Community Revitalization Desktop Guide

step two: capitalize on changing demographics and trends A survey of twenty-somethings asked what they thought made popular city districts ‘cool.’ They said (1) historic buildings, (2) independent businesses, and (3) people on the street – all things Pennsylvania’s downtowns have.18 Changes in working, shopping and living are creating new markets for core communities. The features and amenities sought by residents, businesses, and visitors deﬁne today’s market conditions. The private market, while rarely effective at changing market conditions, is skilled at understanding them and using them to their advantage. Pennsylvania’s municipalities must similarly be able to capitalize on market conditions that favor our core communities. Today’s changing marketplace offers opportunities for urban Pennsylvania. Retail construction is growing stronger on inﬁll sites in mature trade areas, in downtowns with new condo construction, and in ethnic neighborhoods where retailers want to unlock the growing sales potential. 19 And shifts in Pennsylvania’s demographics have changed in ways that create new demand for homes, shops and ofﬁces in cities and towns. For 50 years, families with children drove Pennsylvania’s housing industry. But now, married couples with children make up less than 25 percent of Pennsylvania’s households. Pennsylvania’s fastest growing households are young professionals, empty nesters, single parents, couples without children, and seniors. These diverse Pennsylvanians are more likely to value urban amenities and they seek different kinds of housing, from condominiums to lofts to ﬂexible live/work space. On the following page are some trends that can be exploited to create new interest in living, shopping and working in Pennsylvania’s core communities. Home Builders survey. 21 Over half of seniors and young professionals (age 24-34) preferred small lot housing with easy access to stores and doctors. 22 To take advantage of this market, towns are addressing safety concerns, adding after-workday amenities such as restaurants and cultural activities, making substantial streetscape improvements such as pedestrian lighting, widening sidewalks, rezoning to require storefronts at street level, and encouraging inﬁll to eliminate gaps along the street frontage that discourage pedestrians from walking by. “Mixed-use projects as a favored type of development, offering greater convenience for busy professionals….also appeal to both empty nesters and their young adult offspring by providing pedestrian-accessible retail, restaurants, parks, supermarkets and offices. Transit-oriented development… ‘almost cannot miss.’ ”31 – EMERGING TRENDS IN REAL ESTATE 2007 BY THE URBAN LAND INSTITUTE AND PRICEWATERHOUSECOOPERS LLP ISSUED OCTOBER 19, 2006 New Urban Housing Products: Cities large and small have witnessed an increase in the number of people living downtown during the 1990s. Redevelopment and new development of market rate, senior, and subsidized urban housing has been widespread. The types of housing differ from the traditional small single-family homes in favor of exciting new housing products, from lofts to live/work spaces and condominiums. The availability of modern housing with strong amenities and low maintenance is attracting some of Pennsylvania’s growing population groups. Mixed Use/Main Street Retail: The retail dominance of the enclosed suburban mall may be over. Urban experts deﬁne the problem as “mall fatigue.” 24 There is new interest in frequenting a mix of specialty and national retailers in a safe, convenient open-air environments, whether we call it a historic lifestyle center or a Main Street.25 In addition, suburban big box retailers are looking to expand into urban markets and cities are requiring them to blend in with the existing streetscape.26 New Interest In Independent Stores: Another promising change in retail trends is growing consumer interest in independent, locally owned stores. National chains have dominated retail for the past few decades, putting many locally owned merchants out of business. Yet there are promising signs that some consumers are bored with generic stores and want to frequent stores that offer unique products. For example, older consumers have a strong dislike for ‘clone shopping places’ and equate independent stores with both excellent service and relevant products, according to recent market studies.27 Convenient Access by Foot, Car or Transit: Most cities understand that issues related to accessibility and parking play a major role in determining the viability of an asset, whether it is a waterfront or a “ The need for development is constant, because population, technology, and taste never stop changing.” – MIKE E. MILES, GAYLE BERENS, MARC A. WEISS, REAL ESTATE DEVELOPMENT: PRINCIPLES AND PROCESS 3RD EDITION, URBAN LAND INSTITUTE (2000) Vibrant, Walkable Communities: Market preference studies show a demand for walkable town communities that far exceeds supply.20 After living for decades in car-dependent suburban subdivisions, a part of the market is looking for communities where people can get out of their cars and walk. Forty-nine percent of people surveyed prefer a small home with more amenities such as parks and trails to a larger home without these amenities, according to a 2004 National Association of GOAL ONE: CHOOSE ONE ASSET-RICH REDEVELOPMENT AREA step two : capitalize on changing demographics and trends 16

Table of Contents Feed for the Digital Edition of Community Revitalization Desktop Guide

PA Community Revitalization Desktop Guide Table of Contents How To Attract High Impact Investment to Core Communities Goal One: Choose One Asset-Rich Redevelopment Area Interviews with Pennsylvania Mayors Goal Two: Prepare Redevelopment Area for Market Interviews with Developers who Have Invested in Pennsylvania Cities and Towns Goal Three: Welcome Investment Interviews with Developers who Have Invested in Pennsylvania Cities and Towns Goal Four: Apply Strategies That Work Conclusion

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