News
Better for the 'Burbs
February 15, 2011
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| More news from ULI: even though investments have been funneled into downtown cores and outlying suburbs, first-tier neighborhoodsare emerging as major magnets for urban growth, said ULI CEOPatrick Phillips in North Carolina on Saturday (he’s quite the traveler—our Los Angeles reporter snapped him last month, right, with RCLCO CEO Gadi Kaufmann and Continental Development’s Alex Rose). Their proximity to major employment centers and transit options have become more important as urban areas have becomeincreasingly congested. “It’s clear that the disconnect between housing and jobs, long daily commutes, and time wasted in traffic is causing more and more people to rethink how and where they are living,” he said. Up to 80% of the development that occurs through 2050 will be in suburbs, rather than downtowns, he points out. No word on how the astronomical NJ Transit, LIRR, and Metro-North prices are affecting trends here. |
