At the recent Midwest Builders Show in Chicago, Norman W. Nagel, CPA, a partner with Warady & Davis LLP, told a builder audience the scarcity and price of land, and difficulty getting entitlements, are factors leading many Chicago area residential builders to seek opportunities in mixed-used projects.
"Some builders and developers may need to team up with commercial builders and retailers or other specialists in order to obtain mixed-use projects," said Nagel.
A lone builder, Nagel warned, may not be able to secure approvals unless the firm is a multi-faceted organization. And builders have to do what they do best. But mixed-use is a hot concept, Nagel stressed. "Many municipalities are looking to redevelop themselves and their downtown districts to better meet the needs of their community."
Advertisement
Related Stories
Hamlet Homes' Mike Brodsky on Finding Successors and Letting Go
A transition that involved a national executive search, an employee buyout, and Builder 20 group mentorship to save the deal
Time-Machine Lessons
We ask custom builders: If you could redo your first house or revisit the first years of running your business, what would you do differently?
Back Story: Green Gables Opens Up Every Aspect of its Design/Build Process to Clients
"You never want to get to the next phase and realize somebody's not happy."
