In cities across the nation, there are people who live, work, and play in areas that haven’t seen growth in decades. Some areas suffer from stagnation as businesses move elsewhere and storefronts stay closed. In many of these urban communities, investors continue to look for ways to improve the neighborhood in ways that encourage growth and community. It’s no secret that some investors are just looking to make a huge ROI, but others take a more modest approach that allows those communities to thrive and flourish. Here are some of the coolest revitalization projects that improve urban communities.
Plan Community Events
Creating space for outdoor events like art shows, farmers’ markets, flea markets, and even outdoor concerts can greatly improve an area. Community events not only bring people together but also help drive commerce. The city can greatly benefit from the fees that vendors pay to participate, and it offers the opportunity for local merchants to sell their wares. When investors like Samuel Kooris come in and improve the look of the surrounding buildings through their own revitalization projects, it makes that part of the city even more desirable to host community events.
Invest in Mixed-Use Properties
There will always be a market for residential housing in urban areas, but to get the most out of any revitalization project in a city, you need more than that. Alchemy Ventures, for instance, purchased many mixed-use properties in New York City and Kansas City, MO. This not only offers them flexibility in the kinds of projects to complete, but it also means that the community will benefit from a revitalization strategy that could bring in more jobs at local businesses and better outdoor spaces. And because they focus on projects that will help the community instead of driving people out with skyrocketing prices, it makes an even bigger impact.
Build Better Parks and Recreation Areas
Park spaces that are clean and well-kept bring in families, and families who work and live in a community also spend money in that community. If a community feels safe, welcoming, and has enough opportunities nearby, these families are more likely to stay, and the community can continue to grow. In urban communities, these spaces are even more necessary for recreation and building connections. When it comes to revitalization projects, investors like Samuel Kooris in Brooklyn know that they need to think about their development strategies wisely. Building better parks and recreation spaces between the hustle and bustle in the city can make a big difference in how well other investments do in the area.
Fix Broken Streets
Another important revitalization project for urban areas is to ensure the streets are smooth and there are no potholes. Fixing these broken streets makes people more likely to drive through the neighborhood. This improves areas that need better traffic for businesses like restaurants and stores. People try to avoid areas that they know have rough roads. But investing in broken streets can make the difference needed.
Add Art Installations
Sculpture gardens, wall murals, and art walks do more than just look beautiful. They can be part of a larger revitalization project for a neighborhood or city. Art and creative spaces have a way of inviting people to come and see them. When investors look to remodel buildings or improve the exteriors of shopping areas, they need to consider what else they can use to draw people in. Investing in art installations can provide the necessary framework that draws in more projects. As an area gets more and more attention from investors and communities, it helps to lift up urban areas that are in decline.
Revitalizing a depressed community is a huge undertaking. When investors start buying up abandoned buildings and starting up projects that were long forgotten, you know they have something planned. When the people with the money start to connect with the community to discover what’s at the heart, only then can these projects help the people in those areas.
While some investors are going to try and squeeze every penny they can out of a project, some have longer-term goals that include uplifting whole communities and helping them rebound from economic downturns. Revitalization projects that include housing, storefronts, art, parks, and even improved streets are the ones that will have longevity.