Latest news with #urbanrevitalization
Globe and Mail
18 hours ago
- Business
- Globe and Mail
Reimagining Downtowns Can Unlock $120+ Billion in Untapped Value
A new report by Cushman & Wakefield (NYSE: CWK), Reimagining Urban Real Estate Portfolios, finds that there is significant value to be unlocked in Downtowns if cities, investors and other stakeholders act swiftly to rebalance their real estate portfolios. The current mix of real estate uses in most U.S. Downtowns is misaligned with optimal real estate portfolio theory. This mismatch has left many urban cores exposed to persistent vacancies, reduced foot traffic, declining property values, and growing fiscal pressure. The report outlines how repurposing real estate uses in Downtowns—and possibly, other walkable urban places—could revitalize cities and unlock as much as $340 billion in value. 'Downtowns are currently over-indexed on office space, averaging 70% of total real estate use compared to the ideal ~40%,' said Rebecca Rockey, Deputy Chief Economist at Cushman & Wakefield. 'That imbalance has made them less resilient in the wake of the pandemic, remote work and economic disruption, and now, ripe for targeted reinvention.' Key findings from the report include: Downtowns are disproportionately reliant on office real estate, which has contributed to steadily rising vacancy rates now exceeding 26% and sharp valuation declines in many cities. Strategic conversions of lower-quality office buildings into residential or entertainment uses, referred to as 'Live' or 'Play' space, could unlock between $105 billion and $208 billion in value across 15 major U.S. Downtowns. Asset quality is critical to successful conversion outcomes. The greatest value is achieved when lower-value office buildings are repositioned into higher-value residential or entertainment assets. The report stresses the need for targeted, quality-focused investment. Non-Downtown Walkable Urban Places (WalkUPs) are generally closer to the ideal real estate mix. Broad conversion efforts in these areas could reduce value, but carefully selected projects still present compelling opportunities. There is urgency to act. Declining property tax revenues, reduced foot traffic, and increasing retail vacancies are creating uneven risks to urban economic health. Without focused policy action and investment, cities could face long-term fiscal strain and growing challenges to revitalize their urban cores. No two cities have the same real estate or property tax fingerprint. City governments need to engage with all stakeholders to understand what incentives and incentive structures could have the biggest impact. The report also highlights how unique each U.S. city is—the challenges and opportunities vary. Miami, as an example, has a Downtown with a more balanced real estate mix that more closely mirrors the optimal portfolio. This is one reason it has been more resilient and has actually seen Downtown foot traffic grow since 2019. This points to the fact that cities with a healthier balance of residential, office and entertainment uses can support economic vitality and remain more resilient even during disruptive shifts. Other cities are taking notice, but swift action is needed. 'This is a call to action for real estate owners, civic leaders, and investors,' said David Smith, Head of Americas Insights. 'The data shows that smart, targeted redevelopment in our Downtowns can create real financial returns and strengthen the overall vitality of cities.' The report comes at a time when many municipalities are facing severe budget shortfalls. Cities like New York, San Francisco, Boston, and Chicago project multi-billion-dollar deficits driven largely or in part by falling office values and tax base erosion. Reimagining Urban Real Estate Portfolios offers a roadmap for action, identifying where conversions will be most effective and how they can help rebuild vibrant, resilient urban cores. The full report by Cushman & Wakefield can be found here. About Cushman & Wakefield
BreakingNews.ie
08-08-2025
- Business
- BreakingNews.ie
LDA announces plan for 285 apartments in Limerick City
The Land Development Agency (LDA) is to lodge plans for 285 new affordable homes at The Gasworks, Dock Road, Limerick. The homes are to be developed on land being acquired by the Agency from Gas Networks Ireland (GNI). Advertisement The proposed development will include 142 one-bed, 127 two-bed and 16 three-bed apartments across three blocks ranging from 1-8 storeys. The plans also include provisions for a new public plaza, landscaped gardens, communal spaces, play areas, retail units and a childcare facility. Existing heritage artifacts, including the freestanding limestone wall which faces on to Dock Road, will be retained and incorporated into the design. Subject to approval, construction could begin in 2027 and will deliver much needed cost rental and social housing in Limerick city. Advertisement The proposed development is located beside the Dock Clock and is less than a 15-minute walk from Limerick city centre. It is well serviced through existing bus links which connect to primary and secondary schools, University of Limerick, University Hospital Limerick and Crescent Shopping Centre. John Coleman, Chief Executive of the Land Development Agency said: 'Having worked extensively on the design process for this site, we are confident that this project, in a prime location near Limerick city centre, has the capacity to revitalise the area through the delivery of 285 much needed affordable homes and amenities. 'I want to recognise the ongoing collaboration between the LDA and Gas Networks Ireland, as we collectively seek solutions to accelerate housing delivery.' Ronan Galwey, Acting CEO of Gas Networks Ireland added: 'Gas Networks Ireland is proud to support the LDA in addressing the critical challenge of affordable housing. "The Limerick site is a prime example of how state bodies can work in partnership with the LDA to unlock the potential of public land for the benefit of communities.'
