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MORE CHARM FOR DOWNTOWN SHERMAN: Trolleys could soon be coming to one of North Texas’s fastest-growing cities! The city approved the purchase of two trolleys that are expected to eventually find a home on main street! The city plans on naming the trolley systems the “Intraurban” - a nod to the railway of the same name that ran through downtown until the 1940s! Of course, these trolleys aren’t the best technology that the TI and GlobiTech engineers who are moving to the area would be able to bring, but it’s the combination of small-town charm with big-time business that’s bringing so many people to the area! If you’re interested in learning more about the growth happening in Sherman and across the Texoma region, head over to our newly-updated city data pages, where we’re posting updates every week on markets across our area that we want you to invest in: https://lnkd.in/gqBeENTw READ MORE ABOUT TROLLEYS: https://lnkd.in/gUn3eQBc #ShermanTexas #TechGrowth #Sherman #NorthTexas #Investing #InvestmentTips

Downtown businesses in Shreveport faced challenges when I-20 was constructed, impacting Crosstown residents and retail sales. Crosstown residents had limited shopping access, only allowed on Saturdays to shop indoors. With residents cleared away for highway construction, retail sales on Saturdays ceased, leading to the development of shopping centers elsewhere. The removal of I-20 dirt and the highway itself hindered downtown accessibility, affecting local shopping. Other cities like Philadelphia and Dallas are removing inner-city interstates to enhance local business environments. Following their lead, Shreveport could trench I-20 passing downtown to revitalize the retail sector. Avoiding the construction of another highway around downtown is crucial to prevent further separation of residents from the city center. Mayor Arceneaux's property tax strategy aims to reduce real estate prices, seeking financial gain. Emulating Dallas and prioritizing local business, removing the downtown interstate could boost Shreveport's economic landscape. #AllendaleStrong

Downtown property prices in the Midwest are growing at significantly slower rates than other sections of those cities. And that’s especially true in Chicago. A recent study by PropertyShark isolated price growth in American downtowns from the past decade to determine that, overall, downtown property appreciation has been outpaced by cities at large. This was true in 31 of the country’s 40 largest cities. For context, 10 years ago, that was the case in just nine cities. #chicagorealestate #downtownchicago #midwest

Seattle's downtown median home prices have become lower than the citywide median, with downtown at $745,000 compared to $845,000 citywide. Neighborhoods like Capitol Hill, Ballard, and Queen Anne are experiencing strong growth, reflecting increasing demand. As Seattle expands, nearby areas are also becoming appealing urban destinations, while downtown's price stabilization offers new opportunities for those looking to reside in the heart of the city. #seattleliving #downtownseattle #seattlerealestate

Yesterday, I attended a BOMA West Michigan panel on Downtown Grand Rapids Parking, featuring Michael Ellis Sr. of Ellis Parking Company, Jennifer Kasper from Mobile GR + City of Grand Rapids, and Nicholas Monoyios from The Rapid with Joshua Lunger of the Grand Rapids Chamber as moderator. The discussion explored the complexities of parking in downtown GR. Here are some key takeaways: •𝗛𝗶𝗴𝗵 𝗖𝗼𝘀𝘁 𝗼𝗳 𝗣𝗮𝗿𝗸𝗶𝗻𝗴: Beyond financials, each parking space represents a missed opportunity for new developments or green spaces. Balancing parking needs with maximizing land use is key to downtown’s economic and urban growth. •𝗕𝗲𝗵𝗮𝘃𝗶𝗼𝗿𝗮𝗹 𝗦𝗵𝗶𝗳𝘁𝘀: We don’t have a parking problem; we have a walking problem. As Grand Rapids continues to grow, embracing alternative transportation options will be crucial. •𝗧𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝘆 𝗦𝗼𝗹𝘂𝘁𝗶𝗼𝗻𝘀: Real-time parking data could ease the anxiety of finding parking, but implementation remains a challenge due to fragmented technology systems. •𝗖𝗼𝗺𝗺𝗲𝗿𝗰𝗶𝗮𝗹 𝗥𝗲𝗮𝗹 𝗘𝘀𝘁𝗮𝘁𝗲 𝗜𝗺𝗽𝗮𝗰𝘁: As Grand Rapids continues to develop, parking access directly influences tenant attraction and retention. In CRE, planning ahead for tenant parking needs and considering alternatives can be a game-changer. As a commercial real estate professional, it’s clear that parking will play a crucial role in shaping how businesses view our downtown properties. Let’s stay ahead of the curve by anticipating these shifts and guiding our clients through the evolving landscape. If you’re facing challenges with downtown parking or planning your next big move, let’s chat about strategic solutions! #CRE #GrandRapids #UrbanPlanning #CommercialRealEstate #Parking #DowntownGrowth #MobilityInnovation #Placemaking

