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Co-tenancies and Mixed-Use Madness
Mixed-use development is defined as ” ' a real estate project with planned integration of some combination of retail, office, residential, hotel, recreation or other functions. It is pedestrian-oriented and contains elements of a live-work-play environment. It maximizes space usage, has amenities and architectural expression and tends to mitigate traffic and sprawl” (Niemira, Michael P., The Concept of Drivers of Mixed-Use Development: Insights from a Cross-Organizational Membership Survey. Research Review, Vol. 4 No. 1, 2007, 54). And it seems to be the wave of the future. Admittedly, my perception may be a little skewed because I live in an area where everywhere I look there is an existing mixed-use development or a mixed-use development is under construction (for example, Crown Farm in Gaithersburg, MD, Pike & Rose in Bethesda, MD, and Market Square at Frederick in Frederick, MD). My office is even located in a mixed-use development.
There are myriad issues that must be addressed when leasing space within a mixed-use development that differ from the standard issues that are of concern when leasing space within retail centers such as enclosed mall shopping centers. For example, the allocation of common-area maintenance costs is vastly different, as you need to allocate costs among the retail, office and residential components of the mixed-use development and/or the different ownership interests that may exist between the retail, office and residential components of the mixed-use development. This article focuses only on one difference.
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