In places like Durham, N.C., and Anaheim, Calif., a growing number of condominiums, rental apartments and offices are giving old abandoned buildings new life. In other markets, brand-new developments are popping up to accommodate millennials and others who want to live or work downtown.
However, much of the trend can be traced to food.
For example, Scott Selig of Capital Assets and Real Estate at Duke University says restaurants were the catalyst for the construction of approximately 2,300 apartments and five new hotels in downtown Durham over the past 18 months. The culinary scene has proved to be such a draw that Southern Living magazine recently named Durham “the South’s tastiest town. Its foodie future is gradually wiping out its tobacco past.”
In downtown Anaheim, meanwhile, the 18-month-old Packing House food hall is spurring all sorts of new residential and commercial development around it. It’s located in a former Sunkist citrus plant erected in 1919 and features 30 food “artisans” who sell everything from coffee to French cuisine.
“There’s a growing emphasis on healthy foods and where food comes from, and the real estate industry has taken notice,” said Rachel MacCleery, senior vice president at the Urban Land Institute.
The organization and its research partner, PwC U.S., listed food as one of the top 10 trends to watch in real estate for next year in a recent report that cited creative uses of food in urban neighborhoods where land is still cheap and older buildings sit largely vacant.
Investor’s Business Daily (10/23/15) P. A10; Alva, Marilyn
© Copyright 2015 INFORMATION, INC. Bethesda, MD (301) 215-4688