posted on July 20, 2010 07:30
By Dace Koenigsknecht
Economic Restructuring Specialist
Michigan Main Street Center
Michigan State Housing Development Authority
I consulted my respected Random House dictionary the other night; the anchor of a book that came with the Windows 3.1-compatible CD that fostered a chuckle. In the age of Google, I like the massive weight of it, the starchy feel of the pages filled with words that have evolved through the centuries. My destination: value or valuable. I discovered the 18 definitions of value to be daunting for my exercise, but valuable was perfect for the task.
I found the following three definitions for the word valuable. Each one depicts a specific segment of why downtown matters – why downtown is worth saving – why downtown is VALUABLE.
1. “Having considerable monetary worth; costing or bringing a high price”
Real estate. Land. Terra firma. No matter the word, a plot of earth and its improvements are the largest single investment most people will ever make. It is a conservative investment, even in a challenging economy, which provides stable, long-term growth – a positive return-on-investment (ROI).
Historically, there was no stock market, investments were made in gold and land. Passive investors horded both, speculating that future interest in either would ‘create’ wealth for them with minimal effort. Active investors, however, pursued the highest and best use for that land to increase their ROI – to ‘create’ their own wealth. Density provided a better return, so cities built toward the sky. As the interstate highway system made accessible greenfield spaces on the urban periphery, active investors followed and downtown became the vault of the passive investor. In recent years, however, downtowns have a renewed interest. For a variety of social and economic reasons, from the environmental impact of our beloved cars to the evaporation of short-term gains in greenfield development, the value of downtown investment is again on the rise.
2. “Having qualities worthy of respect, admiration, or esteem”
My affinity for the hardcover book in the Internet age is an example of perceived value, as it really only applies to me personally. I find the value in holding it, feeling it, using it, whereas most others find value only in the words contained within. So, to me, that clunky book (like my dictionary above) has a higher value.
As it is with downtown. There are people that define the value of their downtown by nothing more than the availability of a parking space right in front of the post office door. To many others, however, their perceived value is much higher due to the uniqueness of the environment: the streetscape collage of people and plants, benches and businesses, facades and flags. It’s about activity and life in a distinctive destination, where a sense of place tells you exactly where you are in the world. Downtown is the face of the community, whether good or bad.
Downtowns are also the heart and soul of a community. Historically people gathered downtown to celebrate or grieve together, to watch the circus come or the soldiers leave, to be a community in the outdoor room we call downtown.
3. “Of considerable use, service, or importance”
It would not be possible to have a Central Business District without Business, as it would be nothing more than a gathering space as detailed above. The downtown matters to the community at-large for reasons beyond the occasional funeral or parade because it is the center of usefulness and convenience in people’s lives. The farmer comes downtown to meet with the banker, stock up at the grocery store, socialize with friends at the coffee shop, and buy or sell grain at the mill. The farmer is not ‘making’ money for himself, like most small businesses, if he is not ‘working’ (oversimplified, I know). Due to the relevant proximity of the products and services he requires, the farmer’s perceived value of downtown is great – it’s important.
Get involved in the revitalization of your downtown: it’s a wise financial investment…it’s worthy of respect…and it’s certainly important.
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