Transformative redevelopment describes public and private financial support for projects that catalyze significant follow-on private investment, leading over time to the transformation of an entire downtown or urban neighborhood. This approach seeks to repair weak real estate markets where development costs outweigh returns, creating a gap that impedes the flow of private investment; it contrasts sharply with current policies, which are far too modest to help Gateway Cities restore healthy real estate markets.
While transformative redevelopment is highly targeted geographically, it produces gains for the Commonwealth as a whole: Strengthening core cities in regions across the state will facilitate growth patterns that are economically, fiscally, and environmentally more efficient for all.
The Gateway Cities Innovation Institute advances the ideas in this concept paper as a starting point. While specific recommendations are offered, these are intended to provide fodder for debate. Our objective is to build support for the model and encourage a robust discussion leading to a coherent transformative redevelopment policy.