There's this show on television where this guy buys a house, and he and his team fix the property up. They put in new floors, doors, walls, plumbing, etc., and then he turns around and sells the improved house for a lot more money than he had originally purchased it for. That program is kind of a layman's explain of what downtown revitalization is.
The purpose of urban renewal is to take rundown sections of a city or town and bring the section back to its former glory days. Instead of just a park beautification, it's a town beautification. But it's much more than that. Through thorough planning and development, local businesses are strengthened which in turn encourages both building and property owners to invest in the community and location. Moreover, jobs and living conditions are bettered because the growing consumer market generates the need for workers, and the stand of living is increased because of the revitalization.
Location. Location. Location. That's an important part of real estate development, even concerning downtown revitalization. You must know what will benefit the community you are developing plans for. When the New York City's powers that be decided to build a new Yankee Stadium, they also deemed it beneficial to build a new parking garage that would hold 9,000 cars. Paving over NYC parklands was cleared in order to create the parking garage. However, in April of 2012, the parking garage was closed due to lack of customers. There was no demand for the expensive parking, as it cost more to park there, than neighboring parking garages.
When you neglect to think about the big picture when devising a plan for downtown revitalization, you're endeavors will not be successful. Build a Better Burb has a story on their website about a block of derelict brick buildings that were converted by Annex Mills into affordable housing. Similar to the man on television, Annex Mills took a property that was in complete disarray, and completely renovated it so that it was fit for habitation. With this affordable housing now available in Rochester, NY the surrounding community will see an increase in growth and standard of living because instead of having dilapidated buildings in the community, there are four new, green, affordable housing apartments to raise the property value.
Downtown revitalization is only advantageous if it benefits the community both civilly and economically. Ill-conceived restorations are counterproductive and can lower the property values of the community and surrounding areas. Investigate the needs of the community and what options and avenues before you hold the greatest overall benefit.
The purpose of urban renewal is to take rundown sections of a city or town and bring the section back to its former glory days. Instead of just a park beautification, it's a town beautification. But it's much more than that. Through thorough planning and development, local businesses are strengthened which in turn encourages both building and property owners to invest in the community and location. Moreover, jobs and living conditions are bettered because the growing consumer market generates the need for workers, and the stand of living is increased because of the revitalization.
Location. Location. Location. That's an important part of real estate development, even concerning downtown revitalization. You must know what will benefit the community you are developing plans for. When the New York City's powers that be decided to build a new Yankee Stadium, they also deemed it beneficial to build a new parking garage that would hold 9,000 cars. Paving over NYC parklands was cleared in order to create the parking garage. However, in April of 2012, the parking garage was closed due to lack of customers. There was no demand for the expensive parking, as it cost more to park there, than neighboring parking garages.
When you neglect to think about the big picture when devising a plan for downtown revitalization, you're endeavors will not be successful. Build a Better Burb has a story on their website about a block of derelict brick buildings that were converted by Annex Mills into affordable housing. Similar to the man on television, Annex Mills took a property that was in complete disarray, and completely renovated it so that it was fit for habitation. With this affordable housing now available in Rochester, NY the surrounding community will see an increase in growth and standard of living because instead of having dilapidated buildings in the community, there are four new, green, affordable housing apartments to raise the property value.
Downtown revitalization is only advantageous if it benefits the community both civilly and economically. Ill-conceived restorations are counterproductive and can lower the property values of the community and surrounding areas. Investigate the needs of the community and what options and avenues before you hold the greatest overall benefit.
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