Growing an historic small town center
Most of the 22,000 residents of Hudson, OH (30 minutes from Cleveland) were no longer shopping downtown, but going elsewhere – a familiar story. Not so common however, is the level of vision and investment to reverse that trend.
The City and Hudson Village Development; a development company formed by Tom Murdough, a 31-year old entrepreneur who wanted better for his town, formed a public-private partnership to expand its historic 200-year-old downtown and village green. They sought extensive input from the residents before selecting Fairmount Properties of Cleveland, OH as the main developer.
The result is First & Main, a 14-acre mixed-use retail destination designed to enhance and complement the adjacent historic main street, though not exactly a model for affordability.
Some key statistics:
– 120,000 s.f. of retail/restaurants
– 40,000 s.f. of office
– 12 townhouses, 18 loft condos.
– Total project cost: $50 million
– City investment: $25 million (roads, sewers, utilities, parking, funded through 30-year loans generating a return of at least $29.5 million over 20 years in sales taxes.)
– Less than 50% national chains (however, most of the rest are regional chains)
Key takeaway? Identify (or become) a Tom Murdough in your town. Read more about First & Main’s development here.
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