The concurrent development of new multifamily and limited service hotel spaces is on the rise, and promises to become a strong opportunity for real estate investors to expand their passive income potential.
From Boston to Chicago to Los Angeles, new high-rise mixed use projects are all the rage, says Jerry Hoffman, president and CEO of Hoffman Strategy Group, in a column he has written for Chain Store Age.
A brief look at the projects which are stirring the industry to take notice to this new trend:
Bighorn Capital is set to open a new high-rise tower on Lake Street in Chicago, which will include 600 hotel rooms and 300 apartment units.
A hotel and residential mix will be introduced by the Simon Property Group in Atlanta around Phipps Plaza, a luxury retail mall.
Marriott’s AC Hotel will add luxury apartments alongside abundant retail construction and enhancements.
This trend is expected to bring an expansion of amenities to residents and extended-stay guests, including resort level experiences, retail and service offerings, and proximity to hot entertainment complexes in urban settings.