Downtown Durham: How it Happened

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Downtown Durham: How it Happened

  1. 1. Photo Courtesy of Stewart Waller & DCVB Downtown DurhamDowntown Durham How it HappenedHow it Happened
  2. 2. DDI’s MissionDDI’s Mission To create an environment for private investment in Downtown Durham by working in the following areas: •Economic Development •Parking •Safety •Appearance •Promotion •Clean & Safe Ambassador Team
  3. 3. How does DDI getHow does DDI get things done?things done? 1)Information 2)Research 3)Deal Making 4)Advocacy 5)Public Relations 6)Making & keeping Downtown a community priority
  4. 4. Downtown DurhamDowntown Durham Master PlanMaster Plan
  5. 5. Downtown DurhamDowntown Durham Guiding PrinciplesGuiding Principles 1)Is the project consistent with the Downtown Master Plan? 2)Is the project a good deal for Durham taxpayers? 3)Is the incentive needed to get deal done? 4)We don’t pay any incentive until the project is complete
  6. 6. Downtown DurhamDowntown Durham Key Economic Development FactorsKey Economic Development Factors • Downtown Revitalization Fund • Public-Private Partnerships • Coordinated “Team” of City, County & DDI to work with clients • Capital Investment & Job Creation Incentives • Historic Tax Credits • New market Tax Credits • Historic Tax Deferral • Building Improvement Grants • Signage Grants • Merchandise Based Building Improvement Grants
  7. 7. Downtown DurhamDowntown Durham Synthetic TIF’sSynthetic TIF’s
  8. 8. Then & Now 1995 2013 Number of Businesses <200 500+ Total Employees <3,000 15,500+ Residential Units <100 1,000+ Residents <160 1,500+ Median Age mid-50s 38 yrs Average Salary mid $30,000 $56,430 Median Salary mid $30,000 $55,000
  9. 9. Duke UniversityDuke University Investment in DowntownInvestment in Downtown • American Tobacco • West Village • DPAC • 2,000+ employees • 600,000 sq feet of office • Millions of $
  10. 10. A Hub for EntrepreneursA Hub for Entrepreneurs •3 Incubators •2 Accelerators •Over 65 Startups
  11. 11. Retail Openings & LeasesRetail Openings & Leases Since Retail Market AnalysisSince Retail Market Analysis • Critical mass of people downtown • DBAP, DPAC, employees, visitors, foodie area • Retail Market Analysis • Incentives: • Building Improvement Grant • Merchandise Based Grant • Signage Grant • DDI “hand holding/one stop shopping” • Re: find space, navigate the regulatory process, network client, help market business • Much more professional “pedigree” of client
  12. 12. In a challenging economy, how did the “collective we” keep downtown momentum moving forward? •Major capital projects by the public sector •Opening & continuing success of the DPAC •Restaurant & Retail store openings •Continued strength of office market with major leases to Burt’s Bees & HTC
  13. 13. Creating an Environment for Success •Creating a memorable experience •Doing the “Creative Class” before Florida wrote his book •It’s all about recruiting and retaining the talent
  14. 14. That’s the end! Thanks for your interest. Contact Bill at bill.kalkhof@gmail.com

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