Urban downtowns have been long recognized as the center of city life–most major cities converge in central districts filled with retailers, restaurants, and entertainment venues to form vibrant places where people want to live, work, and spend their free time. Recently, however, this system has been going through some growing pains.
In recent years, downtowns have been struggling everywhere partially due to the rise of remote work. With fewer office workers commuting into the city, foot traffic has lowered dramatically during the day, leading to fewer customers and clients for area businesses. A ripple effect has been felt far beyond just vacant office spaces, and while there have been solutions found in retrofitting office spaces to mixed success, some developers have come up with even more ambitious solutions to address the wider problem. One option that just might transform the way downtowns operate comes down to three words: live, work, and play.
What Are Live/Work/Play Communities?
A Live/Work/Play community refers to a grouping of mixed-use buildings designed to offer all of a resident’s living needs without requiring them to commute to another area. Someone can live in a luxury apartment, shop for their groceries, and visit a movie theater, all without needing to jump into their car. For the sake of convenience alone, these communities are often highly sought after as one-stop shops that can simplify the complexities of everyday life in miniature “cities” within a city itself.
The key to designing a successful Live/Work/Play community is to address each of its three pillars effectively. Luxury apartments, condos, or townhomes are common in these communities, ideally with a variety of options so that both young professionals and growing families can find a viable spot for themselves.
For working opportunities, office spaces are a go-to option (many Live/Work/Play communities are adaptive reuse of dedicated office properties), and coworking spaces cater to remote and hybrid workers who would still like access to an office setting separate from their homes. Additionally, retail locations, restaurants, and grocers can provide more access to the area, attracting shoppers from nearby areas to further enhance a vibrant feeling area.
Satisfying a community’s recreational needs can vary wildly from area to area due to the many diverse options available, but following popular trends by incorporating competitive socializing venues could be a good place to start. Live/Work/Play communities aren’t just seen as economically resilient, but these smaller communities also attract tenants due to their inherent sustainability and their tendency to promote more tight-knit neighborly relationships
Navigating the Challenges of Live/Work/Play
Along with the many benefits a Live/Work/Play community can provide, there are plenty of challenges that property managers need to be prepared for that can be a bit more taxing than the average commercial property. A diverse pool of tenants can be tough to manage, especially if one team is responsible for both commercial and residential maintenance requests. Additionally, strategies for keeping vacancies down are different between property classes.
Flexibility is absolutely crucial in these types of communities and, often, property management teams need veer closer to a hospitality mindset to keep tenants happy. Following trends can also be tough as entertainment options rise and fall in popularity. If a community that is advertised as a one-stop shop isn’t making use of its local recreational services, part of the draw is lost. It’s important to have a good understanding of what sorts of services are in high demand, and to have the clarity to know when changes need to be made.
Lastly, and maybe most importantly, communities that balance residential and entertainment will always risk having more security concerns since customers and clients from outside the community will come in to shop and participate in activities into the night. To stay in front of these issues, higher caliber security camera coverage is an essential investment.
Making a Live/Work/Play Community Thrive
Live/Work/Play communities have the potential to revitalize downtowns, but whether adapting vacant office buildings as a framework or designing a new development from scratch, these communities can be a hefty investment. To set up these communities for success, it’s important to start with extensive demographics research. Determine who is going to live in these communities, and which amenities or services are most important to them first.
For general recommendations, focusing on walkability and incorporating green spaces is a great start. Additionally, easy access to public transit and public amenities like schools and parks will further instill the sense of communities that these developments seek to emphasize.
Live/Work/Play communities are not meant to be gated communities, like their reputations may have been at times in the past. Rather, they could be the key to addressing housing shortages and answer the economic needs of a public whose lives have changed rapidly in recent years.
Contact National Property Inspections for any help on commercial inspections, draw inspections, or multi-location inspections. NPI’s nation-wide network of trusted property inspection professionals will provide the confidence you need to protect your investment.
