These 3 American neighborhoods are emerging as economic powerhouses
Neighborhoods like Midtown in Manhattan, the Loop in Chicago, and Central/East Boston have long been considered economic hubs due to their large concentrations of employment opportunities.
But there are many other places around the US that are rapidly emerging as new economic powerhouses.
A recent report from the Urban Land Institute (ULI) defines these neighborhoods as well-located but having underutilized land. They tend to offer more opportunities for residential, office, retail, and public space development than established urban locations. In addition, ULI classifies emerging economic centers as places that have seen significant growth in population, employment, household incomes, and home values since 2000.
Take a look at a few examples below:
Located six miles south of Downtown Charlotte, North Carolina, SouthPark is transforming from a suburban town to a growing urban center.
In 2017, Synco Properties Inc and Schlosser Development Corp announced that they would redevelop The Colony, a site that originally had about 300 aging apartments in SouthPark.
Just south of Capitol Hill in Washington DC, the Capitol Riverfront has attracted more than 7,000 residents as well as millions of visitors in the past decade.
The Capitol Riverfront is experiencing the biggest construction boom in its history. (Much of the area was previously vacant land.) A recent notable project is the 99M office building.
Carmel City Center is blossoming into the downtown of Carmel, an upscale suburb of Indianapolis. The neighborhood started rapidly developing into a vibrant, walkable district around 2010, making it stand out from its low-density surroundings.
There, Ritz Charles owner Chuck Lazzara is building a $20 million development with a 200-space parking garage, seven townhomes, a 36,000-square-foot office/retail building, and an upscale steakhouse and bar.
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