With the advent of on-line shopping, many bricks and mortar stores are going away. It is a perfect opportunity to reinvent the old enclosed shopping malls built in the last 40 years. We are short 4 million housing units in the United States. This solution could quickly add more homes across the country. It would be relatively easy to tear down anchor stores to create apartments and condos connected to the main body of a mall.
Literally, this could be multi-generational living catering to first time home buyer on one end of the mall all the way up to 55 and older living at the other end. In between could be all the services and or goods required of all generations; so child care, urgent care, stores and restaurants catering to all age groups. In essence, these repurposed malls would become enclosed walking cities.
Many would be attracted to this life style. It could be very cost effective as anchor stores are torn down to build 4 and 5 story apartments and condos at various sized units and price points. Residents would be able to walk to all amenities needed for daily life. This is a wonderful way to utilize these old malls rather than tearing them down completely, which is happening is some locations.
Wall Street can create REIT's (real estate investment trusts) to buy these malls and convert them. If there is money to be made investors will invest like always. This could be a win win for our country and all concerned. Expect it to happen because real estate always goes to its highest and best use over time. Right now we need more housing and less bricks and mortar stores. This concept is coming.
