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Strong downtowns and communities almost always have active residential space. Making use of every inch of a building helps property owners with cash flow, while downtown residents bring activity, life, and customers to the downtown. Underutilized and/or vacant buildings bring opportunities for redevelopment. Housing is foundational to everything we value as a community. When people live in safe, stable, and appropriate housing the community wins. Downtown upper story housing options bridge historic preservation, economic development, and quality of life.
Historically, first floor business and building owners lived above their businesses, but over time these spaces have become run down, vacant, or simply ignored. Buildings that stand empty lose money – not just for the building owner, but also for the entire community. Upper story housing not only helps property owners cash flow their buildings, but downtown housing also brings a whole new market of people downtown that eat in the restaurants, use the services, shop in the stores, walk the sidewalks, and bring activity downtown. The character and types of spaces in historic buildings provide opportunities to create housing that is much different than a typical unit.
This training will highlight appropriate use and rehabilitation of historic downtown buildings with a focus on housing. It will showcase incentives that encourage partnerships and participation by local development groups, and give examples of proformas that work for these projects.
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