Public-private partnerships crucial to central business district revitalization

Central Business Districts are under pressure to keep themselves relevant as they face competition from new, vibrant mixed-use neighborhoods emerging across the world’s largest cities. Public-private partnerships could be the answer.

These new mixed-use neighborhoods are attracting more businesses, residents, and investment that might otherwise be directed toward the urban core. Cities can compete with this trend by collaborating with developers, government agencies, and academic institutions to encourage redevelopment of existing buildings—converting office space to residential use, for example, according to a recent report from JLL.

Governments should anticipate real estate market demand changes and provide greater flexibility to developers and investors. Cities and states can expand tax credits to offset the cost of conversion and streamline the planning process to reduce the lead time for redevelopment projects.

These projects also offer environmental benefits. Refurbishing buildings has a lower carbon impact compared to building new structures.

Since its construction began two decades ago, Daybreak, the 4,100-acre master-planned community in South Jordan, Utah, has been a catalyst and model for regional growth. The latest addition is a 200-acre mixed-use entertainment district that will serve as a walkable and bikeable neighborhood within the community, anchored by a minor-league baseball park and a cinema/entertainment complex.

The Station at Malcolm Yards, Minneapolis, Minn.

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140 Clarendon Street, Boston, former YWCA

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Sustainble green building. Eco-friendly building. Sustainable glass office building with tree for reducing carbon dioxide. Office with green environment. Corporate building reduce CO2. Safety glass

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SoLé Mia, North Miami, Fla., is a luxury multifamily community with a seven-acre Crystal Lagoons pool. Photo courtesy Crystal Lagoons

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