MORE HOUSING NEEDED DOWNTOWN
Downtown Springfield could use the boost of additional residences.
A study completed by the Bowen National Research Group shows the downtown housing market is in demand for more residential projects. The .81-square mile area the study looked at could use at least 160 units developed for graduate students and housing that ranges in price from affordable living units to condominiums above $200,000.
Residential growth could attract hundreds of new residents to downtown over the next five years and would result in a greater demand for amenities in the area.
“This study proves that investing in downtown is a safe bet,” said Lisa Clemmons Stott, co-chair of the Mayor’s Sustainable Design Assessment Team (SDAT) Action Committee.
Residential growth would address downtown’s “missing persons problem,” the report stated. According to the findings, the area has lost 2,600 workers in the past seven years.
The Greater Springfield Chamber of Commerce’s Q5 Community Impact Council and the SDAT Action Committee backed the study, which was released in December.