You may be one of the many ASU business students who is considering owning your own business someday — your own restaurant, boutique or a technology services business. But in today’s economy, it is not so easy to win a piece of the American Dream.
Your opportunities in the Phoenix area are extremely limited. There are many things to consider when developing your business plan, and these days, it’s all about location, location, location. But what if you were to consider relocating to a city that, according to some economists, is scheduled for a come back? A city that, during '40s and '50s, was just as glamorous and celebrated as Chicago or Los Angeles. What if you were to consider Detroit, the Motor City?
Today, this city has the highest crime rate in the U.S. However, Detroit has the potential to be the next Brooklyn, New York, or Chattanooga, Tennessee. The city has open warehouse space, SoHo style lofts, uninhabited mansions that once belonged to rich auto industry execs, vacant lots and vacant streets which can now be bought for less than they sold for during the WWII era. If you have perseverance, business savvy and guts, you may have exactly what it takes to help rebuild Detroit.
In a town like Chattanooga, it was simple; like in Detroit, manufacturing had worn itself out. According to a Wall Street Journal report, $630 million in land grants and tax incentives were used to attract $2 billion in investments. Companies such as Volkswagen, Amazon and Alstom SA began setting up shop. They created over 7,500 jobs and took one of the most depressed towns in America and made it into one of the strongest economies.
This also attracted recent grads, and a younger community to begin an urban renewal process that boasted the tourism industry and even revived a historical landmark, the Chattanooga Choo Choo. Today, Chattanooga is one of the most beloved cities in the foot of the Appalachians.
Another city that has seen an incredible comeback is Brooklyn, now known as one of the hippest boroughs in NYC. It has attracted people from all over who enjoy street art, organic restaurants, craft-beer breweries, electronic dance clubs, beautiful parks, and rooftop farms. Brooklyn was once seen as a rough appendage to Manhattan, but it is now one of the most desirable cities for younger professionals and families seeking an urban lifestyle close to the Big Apple.
One of the many reasons why Brooklyn has made a comeback is the rise in real estate prices in Manhattan. Many people are relocating to Brooklyn for slightly cheaper rent and a little more space. When Brooklyn began its revival, home prices were somewhat low, but now Brooklyn is starting to see increases that put condo prices in competition with Manhattan.
Some would say Detroit is still too dangerous. It is safe to assume that Detroit is not for the faint of heart, but there are many pockets in Detroit that are making incredible comebacks and seeking others to join the ride. Many people argue that turning Detroit into a hipster-haven is not in the best interest of the city, the poverty level of which is near 40 percent. According to the Huffington Post, a main concern for the long-term residents of Detroit is gentrification.
However, venturing down some residential streets with vacant or burned homes would suggest that there is plenty of space to go around. Many new residents of Detroit would argue that yes, Detroit is a bit rough around the edges, but if you can see past its failures, you may be able to see your own future. As the old saying goes, “What comes around goes around.”
If you have the guts, there's no telling what Detroit could do for you.
Reach the columnist at Michelle.Bryan@asu.edu or follow her on Twitter @ChellyLynnBryan
Editor’s note: The opinions presented in this column are the author’s and do not imply any endorsement from The State Press or its editors.
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