B.A. Spignardo, a real estate attorney at Shapiro Lifschitz & Schram, was recently quoted in the September 2015 issue of Real Estate Forum’s article, Urbanization’s Impact. Discussing the lack of retail businesses to support the growing urban development trend across the U.S., she explains, “There have to be commercial and lifestyle components development to keep those that moved into the city staying in the city. Developers can’t just continue to build multifamily structures without the grocery and retail components of plans, or else creep back to the suburbs will occur. It’s all about convenience. People don’t want to spend time in their cars or on their commute, and want to work, live and play in relatively the same area with access to the same needs, like grocery and shopping.”
The article addresses the increasing focus on urban centers and the impact on businesses and residents. What is driving the trend? How has it changed the landscape and what can we expect in the future?