credit: Richard Jones
Downtown revitalization is a phrase that has been on the lips of many cities across the nation. What this term refers to is the investment of government funds into rebuilding the downtown neighborhoods of their cities in order to attract business, residents and tourism. Riverwalks, urban parks, luxury loft-style apartment buildings and reinvigorated arts districts are all symbolic of downtown revitalization.
The revitalization of a downtown district drives up real estate prices in the area. However, many cities are currently on the edge of their growth. They’ve committed to improving their downtown neighborhoods but the prices of housing haven’t started to significantly climb yet. Those savvy investors who can get their hands on some historic real estate in these downtown areas may potentially benefit big-time from the future boom of their downtown neighborhoods.
Tucson, Arizona is a prime example of this type of revitalization opportunity. The city has started to invest in its downtown and the bars and restaurants there are starting to gain popularity. While some historic neighborhoods in the area have gone up in price, there remain affordable neighborhoods just outside of the downtown district. Those people who make the move to invest in those neighborhoods now will hold prime real estate if the city’s downtown does indeed grow.
And it’s not just Tucson that is experiencing this kind of slow downtown growth which could explode in the years to come. Small cities all across the country have revitalization plans in the works. Check out the planning departments of the city where you live to see if this is an investment opportunity that makes sense in your area.