Updated research on viability of Downtown investment
July 23, 2012
Downtowns across the country are growing and even outpacing suburban growth in recent reports. Time magazine reported this in their June 28, 2012 edition.
The Natural Resources Defense Council has a recent blog posting summarizing what this means for development in Downtowns.
Researchers are looking at Downtowns benefitting from the convergence of the two largest population groups — the Millennials (now in their teens through their early 30s) and the Baby Boomers (now retiring). Neither group needs nor wants the space suburbs offer. Both groups place premiums on walkability and neighborhoods with accessible services such as shops, medical services, and restaurants.
Many want housing that is small and flexible, to accommodate a lifestyle of travel and lower overhead.
Here in Downtown Tucson, we are expecting quite a few new residents in the urban core over the next years: an estimated 1500 students in housing along University and on Congress Avenue after the underpass; an estimated 200+ units of market rate rental housing on the corner of Stone and Broadway, in the Armory Park apartments (seniors now living there will be moving to newly constructed units in the Mercado district), and next to the Mercado San Agustin.
Statistics support the advantage of smart investments in Downtown Tucson. Call us if we can assist with any additional information needs you may have! 837-6508.