downtown durham: how it happened
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Photo Courtesy of Stewart Waller & DCVB
Downtown DurhamDowntown DurhamHow it HappenedHow it Happened
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DDI’s MissionDDI’s Mission
To create an environment for private investment in Downtown Durham by working in the following areas:
•Economic Development•Parking•Safety•Appearance•Promotion•Clean & Safe Ambassador Team
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How does DDI getHow does DDI getthings done?things done?
1) Information
2) Research
3) Deal Making
4) Advocacy
5) Public Relations
6) Making & keeping Downtown a community priority
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Downtown Durham Downtown Durham Master PlanMaster Plan
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Downtown DurhamDowntown DurhamGuiding PrinciplesGuiding Principles
1) Is the project consistent with the Downtown Master Plan?
2) Is the project a good deal for Durham taxpayers?
3) Is the incentive needed to get deal done?
4) We don’t pay any incentive until the project is complete
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Downtown DurhamDowntown DurhamKey Economic Development FactorsKey Economic Development Factors
• Downtown Revitalization Fund• Public-Private Partnerships• Coordinated “Team” of City, County & DDI to work
with clients• Capital Investment & Job Creation Incentives• Historic Tax Credits• New market Tax Credits• Historic Tax Deferral • Building Improvement Grants• Signage Grants • Merchandise Based Building Improvement Grants
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Downtown DurhamDowntown Durham
Synthetic TIF’sSynthetic TIF’s
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Then & Now
1995 2013
Number of Businesses <200 500+
Total Employees <3,000 15,500+
Residential Units <100 1,000+
Residents <160 1,500+
Median Age mid-50s 38 yrs
Average Salary mid $30,000 $56,430
Median Salary mid $30,000 $55,000
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Duke University Duke University Investment in DowntownInvestment in Downtown
• American Tobacco
• West Village
• DPAC
• 2,000+ employees
• 600,000 sq feet of office
• Millions of $
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A Hub for EntrepreneursA Hub for Entrepreneurs
•3 Incubators
•2 Accelerators
•Over 65 Startups
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Retail Openings & LeasesRetail Openings & LeasesSince Retail Market AnalysisSince Retail Market Analysis
• Critical mass of people downtown• DBAP, DPAC, employees, visitors, foodie
area
• Retail Market Analysis
• Incentives:• Building Improvement Grant• Merchandise Based Grant• Signage Grant
• DDI “hand holding/one stop shopping”• Re: find space, navigate the regulatory
process, network client, help market business
• Much more professional “pedigree” of client
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In a challenging economy, how did the “collective we” keep downtown momentum
moving forward?
•Major capital projects by the public sector
•Opening & continuing success of the DPAC
•Restaurant & Retail store openings
•Continued strength of office market with major leases to Burt’s Bees & HTC
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Creating an Environment for Success
•Creating a memorable experience
•Doing the “Creative Class” before Florida wrote his book
•It’s all about recruiting and retaining the talent
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