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Repurposing an old development could be the way to go

| Feb 6, 2020 | Development |

People no longer want their lives as segmented as they used to be. Living in the suburbs, shopping on its outskirts and working in the city may have made sense decades ago, but not as much anymore. Now, whether living here in Orange County or elsewhere, many people want to be able to take a short walk from their home, to the grocery store and to work, which means a mixed-use development would be ideal.

Finding the space to start a new development in highly populated areas such as Orange County presents a challenge. It could make more sense to repurpose an old development that is languishing. Considering the housing shortage here in California, zoning issues may not be quite as complex as they used to be. In addition, finding the right anchor tenant in one of these developments could put it on the map.

For example, a new development taking the place of Laurel Plaza in North Hollywood recently announced the inclusion of Trader Joe’s as its anchor tenant. This store chain gained quite a following and should draw customers to the area. A residential area is also planned in the NoHo West project, as it is called. This new breath of life could prove lucrative for the property owner or owners once it is completed.

Bringing an old development back to life by changing it into a mixed-use one does not happen overnight, however. Even though more local governments are amenable to these types of developments, developers will more than likely still need to go through the process of rezoning a prospective location. Construction contracts and other agreements still need addressing before any work can be done, which means that working with an experienced attorney remains a wise way to begin.