Some still flounder. City officials still wring their hands in frustration. But in spots, new life has emerged. In fits and starts, both the hardy and the foolhardy have risked their capital on the bet that some people have tired of Wall Street-driven shopping, eating and drinking. That kind of initiative is paying dividends in downtown Champaign.
Experts say there is a definite pattern in the renewal of downtowns across the country.
The cycle typically begins with the growth of entertainment and nightlife, to the re-establishment of retail stores, to the redevelopment of residential space. The night life has made a huge difference and, with a few more pieces in place, I think you'll see the other sectors develop as well. The low point for the Champaign downtown can be easily pinpointed to 1980. Property values had been steadily declining through the 1970s until the city established a tax increment financing district in 1980. The city has used income from the district for a variety of physical improvements and incentive programs for investors.