Gene Bernshtam has had quite a career in real estate. He has witnessed some of the biggest trends in the industry. Over the past few decades, Gene has seen the rise in mixed-use properties or structures that have more than a single-use such as condo buildings with commercial spaces below and residential units on the upper floors.
For this blog, Gene discusses a more radical (for lack of a better word) type of mixed-use property – converted parking garages.
At present, several developers all over the country have been converting parking garages to accommodate more than just cars. With the vision of architects, the expertise of engineers, and efforts of construction companies, residential and commercial spaces have been added to some public parking garages.
Done right, Gene Bernshtam agrees that it’s a winning scenario for everyone involved since parking spaces have become just as in-demand as living spaces and business areas. It also contributes significantly to the rise of business centers confined to within a single city block. With the addition of mixed-use parking garages, residents, as well as employees, can park, work, and live in the area without needing to suffer the long travel between work and home, or the stress of merely looking for a parking spot.
While the concept and construction of mixed-use parking garages, in general, are still in their infancy, Gene Bernshtam is confident that Americans will see more of these structures and enjoy its benefits in the decade to come.
Avalon Holdings, LLC’s Gene Bernshtam graduated from the Loyola Business School with a degree in finance. He received Series 7 and 63 licenses that allowed him to work for an investment banking firm right after college. He then started an auto business and a real estate company. More on Mr. Bernshtam’s work and interests here.