I recently read an article titled "Apartment-Poor NY Suburbs See ‘Brain Drain’" on GlobeSt.com. It
reported that, “Affluent suburbs to the north and east of New York City are
experiencing a ‘brain drain’ of younger residents …” My first reaction was oh
well, too bad for them, what does it matter to me. What got me thinking about
Jacksonville was this quote further on in the article, “Studies of millennials—those
born between 1978 and 1996—indicate they prefer lively urban environments to
suburbs, rental housing and are more comfortable with racial diversity.”
The bright lights of Jacksonville |
“So what,” many say, “who needs Downtown?” Maybe if we want to keep those millennials, they may want a revitalized downtown. Studies have shown that the millennials want arts and culture to be available. Most of Jacksonville’s major arts and cultural resources are located in or near Downtown. To name just a few:
·
Times-Union Performing Center
· Florida Theater
· Ritz Theater
· MOCA
· Cummer Museum
· MOSH
· Riverside Art Market
· Storefront art galleries
· Florida Theater
· Ritz Theater
· MOCA
· Cummer Museum
· MOSH
· Riverside Art Market
· Storefront art galleries
None of the other present or potential Jacksonville nuclei
come close to Downtown in their offerings of arts and cultural resources.
“Who cares about Downtown, we need to spend our scarce
resources in the suburbs where voters live.” I can’t tell you how many times I
have heard that statement. If we don’t care about a revitalized Downtown and
creating an environment attractive to millennials, and Jacksonville starts
experiencing another brain drain, here are a few potential consequences (amongst
many that could be conceived):
- Suburban moms and dads, maybe get ready to say goodbye to your sons and daughters as they begin moving away from Jacksonville like the baby boomers did in the past, a situation I know no parent relishes;
- Jacksonville aspires to improve its economic base, but if we can’t keep our own millennials, let alone attract more, were does the talent come from to develop industries such as biotech or space launch;
- For those of you worried about tax dollars, consider this statement from the article: “Those that are losing younger residents … have begun paying a price. The areas hardest hit are already closing schools and sharply reducing their projections of school children… Volunteer fire departments may become a thing of the past, and office vacancy has reached 19% in Westchester County and 11.5% on Long Island…” That has direct impact on community services for the remaining residents and both municipal government receipts and expenses. And Downtown has historically generated more revenue than expenditures in the area, the surplus of which goes to the suburbs.
So, maybe Downtown is important even if you don’t live
there or ever go there. My colleague, Ramonda Fields, recently blogged that Downtown
is Developing!. I would suggest that even more effort and resources are
needed to revitalize Downtown if we don’t want to go the way of the New York
suburbs. A revitalized Downtown may be necessary for the City as a whole to
reach its potential.
If you would like to discuss these thoughts in more detail,
please contact me:
Paul B.
Hazlett
Real Estate Investment Advisor
Coldwell Banker Commercial -
Benchmark
904.421.8523
PHazlett@CBCWorldwide.com
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