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These 3 American neighborhoods are emerging as economic powerhouses

August 05,2018 18:11

Today, 3,400 residential units and 500,000 square feet of office are under construction in this business district, which is expected to quadruple its residential population by the time everything builds out. In 2017, Bisnow called Capitol Riverfront ...and more »

US cities and neighborhoods with growing economies: ULI report - Business Insider

For decades, many Americans have chosen to live in suburbs and commute to urban centers for work. That's largely because cities — accounting for 85% of US GDP and jobs — help drive the nation's economy.
Neighborhoods like Midtown in Manhattan, the Loop in Chicago, and Central/East Boston have long been considered economic hubs due to their large concentrations of employment opportunities.
But there are many other places around the US that are rapidly emerging as new economic powerhouses.
A recent report from the Urban Land Institute (ULI) defines these neighborhoods as well-located but having underutilized land. They tend to offer more opportunities for residential, office, retail, and public space development than established urban locations. In addition, ULI classifies emerging economic centers as places that have seen significant growth in population, employment, household incomes, and home values since 2000.
Take a look at a few examples below:

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Located six miles south of Downtown Charlotte, North Carolina, SouthPark is transforming from a suburban town to a growing urban center.

An aerial view of SouthPark, Charlotte, North Carolina.
Google Earth
Since the 1970s, SouthPark Mall has anchored the neighborhood and continues to serve as a big driver of economic activity for the region.
But SouthPark is now becoming increasingly urban and walkable as well. The area is in the midst of several construction and redevelopment projects — which may affect the surrounding areas. As The Charlotte Observer notes , the influx of thousands of apartments to SouthPark is causing some residents to worry about an uptick in congestion.
Population growth (2010-2015): 8%
Median household income: $90,851
Median home value in Greater Charlotte: $212,000
Average rent for a two-bedroom apartment in Greater Charlotte: $1,543

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Just south of Capitol Hill in Washington DC, the Capitol Riverfront has attracted more than 7,000 residents as well as millions of visitors in the past decade.

An aerial view of the Capitol Riverfront, Washington, DC.
Google Earth
Modern buildings have replaced many former industrial buildings and parking lots in Capitol Riverfront , according to ULI. Today, 3,400 residential units and 500,000 square feet of office are under construction in this business district, which is expected to quadruple its residential population by the time everything builds out.
In 2017, Bisnow called Capitol Riverfront (also known as the Navy Yard) DC's fastest growing neighborhood.
Population growth (2010-2015): 37%
Median household income: $112,143
Median home value in Washington, DC: $568,000
Average rent for a two-bedroom apartment in DC: $2,337

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The Capitol Riverfront is experiencing the biggest construction boom in its history. (Much of the area was previously vacant land.) A recent notable project is the 99M office building.

A rendering of 99M in Washington, DC.
Skansa
In 2017, 99M secured its first tenants for the new office building, which spans 233,000 square feet.

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There, Ritz Charles owner Chuck Lazzara is building a $20 million development with a 200-space parking garage, seven townhomes, a 36,000-square-foot office/retail building, and an upscale steakhouse and bar.

A rendering of the Monon and Main development in Carmel, Indiana.
Garmong Construction Services
Construction began in 2017 and should wrap up in 2019.

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