When the staff of Downtown Kalamazoo Inc. moved from its offices inside Mall Plaza and relocated to the fifth floor of the Argos East Building they discovered a whole new perspective on the downtown.
DKI President Ken Nacci said in the 10th annual state of the downtown presentation that they now witness things they otherwise would have missed at street level: "pedestrian and vehicular traffic patterns, activity and life on floors above ground, and the orientation and relationships between buildings and their surroundings. It is an inspiring and motivating perspective to see the activity every day in its full scope and motion."
To illustrate the point, participants that filled the room in the Entertainment District were given a
fly-by perspective of the changes coming about in downtown Kalamazoo.
Naccci went on to say, downtown business owners who have recognized a potential and siezed it have positioned the community to be a top 10 turnaround downtown, "and the reason why our peers look to us as a front-runner in urban re-development."
He continued with a review the standard indicators that measure success downtown.
Here are some of the highlights:
• The demand for residential space continues to fill current inventory with a vacancy rate that hovers under 2 percent. Residential remains the healthiest part of downtown development.
• The 2011 Occupancy study shows that retail vacancy fell slightly to 10.4 percent. That means just under 90 percent of current retail inventory is being used. The retail scene, which includes restaurants, entertainment, and shopping showed a growth trend. A total of 13 new establishments opened their doors and eight closed.
The Business Recruitment Retention Incentive Program made nearly $43,000 in grants to assist 10 new and relocating businesses within downtown. Two incubator businesses opened in 2011 and three are going through the incubator program as they prepare to open.
The Building Revitalization Program made over $32,000 in grants to assist three different projects, ranging from storefront signage to new residential units.
• Office vacancy rate fell significantly from 16 percent to 13 percent, due in part to smaller businesses returning to downtown. The downtown lost six office users and added two co-work spaces.
• The preliminary 2011 employee survey results indicate an employee count of 12,225, down slightly from the year before as large offices closed or relocated.
Regarding one measure of the number of people attracted to downtown Nacci reported 37 events from April through October at Arcadia Creek Festival Place, a record. These are estimated to have attracted more than 152,000 attendees throughout the season -- up 13 percent and $716,000 was reported to have been raised for charitable contributions to area organizations from festival sales.
Overall, Nacci called this is "an exciting time of growth for Kalamazoo" and said: "Very few cities our size are experiencing the levels of development that we are seeing."
Writer: Kathy Jennings, Second Wave
Source: Downtown Kalamazoo Inc.’s State of the Downtown address
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