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The redevelopment of old shopping centers gains popularity

On Behalf of | Apr 2, 2020 | Commercial Real Estate |

A good portion of California’s real estate is already developed, but some of it is abandoned or no longer serves the purpose it once did. For instance, many shopping centers across the state are being redeveloped in order to give them new life. These new developments cater more to how people live today than they did when the structures were first built.

Recently, a new development opened that once encompassed two shopping centers built in the 1950s. Shoppers and retailers were certainly different then than they are now. The area is still a retail center, but it has more upscale retailers now, along with restaurants and entertainment centers, which better reflects how people seem to prefer wanting to spend their time and money in one place.

Even the artwork being chosen for the property will appeal to those who enjoy spending time in art museums. It even has a social gaming lounge and theater. According to the developers, more stores, restaurants and entertainment options will be added in 2021. By the time all of the tenants can move in, the development will include no less than 25 restaurants. At some point, retailers who used to only be online could have brick and mortar locations in the development.

Redeveloping shopping centers into places where California residents can spend hours shopping, eating and enjoying entertainment may continue to grow in popularity. Developers who add in residential space as well could bring in even more business since it seems as though more people want to be able to live, work and play in the same place, or at least within walking distance. Working through the legalities of making those developments a reality will most likely require some assistance in order to increase the chances of success.