Michael,
Thanks for the reply. I know that we (i.e., the City) are looking at specifically acquiring some properties to resubdivide, improve, and sell, as you noted you did. What other incentives have you used to get the private sector to invest? Unfortunately, the areas to which I referred do not appear to have a lot of market potential according to some persons in the community with whom I have spoken (perception is reality as the cliche goes). There is a benefit to allowing areas to "bottom out" in terms of price so entrepreneurial persons can acquire property at a low cost, rehabilitate/redevelop it, market the properties towards a targeted audience, and through time see revitalization take place and earn a nice profit. Atlanta, GA comes to mind since that is one of the closest examples. Prices became too high in certain parts of the City , so some people began buying properties in more economically depressed areas (built in market demand for more affordable housing), "fixed them up," and the neighborhoods have seen a renaissance. Obviously, that is "short, sweet, and simple" version. In contrast, the city for which I work does not have that same built in market demand. There are a number of social and economic factors I could describe that also deter demand. How have you been able to direct the market towards areas with perceived little market potential (if there was a perception of little market potential in your community)?