By Rich Arzaga, CFP®, CCIM
When I first shared the initial article in this series on Zombie Malls, I didn’t anticipate it evolving into a miniseries. Yet here we are, exploring one of the most compelling examples of revitalizing a declining property type: transforming dead shopping malls into vibrant multifamily developments. This trend addresses a critical housing shortage and adds value by thoughtfully incorporating retail into these reimagined spaces.
A standout case study is in Newark, California, and it resonates with me. Having lived in the San Francisco East Bay most of my life, I’ve seen firsthand how communities evolve. I vividly remember being at the White Front store with my dad in 1969, across the street from what would later become NewPark Mall, watching the moon landing on one of their televisions. It wasn’t because we couldn’t afford a TV—it was just a special moment in an era of shared experiences.
Fast-forward many moons, and that area is undergoing an exciting transformation. The developers are repurposing underutilized parking lots and surrounding spaces, converting them into much-needed apartment complexes while maintaining a retail presence to serve the community.
The location is ideal—it is nestled near Silicon Valley, the Peninsula, and San Francisco, making it a prime spot for residents seeking accessibility and convenience.
This innovative approach illustrates how declining retail spaces can be reinvented to meet pressing societal needs while preserving elements of their original purpose. It’s a win-win for communities and investors alike.
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