While Louisville seeks to revitalize the Charlestown corridor, these ideas could be applied to the revitalization efforts underway on MLK and Montgomery, and East Broad in the future.
Developer Jeffrey Morgan says there’s a key to fostering economic development in neighborhood business districts.
If there is an entrepreneurial spirit "within the community, and if we tap into that and foster it by providing programs to support them and become successful business owners, then we could effectively solve both sides of the equation,” Morgan said.
Morgan focused on revitalizing neighborhood business districts, which handle the day-to-day convenience shopping needs of a neighborhood. He said blighted neighborhood business districts see more national chain stores than mom-and-pop shops.
“National chains tend to be around major transportation arteries, so you’re seeing a lot of franchises go in, like McDonald’s, because they know and recognize there are retail markets that are untapped and underserved, so you start to see them go to these areas,” Morgan said.
He said not only is it important to have business growth for economic growth but also for creating more jobs.
“Real choice includes local employment access. It’s important to put jobs into the neighborhoods,” Morgan said. “Local jobs reduce transportation costs, increase time with families and contribute to the local economy.”
All good ideas to add value to commercial real estate in underused areas. Read the full article at "Making sure the dollars stay at home" by Leah Tate of the News and Tribune.
A. Joseph Marshall
Coldwell Banker Commercial
Commercial Real Estate Advisor
Savannah, Ga.
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