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Redevelopment: A Cultural Investment

Neighborhoods have recently been booming—with all these renovated buildings and cultural events, cities are blossoming and benefiting residents and developers! We’ve already discussed the significance of cultural spaces and how they benefit society. But how exactly are cities changing and how is the change benefiting developers?

New Year, New Look

Investors and developers are focusing on making neighborhoods more vibrant and attractive. How are they achieving that? They’ve teamed up with designers and architects to create venues that can host large events in the neighborhood or paint murals on the walls of small streets. They also drop art galleries in a walkable space. Some call this public art, but they like to call these cultural investments. Many developers believe that cultural investments can help revive an old building or sustain an existing one. These investments can also bring people together in an open space and motivate human interaction. And the main benefit for CRE developers and investors? Vibrancy in a walkable community drives sales and higher property values.

Neighborhoods Seek Refinement

Districts throughout the country are becoming more vibrant each day. Take Miami for example. The Art Basel has attracted so much attention from developers, investors, and citizens. This is a great opportunity for developers and investors because it gives them the opportunity for people to see and experience the real estate and art. This can potentially lead to higher property values! Developer NR Investments is hosting an event at a residential building for Art Week, where there will be three days of digital art and music performances. So why hold these elaborate events of art? Cervera Real Estate’s Veronica Cervera Goeseke makes a valid point—people who buy nice apartments are inclined to buy art for their homes. When real estate firms sponsor events that will boost the attractiveness of a neighborhood, they are likely to benefit.

Los Angeles is also seeing an increase in property values due to redevelopment in the public realm. Converting abandoned, historic properties into mixed-uses has helped the city become even more attractive to not only residents but also tourists. The buildings that have yet to be renovated give developers the opportunity to create something impressive and useful that will attract tenants. The city also wants to build a new bridge to make traveling for commuters more convenient. Regarding downtown Los Angeles’ redevelopment and growth, reps from Ernst & Young commented that “the Arts District looks to be an attractive option for those seeking a similar demographic of young office workers who want to live and play near where they work.”

Small Fish in a Big Pond

Miami and LA aren’t the only cities experiencing a cultural boom. Charlotte is also going through a redevelopment of its public realm. A new arts district dubbed as the Gold District is rife with history, and the city of Charlotte plans to enhance that aspect of the neighborhood. Urban planner Craig Lewis, who is working on the Gold District, discusses his plans for the city:
One of the recommendations in the vision plan is to have very specific elements in the public realm: streetscape elements, different kinds of lighting, crosswalks, art to help define it in a different way than the rest of South End.”
Walkability and cultural spaces in a neighborhood are key to enhancing a monochrome spot, so it looks like Lewis is on the right track!

When it comes to a city or small town’s attraction, cultural events are bound to lure in people. Music, dance, art, and cuisine are just few of the things that bring people together. Not to mention they can also bring in the big bucks. Investors and developers are making the right moves on these cultural investments; not only can thriving cities like LA and Miami benefit, but smaller players can also flourish!

 

 

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