Expanding Opportunities for Downtown Living
The single greatest challenge for downtown Jackson is the lack of market rate apartments for young adults who want to live in an exciting urban environment. The Anchor Initiative is implementing strategies to increase the opportunities for downtown living including rent incentives, aggregating demand for student co-op housing and the recruiting of developers to increase the number of downtown apartments.
Jackson’s Anchor Initiative is engaging the private sector in creating the physical environment, social structure and economic conditions for our downtown to be the vibrant center needed to attract and retain the millennial generation – a generation that…
- is essential for building the young families that will sustain and grow Jackson,
- is the source of the talented workers our businesses and community will need,
- represents the emerging future leaders of the community, its organizations and institutions.
To this end, the Anchor Initiative will encourage employees, professionals and students to live in the downtown areas, and be a catalyst for developers to meet these demands.
A 2014 Target Market Analysis helps identify the number and mix of downtown apartments and lofts needed to satisfy the anticipated demand of housing.
METRICS: LIVING LOCAL
"Live Locally:" The single greatest challenge for downtown Jackson is the lack of market rate apartments suitable for young adults. The independent consultant noted it, and a subsequent study has confirmed it. The Anchor Initiative will implement strategies to increase the number of people in the downtown including rent incentives, aggregated demands for co-op housing and the recruitment of developers to increase the number of downtown apartments.
|* New apartments downtown||20||30||50||100|
|* New young adults living downtown||25||50||75||150|
|Firms implementing rent incentives||5||5||5||15|
|Committed co-op style FTE positions||20||30||50||100|