Most of us don’t understand restoration and redevelopment, but we benefit from it every day. While in-progress construction tends to annoy us, we all take for granted the rapid growth that Lubbock (and West Texas) has seen. We all benefit from the expansion and growth of our beloved LBK. There’s also many perks: more restaurants and bars, more entertainment venues and more housing. Redevelopment and restoration are what grow cities and make them vibrant places to live.
What is restoration?
In the context of real estate, restoration is the process of updating and re-constructing a structure that’s in a state of disrepair. Typically, restoration projects focus on historic sites. Without restoration projects, towns couldn’t maintain their history. In Lubbock, think of the Cactus Theater, the Buddy Holly house, and the magnificent Pioneer Building. The Pioneer Building was vacated for years and falling into disrepair, but McDougal restored the building to its former West Texas glory and now it contains Pioneer Condos, the Pioneer Pocket Hotel, famed restaurant The West Table, The Brewery LBK and The Coffee Shop. Restoration is what keeps city traditions still standing, and also makes them relevant.
Without a commitment to restoration and redevelopment, our West Texas history will eventually be lost.
What is redevelopment?
Redevelopment is the process of demolishing buildings that no longer serve a functional purpose and replacing them with new structures. Redevelopment projects revitalize communities, attract new businesses, or fix city planning issues (like traffic). Whenever possible, developers use a combination of restoration and redevelopment to improve larger areas. Even historical districts need redevelopment so that the neighborhood continues to meet community needs.
How has redevelopment changed Lubbock?
One of the best examples of redevelopment in Lubbock is Overton Park, formerly North Overton. Once a rundown and dilapidated area of town, Overton Park is now a student living area and shopping center. Thanks to McDougal Land, the redevelopment project has grown the property value from $26 million in 1999 to $625 million today with expectations of the value to increase to $800 million by 2030.
Currently, underway is The Downtown Project. A combination of redevelopment and restoration projects that will increase the area’s value from around $27 million to $800 million by the year 2030 while creating nearly $20 million in additional revenue during that time. The hundred-year-old downtown area will be transformed into a “City within a City.” The redevelopment process will include utility infrastructure upgrades as well as features such as shopping centers, student housing, retail, destination and boutique hotels, bicycle paths and parking garages.
Why Restoring LBK Matters
Without a commitment to restoration and redevelopment, our West Texas history will eventually be lost. Could you imagine Lubbock without the historic architecture of Texas Tech, the Cactus Theater or the Buddy Holly Center? Also, community members deserve to have their needs met, without having to move across town!
Our city is growing! We need redevelopment and restoration to accommodate the increasing Lubbock population. Developers are the people who keep cities livable, convenient and prosperous.