In the ever-evolving landscape of commercial real estate, mixed-use developments have emerged as a transformative trend, reshaping the way we live, work, and interact with our surroundings. From vibrant urban centers to suburban landscapes, the integration of residential, commercial, and recreational spaces in a single development has become increasingly popular. Real estate attorney Andrew Krantz of the law firm Zager Fuchs in Eatontown, NJ, sheds light on this trend in Monmouth and Ocean counties in the Garden State.
The Rise of Mixed-Use Developments in New Jersey
In recent years, New Jersey has witnessed a surge in mixed-use developments, signaling a departure from traditional single-use zoning. Andrew Krantz, with his wealth of experience in real estate law, notes that this shift is driven by a desire for more sustainable, walkable, and community-oriented living environments. Developers are recognizing the demand for spaces that seamlessly blend residential, commercial, and recreational elements, creating dynamic and inclusive neighborhoods.
The Allure of Mixed-Use Living and Working Spaces:
Mixed-use development projects are appealing because they provide community integration, economic viability, and often a reduced dependency on cars. They can foster a sense of community by offering residents and businesses a shared environment as well as access to amenities, green spaces, and commercial establishments within walking distance enhancing the overall quality of life. From a commercial perspective, mixed-use developments provide a diverse revenue stream with retail spaces, offices, and residential units that contribute to a sustainable and economically viable project. And the integration of different functions in one location reduces the need for extensive commuting, promoting a more sustainable and environmentally friendly lifestyle.
There are several mixed-use developments and ongoing projects in Monmouth and Ocean Counties, New Jersey.
- Bell Works (in Holmdel, Monmouth County): Bell Works is a mixed-use development situated within the iconic former Bell Labs building. Nicknamed The Metroburb, this two-million-square-foot mixed-use building with great access, office, retail, entertainment, hospitality, residential, health, wellness, and fitness. More information on https://bell.works/new-jersey/explore
- Red Bank (Monmouth County): The town of Red Bank has witnessed a number of mixed-use development projects, integrating residential units, retail spaces, and dining options. The goal has been to create a walkable and vibrant downtown area.
- Asbury Park (Monmouth County): Asbury Park has experienced redevelopment efforts that include a few mixed-use projects. The waterfront area, in particular, has seen a combination of residential, commercial, and entertainment spaces.
- Pier Village (Long Branch, Monmouth County): Pier Village is a seaside/boardwalk mixed-use development featuring residential units, retail spaces, dining options, and recreational amenities. Is is a year-round destination for residents and visitors. More information on www.PierVillage.com
Prospective Mixed-Use Projects:
The future trends of mixed-use real estate development projects with change with the demands for industrial space, flexibility in office spaces, urban redevelopment initiatives, as well as an emphasis on sustainability. Is there a need for efficient supply chain management? for collaborative and technology-enabled environments? or to blend residential, commercial, and recreational areas? Some projects being talked about are:
- The Heights at Monmouth (Ocean Township, Monmouth County): Converting Monmouth Mall into a mixed use development and calling it The Heights has been a mixed-use development topic of discussion in Ocean Township for years. Potential plans would include residential apartments and commercial spaces.
- Fort Monmouth: Another mixed use development project long in discussion is the conversion of Fort Monmouth. The redevelopment of Fort Monmouth involves transforming the former military base into a mixed-use community. The project would include plans for residential, commercial, and recreational spaces across multiple municipalities.
As the trend of mixed-use developments continues to shape New Jersey’s real estate horizon, the role of legal guidance becomes paramount. Andrew Krantz, at Zager Fuchs, stands as a legal guide, navigating the intricacies of commercial zoning restrictions and facilitating the realization of innovative, community-centric projects. For those embarking on the journey of mixed-use development, collaboration with a knowledgeable real estate attorney becomes not just an option but a strategic imperative.