Homebuilders Look To Dead Shopping Centers, Old Dealerships For Potential Building Sites
Residential developers on the hunt for new building sites are finding value in former shopping center lots. As homebuilders seek to build in more walkable, urban markets that millennial homebuyers are drawn to, closed shopping centers are a solid find.
Toll Brothers is eyeing former car dealerships, out-of-business malls and office buildings to compensate for the lot and labor shortage, Construction Dive reports. That was its strategy when the firm partnered with Starwood Capital Group to build 100 luxury condos and a hotel in Brooklyn.