Urban renewal generally referred to as revitalization of land in different areas of moderate to high-density urban land use. Over the year’s urban renewal has become based on more renovation and investment than on destruction.
New York City’s landscape is now becoming a-thing-of-the-past with deteriorating and dilapidated buildings and landscapes in many neighborhoods. Joe Sitt, an investor in real estate, the founder of Ashley Stewart, a retail chain, Town Residential, a brokerage firm in Manhattan, and Thor Equities, has invested in the cause for renewing the irreparable urban squalor that was once the neighborhood.
The Center for Urban Real Estate is the moving force behind this rejuvenation and they now have numerous amounts of builders and banks to help with the projects. Goldman Sachs’ Urban Investment Group has invested $26 million for the renovation of Golden Heights.
Cook and Fox Architects along with the Durst Organization have completed a project of a Front Street landmark that now looks like it will become a tourist mecca once again.
The Carnegie Corporation, the Center for Urban Real Estate and a Columbia University professor and real estate development expert have been instrumental in revitalizing Lower Manhattan.
Many well-known celebrities have been involved in the urban real estate development program in their own homes and their former neighborhoods. People like Tyra Banks, Jon Bon Jovi, Gwyneth Paltrow, Madonna, Brooke Shields, Harrison Ford, and news anchorman Anderson Cooper have renovated their own dwellings, spending their own money to help set a precedence for the future neighborhoods.
In the heart of New York, between 10th and 12th Avenues from West 30th to West 34th, you will find Hudson Yards. For decades Hudson Yards was isolated by a massive open rail yard but is now being turned into a convenient neighborhood which with the introduction of the new mass transit will become the center of the metropolitan region. This will be a place for communications and art as well as a hub for fashion, and design. Hudson Yards is now the home of Google and other digital media and technology firms.
New York had a choice and they made an investment in the renewal of run-down neighborhoods that is paying for itself. Now there are new places to live and work, have a better life and has engendered hope for these neighborhoods that had long ago lost hope. Now they have a new and improved neighborhood in which to live and grow.