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Published, Version of Record (VoR)Open Access (License Unspecified), Open
Report
The Next Downtown
02 Jun 2023
DOI:
https://doi.org/10.17918/00011103
Abstract
Downtowns across the United States are facing a structural crisis driven by remote work, declining public transit use, rising office vacancies, and shrinking tax bases, revealing the vulnerability of downtown economies and their dependence on traditional commercial real estate models.
Findings shared by Bruce Katz, Executive Director of the Nowak Metro Finance Lab, in a presentation to the U.S. Conference of Mayors Metro Economies Standing Committee highlight profound disruptions following the COVID-19 pandemic and broader global upheaval. At the same time, massive federal investments through the Bipartisan Infrastructure Law, CHIPS and Science Act, and Inflation Reduction Act are catalyzing a new industrial paradigm focused on manufacturing, clean energy, and innovation. While these policies have triggered a distributed wave of regional growth, downtowns remain underfunded and underprioritized. In response, cities are beginning to develop adaptive strategies that leverage their distinctive assets, integrate physical redevelopment with economic diversification, and prioritize equity and cultural inclusion. Examples from Detroit, Cleveland, Fresno, St. Louis, San Antonio, Philadelphia, and Erie demonstrate how local leaders are aligning infrastructure, innovation, and institutional collaboration to remake downtowns for the next economy.
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Details
- Title
- The Next Downtown
- Creators
- Bruce J Katz - Drexel University, Nowak Metro Finance Lab
- Publisher
- Nowak Metro Finance Lab, Drexel University; Philadelphia, PA
- Number of pages
- 28
- Resource Type
- Report
- Language
- English
- Academic Unit
- Nowak Metro Finance Lab; Lindy Institute for Urban Innovation
- Other Identifier
- 991022062716704721