Have urban real estate investors come up with a winning formula to push redevelopment in "transitional" neighborhoods? According to Quartz, the digital news site covering the new global economy, it could be something as simple and intuitive as opening a coffee shop.
"Often, at least in America, we think of regular people as the agents of change — the artist, the boutique coffee shop owner, the tech startup," Sonali Kohli writes. "But as much as gentrification is an organic process, fueled by opportunity seekers and bargain hunters, it’s developers and financiers who have become the savvy midwives of change. Once they detect the early signs of gentrification, they bring on the serious money. ...
"The idea of driving development in an area by attracting trendsetters is not a new one; in fact urban planners took to calling it The Soho Effect in recognition of the revitalization of that New York City neighborhood after artists began moving into empty lofts in the 1970s."
Read the full story here.
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