Economic revitalization is generally a decades-in-the-making process that involves heavy lifting, fat wallets and intense planning. While it’s not for the faint of heart, it can be done and it can be executed incredibly well (take LoDo in Denver or The Paseo in Oklahoma City).
Singling out neighborhoods primed for economic revitalization requires strategic effort. The process takes commitment from urban planners, economic development offices, commercial real estate developers and other stakeholders in the community. Government tax incentives don’t hurt either.
Where To Start
For many neighborhoods that have transformed their identities, it generally stems from a deep commitment to protect or revitalize an area, or even a building, inherently valuable to a city. Their economic development agencies seize the chance to pursue further development opportunities and bolster economic prosperity in the area.
When embarking on a revitalization strategy, there are a few approaches economic development organizations (EDOs) should consider. One option is to further strengthen areas that are already moderately developed and need additional resources to fully revitalize the neighborhood. If half a block is moderately strong, a full effort could do a number on transforming the entire area.
Alternatively, EDOs could choose areas closest to a vibrant neighborhood. Much like the effect big-name anchor stores can have on retail, anchor neighborhoods can also help strengthen surrounding blocks, which can be pragmatic for redevelopment efforts.
A third approach for singling out which neighborhood to focus economic development efforts on is, in fact, quite the opposite. EDOs can focus on tackling one of the more neglected areas and revitalizing it from the ground up for a complete transformation.
Why Focus on Revitalization
Economic development is a boon for a community, its residents and their prosperity. Strengthening a neighborhood requires time, planning and resources. With effort, the economic growth and commercial real estate development opportunities can be vast.
The best path forward is to always start with data analysis. At RealMassive we offer in-depth, real-time data on markets across the country. With localized commercial real estate data that is updated every week, your team has the ability to conduct extensive research and compare neighborhoods and markets with similar revitalization strategies and goals.