Urban Revitalization at its Best!
An attractive and vibrant representation of the economic health, the institutional leadership, and the general state of the entire community is created with a revitalization effort. This leads to relocation and investment by businesses, investors, and developers.
A thriving and attractive downtown that exhibits good management and community pride is a minimum requirement for business location decisions. Anticipation builds in a community as it watches the renovation of several downtown buildings. This creates contagious community excitement and, consequently, community investment. Investor interest is piqued in nearby properties, and impetus is provided for other property owners to improve the look of their buildings and homes.
As downtown becomes defined as an emerging district, entrepreneurs are inspired to create small business start-ups and new jobs. Downtown is an ideal location because it can provide a wide range of lease/buy prices and space sizes, which are attractive for new locally-owned small business ventures. These businesses make up the backbone of any economy.
As new businesses are created in the area, local consumers enjoy more buying options. And with more consumer options, more market share is captured for a cityʼs economy.
As a “downtown” becomes a destination by virtue of the character of buildings, location, selection of unique businesses, and events held there, tourism can have a tremendous economic impact. Downtown, the center of a community that belongs to everyone, is the natural location to come together.
Parades, special events, and celebrations held downtown reinforce the intangible sense of community. Great cities have healthy downtowns with public spaces where people can celebrate citizenship… it is difficult to quantify community pride, but the energy is unmistakable.
With no revitalization effort, the economic stability of the entire community is at risk. The result can include lost business and job opportunities for sons and daughters who have to go elsewhere to build their future. Possibilities for tax base increases are lost, too. Many times tax base erosion results as businesses leave or decide on other, more attractive locations.
All community members are affected by the negative mindset that is created living in an economically depressed city. The commercial district anchors the economic health of the entire area… it can pull a city under or it can provide stability.
DMS Properties, Inc. is committed to being an integral part of both Norristown and Reading, PA in their revitalization efforts.
David M. Sereny
DMS President & CEO