Since the 1970s, well-known real estate broker Peter R. Friedman's development firm has shaped key areas of New York City and been instrumental in large commercial construction projects, such as the 1 million square-foot headquarters of famed advertising agency Saatchi & Saatchi. Peter R. Friedman has also expanded into desirable property markets in Connecticut and California and is developing a large-scale mixed-use property in New York City’s exclusive Wall Street area.
In reaction to the growing preference of home buyers and renters for live, work, and play living spaces, mixed-use developments have become more commonplace. Taking advantage of the large properties left behind by failing department stores, developers are building entire communities containing retail, entertainment, residential units, and outdoor space together in one complex.
By placing restaurants and entertainment venues within walking distance of multi-family units, these mixed-use lifestyle centers can offer suburban residents all the convenience of living in the center of a city. Most developers agree that the success of a lifestyle center hinges on retailers.
To attract the residents that can pay the premium rents associated with high-end mixed-use developments, the complex should contain high quality sellers of necessities such as groceries and entertainment spaces such as casual restaurants, stylish coffee shops, and independent clothing stores.
