NEW HAVEN NAMED “URBAN MARKET PATHFINDER” BY BROOKINGS INSTITUTE
(6/12/2007) CITY RECOGNIZED FOR EXCELLENCE IN CAPTURING MARKET POTENTIAL AND COMMUNITY INVESTMENT
NEW HAVEN- The Brookings Institute presented awards last week to 19 entities, seven of them cities, selected for their investments in communities and ability to successfully fuel economic development in an urban setting. New Haven was one of the seven cities named an Urban Market Pathfinder, specifically for its success in improving business development and sustainability over the past 10 years, creating the right environment for businesses to develop and providing the support necessary for retailers of all sizes to prosper.
“Economic development is the key to the vitality of our city particularly in terms of labor, quality of life and factors that draw visitors and new residents to New Haven,” said Mayor John DeStefano, Jr. “I am very pleased to learn that we are being recognized for our success in this arena. Our relationships with businesses of all sizes are important to us. Through our efforts in our Small Business Initiative, our work with the Town Green Special District for downtown development, our collaborations with the Chamber of Commerce and all of the programs and services offered through our economic development administration, we work daily to strengthen our urban market.”
Urban Market Pathfinder cities have developed winning business processes to enhance the ability of retailers and developers to bring concepts to market and to achieve public objectives. When selecting honorees, the Brookings Institute looked first at the access to goods and retail services available in the City.
“This is a great achievement for New Haven,” said Kelly Murphy, Economic Development Administrator. “We are seeing a rise in development and occupancy in our downtown because businesses are seeing all that New Haven has to offer. Over the last ten years there’s been a very positive change in our downtown that is reflected in the increase of restaurants, cultural activities and residences that are thriving. There is much more to come as we welcome the development of new residential and retail units that serve the needs of residents and visitors in our city.”
Further, the Institute examined how New Haven, as an urban community, dealt with the economic development challenges faced by many other significant urban cities, overcoming those obstacles and materializing upon opportunities for development in the City. The Brookings Institute celebrated Urban Market Pathfinders for the far reaching, positive implications that their economic development has had on urban residents and communities.
Along these lines, New Haven has seen an increase of retail and residential development with the addition of 501 new rental apartment units, 1,432 new condominium units and a number of new stores and restaurants since 2004. Moving forward, the City anticipates the addition of an urban grocery store downtown as part of the Shartenberg redevelopment project.
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