CNBC tapped Macerich and featured FlatIron Crossing as they explored how shopping malls in the U.S. are being reimagined into mixed-use spaces, offices, medical facilities, and housing.
Macerich, one of our longstanding clients, was featured by CNBC in a story highlighting the transformation of traditional malls across the U.S. As many malls face increasing store closures, declining foot traffic, and large vacant spaces, developers are reimagining these properties to meet modern demands.
According to CNBC’s research, there is a national housing shortage of 4.5 million homes, and many communities are experiencing economic decline. This has created a unique opportunity to redevelop mall spaces into vibrant mixed-use centers. Macerich’s Vice President of Real Estate Development, Jacob Knudsen, shared, “There’s a housing problem in a lot of markets across the U.S. This is an opportunity to find land and have a built-in customer base to get people into the mall.”
Macerich is among the companies leading this shift, recognizing how thoughtful redevelopment can revitalize communities and address these pressing challenges. By integrating apartments, offices, and medical facilities, these projects breathe new life into once-underutilized spaces while stimulating local economies.
CNBC explored why this conversion is gaining traction, highlighting the advantages and challenges these projects present for the developers and the future residents. As part of their coverage, they visited our partnership project with Macerich—a housing project at FlatIron Crossing Mall in Broomfield, Colorado.
The project showcases an innovative approach—redeveloping underutilized parking lots into residential units which are seamlessly connected to the mall by green spaces or walkways. Will Voegele, Macerich’s Executive Vice President and Chief Development Officer, shared, “[With] all the benefits that the shopping center itself brings to the equation, you have a highly amenitized residential project that’s much more desirable than something that might be in an isolated location.”
This approach not only provides much-needed housing but also boosts local businesses by bringing in a new customer base.
[With] all the benefits that the shopping center itself bring to the equation, you have a highly amenitized residential project that’s much more desirable than something that might be in an isolated location.
Will Voegele
Executive Vice President, Chief Development Officer
Macerich
The Future of Malls as Mixed-Use Spaces
The future of American mall is reimagined. As work-from-home trends continue and housing demands grow, the redevelopment of malls into mixed-use spaces seems promising. While these conversions come with challenges, the potential benefits—revitalized retail areas, reduced housing shortages, and stronger local economies—far outweigh the drawbacks.
The key to success lies in addressing zoning regulations, design complexities, and financial hurdles. If done right, the classic American mall could evolve into dynamic communities where people live, work, shop, and play—all in one place.
CTA: Watch the full CNBC piece here.
