Emerging Urban Development Markets

Once, these neighborhoods weren't so nice after dark. But things change when districts gentrify.
September 9, 2004, 12pm PDT | Abhijeet Chavan | @legalaidtech
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The gentrification wave started -- or perhaps re-started -- in the 1970s, when places like Manhattan's Soho district began attracting residents to formerly decrepit industrial zones. Many years later, the trend continues, not just in New York, but across the country. "Urban gentrification makes sense because [it is] taking areas close to the city center and making them better," said Paul F. Purcell, a partner in Braddock + Purcell, a real estate consulting firm.

Thanks to Jim Barrows

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Published on Wednesday, September 8, 2004 in CNNMoney
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