Usually we are looking for inspiration from other places; Charlotte regarding their light rail; Detroit for economic development. The City of Rochester is planning a condo development that partners trade workers pension money and City of Rochester money. The condo complex, they hope, will provide a domino effect for revitalization. And they say look at Cleveland, it worked there. The Democrat and Chronicle posted a chat topic about it. Here is the Cleveland excerpt:
“….Such an approach isn’t without its criticism. Yet the city of Cleveland is an example of how it can work. It’s now seeing the benefits of housing investment in a once-ailing core. And the Brookings Institution in 2005 highlighted it as having an emerging downtown….”
The chat discusses affordability of housing as well as housing in general and how to get the projects paid for. They throw out a figure of $420,000 annual ppty tax revenues for this new (proposed) project. It’s an interesting read. Peace Out - 3C
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