Commentary by Renee Oldham
Across the nation, vibrant downtowns that are thriving are a mix of diverse retail stores, distinctive services, unique attractions, destination restaurants, cultural activities, live-work accommodations, and, last but not least, an alluring atmosphere. A downtown of this caliber not only subsidizes the city’s economy but also contributes to a city’s identity and sense of place. By all accounts, downtown Noblesville is such a place.
Countless downtowns of similar size to downtown Noblesville have been hit hard by the economic downturn and recovery is not in sight. However, downtown Noblesville has remained vibrant and continues to experience consistent economic growth and investment in the central business district.
In 2013 alone, downtown Noblesville experience unprecedented growth with fourteen new business openings, six expansions and more than $2.1 million in new investment. In addition, four façade renovations and six building rehabilitations were completed. Downtown Noblesville’s 2013-turnover rate was less than 3 percent, significantly lower than the national average. According to Senior Economist Ryan Severino of REIS, the national expert in commercial real estate market information analysis, “the national vacancy rate for neighborhood centers now stands at 10.4 percent.” REIS also reported that the 2013 fourth quarter vacancy rate for regional malls was 7.9 percent.
Noblesville Main Street, Inc., is working diligently to create a market strategy in 2014 which includes components for a targeted Retention and Attraction program for downtown Noblesville. The RA program will expand beyond our traditional Metropolitan Statistical Area utilizing studies, data, psychographic data, and sources, such as the City of Noblesville’s Comprehensive Plan, Hamilton County Convention and Visitor Center, the city’s economic development department and Small Business Development Center to target potential new businesses, expansions, and investments to downtown Noblesville.
Renee Oldham is the executive director of Noblesville Main Street. She can be contacted at [email protected] or 776-0205.
