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Over the past few years in Niagara, there has been a movement to revitalize downtown cores across the region. Key influencers in the revitalizations include municipality led and regionally backed community improvement programs, including facade improvement programs. My blog has most recently covered the changes that have occurred in downtown St. Catharines, but other downtown communities in Niagara including Thorold and Niagara Falls, have successfully entered a revitalization process.
What revitalization means to Niagara downtowns
Revitalizing downtown core’s contributes to the Niagara’s regional economic development. The communities have now positioned themselves as attractive and viable places for residents to work and live. For instance, in St. Catharines, the development of three downtown cultural institutions has caused a spin-off of multiple residential developments. Property values of the downtown properties values increase and so too does the viability of the small businesses located in the downtown cores.
Downtown revitalizations
Below is a brief look at some of the town’s and cities throughout Niagara who have been successful in igniting a downtown revitalization and those cities who are on their way. Revitalization's apply to downtown commercial, residential and hospitality properties.
Thorold
Thorold's revitalization plan was focused on improving building facades in order to stimulate private sector investment. Some are calling the revitalization, a remarkable renaissance of the downtown core, as over 20 commercial buildings accessed the program. The city has also done their part to contribute to the revitalization, by allotting a street scape master plan in their annual budget.
Niagara Falls
Niagara Falls' downtown revitalization is owed in part to a major developers investment in downtown buildings and over $3 million in civic works improvements. Over the past two years, 17 new businesses have flocked to downtown retail and office spaces.
Grimsby
Grimsby's downtown core revitalization was also based around a facade improvement program. The success of the program combined the with success of Grimby's weekly farmer's market has renewed interest in the small downtown core.
Downtown's on course for revitalization
Welland
Welland has implemented several community improvement programs (CIPs) in order to stimulate private sector investment in it's downtown core. Financial incentives have also been made available for revitalization and redevelopment of current commercial properties. These program are positiong Welland as the next spot for revitalization.
Fort Erie
Fort Erie's, Bridgeburg Station Business Improvement Association, is spearheading the promotion of enconomic development within the downtown core. There are CIP's in place to encourage the facade improvements and to encourage the development of residential units in the upper floors of commercial downtown properties. A few new businesses have opened in the community on this wave of enthusiasm.
The local advantage
The Niagara Region offers significant development opportunities for developers. Looking for information on development or investment opportunities in Niagara's downtown cores? Connect with a Niagara real estate appraiser today, ensuring that you have someone who understands the significant potential in the residential and commercial sectors.
