choices. Baby Boomers are downsizing while Millennials are starting their careers and establishing financial independence. Experts predict that a significant segment of both generations will desire “live-work-play” communities. Baby Boomers want easy access to entertainment venues, culture, history, dining, and shopping, while Millennials desire urban transit hubs with recreational and social opportunities nearby.
In New Jersey, we are already experiencing this mega-trend in the upsurge in the demand for mixed-use development. Multi-family housing permits now represent approximately two thirds of all building permits issued in New Jersey. Mixed-use development is the sector with the greatest potential for growth and will likely comprise a large portion of new development in New Jersey for the foreseeable future. Yet, there are barriers that impede this type of development and many of the State’s policies do not reflect the evolution of land use patterns.
With the increasing demand and numerous benefits of mixed-use development, the Garden State needs to be positioned to meet the needs of this market to offer desirable “live-work-play” communities.
MXD utilizes the power and resources of the New Jersey Builders Association to advance the production of mixed-use development in New Jersey. While homeownership remains of paramount importance to a large segment of the population, other residents want rentals, which offer an all-inclusive approach to housing with amenities to complement their individual lifestyles. In order to respond to the market demand, builders needs to offer different types of housing choices for those who want to live in a suburban area, as well as those who prefer a mixed-use option in an urban setting. This emerging trend in development brings residential, commercial and mixed-use development together to enhance the type of housing choices for residents.