Living At The Mall: Now For Rich People
A new trend is poised to sweep the country: living at the mall. Developers are building luxury condos attached to malls, and at one in the Boston suburbs, they're selling for $420k to $1.6 million. Some people like the idea of being able to stroll downstairs and go to Nordstrom's and Neiman Marcus. Others think that it gives them a taste of their conception of what constitutes urban life. Hey, at least there's ample parking.
3BR, mall view [Boston Globe]
(Photo: Erik Jacobs)
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San Diego's Horton Plaza has had apartments built in the structure with private parking for residence for over a decade now. I looked into them when they were first announced. They had some very strange rules. Such as no overnight guests and only allowing a set number of guests at a time per unit.
I passed on it, but it was during a time when I considered living in a downtown urban environment.
@tycho55: I'd love to convert one of my rooms into a closet for shoes and clothes. I'd love to have enough shoes to justify this project.
These mixed-use developments are popping up in most major and secondary markets. I work for a retail real-estate magazine and see the ads and listings all the time. For the life of me, I can not figure out why these are becoming popular. I'm assuming it has something to do with tax breaks for various types of construction, and building retail, residential and office properties in the same place allows developers to take advantage of all three. Regardless, I think its an asinine concept and I can't imagine that many people go for it.
Another concept to watch for is the "de-malling" of a property. Malls are apparently passe now and the shopping center of choice is the open-air power or lifestyle center. Basically, malls are now being closed, their multiple level halls demolished, their anchors left freestanding and refreshed, and miniature strip centers are built between them. The remaining landscape is converted to parking and landscaped parks. Again, I don't see the logic of this as very few areas of the country are suitable for outdoor activity year-round.
I grew up in Natick, where the Natick "Collection" is located, and I can tell you that it's positively ridiculous. No one wants to go anywhere near the mall, and the thought of property that costs that much, and the type of people it will bring, is a nightmare.
The last thing we need is tools moving into town who can potentially never see the light of day.
@varco: Or Kierland Commons...also in Scottsdale. Hella expensive and just a hop, skip and a jump away from Borders, Banana, Urban and some overly priced restaurants. Plus from your balcony you can see people shopping!
my inlaws lived this particular American Dream for a year--in Hong Kong. Their apartment was on top of new luxury mall on the Harbor. In fact, they lived above like five malls, since they were all connected by air-conditioned skyways and stuff. I have to say, it *was* pretty convenient to go downstairs and buy a laptop at the Apple store.
But that only took about an hour, and when it was done, there they were, still living above a mall.
@RaRaRad: I work near the Natick Mall, and what I can't figure out is who they expect to move into these. The people who can afford to buy these places and shop in the new wing of the mall regularly - can't they afford to live in the Back Bay and shop on Newbury Street and Copley? And not have an annoying commute down the Pike every day? Maybe I'm not rich enough to understand.
When I was in the third grade, this was one of my favorite books: [www.amazon.com] What I always remembered about it was the giant mall-of-the-future, where there were people who lived and worked and ate and shopped in the mall, and never left for their whole lives. I thought that was the coolest thing ever. When I was 8.
@IvyLeagueMetalhead: Seriously. People have been living at Jersey malls for a really long time. There's a retirement community right off of the Garden State Plaza, and I always envied those older people when I was a kid..."What do you mean I'm too young to live here? That's discrimination!" And I thought I saw attached condos when I visited a South Jersey mall with a friend of mine.
@Cassifras: ..and a little to the right and you're looking into the Home Depot parking lot! Wonderful views all around!
Pick a non-major city like Huntsville, Alabama and then analyze. The new Bridgestreet Shopping Center has condos attached to the 'outdoor' mall. Like others have said >$500,000. We don't even have Macy's, Nordstom, etc. We are getting our first PF Changs and our first J. Crew this next year. Interesting thing is, all of the condos are sold, even the 2.1 million penthouse.
I've spent a lot of time, both in and out of academia, analyzing urban & suburban land usage trends. Although there are a number of well-understood in-demand housing configurations, this one is certainly news to me.
Generally speaking, the condo market is driven by wealthy people who want high-end amenities and proximity to employment centers. Shopping is not usually high on their list, since most Americans are content to drive to retail centers.
