In the News: Developers Converting Dying Malls to Apartments

On June 30, City Lab published an article on how developer Avalon Bay is converting a portion of the 41-year-old Alderwood Mall outside of Seattle into housing. The article highlights the financial stress retailers and mall operators around the country are facing in the post-COVID-19 economy.  Avalon Bay is developing a 300-unit apartment complex with underground parking on the shopping center site, which will still include 90,000 square feet of retail.  “This project is a great example of evolution in the shopping center industry,” says a spokesperson for Brookfield Properties, which owns the property and is collaborating with AvalonBay Communities, Inc. on the residential component.