From Mall to Manor
The rise of online shopping brought a pile of packages to Americans’ front doors — and shuttered storefronts in the process. Now some city planners are wondering if those storefronts and front doors couldn’t become one and the same.
As America faces a housing shortage, and a sea of strip malls across the country lie abandoned, urban city planners have come up with a creative solution to both problems: Convert malls into housing.
Strip Mall Shuffle
Converting just 10% of America’s vacant strip malls into housing could create more than 700,000 new homes, according to housing nonprofit Enterprise Community Partners.
With almost a billion square feet of strip mall space across the nation, there’s certainly no shortage of space to convert. There’s also a wide variety, as converting malls would create a balanced mix of low-density and medium-density buildings.
In addition to bringing down the cost of housing, converting vacated strip malls into housing could breathe new life into other underutilized spaces, like old parking lots.
Of course, zoning issues, and financial incentives for developers present potential roadblocks, making this solution a little simpler in theory than in practice. But as disruptions like e-commerce create unforeseen issues like the one at hand, innovative solutions may be just what’s needed.
Read more reporting here .
Looking for more stories like this? Check out On the Money — SoFi’s one-stop-shop for news, trends, and tips!
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement.
No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.