By Ian Colgan | Redevelopment & Revitalization | Aug 23rd
This article is Part 3 of a four part series titled “Strategic Neighborhood Redevelopment.” This series provides the considerations involved in formulating a meaningful neighborhood redevelopment strategy. From Development Concepts Inc.’s 19 years of redevelopment experience, we’ll explain what in involved in establishing redevelopment strategies that produce sustainable private investment.
You can read Part 1 here and Part 2 here.
Five key components are required for a successful redevelopment strategy
There are no easy answers to address the issues of neighborhood distress. A carefully crafted strategy, established with community stakeholders and public and private sector leadership, can make a difference. What will work on a larger scale, providing sustainable results, is likely to involve several critical components. The following components are essential building blocks to an effective and comprehensive redevelopment strategy.
Tags: Code Enforcement, Community Buy-In, Land Acquisition, Neighborhood Redevelopment, Private Investment
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By Cindy Higbee | Redevelopment & Revitalization | Aug 9th
New homes at DCI's Martindale on the Monon project
While certainly challenging, urban residential development can be very rewarding. For several years now DCI has been doing residential redevelopment in the Martindale on the Monon neighborhood in Indianapolis. So far we have built nearly 40 new homes for dozens of families and have helped to kick start the revitalization of a once forgotten neighborhood. In the process, we have gained some firsthand knowledge of the pitfalls to urban development. To assist anyone considering a similar endeavor, we thought it might be helpful to pass our insights along. Continue Reading »
Tags: Appraisals, Mortgages, Neighborhood Redevelopment, Property Taxes, public-private partnership
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By Ian Colgan | Redevelopment & Revitalization | Jul 12th
Successful neighborhood redevelopment requires a broad macro approach.
This article is Part 2 of a four part series titled “Strategic Neighborhood Redevelopment.” This series provides the considerations involved in formulating a meaningful neighborhood redevelopment strategy. From Development Concepts Inc.’s 19 years of redevelopment experience, we’ll explain what is involved in establishing redevelopment strategies that produce sustainable private investment.
You can find Part 1 here.
Micro vs. Macro Responses
Given the impediments described in Part 1 of this series, it is surprising that there have been few comprehensive attempts to organize dysfunctional neighborhoods to better respond to the marketplace. One likely reason is the lack of an agreed-upon, systematic, “macro” approach to address the impediments and prepare distressed areas for market investment.
In many cities, the approach for neighborhood redevelopment has been predominately on a parcel-by-parcel basis. Public sector and not-for-profits are the primary catalysts for change. Their mission, due to limited resources, has been to incrementally reinforce selected parcels of real estate. It is clear the pervasive impact of the impediments described in this section make a “micro” approach ineffective in creating a substantive impact able to capture the attention of the marketplace. While some good comes from a targeted reinforcement approach, it does not reset the real estate context in a manner that responds to today’s market requirements. Continue Reading »
Tags: Macro Approach, Marketplace, Neighborhood Redevelopment, Neighborhoods, public-private partnership
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By Ian Colgan | Redevelopment & Revitalization | Jun 30th
Neighborhood Revitalization in LeDroit Park near Howard University - Image courtsey of Flickr user NCinDC
The growth of American metropolitan areas since the Second World War has resulted in a distinct trend related to urban institutions of higher education. As population and wealth left the central city, some College and Universities – many of which were once located on the periphery of their communities – found themselves surrounded by urban neighborhoods that went through periods of significant decline and disinvestment.
Until the late 20th Century, a common practice for these institutions was to turn their back on what was going on around them. This often created a schism between the university and the surrounding neighborhood, straining “town-gown” relations. However, the past two decades have seen a major shift in thinking, and now hundreds of universities have become more open to their environs as they see their future success linked to their location. Several models of university community engagement are emerging. They range from multi-billion dollar investments in real estate, land and facilities to community based programs that link college education with community participation and education.
Below are examples from around the country that have produced tangible results in terms of university-led neighborhood revitalization. This is meant to go beyond programs and strategies that simply focus on improving town-gown relations to examine initiatives that have leveraged investment and physical development. Continue Reading »
Tags: acquisition, education, Neighborhood Redevelopment, public-private partnership
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By Ian Colgan | Market & Economic Analysis | Jun 29th
Development Concepts has done a considerable amount of research regarding the economic factors that drive successful neighborhood business districts. A Neighborhood Business District, as we call it, is a concentration of retail, dining and other services serving local residents, located outside of a Downtown area. If they are large enough, they can be retail, dining, arts and entertainment destinations that draw in visitors from across a metropolitan area. Nationally, well known examples of NBD’s are Lincoln Park in Chicago, South Street in Philadelphia, Fells Point in Baltimore, or Capitol Hill in Seattle. NBD’s represent the types of neighborhoods that have become highly desirable across the country – urban amenities easily accessible by walking or easy driving distance by nearby residents.
Through our research, we have identified a series of indicators that can be used to understand the retail viability of a particular NBD – whether established or planned. With the knowledge of the core factors that generate viability for successful NBD’s, we have created a “Retail Viability Report” for 16 existing and potential NBD’s in the City of Indianapolis. It is our intention to share the understanding of how NBD’s work economically so that Indianapolis can move towards a more sustainable future.
Continue Reading »
Tags: Business Districts, Indianapolis, Neighborhoods
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