Downtown #Sacramento faces many obstacles in the current economic climate. In addition to crime and homelessness, rising #costs in particular are pressuring local businesses. The latest casualty was Solomon’s, which closed its bar and music venue on K Street due to the pandemic’s lingering effects, decreased foot traffic, and escalating costs. Takumi Abe, co-owner of Kodiako Ramen and Bar on K Street said, “It’s really tough. I feel really fortunate that we’re still here.” Three Downtown/Midtown Starbucks have closed this year, including the Starbucks Reserve at 630 K Street. While Downtown foot traffic is about 80% of pre-pandemic levels, there were still more than 31 million visitors to the central city in the past year. Despite many challenges, some new concepts like Octopus Peru, a new ceviche bar on 9th Street, and Shabu Shack, a Japanese hot pot restaurant on the first floor of The Frederic facing L Street and the Golden 1 Center, are injecting new life into the area. Downtown Sacramento’s #office vacancy rate is now north of 20%. Though Downtown office leasing activity has been recovering in recent months, many of the leases being signed are tenants relocating from one building to another, while others are downsizing their footprints. Office tenants desire nearby or on-site amenities to keep workers at the office. The vision for our #urbancore is shifting from a purely office district to a vibrant #mixeduse neighborhood where people live, play, and work. Nearly 1,500 #apartment units have been completed in Central Sacramento in the last 12 months. In the last year, the Golden 1 Center hosted 127 events, with total attendance topping 1.5 million. The arrival of the Oakland A’s to West Sacramento next year, will bring another massive boost to the Downtown economic landscape. This #transformation, bringing new residents, #restaurants, and event attendees to an area witnessing lower office utilization, is paramount for the area’s rejuvenation. The future of Downtown Sacramento will be reshaped by this diversification and will be key to sustaining an attractive central business district. #DowntownSacramento #EconomicDevelopment #BusinessResilience #UrbanTransformation #CommunityGrowth #FutureOfDowntown https://lnkd.in/g3sPxJkb

With all the commentary on the Downtown St. Louis death spiral and the importance of the downtown core, I am reminded of my time in Dallas in the early 2000’s. Hard as it is to believe, downtown Dallas in 2004 was deserted and facing similar existential questions as St. Louis is facing. I saw the tide turn when: 1: The city committed to a long term plan that focused on leveraging areas where growth was already happening and created trust in the business community that they cpuld invest in the long term 2: Construction od the Klyde Warren Bridge Park literally bridged the gap between uptown and downtown, creating a seamless transition. 3: Dallas become a desriable place to live for young people and recent graduates from across the state (no state income tax = disposable income = economic activity) because of its nightlife, youthful energy, and a tangible sense that the city was on a positive trajectory 4: The time cost of commuting into the 635 belt from north Plano, McKinney, and Frisco became so burdensome that families began pushing back into the North Dallas suburbs, creating pressure and demand for Downtown residence/commercial space. All of these factors had to be present for Downtown growth and development to occur. No amount of resources forced into marketing, re-branding, or incentives can overcome a lack of “buzz” and demand. #downtownstl https://lnkd.in/gAMyTAjY

PARKING Real estate development and parking are tightly bound together in America. Recently I came across an article (linked below) that describes many cities dropping parking required minimums for new developments. It reminded me of a pre-covid trend that I noted in California, where some cities were prohibiting parking or setting maximum parking included in a development. While I get that we must do something to make parking less attractive to make mass transit and walking more attractive, the forced political solution seems too extreme and self-defeating. My own experience in the commercial development world tells me that many tenants would only occupy a development with zero parking if they absolutely had to. It is a bit of the “cart and the horse”. Provide more and better transit options and we encourage more people to use it. Making auto travel easier, with convenient parking, makes that challenge greater. But it is a bit of a destructive spiral. It is clear that more cars, more urban sprawl, more time in our cars is not in society’s best interests. So, the idea of reducing or eliminating required minimums and letting developers and tenants decide has appeal. While it will take longer for our communities to adapt it has the clear advantage of in the words of one member of the Austin, Texas city council: “It simply lets the market and individual property owners decide what levels of parking are appropriate.” Less parking may add risk for the new development because it has to compete with older properties that may have more. Yet, with less parking the new projects can either reduce costs and investment or build greater leasable area in the same property. Both of which can add return. The market may offer greater return for that greater risk. It is a good example of conscious capitalism at work. By allowing the system of regulation to be more responsive to all stakeholders.  All of you in real estate development what are you seeing regarding this trend? Is it driven by government or is the market doing some of it on its own? Please share your observations and ideas in the comments below. Chris Wilson Kenneth Katz Jim Dillavou Sandy Sigal Arturo Sneider Garrick Brown James Cook Solomon Ets-Hokin Kevin Kessinger Bryan Ley Gabe Hagemann Todd NathansonStuart Zall Michael Polley CSM, CPM Michael Rubenstein Sean Bukowski Conscious Capitalism, Inc.Ray B. #cre #consciouscapitalism #shoppingcenters #trustedadvisor https://lnkd.in/gwup2iwu

What to do about downtown? Here's a few ideas. https://lnkd.in/gdXSFUAH

The 16th Street Mall in Denver is on the cusp of a major transformation! As a cornerstone of downtown life, this renovation is not just a facelift, it’s a lifeline for downtown Denver. - Current Status: We've hit 71% completion as of September 2024, with an expected finish line in summer 2025. - Economic Impact: Businesses in reopened sections report a revenue boost between 30-50%! - Support for Businesses: During construction, a $1.28 million stabilization program supported 114 businesses, showcasing the city’s commitment to sustaining local commerce. - Focus on Diversity: The project shines with 20.6% involvement from Disadvantaged Business Enterprises, overtaking its goals for inclusive development. 🌐 - Changing Landscape: New businesses like the Thompson Hotel have moved in, while some national chains have stepped back, ushering in a more vibrant, local-centric atmosphere. As we look forward to the full reopening by summer 2025, the vision is clear: A revitalized 16th Street Mall that serves as a magnet for business, culture, and community. What are your thoughts on how such urban projects influence local economies and communities? #UrbanRenewal #DenverLiving #LocalBusiness #16thStreetMall #CommunityGrowth