"The Key to a Strong Downtown Is Smart Policy Changes, Not Big Projects" || by Tiffany Owens Reed June 4, 2024
"...But relying on the master-planned, “Big Project'' approach to revitalization is a risky way forward. Rather than growing the city’s wealth, these big projects often require significant public investment and incentives, which put cities in the risky financial position of making large, expensive bets in the present and hoping to recoup that money down the line.
Not only that, but these plans also lock cities into committing to a future they can’t possibly evaluate for profitability, relevance or resilience. It’s simply impossible to know if these plans will achieve their intended goals, and their large, centralized nature makes it hard to adapt to shifting market conditions or changes in regulation and funding.
The good news is that cities have alternatives..."