Patricia Kirk is a freelance writer based in Dallas, Texas.
The Civita mixed-use development is a model for San Diego’s “City of Villages” planning strategy. But the development’s progressive ideas blazed new territory, and nearly a decade passed before the developer obtained approvals to begin construction.
In search of better returns, investors are finding their way back to real estate.
Over the past decade, mixed-income housing has been rising in popularity across the country, with progressive cities providing housing for lower-income residents alongside more affluent ones. "[Traditional] lenders have not yet bought into the concept," says private developer John Huskey, president of Los Angeles–based Meta Housing Inc., but he hopes traditional lenders will accept this concept, much as they did mixed-use development a decade ago. "We’re demonstrating that you can get market rents alongside affordable housing," he says.
Known as the Duke of Art Deco, Dave Goldstein has made a profitable business out of his hobby of restoring vintage apartment buildings. They now draw above-market rents, which is helping stabilize values in neighborhoods where film stars and future presidents once dwelled.
Cities have historically relied on past demand and growth predictions to plan for future water supply. Now they must add the effects of global climate change to the mix.