Exciting transformations of downtown areas around the United States into walk-to-work, lively live-and-play centers is the top trend in real estate in 2015 according to the esteemed accounting firm, PWC.
Downtown Houston, Photograph by Agsftw
Savvy buyers should snap up luxury properties in transforming downtowns in many cities, PWC industry watchers write: “The urbanization of America has given life to cities that had been historically nine-to-five. According to interviewees, no longer is it accepted that only the great coastal cities can be alive around the clock and on weekends. Downtown transformations have combined the key ingredients of housing, retail, dining, and walk-to-work offices to generate urban cores, spurring investment and development and raising the quality of life for a roster of cities.”
Farmers Market Stand in Eugene, OR: Photo by Visitor7
Downtowns took a downturn in decades past, becoming ghost towns after businesses closed and professionals left for suburban homes. Now, the money is coming back to the cores of cities, where sparkling new high-rise condominiums, chic townhouses, theaters, shopping promenades, restaurants and parks are making downtowns appealing residential areas.
According to the website Livability.com, the country’s best downtowns for live, work and play include:
10. Birmingham, Alabama
9. Eugene, Oregon
8. Bellingham, Washington
7. Fort Lauderdale, Florida
6. Frederick, Maryland
5. Alexandria, Virginia
4. Provo, Utah
3. Indianapolis, Indiana
2. Providence, Rhode Island
1. Ft. Worth, Texas
NYC”s High Line, Photogragh by Deror_Avi
Smart urban planning is one factor driving this change, according to experts. Cities that redevelop aging buildings into atmospheric retail, office space and restaurants, those that create pedestrian thoroughfares, or those that turn unusable land into park space with landfills or other reclamation technologies, are bolting ahead of those that let downtowns languish as empty zones. One of the most exciting urban transformations in the country is the High Line on Manhattan’s West Side, an old, elevated railroad track that has been turned into a blossom-filled park and vibrant promenade. But cities around the country are following suit, and downtowns will see more high-end residential development in the near future.
