Cozen O’Connor: Mobile Home Parks: A Hidden Gem for Redevelopers [Western Real Estate Business]

Mobile Home Parks: A Hidden Gem for Redevelopers [Western Real Estate Business]

Richard Close, a member of Cozen O'Connor's Real Estate Practice Group, discusses mobile home parks in Western Real Estate Business. While waiting for the value of the land to rise, “trailer parks” (currently known as manufactured housing communities) were developed as temporary uses in these “middle of nowhere” locations. Today, many of these areas have become thriving urban regions. The cities have caught up to the “nowhere,” and are now prime for developers to take advantage of high-value, large parcels of land. California’s urban-area mobile home parks are actively being sought after for redevelopment into residential, retail, and industrial projects. With the dissolution of California’s redevelopment agencies, it is nearly impossible for real estate developers to assemble large parcels of land in central locations. However, there are more than 1,000 older mobile home properties in California with tremendous redevelopment potential.

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Richard H. Close

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rclose@cozen.com

(310) 460-4477


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