Originally published on July 29, 2024, by Malaika Rivers for NAIOP,
How many different commercial areas in your market are in transition? Maybe a professional or minor league sports team is considering a new mixed-use development, or an industrial area is attracting a growing residential community. On the flip side, perhaps the nearby office campus sits partially empty, or the local mall cannot attract shoppers the way it once had. These changes are familiar market landscapes to commercial real estate professionals, but they may not be as familiar with the tools to help maneuver these transitions.
One such tool can channel the voices and dollars of commercial real estate owners to great effect. Known as special purpose districts, special service districts, or a host of other names, special districts harness resources that benefit a variety of commercial centers.