The influx of millennials and baby boomers seeking urban living is being credited with driving the direction of downtown development for the foreseeable future.
(Boonton, NJ, January 29, 2015) — The January issue of Downtown Idea Exchange looks ahead to some of the challenges and opportunities that face downtown leaders in 2015.
One of many important trends is an influx of millennials and baby boomers seeking urban living. This group is creating the most demand for downtown housing, as well as specific types of amenities, and more transit options, experts say.
Not just an opportunity for mid-sized and larger cities, residential development presents opportunities for cities of all sizes.
Recent research in North Carolina found that for every one unit of housing added to a downtown, between $7,000 and $19,000 of investment downtown is generated just in spending by that resident, “so when you start talking about five, 10, or 20 units, that’s a huge impact,” says Patrice Frey, president of the National Main Street Center. “That’s something very exciting for smaller communities, because you don’t necessarily need hundreds of units — you can begin to see the impact with just a few.”
For more on the challenges and opportunities facing downtowns, read the article Looking Ahead to 2015.
###
About the Downtown Research & Development Center
For over 50 years, the Downtown Research & Development Center has acted as the information clearinghouse on practical strategies and tactics for revitalizing the hearts of our cities and towns.
The Group\'s main activities include publishing the widely influential Downtown Idea Exchange and Downtown Promotion Reporter newsletters; publishing relevant books and reports; and operating the DowntownDevelopment.com website.
Website: http://www.DowntownDevelopment.com