The housing shortage crisis in America has reached a critical point, with politicians exploring every possible avenue to address the shortfall of 3 million to 6 million housing units. One potential solution that has gained traction is the conversion of underperforming retail spaces into residential buildings. According to a report from Enterprise Community Partners, turning just 10% of these retail sites into housing could create 700,000 new units nationwide.
In the Boston area, for example, converting just 10% of strip malls could accommodate all population growth for the next decade. June Williamson, a professor of architecture at City College of New York, believes that repurposing retail spaces for housing has huge potential across the U.S. and could help alleviate the housing crisis in many communities.
While the idea of converting retail into housing is promising, there are challenges to overcome. Office-to-apartment projects have proven to be costly and rare, making retail conversions a more attractive option. With an abundance of underperforming retail spaces across the country, there is a significant opportunity to repurpose these locations for housing.
Already, several malls have successfully been converted into mixed-use developments that include residential units. Developers are focusing on creating live-work-play centers that offer residents convenience and amenities within close proximity. Mall locations with existing infrastructure like parking and access to public transportation are particularly well-suited for these types of mixed-use projects.
Despite the potential benefits of converting retail into housing, there are still obstacles to navigate, such as addressing lighting and utility issues in these buildings. However, the ability to repurpose existing structures and infrastructure makes mall-to-housing conversions a viable solution to the housing shortage that could be implemented more quickly than new construction projects.
Overall, the conversion of underperforming retail spaces into housing presents a promising opportunity to address the housing crisis in America. By creatively repurposing these locations, developers have the potential to reshape communities and create more affordable housing options for residents.