Forbes
23-07-2025
- Business
- Forbes
Pearl District And Hotel Emma Showcase San Antonio's Legacy
San Antonio, Texas - The Historic Pearl is a gentrified space that has apartments, shopping area, ... More restaurants, and breweries. On the weekends the shopping complex comes alive with a farmers market. There may be something about our digital age and its quest for the latest advancements that paradoxically spurs fascination with the past. The lure of historic settings, whether specific buildings or entire urban districts, has never seemed more irresistible. Growing popularity of history-steeped enclaves in cities from Nashville to Chicago to Minneapolis and others is evidence. No wonder the American Society of Interior Decorators (ASID) recently noted that across residential, commercial, educational and senior living sectors, architectural renovations are surpassing new construction within the built environment. Right in step with these movements is the transformation of San Antonio's Pearl, a lively urban enclave replete with award-winning restaurants, shops, homes, the recently unveiled Pullman Market and the Culinary Institute of America Texas campus. Situated along the Museum Reach of the San Antonio River Walk, Pearl is named for the legendary Pearl Brewery, established in 1883 in downtown San Antonio and officially closed in 2001. The brewery buildings would later be acquired by Silver Ventures, Inc., which then undertook a revitalization of the area north of downtown San Antonio. At the center of Pearl is Hotel Emma, the only five-diamond hotel in the Lone Star State. The establishment is housed in the historic Pearl Brewhouse and preserves the brewhouse's architectural elements, from exposed brick and concrete stained tile floors to industrial fixtures and repurposed brewing equipment. It has been said the approach of the Hotel Emma designers and architects resembled that of an archaeological dig. Artifacts unearthed reflecting the brewery's history were meticulously handled and cataloged, the better to repurpose them within the hotel. Steeped in scandal The hotel's namesake, Emma Koehler, assumed command of the brewery upon the 1914 murder at age 59 of her husband and brewery president Otto Koehler, gunned down by one of his two mistresses. Over coming decades, she shepherded the brewery through myriad challenges. Not least of these was Prohibition, which began just half a decade after Koehler's murder, and lasted until 1933. During that almost 14-year period, she kept alive both much-needed local jobs and the brewery by transforming the operation into dry cleaning, ice cream, soda and auto repair businesses. Hotel Emma is not the only genuine connection to San Antonio's past in Pearl. The district has preserved about a quarter of the historic brewery complex's buildings. Those include Stable Hall, at one time a home for the horses that transported materials within the district, and today a concert venue that has become a Pearl gathering spot. Another adaptive reuse project managed to morph an ancient glass manufacturing plant into Pullman Market, an urban market offering produce, meats and gourmet items, encircled by a quartet of restaurant concepts, as well as prepared food purveyors. Yet another project resulted in a Pearl Brewery office being turned into the rustic restaurant Cured. These and other lures are offered in a pedestrian-friendly neighborhood dotted with green spaces and public plazas that spark community and connectivity. Creative spirit 'Pearl is a place where people come to live, work, play and connect, all while celebrating San Antonio's heritage and creative spirit,' says Mesha Millsap, Pearl CEO. 'Pearl's success lies in its commitment to authenticity, adaptive reuse, and community building. Rather than razing the old brewery, Silver Ventures and its development partner, Oxbow Development, preserved and repurposed the historic structures . . . This approach not only honors the site's industrial past, but also fosters a sense of place and storytelling that resonates with San Antonio. The district's design encourages walkability, connectivity and a seamless blend of public and private spaces.'
