Here are two examples of what matters in urban redevelopment. City officials and urban developers should understand that there is an important sequencing that governs redevelop cycles in under performing cities. First come the zealots (the ‘risk oblivious’), next come those who hedge their bets (‘risk aware’) and finally the ‘risk averse’ arrive in town (national chains, big banks, etc.).
Rarely, if ever, does this formula vary.
Here is an article from the Urban Land Institute about Detroit’s real estate market finally achieving pricing that is attracting commercial banks.
Urban Land Institute
Next is a speech from Andres Duany, a bit dated, but still enormously important. He speaks to a lot of things in this talk- Detroit, historical reasons for urban decay, and the importance for city leaders to make room in their community for the early, often times under funded, adopters. Skipping past the small developers and shooting for the big guys is fool’s gold. I love the whole talk, but the important stuff starts at the 26:30 mark with the Left Bank in Paris.