It has long been recognized that the younger generations are opting for an urban lifestyle, a reversal of the "suburban flight" of the past. They want the exciting, convenient and amenity-rich lifestyle of city living. They want to be able to walk to restaurants, bars, shopping and work as well as easy access to public transportation.

But what's interesting for developers is that we're seeing many in the huge baby boom generation have the same lifestyle preferences. Their kids are growing up and abandoning the nest, giving them the freedom to pursue locations they wouldn't have considered before.

Many Boomers are ready to transition from suburban life to an easier, lawn-free lifestyle. They want to remain active and desire easy access to cultural facilities, theaters and restaurants. In short, they, too, like the convenience and vibrancy of an urban environment.