4 ms·
Redevelopment of derelict downtowns has been outsourced to massive real estate corporations who have created a successful formula that they can pretty much copy
by listenallyall 2y ago
Redevelopment of derelict downtowns has been outsourced to massive real estate corporations who have created a successful formula that they can pretty much copycat over and over.
Kansas City's Power & Light district, which you mention, was built by the Cordish Companies, which cut and paste in Louisville and Baltimore, among others.
https://www.cordish.com/businesses/entertainment-districts https://www.cordish.com/businesses/entertainment-districts
Certainly there are benefits of revitalizing urban spaces but the fact that it is entirely engineered, has little room for local entrepreneurs, and most financial benefits flow to a small cadre of real estate giants, is also somewhat concerning.
- Leherenn 2y agoIt feels hard to avoid. You need scale to make the project viable: a single small redevelopment in a run down area is unappealing, but if you do the whole block, that's a different story. There are probably more opportunities after the initial redevelopment for smaller scale additions.
- tylerFowler 2y agoIn the real estate profit space, I agree, but it's been a huge boon to businesses in the area so minimally it's a good first step. It seems a decent strategy for a city to have large developers to the difficult work of conversion and then allow it to change hands over time. Now, for KC specifically, the Power & Light District is a tad different because several completely new and large apartment towers (One Light & Two Light) were built. I'd argue, still good for the area and its residents/business owners, but less viable in cities with less space. Tldr; idk, necessary evil?