A recent article detailing the development plans of the new Detroit Red Wings arena and surrounding area covering 45 blocks including apartments, restaurants, and office buildings shows promise for the city's new super-sized entertainment district. How will this impact investing?
I bet @nick
@Nick Keesee might have some thoughts on this
Thanks @Joe Fairless for the shout.
I'm excited about what it could turn into. I'm downtown every week in and around the riverfront area and I definitely feel positive energy down there. I've been in a number of major US coastal cities and IMO our riverfront ranks right up there towards the top.
I don't see this development changing investing in the neighborhoods but it certainly could change the downtown area substantially.
I agree @Nick Keesee! I'm a big advocate of the rise of Detroit and really hope this will continue to bring in new life to the city. I think if successful, it can be attractive enough to convince the younger generation to stay in the city rather than moving away for work.
Hoping the momentum will eventually spread into the suburbs and surrounding neighborhoods for some better housing opportunities.
are stadiums and arenas that helpful in reality? there are studies done that stadiums in fact ruin a city, not help it in the long run. there are 8 Lions games each year. people hang out and drink. the rest of the year it's like a ghost town. how is that helpful? so that we can be on TV once a year?
same with the rest of the sport venues..
It is possible in the long run that the surrounding areas will become wealthy areas as well. I grew up in Astoria Queens, a city outside of Manhattan that has seen a lot of spill over affect from Manhattan. As the downtown population grows there will be a lot of sub groups of wealth growth like we see in NY.
@George P. , I see where you're coming from.
Studies show the only positive economic impacts were those in which stadiums were located in downtown areas. With the new arena being located on Woodward as a connector between midtown and downtown, it is strategically located to can have the most positive impact on its surroundings (granted, it wont happen overnight). We should also note that baseball seasons have at least 81 home games a season and hockey averaging 41 per year. Surrounding the area, there are also plans for four new neighborhood developments including hundreds of apartments which will bring something more sustainable and consistent to the area.
a big part of sustaining this growth will be the schools. These 20-30 groups returning to downtown will start having kids. The temptation will be to return to the burbs.
I remember when the people mover and the Renaissance Center were going to save Detroit. Sadly we are still waiting.
I would not invest in Detroit without an exit strategy or plan to get my initial investment back ASAP. Then you are playing with the houses money.
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