Nice News - In 2023, researchers with the Urban Land Institute wrote that estimates of how much surplus and obsolete retail space there is in the U.S. range from several hundred million to 1 billion square feet. On the residential front, a 2024 report by the National Low Income Housing Coalition found that the lowest-income renters faced a shortage of 7.3 million affordable and available rental homes.
“As affordable housing needs and costs keep going up and a shortage
of available vacant land is growing, why not use what we already have?”
real estate developer Amy Casciani told Vox. “Why not creatively turn it around from being a blight on the community to an asset?” Casciani’s nonprofit development group, PathStone, retrofitted an
empty Sears department store that was part of a former mall outside
Rochester, New York, transforming it into Skyview Park Apartments. The
complex opened in 2022 and features 157 rental units affordable for
adults 55 and older earning up to 60% of the median area income. Half of
the units are reserved for people at risk of homelessness.
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