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Baby Boomer Growth Drives Urban
Mixed-Use Development
Las Vegas Real Estate
A surging baby boomer population is fueling denser, more urban lifestyle developments in community neighborhoods, said John Restrepo, principal of Restrepo Consulting Group LLC, during the recent Restrepo/Colliers International Fall Trends breakfast meeting.
The baby boomer demographic, or those born between 1946 and 1964, will account for 33 percent of total homeowner growth between 2000 and 2010. They currently represent 78 million consumers nationwide, with a new boomer turning 50 every seven seconds, according to the Massachusetts Institute of Technology's AgeLab.
Between now and 2030 - the year the last boomer will be 65 - the number of Americans 65 and older will double from 35.6 million to 71.5 million. This group will represent nearly 20 percent of the nation's population - up from 12 percent this year.
Developers are tailoring their product for the baby boomer generation - the wealthiest group of elderly in history. Although only 20 percent of the population, they control 40 percent of the nation's disposable income and 77 percent of private investments.
"Aided by tax cuts, Americans have more disposable income which is keeping consumer spending high," says Ross Moore, Colliers International's director of research.
Nearly 45 percent of baby boomer households are interested in denser resident communities with a combination of retail, restaurants, and office spaces, according to a recent survey. As a result, developers are building highly efficient, mixed-use projects that minimize sprawl, conserve resources, and preserve open-areas, Restrepo says.
And while these new suburban neighborhoods can provide more affordable housing, it requires a savvy developer to successfully navigate the complex process of financing, management and controlling overhead costs.
"We're seeing more 20 to 40-acre developments consisting of office, retail, lodging, entertainment, and mid-and high-rise residential uses," Restrepo says. "The projects are being built near a major freeway system, such as Interstate 215, in order to maximize land-use and infrastructure efficiency."
This article appeared in the Las Vegas Business Press on 11/15/2004 and was written by Tony Illia
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This page may contain information about local builder's completed developments and/or those be completed.
This information has been gathered using articles in the Las Vegas Review Journal, information from the builder's web site, their representatives and the Las Vegas MLS.
This information is reliable, but not guaranteed. A licensed Nevada Broker has posted this information and is NOT affiliated with the builder, although general assistance is complementary.