If there really is demand for this kind of housing, it means that transportation to-and-from upscale shopping districts is taking up too much time for some people. That is, there's a group of people in this country who shop at places like Natick Collection so often that it's more efficient for them to locate their residences at the mall itself.
To some extent, this surprises me. I know that consumer spending, especially on luxury goods, is high in this country. But is it really so high that a developer can make money selling 200+ condos at the mall?
Then again, perhaps it is. I lived in Cleveland (OH) for a time, and the suburbs are indeed experiencing this kind of change in housing development. The main factor (at least in Cleveland's case) that made this possible is the absolute dearth of upscale, NON-mall-based retail districts. Although there are plenty of low- and medium-end retail districts, I really had to drive a LOT to get to much of my shopping. It took up a lot of time. So, in a region where much of the shopping is taking place at malls anyway, why NOT build housing there?
Then again, maybe the condos won't sell and the developer will go out of business. Then this discussion will be moot (!).
The tempting thing about such an arrangement is that a majority of malls in the USA do have every convenience you might want. Gyms, hair salons, restaurants of every category, clothing stores, etc. It would be nice to be able to walk from home and do all of those things without worrying about driving.
What a novel concept.
Oh. Wait, a minute. We had that back in the 1930's. It was called mainstreet and it was located in about every town. Yep. Before the auto revolution and urban sprawl.
@luckybob343: Developers sre focusing on mixed-use because that's what cities are approving. Cities want mixed use because residents complain about too many malls and not enough housing. It's win-win for developers and city planners.
While I wouldn't want to live at a mall, I can see living in a planned community with local park, library, a dry cleaners, bank, farmers market, drug store, and coffee shop within the complex. With gas being $3.80/gallon here, it's mad convenient to be able to walk to do most of my errands.
They're doing this in Austin at The Domain. It's shocking how many douchebags think that the highlife is living within walking distance of a Lacoste.
A direct path into the mall is a little ridiculous but developments like this are excellent in large cities where space is scarce. DC Metro is full of them. The stores tend to be nicer than the free standing ones. The best grocery stores in my area are all under apartments. If I could afford them I would love to live in one, I spend enough of my time commuting
Urbmons. I forget the name of the book, but essentially, everyone in the world lives in skyscrapers. They work in skyscrapers. They die in skyscrapers. They shop in the skyscrapers. They never leave the skyscrapers. The lower you are in the skyscraper, the lower your status level.
That's what the "living at the mall" amounts to. An Urbmon.
I was just at this mall last week on the day after black friday. I used to work in the sears of it years early for summer money. A Wonderful town known for Doug Flutie, and where family guy went after the nuke for twinkies
It is a serious work of art what they have done, a little wing exclusively for the private upper class citizens.
buuut what happens when the Mall rats, teenyboppers, punks and skins start invading on the luxury's turf? What happens when Rich Uncle Pennybucks steps outside for a morning job and finds his 'yard' is overwhelmed with old people.
It sounds like a reality show. When The Rich meet the Mall.
neat, i guess, but as you've already posted, some people already thought of this, and didn't have to pay rent to the mall either.
Look at Downtown Chicago. Water Tower Place is attached to one of the most expensive retail malls in town. Chicago Place has attached private condos. The John Hancock Center has shopping and restaurants. 900 N Michigan has "The Shops at 900" attached (HIGH end retail). This has been going on for years up here.
November 23rd, 2007, 0400 hours.
-911 emergency
-Um, yes, there's some kind of disturbance going on downstairs. The neighbor is having some kind of crazy frat party or something.
-Address please
-I live at the mall, 3rd floor. I'm not getting any sleep. People are screaming. I think it's a stampede.
-Sir, you live at the mall, and are calling 911 on Black Friday.
-Wha..?
-Sir, Do you see where I'm going with this?
-...
-Sir eat a turkey sandwich and go back to bed.
Click.























In Scottsdale, AZ (an upscale part of the greater Phoenix area), they've had some of these for about a year or so. They overlook a big ditch they call the "Scottsdale Riverfront" or something. And admit it--who wouldn't want to pay >$500,000 to live in a mall parking lot?