Young couples and retirees ditch the city for a new kind of suburb

The term “surban” describes a suburban community that offers the conveniences of urban life.

John Burns Real Estate Consulting trademarked the word in 2016. Urban planners have long described a marriage of residential and commercial as “mixed-use” communities. This surban concept, while not novel, has been gaining popularity over the past few years.

Chris Porter, chief demographer at John Burns, said it’s a no-brainer option for many Americans, especially younger couples without kids and empty nesters. Surban communities are often near transit hubs and also have amenities like boutique fitness options, high-quality grocery stores and popular restaurants.

“It’s about lifestyle. There’s this idea that urban environments traditionally don’t have great public schools and the suburban environments do. That’s why you actually see a lot of families, once they start to have kids, moving to the suburbs for school quality. You’ve got lower crime in suburban areas than you would have in urban areas. In urban areas you have walkability and public transportation… bringing some of those things to the suburbs in small downtown areas is really the concept that we see — the concept of surban,” he said in a new podcast.

Projects like Irvine Spectrum, a mega outdoor shopping mall with a residential village adjacent to it, and San Jose’s Santana Row, which brands itself as a “small town feel inside the big city,” are cropping up across California.

City Place in Edgewater, New Jersey, which has luxury apartments sitting above stores like Anthropologie, is right next to a multiplex cinema. Developers are even investing in teacher’s villages that offer the best of both urban and suburban worlds.

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Developer proposes nearly 1,000 units near Richmond BART station

A project that began over 15 years ago could be on the road to fruition.

Two developers are battling to bring hundreds of homes to Richmond.

In coming months, the City Council will choose between San Francisco’s oWow and SAA/EIR as the developer for a 5.8-acre parcel across the street from the Richmond BART station. The project is the second phase of the Richmond Transit Village or Metro Walk, a nearly 17-acre vision of housing and retail that has been in the works for over 15 years.

“This is the dram site,” said Richmond Mayor Tom Butt. “It fulfills a lot of the goals and objectives of sustainable policies from the city level to the state level.”

 

 

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San Francisco delays decision on retail-to-office conversions

The owners of 220 Post St. spent $75 million to buy the Union Square property in 2016. The goal: to attract a luxury tenant to the five-story building. Too bad few of those exist.

City Center Realty Partners shelled out nearly $75 million for Union Square’s 220 Post St., the former Saks Fifth Avenue Men’s Store, with the goal of attracting a luxury tenant to the five-story space. That goal has been more difficult than expected.

Nearly as difficult for the owners has been convincing city planners that retailers are no longer interested in space above the ground floor.

Seven proposals to convert upper-level retail into office space have been filed with the San Francisco Planning Department, including 220 Post’s. Most of those properties are in Union Square. Earlier this year, the city decided to freeze those applications for 18 months. That meant that 220 Post, which was supposed to be heard by the planning commission this month, is waiting indefinitely for a decision pending the creation of permanent rules.

What’s at stake is the future of the city’s retail heart. City officials are hesitant to give up the sales tax revenue and jobs that retail generates, but landlords say empty space accomplishes nothing. Instead, landlords argue that adding more office space would not only help them fill buildings, but alleviate the extreme shortage of office space that is sending small businesses and nonprofits to Oakland.

San Francisco’s Board of Supervisors unanimously approved a resolution by District 3 Supervisor Aaron Peskin in May that imposed temporary rules banning conversions for an 18-month period. Planning Department spokesperson Gina Simi said the department has postponed hearings for properties located within the city’s downtown retail area.

The controls don’t apply to properties located south of Market Street or for applications that have already been approved, such as the former Macy’s Men’s store.

 

 

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Mall tenants had an out when giants like Macy’s left. Now landlords bar the door

The only thing more dangerous for America’s malls than a string of apparel-chain bankruptcies is when the trouble hits department stores.

Retailers like J.C. Penney Co. and Macy’s Inc. are considered “anchors” that keep malls humming and foot traffic flowing. They’re so important to the ecosystem that smaller tenants may refuse to set up shop without a promise that the anchors will stick around: Many leases include so-called co-tenancy clauses that let them cut and run or pay less if those key tenants depart.

Now, many landlords are pushing to eliminate or narrow the escape clauses in the wake of mass department-store closings. That means less flexibility for the remaining tenants.

 

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