More and more, consumers are showing a growing desire to live in walkable live/work/play communities. Whether in downtown areas of cities or in urbanizing suburbs, a significant lifestyle shift points to highly designed personal living spaces, shared social spaces, and public or publicly accessible amenities converging into one.
On-demand culture has taken hold in many ways. E-commerce has driven radical changes in consumption habits causing the retail sector to change on a scale not seen since the advent of the suburban shopping center in the 1950’s.
AvalonBay has been at the forefront of developing residential and retail mixed-use environments and is increasingly pursuing these developments. Whether delivering a retail component to our retail partner for their ownership and operation or owning and operating the retail ourselves, AvalonBay has honed institutional knowledge and capabilities to develop complex mixed-use offerings.
With the goal of substantially adding to our mixed-use portfolio, AvalonBay is seeking to create relationships with retail partners to create great retail environments. Rather than merely reducing excess retail capacity, AvalonBay offers retail property owners the alternative of reconfiguring older retail assets into potential street-level retail and also adding residential density.