1. I delved into finance this week for Forbes, writing articles about how Chicago’s junk-bond rating is already causing higher borrowing costs; and about how Dodd-Frank, 5 years after passage, is killing community banks.
2. Starting in a few weeks, and continuing for as long as I’m on the road, I will occasionally add to a new Market Urbanism series called “America’s Progressive Developers.” This will profile different developers who have either built, or are planning to build, interesting projects that enliven their city. The articles will include interviews, renderings, photos and perhaps video tours of each project, so that MU readers can get an inside look at the urban construction process.
One purpose of this series is to help change the negative perception towards developers. As readers know, anti-development sentiment within U.S. cities has for decades created numerous problems, including high housing prices, poor job growth, and environmental harm. These are problems that even liberal urban activists, who have driven the sentiment, are starting to recognize. For example, Gabriel Metcalf—president of the San Francisco-based planning think tank SPUR—wrote a CityLab essay yesterday about how NIMBYism has pushed out the city’s poor. But this does not mean that attitudes towards developers themselves have changed. Many are still seen as greedy and imposing, and their buildings as monuments to crass consumerism, by the very residents who benefit from proximity to such buildings.
It was not always this way; many large-scale developers were once seen as visionary city builders. For example, Coral Gables, the Miami suburb where I’ve stayed, is a master-planned community that was built in the 1920s by real estate mogul George Merrick. Its downtown became a tasteful mixed-use neighborhood that turned him into a local celebrity, and now one outside area has been named after him. Other developers during this period in America were lauded for building advanced skyscrapers, mansions, shopping centers and civic spaces. Many developers still build such things, but are nonetheless vilified because of the altered public sentiment, which is often rooted in class and racial conflict. This is something that I would like to change, by documenting how America’s developers have helped cities.
So what do I mean by developers who are “progressive”? This is a word that has become loaded, but I will use it to describe those who are forward-thinking, innovative, and whose work demonstrates an appreciation for cities. In this respect, almost anyone who develops in a city is somewhat progressive, by creating jobs and improving lots. But my column aims to profile those who are taking the extra step. This could include developers whose structures are architecturally interesting, integrate well with public space, emphasize historic preservation, present a new consumer option, or have advanced environmental technology. I could also cover projects that have had an outsized impact in revitalizing neighborhoods, even including large corporate ones. And I am not above profiling suburban developers, if they are doing something interesting. All of these development types can play important roles in any metro area.
Along with hopefully changing the perception about developers, I am also doing this series simply because I like meeting city builders. There have been countless times when, like other urbanists, I have walked through a city, seen an interesting project, and wondered—“how did this get here?” I aim to answer this by having the developers behind such projects explain how they did market research, attained financing, overcame political hurdles, and ultimately got something built.
This series will be interconnected with my cross-country trip, so I’ll seek out these progressive developers in every place I visit. If you are following my travels, and know of someone I should meet, drop me a line!