Tag: mountain town

• The value of lifestyle in attracting human capital

  When I was in Revelstoke, BC last year I met a number of people who had made the move out there from Toronto. When I asked if they missed living in a big city, pretty much everyone gave me the same answer: “No, I love it here.”

  This past week when I was in Park City, Utah, I similarly met a number of people who had made the move from New York and other large cities. And when I asked them the same question, I heard statements like: “I used to live in New York, but then I got a life and moved out here." 

  In these two examples, the obvious draw is the mountains. But it’s not like everyone just moved and became a ski bum. In fact, Inc Magazine recently published an article talking about Park City’s robust startup scene. People are figuring out how to combine hard work with the lifestyle they want.

  What I find interesting about this is that it runs counter to the trend of young people preferring big cities. Here’s a quote from NPR:

  “But affordable real estate and waterfront views don’t have millennials biting. They continue "a multigenerational pattern of young adults preferring more expensive urban areas over lower-cost rural ones because the lifestyles and opportunities in such places make the extra burden of cost worth it,” says Robert Lang, professor of urban growth and population dynamics at the University of Nevada, Las Vegas.”

  However, some small towns clearly have a unique lifestyle advantage: mountains. And that seems to be a strong enough draw that some people are simply figuring out how to create the economic opportunities for themselves.

  For me, this is yet another reminder that if you’re trying to attract the best human capital to your city or town, you need to think about lifestyle. And since young adults aged 18-34 are far more likely to move around than any other generation, you should also be thinking specifically about what this generation wants.

  Here’s a chart from CityLab that shows how precipitously migration falls off (in the U.S.) once people finish school and get settled in a job:

  

  Obviously, not every town or small city is blessed with mountains. But there are many lifestyle advantages that can be created. It’s for this reason that I keep talking about nightlife and Toronto’s laughable 2AM last call. Those are lifestyle things and we can do better.

  2016.02.08

• 10 city building predictions for 2016

  

  https://500px.com/embed.js

  Few things are better than waking up in the mountains and seeing a notification on your phone that 9″ of fresh snow have fallen overnight, bringing the 48 hour snowfall total to 16″.

  This is what people in mountain towns live for. They ski in the morning and then head to work in the afternoon. I heard a number of people on the mountain today saying that they, “want to be in the office after lunch.” It’s a lifestyle thing.

  On that note, today I’d like to focus on 10 city building predictions for 2016. I’ve been assembling this list over the past few weeks and now that I have had my fill of Utah powder for the day, I’m dedicating the rest of the afternoon to writing.

  These are never easy to put together. But here are my thoughts:

  1. We will see increased migration to secondary cities – outside of the alpha global cities – which offer a higher quality of life, more affordable housing, and the ability to live a particular lifestyle. This includes cities like Austin (creative startup hub) and Denver (outdoor recreation).
  2. As more and more cities wake up to the importance of lifestyle in attracting top talent, I think we will see a lot of cities follow the lead of Amsterdam and create “night mayors” or some other equivalent. These cities will begin to see nightlife as a competitive urban advantage.
  3. Global cities will start experimenting with different land use and property tax reform strategies to try and deal with rising income inequality and eroding housing affordability.
  4. We will see a barbell of residential unit sizes. We’ll see more well-designed small units as a way to try and promote housing affordability and we’ll see larger urban infill units for families and baby boomers who want to live/remain in walkable urban communities.
  5. In line with above, I think we will see a further rethinking of urban spaces. Flexible spaces, unique program mixes, and a continued blurring of public/private spaces. One example of this is the trend towards small private spaces surrounded by generous public/communal spaces.
  6. The Toronto and Vancouver real estate markets will continue to chug along because of low interest rates, a weak Canadian dollar, and increased foreign investment. That said, I think we will see more restraint when it comes to over-the-top luxury product.
  7. We will finally see a disruptive technology product that starts to get people in the real estate industry thinking that change is on the way. This will not be a product that ports an offline experience online; it will a new way of thinking about the industry.
  8. This will be the year that cities stop fighting Uber (and other similar marketplaces). Cities (and lobbyists) will finally accept that this is a new reality and then work to figure out the best way to create policy around it. Edmonton, Alberta has already become the first Canadian city to regulate Uber.
  9. Road pricing will get the attention it deserves in North America. Things will start out slow, but we will finally get ourselves on a path which recognizes that we can’t build our way out of traffic congestion in most major cities.
  10. I will publish a book on becoming a real estate developer.

