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A time for downtowns to tighten belts and select priorities carefully

(Boonton, NJ, December 29, 2008) — As the country plunges deeper into recession, downtown leaders are finding that they are not immune to the impacts.

As part of Downtown Idea Exchange newsletter’s annual trends report, editor Paul Felt spoke with industry experts who identified top priorities for downtown management in the New Year, among them:

• Prepare and plan for diminished resources. In the short term, the economic situation is serious, and strategic belt tightening will be in order. Now, more than ever, it is essential to be strategic and to choose priorities wisely.
• Keep long-range objectives in sight. Downtown leaders must not lose long-term perspective. For example, lowering standards to make it easier for new development is a temptation that should be avoided.
• Continue to plan for residential development. While housing markets are down in many parts of the country, the consensus from economic development experts is that the benefits of residential development outweigh the risks for downtowns.
• Investing in transit makes more sense than ever. Wildly fluctuating fuel costs have already resulted in significant increases in transit ridership. Downtowns should capitalize on this by connecting to transit and improving transit rider amenities.
• Prepare for the next positive wave. Long-term trends remain favorable and downtowns must do the work now to be prepared for the next wave of investment.

Interestingly, many of the experts interviewed remain extremely bullish about the future of downtown areas across the nation. Brad Segal, president of Progressive Urban Management Associates, sounds a particularly positive note; “The reason why I feel very bullish on downtowns long term is that the overall trends that continue to point people to live and invest in downtowns are still there. The demographic trends, the lifestyle trends, the effects of what’s happening in the global economy are all going to make downtown living and downtown investment more and more of an economic imperative as time goes on,” Segal says. “When we inevitably get out of the down-cycle and the market heats up again, downtown folks need to be prepared for another positive wave.”

The full text of the report, A time for downtowns to tighten belts, and select short-term priorities carefully is available online at the Downtown Research & Development Center website, http://www.DowntownDevelopment.com/dixtrends.php

About Downtown Idea Exchange

Downtown Idea Exchange newsletter reports on downtown problems and solutions in an effort to provide a focus for revitalizing our cities.

Website: http://www.DowntownDevelopment.com