By Ellen Eubank and Faith Weekly
Community Affairs
Federal Reserve Bank of St. Louis

Redeveloping a neighborhood is like baking a cake. In the same way that a baker assembles all the right ingredients for a cake, neighborhood leaders must assemble all the right ingredients to realize success in their project. Leaving out an ingredient or missing a step could be a recipe for disaster.

For those working hard to turn neighborhoods around, the process can be long and arduous. Neighborhood revitalization can at times seem more art than science and those on the front lines may wonder if they will ever see the light at the end of the tunnel.

Understanding the ingredients needed for success, the importance of timing and even learning from mistakes can all ensure eventual success for a neighborhood that may seem marginal. Looking at examples of two neighborhoods that got it right, Cooper-Young in Memphis and the downtown district in New Albany, Ind., helps illustrate the evolution of neighborhoods.

Cooper-Young

The Cooper-Young neighborhood traces its roots to the Mount Arlington Subdivision, which was founded about 1890 in the area now known as Midtown Memphis. Most of the 1,600 houses in Cooper-Young were constructed between 1900 and 1915, and the area is considered Memphis’ first working-class neighborhood.

The neighborhood thrived until the 1960s when many families began moving to suburbs farther east. By the mid-1970s, few viable businesses remained in the neighborhood’s commercial corridor, and housing values had fallen drastically. What was left were some long-time residents still committed to the area and historic homes that could be bought cheaply. These attributes would become the foundation for the rebirth of Cooper-Young. ...FULL STORY

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