The CARES Act will be providing many cities with an excellent opportunity to revitalize their downtown and invest in their future. Without a doubt, downtown revitalization offers significant economic benefits and potential for any municipality. Schleidt Works can create a multi-staged plan on the best course of action to revitalize a city, including implementing a co-working space, applying subsidized rents, and determining incentives for downtown building code corrections and rehabs. Furthermore, we can help plan festivals, events, and decorative lighting, all of which invite residents and visitors to the downtown area. We have already had tremendous success in Norwich, Connecticut, and success begets success!
1) Coworking Spaces
Co-working spaces renew neighborhoods and bring members of the community together. Additionally, individuals working from home and digital nomads outside of the city’s border are attracted to these spaces to feel less isolated when working. However, co-working spaces are not just for working; members can network and socialize all without leaving their desks. This socialization improves work-life balance and draws more people into the city to work. Furthermore, retail shops, restaurants, and gyms near a new co-working space see a boom in business almost instantly.
2) Affordable Housing
Keeping the neighborhood affordable is essential during the revitalization process. Rent control, preservation of federally subsidized affordable housing, and tax relief and assistance are all strategies that aid in keeping tenants in their housing. And while building new housing may become necessary, there is a tremendous incentive for building code corrections and rehabs to the buildings in existence. Additionally, Connecticut is currently offering a new incentive to build or renovate commercial facilities to meet or exceed the U.S. Green Building Council’s Leadership in Environmental and Energy Design (LEED) Gold Standard.
3) Community Events & Attractions
Events, decorations, and ornamental lighting are ways to increase foot traffic in a newly revitalized downtown area and support the municipal economy. Events can include parades with local vendors offering farm-to-table fare, holiday festivals with live local music, and block parties to kick off the summer. Moreover, decorations for the season and ornamental lighting invite visitors to explore the downtown and enjoy the ambiance.
Downtown revitalization provides many possibilities for a city. Local businesses thrive, and residents are happy and proud to be a member of the community. In addition, investing in the revitalization process will offer exponential financial gains to a city. Here at Schleidt Works, we have a proven track record and commitment to the revitalization process; we will help every step of the way. Contact us today to learn more about our services.