A CLOSER LOOK AT AN
INEVITABLE REALITY
Big Business in Transforming Neighborhoods
In recent years, the US population has evolved into two major, distinct classes: dedicated urban dwellers and equally dedicated exurban (suburban) dwellers. Each has different ideas about community, housing, transportation and other infrastructure features. The building industry has for the most part pursued the exurban group, tailoring its operations to expansionist land practices, infrastructure development and its related housing styles and concepts. The urban contingent has been virtually ignored. It’s been perceived as largely a remodeling market, offering limited opportunities for building new housing. Thus, urban dwellers have had fewer opportunities than exurbanites, being limited mostly to the purchasing of existing structures in built-up areas with renovation the sole option.
But the times are changing.
Increasingly, buyers are opting for Replacement Housing, as renovation costs and structural limitations are eclipsing the cost and desirability of building new. This is aided and abetted by a growing public awareness of transportation issues like congestion, accessibility and convenience with regard to work, school, shopping services and recreation. This trend is changing the complexion of existing urban neighborhoods, doubling and tripling property values. In effect, a private sector redevelopment phenomena has been created that ís transforming and revitalizing communities and tax bases, literally one house at a time. One only has to look at the explosive growth in Minneapolis and St. Paul of condos, townhomes, and apartments. Not to mention the proliferation of major renovation and housing replacement projects in close-in, desirable neighborhoods of southwest Minneapolis, Edina, St Louis Park, Minnetonka, Hopkins and Richfield. The redevelopment and reuse of properties within existing infrastructure and transportation networks is quietly becoming big business.
