The Shift in Retail Landscape and the Emergence of Housing Opportunities
The retail landscape is transforming due to the decline of brick-and-mortar stores and the rise of e-commerce. This shift has driven many shopping malls and retail centers to explore innovative ways to repurpose their spaces, offering excellent housing opportunities.
Bergen Town Center: A Case Study in Mall Redevelopment
A prime example is the suggested redevelopment of Bergen Town Center in Paramus, New Jersey. Urban Edge Properties has proposed a plan to add residential towers to the shopping center, creating 456 apartments across two multifamily buildings.
Imagining the Future: Our Take on the Urban Edge Proposal
Our version of the Urban Edge proposal utilizes five existing parking lots. With a hypothetical Floor Area Ratio (FAR) of 8, we generated 2,000 units. The original parking was relocated to retail-lined garages beneath the towers, which would also serve as residential amenities.
Paramus Demographics: A City Poised for Transformation
Paramus, NJ, is a compact city comprising just six census tracts, all with a six-figure median income. The project is in the tract with the lowest population density growth over the past decade. Any multifamily development would significantly transform the demographic landscape.