Incentives and Rezoning Stimulate Downtown Housing

Knowing your market potential, offering incentives, creating appropriate zoning, and facilitating connections all play a role in creating more housing downtown.
By: Downtown Research and Development Center
 
April 3, 2013 - PRLog -- Knowing the market potential, offering incentives, creating appropriate zoning, and facilitating connections between the city, developers, and potential residents all play a role in creating more housing in downtown Ithaca, NY.

"There are three major things we've done to stimulate development of residential," says Gary Ferguson, executive director of the Downtown Ithaca Alliance.

"We've worked hard to put together an incentive program, a tax abatement program with a downtown focus, which can provide stepped abatement for mixed-use and residential projects, Ferguson says.

Second, the alliance is working with the city on a downtown rezoning package designed to create more opportunities for vertical density by changing building height restrictions, and that will extend the commercial business district borders, allowing for larger downtown development projects.

And third, the Alliance does housing studies on a regular basis, says Ferguson. "We contract with folks to come into our community to do market demand and absorption studies for our downtown market so that we can squarely, accurately, and earnestly sit down with a downtown developer or investor and say where the market presents opportunities. Over the years, that has opened the eyes of a great many people to our downtown opportunities."

Full details on the week-long event and how it is promoted appear in the April issue of Downtown Idea Exchange.

To view details about the tax abatement program offered to developers in downtown Ithaca, visit:http://www.DowntownDevelopment.com/downtown_digest.php.

About the Downtown Research & Development Center

For over 50 years, the Downtown Research & Development Center has acted as the information clearinghouse on practical strategies and tactics for revitalizing the hearts of our cities and towns.

The Group's main activities include publishing the widely influential "Downtown Idea Exchange" and "Downtown Promotion Reporter" newsletters; publishing relevant books and reports; and operating the DowntownDevelopment.com website.

Website: http://www.DowntownDevelopment.com
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Source:Downtown Research and Development Center
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