Downtown as a neighborhood

10/16/17

The economic advantages to downtown from additional residential development are obvious for both landlords and businesses, but the social benefits are equally relevant. When people call downtown home, they are more likely to take an interest in downtown planning and to advocate for public-sector policies and investment. After all, these individuals represent a pool of voting constituents with a vested interest in their downtown neighborhood. Residents who live within walking distance increase the chance of spontaneous activities—such as music performances or athletic get-togethers—taking place in downtown. They also provide a reliable audience for casual events

Downtown residents as consumers

10/09/17

The addition of new residents into downtown is a boon to both landlords and commercial tenants, creating a new (or enhanced) source of revenue for landlords with vacant upper floors or dated apartments, and a reliable stream of accessible customers for retailers and restaurants. Since residents within walking distance of a business have been found to frequent local shops twice as often as driving-distance customers, and with the average downtown household in Wisconsin making $9,000 worth of discretionary purchases within the state, the addition of only a few units can result in a dramatic increase in local spending.