5:Neighborhood Development

There is an increasing convergence of demand for authentic and walkable neighborhoods from residents and visitors alike. Such neighborhoods are often conducive to the mix of uses like restaurants, retail, and art with the proximity of diverse housing stock. While residents may buy houses and visitors may visit a shop or restaurant, both are actually shopping for, and consuming, the collection of experiences offered by the broader neighborhood. The vibrancy of distinctive neighborhoods is important for residents and visitors alike, but limited supply for such places can result in increasing property values and displacement concerns for both existing residents as well as the local businesses that define them. And while the desires of residents and visitors increasingly converge, the needs to support them can be quite different and at times incompatible. Visitors and the infrastructure needed to support them must be integrated thoughtfully into neighborhoods so that they contribute value without negative impacts on neighborhood affordability and cohesion.