Flexing live/work spaces

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Christopher Eley says he routinely puts in 15-hour days at the gourmet meat market he has owned for two years. At the end of a day like that, the last thing the Indianapolis businessman wants to do is face a long drive home. And so he doesn't. Instead, Eley secures the doors to his shop, called Goose the Market, and treads upstairs to the 2,000-square-foot flat he owns. "It has worked out really well," said Eley. "Obviously, I spend a lot of time at work, and this shortens the commute and saves on expenses. Plus, I was able to purchase the building, and most first-time business owners don't have that opportunity." Eley and his like-minded neighbors have embraced a movement in residential development known as "live/work," which typically combines a residence upstairs with a business at street level. Though just a few years ago it was solely the province of frugal artists who scraped by in a combined studio and apartment, the idea has expanded an...