What Happened?
In the past decade, Carmel, Indiana, has allocated $70 million toward the redevelopment of its downtown and Arts and Design District, which includes construction of 300 new residences and dozens of new businesses. The funding has been provided by both the city and private developers.
The Goal
Carmel launched the idea of renovating its downtown area back in 1994, and has since been continuously investing in new construction and revamping of its more popular areas. Aside from building luxury residences and a plethora of commercial space, the city has replaced more than 80 intersections with roundabouts to reduce traffic congestion, and made its retail and dining districts easily accessible via bicycles and foot traffic, The New York Times reported.
The city outlined three main goals when embarking on its redevelopment project:
- Attract businesses that will bring high-wage jobs to the Meridian Street commercial district
- Construct offices, residences and entertainment venues with walker-friendly accessibility
- Design street flows that cut down on traffic congestion
Carmel wants to create a community where businesses will want to set up their headquarters to take advantage of lower operation costs, while transplanted employees will enjoy convenient amenities such as:
- Performing arts center
- City center
- Wide sidewalks
- Enclosed walkways
- Narrow streets
Furthermore, by building more than 80 roundabouts, the city estimates it has saved 500,000 gallons of fuel and reduced carbon emissions by 50,000 pounds annually, The New York Times reported.
$30K Choice Neighborhood Grants
Many redevelopment projects are being realized through assistance from the federal government. Pittsburgh and Philadelphia were recently awarded a $30,000 federal grant through the U.S. Department of Housing and Urban Development’s Choice Neighborhoods program. The program supports local initiatives to rebuild neighborhoods with distressed public or HUD-assisted housing with comprehensive strategies. The Choice Neighborhoods program focuses on three goals:
- Replacing distressed public and assisted housing with high-quality mixed-income units
- Establishing youth services and support to improve educational outcomes and intergenerational mobility
- Reinvesting in neighborhoods to ensure amenities and assets are available to attract families to the community
Pittsburgh’s Transformation Plan calls for the $30,000 grant to be used for redeveloping 350 housing units its Larimer and East Liberty. The grant will be the catalyst for a larger $400 million investment in green housing development across the city. Pittsburgh is committing $12 million in city money over the next five years, accompanied by $16.5 million from the city Housing Authority.
In Philadelphia, the city’s North Central Transformation Plan focuses on housing, economic opportunities and job growth. The city plans to use the $30,000 grant to create:
- 300 new units of housing
- 60 construction jobs
- 300 permanent jobs
Philadelphia will also use the federal grant to generate $125 million in other federal, state, public and private funds for a more long-term revamping of its underserved communities.
Turning Things Around
Gov1 has kept a close eye on redevelopment projects that focus on economic growth and energy efficiency.
Promo: Carmel, Indiana, has spent more than a decade and $70 million revitalizing its downtown area to attract businesses and sustain growth.