Developers are looking at additional options to repurpose obsolete retail. Outdoor retail has performed well through the pandemic, and has become a favorite for retail developers looking at either new ground-up projects or revamping indoor malls. Developers are also considering fulfillment centers and multifamily as alternate uses.
“In warmer and more temperate climates, we have seen a trend favoring the development of open-air centers instead of enclosed projects and in the re-purposing of existing enclosed malls into major outdoor centers,” Scott Grossfeld a partner, Cox, Castle & Nicholson LLP, tells GlobeSt.com. “In addition, obsolete and/or dark department stores and other larger spaces are being converted to fulfillment centers, multi-family uses and other creative and compatible uses.”
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