Understanding how this trend is opening a new market for contractors.
Recently, cities across the U.S. are undertaking major revitalization projects. As big cities strive to rebuild their urban cores, they look to incorporate spaces for entertainment, retail, transportation, housing, and outdoor areas into their infrastructure. With all this new construction, contractors are finding more work serving their communities. But what goes into an urban revitalization project? Your Pleasanton contractor breaks down the process for you.
To jumpstart the revitalization project, city leaders locate a non-revenue producing property that can become the core of their refresh. From there, city officials seek out partnerships with developers who can help them create innovative downtown destinations. Together, they create a plan to rebuild the infrastructure of the area, including things like parking garages, pedestrian walkways, decorative lighting, improved public Wi-Fi, and so on. City officials will also look to create some kind of signature venue as the core of their revitalization effort.
But why are cities so eager to reinvent their urban centers? According to the International Downtown Association, vibrant downtowns produce 14% of retail, food, and beverage businesses and 35% of hotel rooms despite only taking up 3% of citywide land. This means that a thriving downtown can earn as much as $53 million in sales tax per square mile. This significant financial incentive is more than enough to get city officials interested in these types of projects.
Urban revitalization projects are a major trend that’s beneficial to the community, city infrastructure, and local contractors. Want to stay up to date with the latest commercial construction trends? If so, then contact your Pleasanton contractor at Proforma Construction. Serving Pleasanton and the surrounding California area, our highly-trained team is ready to make your commercial construction dreams a reality.