Whether you are concerned about housing shortages or an overabundance of vacant buildings in your neighborhood, redevelopment efforts may be a solution. Consider these five benefits that it can bring to communities.
1. Update Run Down Buildings
Why settle for having abandoned or run-down buildings scattered throughout your community? Redevelopment projects like those undertaken by Los Angeles native Steven Taylor can transform outdated structures into attractive residences and mixed-use spaces.
2. Bring New Residents to the Area
Affordable housing is a major issue around the country. Without adequate housing stocks, it can be difficult for some cities and towns to attract new residents. That means no new talent coming in, which can quickly sap the life of an otherwise thriving community. Apartment redevelopment lets your town maintain its character and history while providing enough housing for newcomers.
3. Create Walkable and Livable Communities
For people who are ready to give up their mortgage and neighborhood watch community in favor of a more pedestrian-friendly environment and a landlord, redevelopment can offer plenty of options. For example, you might find apartments carved into the middle of a thriving arts district that allows an opportunity for social engagement and stimulation within a short walk from home.
4. Reduce Traffic Congestion
Mixed-use buildings bring conveniences like markets, services, and even offices right to your community. That means less time traveling back and forth, and reduced traffic congestion in the area. For younger generations looking to be more environmentally conscious in their living choices, this can be a major draw.
5. Repurpose Underused Buildings
Sometimes there are buildings that have just enough tenants to stay open. In many cases, they aren’t thriving, and routine maintenance or repairs may get left undone for a little too long. Redevelopment offers these underused buildings a new lease on life as apartments, lofts, or mixed-use spaces.
Consider the Advantages
Redevelopment has numerous benefits if done carefully and correctly. It can create spaces that accommodate nearly everyone, from millennials that are passionate about the environment to older adults who are no longer driving. It can turn underused or abandoned buildings into thriving centers of communities while preserving the unique character and history of the original spaces. All of these outcomes benefit the surrounding community.