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Old Town Pasadena

Old Town Pasadena - Alexander Muhr PPD-362 Osterling...

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Alexander Muhr October 10, 2006 PPD-362 – Osterling Homework #3 Old Town Pasadena Old Town Pasadena is a precedent that shows how an area can successfully revitalize and become a destination point for many consumers. Since 1980 the district has been able to attract businesses and residents alike to thrive in a cohesive manner that is tasteful and appealing for everyone to enjoy. There are many successes such as high grossing retail and a lot of foot traffic, but there are always new situations arising that Old Town can improve on and is challenged by. In the past few years as housing prices have skyrocketed due to low interest rates set from the outcome of the stock market bubble, it has become more profitable for developers to sell housing units that sell retail and office space. This has created a unique challenge in Old Town because it is mostly a retail and office space district, but does not have any restrictions on residential development. Some might say that this will become a problem, but I believe that as long as people are willing to pay to live in those locations, there will be no problem between retailers and residents. Since Old Town has been known as a retail and entertainment destination for quite some time people looking to live there know what they are getting into and are buying into the lifestyle that they feel suits them best. As for the office space that might be displaced by converting into residential,
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