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Photo Courtesy of Stewart Waller & DCVB
Downtown DurhamDowntown DurhamHow it HappenedHow it Happened
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
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
Downtown Durham Downtown Durham Master PlanMaster Plan
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
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
Downtown DurhamDowntown Durham
Synthetic TIF’sSynthetic TIF’s
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
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 $
A Hub for EntrepreneursA Hub for Entrepreneurs
•3 Incubators
•2 Accelerators
•Over 65 Startups
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
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
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