CBS News
19-06-2025
- General
- CBS News
Detroit Mower Gang keeps forgotten city parks alive
When Detroit faced deep financial trouble in 2010, the city announced plans to shut down dozens of public parks. That's when one man, Tom Nardone, fired up a Craigslist lawn tractor and unknowingly sparked a movement. Fifteen years later, the Detroit Mower Gang is still at it: clearing brush, mowing fields, and reviving neglected green spaces across the city. "Our goal is to find things no one else is doing, and to do those things," said Nardone, who founded the group in the early days of the city's bankruptcy. Nardone's first mission was a weedy park near Eight Mile Road and Interstate 75 with overgrown grass and abandoned courts. "Kids were just waiting to play basketball or ride the swing; they just needed the lawn mowed," he said. The project grew when he took on a bigger challenge: the Dorais Velodrome, a long-abandoned bicycle racetrack on Detroit's east side. He put out a call for help to bike clubs and scooter groups. To his surprise, they showed up. Since then, the Detroit Mower Gang has become a regular sight every other Wednesday, rain or shine, clearing brush from forgotten parks, ballfields, and sidewalks. When we caught up with them, they were mowing an old football field in Highland Park. "I don't know if there are many people who have been in as many nooks and crannies of this town as I have," Nardone said. "And I'm really proud of it. It's just a fascinating place." From one man and a mower to a crew of determined volunteers, the Detroit Mower Gang continues to cut through the city's neglect—and make space for joy, community, and pride.
CTV News
09-06-2025
- Business
- CTV News
Longueuil, Brossard reveal complete redesign of Taschereau Boulevard
Taschereau Boulevard, a major thoroughfare on Montreal's South Shore, could be about to undergo a significant transformation. The cities of Longueuil and Brossard jointly released their preliminary vision for a comprehensive overhaul of the boulevard on Monday morning. 'We are aware that the redevelopment of Taschereau has been hotly debated in recent years and that several versions of this project have emerged in the past, but they lacked consistency,' said Longueuil Mayor Catherine Fournier. 'This project will mark a fundamental transformation for the area: moving from a motorway-style thoroughfare to a green, friendly and safe urban boulevard, lined with new neighbourhoods, local shops and office space.' The revitalization is expected to span from the Longueuil-Université-de-Sherbrooke terminus in Longueuil and the Panama terminus in Brossard, complete with a rapid bus service (SRB). 'With more than 58,000 daily trips between Brossard and Longueuil — making Taschereau Boulevard the fifth busiest corridor in Quebec — a major transformation is needed,' the press release notes. 'Issues related to climate change and the unprecedented housing crisis reinforce the need to establish a structuring link between the two cities.' According to the mayors, 221 hectares of land could be redeveloped to create 'complete and connected living environments with a redesigned architectural identity, where concrete will give way to a greener, more integrated and attractive environment.' 'Transforming Taschereau Boulevard is no longer an option. It is a necessity to reconcile mobility, quality of life, safety and urban attractiveness,' said Brossard Mayor Doreen Assaad. 'Unlike megaprojects that get bogged down, our approach is simple, realistic and ready to be implemented.' Taschereau Boulevard A map showing the route of the complete redesign of Taschereau Boulevard. (Ville de Longueuil) The plan proposes creating up to 12,000 homes, including affordable housing, rentals, condos and more, as well as adding 55,000 m² of offices and other commercial spaces. The project also includes a dedicated bike lane and walkway, as well as upgraded water and sewer networks. 'We are confident that we are finally on the right track, one that will allow us to move forward,' said Fournier. 'While the scale of the redevelopment is considerable, I am convinced that with the support of all our partners, we will be able to deliver a project of the highest caliber, in line with the aspirations of the people of Longueuil, Brossard and the entire region.' The project is in collaboration with Transports Quebec, the Réseau de transport de Longueuil (RTL), the Autorité régionale du transport métropolitain (ARTM), and more. Next steps include conducting 'preliminary studies for underground infrastructure' in addition to sourcing resident input 'at key stages.'
