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2012-04-21_packet
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2012-04-21_packet
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4/19/2012 4:11:43 PM
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Commission/Committee
Commission/Authority Name
Housing Redevelopment Authority
Commission/Committee - Document Type
Agenda/Packet
Commission/Committee - Meeting Date
4/21/2012
Commission/Committee - Meeting Type
Special
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Navigating the New Normal - What will the future bring? <br />There will be more “Responsible” development that will have a high social <br />and environmental value versus the “Commodity” development that has <br />taken place in the post-WWII era.Commodity development is the cookie- <br />cutter approach to development, a one-size fits all solution regardless of <br />context or community. Responsible development is high in innovation and <br />creativity and takes the local context into account while being financially <br />responsible and will deliver long-term value to investors and the <br />community, both socially and economically. <br />Demographic trends, and not just government policies, are shifting the <br />development industry to more transit-friendly and walkable locations rather <br />than the cheapest available sites. <br />There needs to be financial support from the government for developers who <br />choose to do “Responsible” development versus “Commodity” development <br />to level the playing field as the industry changes. <br />The use of green technology in development is changing from a niche <br />market to mainstream. This will especially be evident in the housing market <br />where it is predicted by 2020 that net-zero-energy homes will be the <br />standard for newly built homes. <br />The general population has a greater awareness of transportation costs, both <br />in actual dollars and time. Although housing and land is cheaper the farther <br />out one is from the urban core, people are more interested in being closer to <br />the activity due to high transportation costs. <br />For housing, we can expect that there will more renters, both in quantity and <br />as a percentage, given the tight credit market and demographics. <br />The increase in ethnic diversity will force development to consider the <br />different needs of each group. <br />Fewer people will be driving to work by car five days a week due to increase <br />transportation costs, flexible job schedules, and the lack of full-time jobs. <br />People will prefer to live in a place that has services such as medical or <br />educational services. <br />The 24/7 world is here to stay and development will be taking that into <br />account, especially in its location. <br />Because of the large demographic segments the Baby Boomers and <br />Generation Y represent, there will be an increase in marketing and <br />development geared directly to their needs. <br />Boomers, unless they are underwater with their mortgage, will prefer to <br />move from the outlying suburbs to the core cities and first-ring suburbs. <br /> <br />
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