One positive trend to emerge from the August flood has been an increase in leasing and retail activity downtown. Downtown is currently 100% leased, and within the past four months alone nearly 300 new multifamily units have been absorbed downtown.
Though displaced flood victims weren’t the only ones leasing those 300 units, they comprised the majority of tenants, according to Downtown Development District Executive Director Davis Rhorer. The result is more downtown residents and, by extension, more business for downtown’s handful of retailers.
Matherne’s Supermarket at 440 N. Third St. is among those that have experienced an uptick in business. Though the increase has been slight, store owner Ernie Matherne estimates revenues are up about 8% since the flood.
“It’s really hard to tell for certain what’s behind the increase because there is no way to really put your finger on it,” he says. “But we definitely see it.”
Some restaurants are also benefiting from the influx of new residents. Schlittz and Giggles General Manager John Scott says his Third Street pizza restaurant has seen a slight increase in business at night.
‘It could be the season,” he says. “But I think a decent part of it is more people living downtown.”
Pat Fellows, who owns Freshjunkie in the Main Street Market and Somos Bandidos on North Boulevard, says he has noticed more residents near Main Street Market, though not at all along the North Boulevard corridor.
Realtor Heather Kleinpeter—herself a new downtown resident, though not because of the flood—says her evidence is only anecdotal but supports what Matherne and Scott are noticing, namely that downtown is busier since the flood and demand for commercial property there is up.
“Because people from outlying areas had their homes flooded they had to find somewhere to live fast, so people who would never have considered living downtown are living downtown,” she says. “They’re realizing it’s great. It’s wonderful.”
—Stephanie Riegel
