Downtown Revitalization Makes for a Thriving Real Estate Market

Downtown Revitalization Makes for a Thriving Real Estate Market

by DB Wilson

One key component in finding a good city/neighborhood/area to invest in, is in understanding the vitality and success of an area's downtown. Downtown revitalization has become a trend that attracts home buyers to buy- and for good reason. If you're looking to buy into an area with a solid downtown or one that is on the way to a positive revitalization, then read on.
There are many components that can make for a lively downtown core. One key element is diversity. A downtown that attracts different retail outlets, residential residences, culture, entertainment, government and tourist attractions is liable to be a very successful downtown. Many downtown areas may already have these elements. If a downtown is undergoing a revitalization you can probably check with the revitalization committee to see what future intentions and plans they have for the area.

Another ingredient that'll indicate positive development downtown is that the revitalization seems to be going on in many areas at once. Not only should commercial business and residential areas be sprouting new life, but social programs should be thriving such as youth development and employment services, anti-crime initiatives, recreational opportunities and public transit.

A following key factor for a vibrant downtown area, is the focus and attention paid to the development of unique qualities. Most revitalized downtown's are built up from a downtown that was there many moons ago. Attractive revitalizations are able to capitalize on the unique history of an area, by restoring older buildings and maintaining their heritage and character. Some areas are able to blend the new and the old, adding artistic flair that ties in with the historic character of the area.

Improved pedestrian pathways, the addition of attractive lights, benches, maps and floral landscaping are all signs that a downtown is cared about and cared for. Furthermore, careful planning with wider sidewalks and landscaping will encourage "on street" commerce and dining. This broadens the public sphere, bringing people closer together and promoting community, which is the main goal and the main attraction of any downtown core.

To know that a revitalization plan is truly supported you'll want to find out those who are on board. Partnerships are the tell-tale sign of a positive plan. Ideally, chambers of commerce, government, civic institutions, private sectors and other sectors are jointly involved to form a strong alliance for the future of the project.

Supported, happy downtown communities will never go out of style, as we've learned in the recent return to the downtown concept. A smart investor will look to cities who care about and invest in the vitality of their downtown's thriving future.