Jolts Of Economic Juice

Maureen McAvey, ULI Senior Resident Fellow for Urban Development will be a featured speaker at the upcoming ULI-LA Urban Marketplace conference in Los Angeles. A preview of her address looks at transforming low-income census tracts through strategically planning the right buildings in the right places. Even high-end retailers such as Whole Foods Market are developing in underserved neighborhoods.

[Editor's note: While this article is not available on the Los Angeles Times website, author Jack Skelley, has provided his permission to reprint the following excerpts from the article.]

"You've heard of the 'broken windows theory.' It states that minor examples of blight – such as ugly graffiti or broken windows, can, if uncorrected, lead an entire neighborhood into crime and decline. Happily, the reverse of that theory may also hold true. A single building, store or housing development can help elevate and enliven an area. The right new project can bring a new look, new economic juice, and new faces to neighborhoods that desperately need it.

Such developments are called 'catalytic projects,' and they are among the issues to be explored at Urban Marketplace 2005, the upcoming interactive conference devoted to neighborhood revitalization. Presented by ULI Los Angeles, a district council of the Urban Land Institute, Urban Marketplace will be held Wednesday, March 16 at the Los Angeles Convention Center.

...Examples of catalytic projects are many. They can be high-profile, mega developments: The new Petco Park in downtown San Diego is credited with broadening the economic boom of that city’s Gaslamp District. They can be historic: The restoration of the Mission Inn, over a century old, returned grandeur and artistry to the heart of Riverside. Of course, the focus of Urban Marketplace is low-income areas, and for these areas, catalytic projects can be simple but effective.

...At some point in this discussion, someone is bound to utter the 'G' word: gentrification, which certain community members may see as negative, not positive, especially if it displaces current residents. But according to McAvey, studies show that existing residents don't worry about gentrification because they want the value of their homes -- and their neighborhood -- to increase."

Thanks to Jack Skelley