Inner-city Revitalization
Apartment Developers Find Success In Pocket Communities.
In the past decade , several residential developers have focused their projects on the revitalization of inner-city neighborhoods, promoting a short commute to both work and entertainment . Dallas, Texas is one example of a large urban city that has gone through this type of revitalization . Downtown Dallas , which is the main business district in DFW , is surrounded by what have become commonly known as pocket neighborhoods . ‘Pocket neighborhoods’ typically border a business district and have a pedestrian friendly restaurants, bars and shops . These areas attract many urban dwellers and each pocket usually takes on it’s own personality .
DFW has a few pocket neighborhoods, including Downtown, that have just become popular in the past 3 to 5 years. This trend has sparked further development , causing local bar and restaurant owners to rush to keep up with high demand . Eight years ago , living in Downtown Dallas, Deep Ellum, Knox Henderson, and Uptown, just to mention a few , was not where the majority of your professionals lived Now these areas define Dallas. Not only have the real estate developers benefited from this , but city has a new image , and have given back to the local residents by creating more parks and trails for the general public .
Directly East of Downtown, Deep Ellum is one of the most unique pocket communities . Deep Ellum was at one time a thriving warehouse district, with many factories and historic buildings . In order to save the historic landscape, developers decided to renovate the existing buildings , creating both residential & commercial Dallas Lofts . These lofts are now home to urban residents, bars, restaurants, shops and various businesses . Just recently , DART expanded their public rail to include a station that runs through Deep Ellum , which should attract more visitors and further support the revival of the area .
Directly North of Downtown , is the area known as ‘Uptown’ . Uptown is a trendy , extremely pedestrian friendly neighborhood, home to many uptown Dallas apartments with both garden style and prestigious high-rise communities . With rents among some of the highest in Dallas, it’s easy to see that Uptown is a trendy neighborhood . Residents don’t mind paying steep rent because they can both take the trolly or walk to a ton of popular restaurants, shops, grocery stores, and bars . The streets of Uptown are packed with busy bars, patios and people walking through the streets at all hours, giving the area a urban vibe
The most interesting thing about these pocket neighborhoods is how they have transformed the image of many cities , while creating a new trend of pedestrian friendly living. Bringing business back into the inner city over time will create further growth and better the local economy.
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Filed under Investing, Leasing Renting, Property Management. Tags: dallas, lofts, pocket neighborhoods, uptown
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