{"id":1004192042,"date":"2017-09-29T02:24:49","date_gmt":"2017-09-29T10:24:49","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004192042"},"modified":"2022-12-08T14:36:02","modified_gmt":"2022-12-08T22:36:02","slug":"panelists-powwow-on-placemaking-priorities","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/panelists-powwow-on-placemaking-priorities\/","title":{"rendered":"DLA Piper Special Report: Placemaking Priorities from Related, Forest City, Federal Realty"},"content":{"rendered":"

By\u00a0Jeffrey Steele<\/em><\/p>\n

\"Left<\/a>

Left to right, Donald Wood, Shobi Khan and Jeff Blau discuss real estate placemaking priorities during the DLA Piper 14th Global Real Estate Summit in Chicago.<\/p><\/div>\n

The first afternoon session at the DLA Piper 14th<\/sup> Global Real Estate Summit explored the increasingly critical topic of real estate placemaking.<\/p>\n

Moderated by Vornado\/Charles E. Smith President Mitchell Schear, the program titled Real Estate Innovation and Creativity: A Discussion of Placemaking brought together on one distinguished panel what Schear termed \u201cthe royalty of placemaking<\/em>.\u201d The panelists\u00a0were Forest City Washington President Deborah Ratner Salzberg, Federal Realty Investment Trust president & CEO Donald Wood, GGP Inc. President\u00a0& COO Shobi Khan and Related Cos. CEO Jeff Blau.<\/p>\n

Schear started by asking the panel what placemaking means to them. \u201cI think of it as putting uses together and having them collectively be more attractive than any one alone,\u201d <\/em>Blau said. \u201cIt\u2019s not just retail, it\u2019s dining. There\u2019s a cultural component and of course residential. Placemaking is all those things, happening at the same time<\/em>.\u201d<\/p>\n

Location, location, location<\/strong><\/h2>\n

Localization is the key, according to Khan. \u201cWhat works in Oak Brook (Illinois) may not work in Des Moines, which may not work in Honolulu,\u201d <\/em>he said. \u201cYou have your home, your work, and what\u2019s that third place you go?\u00a0<\/em>What\u2019s changed is prioritization. The prioritization of where people want to be. It\u2019s broad. It\u2019s scope, scale, merchandising,\u00a0<\/em>\u201d noted Wood.<\/p>\n

Salzberg said that placemaking in The Yards, a 42-acre development on the Anacostia Riverfront in Washington, D.C., began with a single five-acre public park. \u201cEach place is going to be different,\u201d <\/em>she said. \u201cThey should be \u2018sticky\u2019 places. We want people to work there, shop there, live there and stay there<\/em>.\u201d
If that\u2019s the case, what should the sticky places of the future offer in the way of retail? What will shopping look like in these live-work-play-stay places of tomorrow?\u00a0<\/p>\n

\u201cRetail is not dead,\u201d <\/em>Blau said. “It\u2019s not going away, but it\u2019s changing. You have retailers today that couldn\u2019t sign a lease if they wanted to, and at the other end of the spectrum a lot of luxury guys who can set the terms, because they know the space that failing retailers left behind has to be filled. Retailing is changing, and I think for the better<\/em>.\u201d<\/p>\n

For his part, Wood said he believes that when these places are being assembled, the need for end-use malleability must be accorded prime consideration, and is key to making the numbers work. \u201cBut in many places, that\u2019s hard to do,\u201d <\/em>he added.<\/p>\n

\u201cThe word flexibility must come to mind here. We\u2019re in a tough period of time, where what placemaking is, is confined to a limited number of places.\u201d<\/em><\/p>\n

For a setting to be successful, he added, \u201cthat ground floor really matters. How that looks and how that feels is more important than ever before. What we\u2019re doing on the ground floor has to be an art. And what\u2019s upstairs works if the street works<\/em>.\u201d<\/p>\n

Placemaking masterpieces<\/strong><\/h2>\n

Asked for placemaking success stories, panelists talked of experiences in creating new spaces or transforming existing ones. Oakbrook Center in Oak Brook, Ill. is a more than half-century old lifestyle center transformed via a subdividing of legacy department stores into more and different retailers, eateries and educational and entertainment spaces. The result, said Khan, has been a dramatically improved real estate value per square foot.<\/p>\n

Blau spoke of his top recent placemaking win\u2014Hudson Yards on Manhattan\u2019s West Side\u2014and its transformation from a mid-century train shed built to shelter commuter trains into the largest New York City real estate development ever undertaken.<\/p>\n

\u201cIt\u2019s changing the mentality of New York City, which is certainly moving west. Despite a difficult retail environment, retailers are deciding they must be in the very best locations,\u201d he said. \u201cThe High Line\u2019s become the number one attraction in New York, The Shed\u2019s about to open. What\u2019s going to occur on the West Side will be incredible<\/em>.\u201d<\/p>\n

In citing Forest City Washington\u2019s premier placemaking triumph, Salzberg returned to an argument advanced earlier by Wood. \u201cIt\u2019s got to be flexible,\u201d <\/em>she said, explaining some of the initial plans for The Yard eventually were scrapped and replaced with other ideas. Due to the willingness to rethink components, \u201cWhen we opened our first residential building, it was the fastest lease-up in the history of Forest City,\u201d <\/em>she said. \u201cWhen you\u2019re working at this scale, you have to be able to adapt<\/em>.\u201d<\/p>\n

Keep up with\u00a0our 2017 DLA Piper Conference<\/a>\u00a0coverage.<\/p>\n","protected":false},"excerpt":{"rendered":"

What makes a live-work-play space successful? Think flexibility, prioritization\u2014and the right combination of uses for the specific location.<\/p>\n","protected":false},"author":450,"featured_media":1004191975,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,23891,21742],"tags":[33026,33957,33592,32952],"class_list":["post-1004192042","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-national","category-latest","tag-dla-piper","tag-federal-realty-investment-trust","tag-forest-city-realty-trust","tag-related-companies"],"acf":[],"yoast_head":"\nDLA Piper Special Report: Placemaking Priorities from Related, Forest City, Federal Realty - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/panelists-powwow-on-placemaking-priorities\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DLA Piper Special Report: Placemaking Priorities from Related, Forest City, Federal Realty\" \/>\n<meta property=\"og:description\" content=\"What makes a live-work-play space successful? 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