Managing commercial districts where multiple properties are controlled by a bevy of different owners is a little bit like herding cats – difficult to say the least. Successful district management is further challenged by absentee owners that are difficult to reach and engage in the commercial revitalization effort. One alternative strategy for commercial revitalization is the ‘single-owner’ model. This is when a one developer begins amassing a critical mass of buildings along a commercial district. This approach allows the owner to manage the area much like a shopping center asset – taking great care with tenant mix, controlling improvements to the public realm, varying leasehold rates to attract and keep a good mix of tenants, and creating and marketing a unique district identity.
This week, the New York Times highlighted New York developer, Greg O’Connell in his efforts to apply this strategy to Mount Morris, New York [Resurrecting a Village by Buying Up Main Street], a rural town in upstate New York. In the case of Mount Morris, O’Connell is following in the well tread footsteps of urban visionaries such as Dana Crawford, who started buying property in downtown Denver in the 1960′s and created Larimer Square. Or Rosyln Hill (pictured right), who is credited with turning Northeast Alberta Street, in Portland, Oregon, around starting in the 1990′s.
» Read more: “One” Approach to Commercial District Revitalization
