2023 Fall Issue of Urban Land - 45

about 600 square feet (56 sq m) each, and
we leased all three of them to Black entrepreneurs.
This allows them to test their product,
make some money, and hopefully go on
to expand their business.
BUCKLEW: Smaller-scale mixed-use buildings-where
the retail component is typically
a small component of the project-do a really
good job of supporting equity and local
businesses. Local retailers often have great
brands and create stronger customer loyalty,
resulting in a unique amenity for the residents
or office employees upstairs. I believe
smaller mixed-use developments are supporting
many local businesses, which inherently
leads to more stability. In AvalonBay's
portfolio, at least 75 percent of our tenants
are local mom-and-pop businesses.
CHANG: If we make capital and talent available,
and align these resources in neighborhoods,
letting them find their course, that
will benefit local entrepreneurs. For example,
in Alexandria, Virginia, a five-star restaurant
with a famous chef closed [in 2018].
An entrepreneur, a Black-owned enterprise,
bought the building, a small two-story building
with a high-end restaurant and bar, and
transformed it into an authentic, regionally
focused establishment. They are doing
exceptionally well, and they are aiming to
buy additional sites and expand their brand.
These long-term bets will be very equitable
for the community, enabling expansion into
neighboring communities that are underserved.
What
other trends are you excited about?
BUCKLEW: There's more collaboration and
thoughtfulness being applied to sharing
space between different uses, including parking,
patios, and back-of-house components.
Developers are also integrating more uses,
such as having office or residential lobbies
open into active and vibrant areas. One
example is in our AVA RiNo community
in Denver, Colorado, where the apartment
lobby integrates a local coffee shop, allowing
retail customers to use and flow into
the residents' common space. This creates
a more vibrant and dynamic atmosphere
in the lobby while also allowing the retailer
to expand their seating area. Except in
extremely walkable urban areas, such as
Manhattan or Washington, D.C., residents in
multifamily buildings typically don't utilize
the lobby space for access as they come in/
out of the parking structure. So, the retail use
helps activate the street.
CARPENTER: I think one of the most exciting
trends is the densification of infill sites, especially
the repurposing of office parks. Many
of these projects are located in infill locations
with excellent access to residential neighborhoods
and retail. Retrofitting and densifying
existing sites can be more environmentally
friendly than building new. It's hard, but it
can present a significant opportunity for
value creation and sustainable development.
CHANG: Currently, office spaces are oversold,
creating a lot of opportunities for experimentation
and value creation. A client of
ours, Federal Realty, has created a town hall
environment within one of their older office
buildings. Town halls are a winning strategy,
reflecting the trend of turning office space
into a more hospitality-oriented product and
experience. This approach focuses on creating
a durable luxury product that companies
can use to bring employees back and to collaborate
with clients. Town halls continue to
outperform economically in terms of rental
rates and leasing velocity.
HEALEY: With both our residential and office
spaces, we are working hard to compete for
customers. For our commercial customers,
that means making the commute worthwhile,
enticing people back to work. On the residential
side, each new project aims to offer
unique amenities that people value highly.
One feature we introduced in one of our
Seattle projects is honeybees on the roof of
the building, next to an open space. A professional
beekeeper tends to the bees, and
the residents get to enjoy the honey. We've
leased quite a few units to people who liked
the idea of supporting wildlife resources. And
they like getting fresh honey.UL
RON NYREN is a freelance architecture and urban design writer
based in the San Francisco Bay area.
FALL 2023
URBAN LAND
45
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2023 Fall Issue of Urban Land

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