News
MIXED-USE MAVEN
May 19, 2011
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| Marc Becker |
| Challenges in the development of the Eventi Hotel and The Beatrice luxury residential building led JD Carlisle chair Jules Demchick to the observation of why there aren’t a lot of successful mixed-use developments in the city. Monday, Jules (center, with Metropolitan Valuation Services’ Steven Schleider, chapter prez, and Leitner Group’s Joel Leitner) joined the Metropolitan NY Chapter of the Appraisal Institute to share his observations about piecing together a mixed-use development in NYC, including site assemblage (the parcel had been owned by one family since 1906, but he had to buy out a parking garage lease that went until ‘16), bringing mixed-use portions of a project to stability at differing times, and working with multiple trade unions. There’s also a plaza and public garage. Jules said that NY building owners and restaurateurs don’t fully understand the need for parking when everyone in the city walks or takes the subway or cab, but he feels it’s essential to build weekend business from those outside of Manhattan. |
