Multipurpose Projects: More Profitable?

For real estate developers, combining offices, residences and businesses in the same project reduces the risk of losing profitability, as lower demand for one component can be offset by higher demand for another.

Monday, February 18, 2019

With the aim of reducing investment risks, Costa Ricalas companies prefer to build multi-purpose projects, which combine residences, offices and shops.

Also see "Construction: $320 Million in New Projects" review that "... During the last ten years, properties such as Avenida Escazú, City Place, Plaza Tempo, Escazú Village and more recently Santa Verde have been built. At least three projects will soon be added to these: Boulevard Plaza, Núcleo Sabana and Eco Urbano. The concept of multiple use was born as an alternative for people to meet the needs of housing, work, sports, entertainment and food in one place."

The article adds that "... Cushman & Wakefield I AB Advisory expects that over the next five to ten years it will move from isolated multi-purpose projects to planned mini-cities, where people can count on a large pedestrian area, open spaces and the advantage of feeling safe. These projects will include spaces for work, study, shopping, entertainment, exercise, living and socializing, all around large green areas."

One of the most important multi-purpose projects to be developed in the country over the next few months is "Sabana Corporate Center," which will have a construction area of 90,000 square meters.

See "Corporate Center Projected for $50 Million"

According to the "Construction in Central America" platform by CentralAmericaData, the building will have several uses besides the corporate one, since the basements from 5 to 2 will be exclusively for vehicle parks. From basement 1 to level 2, there will be parking lots and commercial premises. From the 3rd to the 6th floor there will be parking lots, and from the 7th to the 16th floor the entire office area will be located. A hotel will be conditioned on levels 17 and 18, and floors 19 and 20 will be for residential use.

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All in one place. In the west of the capital of Costa Rica "mini-cities" are being built which meet the needs of this new lifestyle trend.

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