Is Recycling Malls The Future Of Low-Cost Housing?

The march of technology has been particularly hard on the shopping mall. Once a can’t-lose investment, these centers of socialization and commerce have dried up all across the country. While many malls still soldier on, a number of them are barely keeping their doors open. Many more are shuttered and silent, with no one willing to rent space in them.

The oldest mall in America, though, has found a solution. Turning space that was once reserved for shops into living areas.

According to Little Things, the Providence Arcade has become something of an experiment in corporate social responsibility and market adaptability. This mall was built in the mid-1800s, and it’s the oldest existing mall in the United States. The mall went bankrupt, despite its status as a historical landmark, and it was acquired in 2005 by developer Even Granoff. As a way to make the mall more viable, Granoff converted the third floor of shop space into affordable apartments. The demand for that living space jump-started demand for the area, and it’s made what was a bankrupted shopping center into a thriving community.

While this is far from the norm, at least right now, it does present an interesting opportunity for developers. Malls tend to be located in prime locations, but they may be seen as a risky investment. Diversifying the property, and converting it into something more people need (since there’s still a huge demand for rental properties), is a way to both serve the needs of the public, and to make profits for the company.