A cycle begins in which people don’t patronize the remaining businesses. They start to move out, leaving empty buildings that continue to decay as they are neglected. This is harmful socially and economically.
Urban revitalization projects in downtown areas may be the perfect solution. Though expensive, they can offer several benefits.
Increased Tax Revenues
Developing and revitalizing buildings in downtown areas, such as the work of developer Angelo Ingrassia Rochester NY on Saratoga Spring’s Broadway, creates spaces for new businesses to grow and thrive.
As their profit margins grow, so do the tax contributions of these new businesses. Cities of all sizes need tax revenues to maintain infrastructure as well as continue urban growth. This can reverse the cycle and stimulate a lasting period of new development.
Increased Jobs
High unemployment is never good for a city. People without jobs can’t contribute to the local economy or the tax base. This is a major contributor to urban decay.
When new businesses open in downtown areas, they need employees. Restaurants, bars, shops, and other businesses offer a variety of full-time and part-time employment opportunities.
With more people working, the city’s economy grows. People who are employed can buy and improve houses, which raises property values. That generates further tax revenues and helps maintain growth.
Increased Aesthetics
When developers revitalize buildings and plazas in downtown areas, they become aesthetically pleasing, even works of art. Tourists and people from nearby communities are more likely to visit a city that has a beautiful downtown area.
While there, they are likely to visit a restaurant for a bite or do some shopping. In fact, people may be more inclined to visit a business they’ve heard about because of the beauty of its location. The power of aesthetics should not be underestimated.
Increased Civic Pride
When a city has a redeveloped downtown area that is beautiful and filled with thriving businesses, the locals feel a greater sense of pride.
In addition to them taking jobs and patronizing those businesses, they are usually motivated to do their part to keep their city looking good. It could be as simple as not throwing trash on the ground or doing work to improve the curb appeal of their homes.
People who are proud of their community will also brag about it to the citizens of other places. This can encourage more visitors to the downtown area, boosting the bottom line of the businesses there. When people care, they go the extra mile to help keep their downtown thriving.
It’s sad when a once vital downtown area lies in a state of disrepair and decline. Encouraging developers and investors to participate in downtown revitalization projects is something that mayors and city councils should be doing.
There are many benefits to improving downtown areas.
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Image credit: benefits of downtown development by envato.com
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