Jumpstarting Small Town Redevelopment: 4 Tried & True Practices

SAVANNAH, Ga. - Feb. 9, 2021 - PRLog -- Recently, many cities are fully embracing redevelopment to revitalize entire districts and neighborhoods. Old manufacturing centers like Detroit, Cleveland, and Pittsburgh are getting in on the action with their classic, historic architecture back in vogue. To tackle redevelopment projects in cities like these, Georgia-based real estate developer Charlton Claxton suggests using four techniques revolving around building relationships and involving community. By blending modern approaches with old-school strategies, real estate developers all over the world can breathe new life into otherwise forgotten communities.

1. Community Partnership
Oftentimes, local organizations have already figured out where there are major barriers or even advantages to redevelopment. They can help to create the project to be more culturally appropriate. Once the community has buy-in, they are more likely to accept the project as one of their own and are less likely to start a fight at city hall. The key is to work WITH the community, not against it.

2. Economic Strategy
Any developer should imagine what an economy would look like if it prioritized boosting community wealth, rebuilding community life, upholding social justice, and harmonizing with the environment over the pursuit of pure profit. Instead of launching a typical for-profit redevelopment venture, the following four C's can effectively enhance community involvement:

Cooperatives
Community Land Trusts
Commons
CSA & CSI

3. Robbing Peter to Pay Paul
Example: A community really wants a food hub, but they also need affordable housing. Market research shows that a related idea like a commercial kitchen and food business incubator actually has a much higher profit potential than the other two ideas. If the project must be launched in segments, it's best to always begin with the highest profit potential activity first. This can then support the other activities as they all grow at different rates. Therefore, the commercial kitchen can kick-start the launch of the food hub, opening access to local food, which then enhances the commercial kitchen incubator. This snowball effect can then be used to launch affordable housing, which can house more potential food entrepreneurs, and so on.

4. Hybrid Practice
Any of the above practices will provide viable alternatives to traditional redevelopment. However, if a developer utilizes a combination of any of the three strategies above, he or she will be setting their project up for true success. These hybrids really gain their power when they are blended effectively. They diversify projects much like a stock portfolio, ensuring that each project has more than one single use at any time. This is especially useful in places that lack zoning or have flexible zoning regulations. When projects have only a single-use, there is a real possibility that the project could fail, taking all investment with it.