10B — July 29 - August 11, 2011 — Mid
Atlantic Real Estate Journal — Contractors, Owners & Managers
MAREjournal.com
ARCHITECTS/ENGINEERS By Joseph G. Charma, P.E., LandmarkJCM and Downtown Newark Partnership
What can you learn from public and private stakeholders who invest and work together? A lot.
W
hat can you learn from public and private stakeholders who invest and work together? A lot. Downtown shopping and business districts have been failing for decades Joseph Charma as retail and corporate America moved to suburban malls and office parks. Are we to believe there are no prime opportunities for development,
investment and leasing right in our own backyards? With a renewed focus on sustainable, walkable communities gaining popularity, a rebirth of “Main Street” is occurring all over the country. Developers and brokers can learn about these opportunities from the cooperative efforts of public and private stakeholder partnerships. And, you can find this right in your own backyard. The City of Newark, Delaware is a prime example, having recently been recognized as a 2011 Great American Main
Street Awards Winner, SBA’s Small Business Community of the Year, and named the best city for business start-ups by Business Weekly. Downtown Newark is the product a unique environment in which the University, the City, and the residential and businesses communities, through Downtown Newark Partnership (DNP) leadership, work together to create a vibrant, diverse and economically healthy downtown. Downtown Newark is a diverse dining and specialty shopping destination on the
Delmarva Peninsula, but it has not always enjoyed this coveted reputation. In the 1950s, Newark began to grow significantly beyond its center and downtown declined. By the mid-1970s, competitive pressures increased dramatically, causing further decline. In the last four years, more than $40 million in private funds have been invested in 11 new building construction and 24 reconstruction projects, and nearly $1.4 million has been invested in public improvements in downtown. In the last year alone, 14 net
INTEGRATED
www.LandmarkJCM .com
EQJLQHHULQJ & E QYLURQPHQWD O SERVICES
/DQG 3ODQQLQJ (QYLURQPHQWDO 6HUYLFHV 'XH 'LOLJHQFH 3KDVH , (6$ &LYLO (QJLQHHULQJ 6LWH 'HVLJQ :DWHU 5HVRXUFHV 6WRUPZDWHU 'HVLJQ 3HUPLWV $JHQF\ 3URFHVVLQJ 6XUYH\LQJ *,6 0DSSLQJ *UHHQ %XLOGLQJ 6HUYLFHV
Serving clients in ĞůĂǁĂƌĞ ͻ WĞŶŶƐLJůǀĂŶŝĂ ͻ DĂƌLJůĂŶĚ ͻ EĞǁ :ĞƌƐĞLJ Headquarters ϭϬϬ t͘ ŽŵŵŽŶƐ ůǀĚ͕͘ ^ƵŝƚĞ ϯϬϭ͕ EĞǁ ĂƐƚůĞ͕ ϭϵϳϮϬ ͻ Phone ranch Kĸces ŽǀĞƌ ĂŶĚ 'ĞŽƌŐĞƚŽǁŶ͕ ĞůĂǁĂƌĞ ͻ ,ĂǀƌĞ ĚĞ 'ƌĂĐĞ͕ DĂƌLJůĂŶĚ
ϯϬϮ͘ϯϮϯ͘ϵϯϳϳ
new businesses opened their doors, and owners enjoy a low 5% vacancy rate. The DNP is committed to the unique economic development tool from National Trust Main Street Center: “The Main Street Four-Point Approach is the foundation for local initiatives to revitalize their districts by leveraging local assets—from cultural or architectural heritage to local enterprises and community pride. “The four points of the Main Street approach work together to build a sustainable and complete community revitalization effort: in brief, they include: “Organization establishes consensus and cooperation by building partnerships among the various groups that have a stake in the commercial district… “Promotion takes many forms, but the goal is to create a positive image that will rekindle community pride and improve consumer and investor confidence… “Design means getting Main Street into top physical shape and creating a safe, inviting environment. It takes advantage of the visual opportunities inherent in a commercial district by directing attention to all of its physical elements… “Economic restructuring strengthens the community’s existing economic assets while diversifying its economic base…The goal is to build a commercial district that responds to the needs of today’s consumers. “Coincidentally, the four points of the Main Street approach correspond with the four forces of real estate value, which are: social, political, physical, and economic.” As chairman of the DNP’s Design Review Committee, I encourage you to visit Downtown Newark and see the fruits of the stakeholders’ labor. Joseph G. Charma, P.E., is a principal with LandmarkJCM based in New Castle, DE. He serves Downtown Newark Partnership as a director and chairman of the Design Review Committee, helping the City to create design standards and development codes to assist in attracting private investment. ■