A recent study by the International Downtown Association reports that vibrant downtowns contain around 3% of citywide land, but contain 14% of all citywide retail and food and beverage businesses, and 35% of all hotel rooms. This results in $53 million in sales tax per square mile, compared to the citywide average of $5 million. Not to mention that downtown residential buildings also add to the tax base. In the 24 cities included in the study, residential growth in these downtowns outpaced the rest of the city by 400% between 2010 and 2016.
Partnerships between city officials and contractors result in new and visionary downtown destinations. Along with large vertical construction projects, there are opportunities for countless other projects, including parking structures, enhanced Wi-Fi, landscaping, pedestrian and biking paths, and traffic improvements.