  Many city building trends and shifts seem to happen in a global way. But I think it’s worth noting that a lot of these predictions were likely written with my North American lens on, and in some cases my Toronto lens on.

  It’s not easy sitting down and thinking about what will happen in the future. But it’s a worthwhile exercise. It forces you to take a stance and then, when the future does come, you can see how well you did. I saw Fred Wilson do this on his blog and I thought it was a great idea.

  Now I would love to hear what you think about my predictions and what yours are for this year. Please let us know in the comment section below.

  2016.02.01

• Cities aren’t the only places struggling with housing affordability

  We already know that many successful cities are struggling with housing affordability. But what you may not know is that a similar phenomenon is happening in many ski towns. Supply is constrained and demand is high.

  Here is an excerpt from a recent New York Times article:

  Local officials and housing experts say it is a symptom of widening economic inequality, one that is especially sharply felt in tiny resort towns hemmed in by beautiful but undevelopable public land. While the wealthiest can afford $5 million ski homes and $120-a-day lift tickets, others work two jobs and sleep in shifts to get by.
  

  “It’s so much worse today than it’s ever been,” said Sara Flitner, the mayor of Jackson, Wyo., where the median single-family home price rose 24 percent last year to $1.2 million, according to the Jackson Hole Report.

  It’s for reasons like this that some ski towns have strict criteria around who is an eligible resident. For example, Banff, Alberta does this to ensure, “that housing remains available for those whose primary objective is to live and work in the community.”

  In small landlocked ski towns – where it’s difficult or almost impossible to increase supply – there are only so many options. 

  2016.02.01

• What are your disciplines?

  

  sunset drag by Philippe Clairo on 500px

  I’m sitting in Calgary International Airport right now waiting for my flight back to Toronto. This marks the end of the 6th Penn Annual (our annual ski and snowboard trip). We all had an amazing time and I can’t wait until next year’s annual. We’ve already (pretty much) decided that it’s going to be in Park City, Utah.

  As you can probably tell, I like traditions and routines. As boring as that might sound, I think there’s a lot of value in doing the same thing over and over again. 

  It’s why I do an annual ski and snowboard trip every February with some of my closest friends (to a mountain we’ve never been to before). It’s why I write something – no matter how short it might be – every day here on Architect This City. It’s why I lift weights 3-4 times every week. It’s why I’m interested in brand building (creating equity takes consistency and time). It’s why I love the permanence of real estate. And it’s also why I like dollar cost averaging when it comes to investing.

  I guess you could say I like the long game. I enjoy having “disciplines.”

  And that’s because I think there are very few substitutes for hard work and sustained efforts. We all love to talk about those overnight success stories, but in reality they’re often the farthest thing from overnight. I know that it takes time to get great at something. And I also know that I’m not always going to be right. But the simple act of not stopping can take you pretty far.

  In any event, I hope you enjoyed all the mountain town talk (I have a few more ideas I want to write about) and my Snapchat stories (if you followed along). I got really into Snapchat on this trip. And that’s because I think the platform is at a tipping point where brands are going to start thinking of it as a legitimate marketing channel – and not just an app for teens.

  Do you have any routines or disciplines? If so, feel free share them in the comment section below. Or if you hate routines, tell us why.

  See you in Toronto 🙂

  2015.02.15

• Does urban authenticity matter?

  

  After yesterday’s post on Belval in Luxembourg, I started thinking more about authenticity. I ended the post by talking about some of the industrial elements – blast furnaces and so on – that will be preserved in the neighborhood and argued that those types of things are great for creating a sense of place. But I also said that it’s always better when those things are authentic.

  But what does it mean to be authentic? What if some savvy developer created new blast furnaces and inserted them into their new neighborhood in order to simulate the feel of an old industrial steelworks? Would that change how you felt about the space and area?

  Another example is Intrawest’s ski resorts. Intrawest is quite famous for creating attractive ski villages that give you the impression of being in some old European mountain village. They include a mix of uses and many people visit them even if they don’t intend to ski. But does it matter that it’s not really an old European ski town or that many of them look the same?

  Clearly, in both of these examples, one is more “authentic” than the other. But all that really changes is the story. In one case, you get to tell yourself, and others, about an old steel mill that used to be where you now have your Scandinavian desk and Retina display MacBook. And in the other case, all you get is a simulacra or imitation of some blast furnace thing.

  While this may seem immaterial to some, I don’t think it is. I’m not saying that customers always demand 100% authenticity. We don’t. But let’s not forget how much we all love a great story.

  Image: Belval (Fräntz Miccoli)

  2014.11.19