Benefits of redevelopment of outdated retail centers

Abstract

This paper explores the benefits of redevelopment of outdated retail shopping centers and seeks to identify potential redevelopment opportunities. The focus is specific to sites located in Dallas, Texas, and the overall concept can be applied to centers elsewhere. The assumption is that redevelopment of a particular retail center improves the value of the single-family (SF) residential properties surrounding that center. The redevelopment use can be altered to include strictly retail, but preferably includes a mix of uses - such as retail, residential, and/or office - that combine to satisfy the demands of today's market and hopefully that of the future. The research and data analysis portion of this study seeks to provide evidence that redevelopment of an underutilized site does indeed enhance the value of the SF residential properties surrounding that particular site. This data and the factual results provided herein can be used to provide stakeholders with evidence of the value of redevelopment. Specifically, adjacent property owners and neighborhood groups may find comfort in a careful study rather than simply a developer's verbal description and visual depiction of the benefits of redevelopment. In addition, the municipal authority that derives tax revenue from the value of the property can also confirm that real estate tax revenue will increase with redevelopment.