Urban Redevelopment Do's & Don'ts

The last 50 years of real estate development have often been innovative, but also, in many cases, downright dreadful in the approach to redeveloping downtown areas. Today, city fathers struggle with breaking from the past trends of urban sprawl and walled communities to redevelop urban areas that will increase downtown real estate values, attract businesses and residents, and enhance cultural and civic activities.

The success or failure of these endeavors will have lasting economic impact on those cities in competition to become regional destinations, capturing discretionary spending or seeking to exponentially increase their current tax base. Failure to create an economically sound downtown can ruin a city. Finding the right formula can catapult a city into the national limelight, creating a trickle down effect that results in higher-priced real estate, a strong retail and business environment, and a reputation that draws people to the area.

Do enter a third generation of thought. Before World War II, neighborhoods in urban areas seemed to evolve organically. Many times neighborhoods were organized along ethnic lines. This was immediately followed by the era of urban sprawl, massive malls, and the introduction of walled communities. At that time, there was an aversion to urban areas and people were fleeing to the perceived safety of the suburbs.