"Central business districts are turning into central social districts offering culture, arts and entertainment," ULI senior resident fellow William H. Hudnut III explains.

And the demand for intown residential options is only likely to increase in the future. Census Bureau reports show that growing cities such as Chicago, Denver, Houston, and Memphis saw consistent increases in their downtown populations since 1990. Even towns that are showing a decrease in overall population, such as Cleveland and Detroit, still reported increases in the number of intown dwellers. As for developers, forum attendees noted that those building in their surrounding urban markets are likely to do better than outsiders because they are more likely to have a better insight into local residents' housing desires and needs.