Business Courier: Consumers driving mixed-use development surge
UC Real Estate Center executive director says trend due in part to prioritization of walkability
A new mixed-used development is under construction in the Cincinnati suburb of Montgomery. When complete, Montgomery Quarter will contain thousands of feet of office space, luxury apartments, condominiums, a boutique hotel and a public park.
Montgomery Gateway Partners LLC, a joint development effort between Brandicorp and Neyer Properties, worked with the city of Montgomery to bring Montgomery Quarter to life. Fifth Third Private Bank, a division of Fifth Third Bank, has already signed up to be one of the tenants in the $150 million mixed-use development on the southern edge of downtown Montgomery.
According to the Cincinnati Business Courier, mixed-use development projects like Montgomery Quarter have “ballooned” in recent years.
Carl Goertemoeller, executive director of UC’s Real Estate Center — which is housed within the Carl H. Lindner College of Business — told the Business Courier that consumer demand is fueling the mixed-use upswing.
“Mixed-used is certainly all the rage,” Goertemoeller said.
A desire for increased walkability and a reduced dependence on cars is part of mixed-use's success, too.
“Twenty years ago, if you would have suggested to someone that they live or work in an office building above a shopping mall, they would have completely rejected the idea,” Goertemoeller said. “Now, integration is becoming much more common.”
Featured image: Carl Goertemoeller, executive director of UC’s Real Estate Center, speaks at the 2022 UC Real Estate Center Annual Dinner. Photo by Joe Fuqua.
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