What will become of some of the vacant strip malls?
The United States is home to 947.5 million square feet of strip mall space, and lots of those physical retail environments have been struggling amid digital competition, with many malls in general falling into disuse. Converting that unneeded retail space to high-demand housing is not only feasible, but could add significant amounts of multifamily housing and apartments to desirable and accessible locations. A study that came out last fall found that strip mall conversions — which have been successfully executed in many places already — could create 700,000 new homes, 300,000 of which are lower-density duplexes, triplexes and town houses, with the other 400,000 properties up to six stories tall. The main impediment is zoning.
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