The Louisville Downtown Development Corporation (LDDC) is the only organization dedicated to the economic growth and development of downtown, which is Metro’s growth engine. Part 12 of this series provides an update on doing business downtown. Downtown Louisville is becoming a stronger market adding resources, investments, businesses and homes.
The demographic trends point to downtown Louisville. People are staying single longer, the divorce rate continues to increase, the baby boomers are retiring and looking to downsize in a cultural active environment, young professionals are moving away from the suburban lifestyle and preferring to work and live where sports, entertainment and culture collide and the international community moving to the U.S. prefers an urban spirit. These trends point to reasons why markets are moving to downtown Louisville.
The energy efficiency points to downtown Louisville. People are tired of rising gas prices, long commutes to work or entertainment and wasting long periods of time and money traveling from one point to another during the course of a day to get family business accomplishment.
Downtown represents a compact neighborhood that offers shopping, education, culture, sports, business and fun. It means that your transportation costs are reduced, walking and exercise time increase and you will most likely work in an energy efficient building with a green roof. You have access to NuLu on East Market Street, one of the first Green, sustainable neighborhoods in the country.
The recession points development to downtown Louisville. Housing prices and the viability of suburban shopping centers are no longer sustainable at the same rate as pre-recession. It is pointing to the wisdom of future investment being focused on the core and the core neighborhoods where markets and pricings have remained more stable.
Lack of government resources points to downtown Louisville. Federal, state and local government resources will be scarce in the years ahead. New public money to expand infrastructure to outlying areas will be limited. Governments will focus on core areas where infrastructure already exists.
The new Arena points to downtown Louisville. Imagine 22,000 people roaming the streets of downtown before and after events some 150 days and nights a year. Now imagine them spending money. Downtown Louisville experiences will over 10 million people a year in visitors, workers and residents. This represents the largest concentrated market in the state.
LDDC wants to help leverage the investments needed to the greatest extent and wants everyone in the community to take advantage of all of the programs available.