Business Definition for: neighborhood life cycle
Related Terms:
a change in the predominant use of a neighborhood or area over time.
Example: As the neighborhood aged, it began to make a transition from large single-family housing to apartment buildings through the process of land use succession.
the process of redeveloping deteriorated sections of the city, often through demolition and new construction. Although urban renewal may be privately funded, it is most often associated with government renewal programs.
Example: Most large cities have experienced some urban renewal in the last 20 years. The typical program attempts to demolish concentrations of dilapidated housing and attract developers of middleincome or mixed housing. Often, however, urban renewal areas become sites for new public buildings, such as civic auditoriums, sports arenas, and universities.
process whereby, over time, a housing unit or neighborhood is occupied by progressively lower-income residents. For example, many older residences near the downtown of big cities were once occupied by the upper classes, but have filtered down to the relatively poor. At some point in the filtering process, many large houses may be converted into rented multifamily housing.
voluntary surrender of property, owned or leased, without naming a successor as owner or tenant. The property will generally revert to a person holding a prior interest or, in cases where no owner is apparent, to the state.
Referring Terms:
Copyright © 2004, 2000, 1997, 1993, 1987, 1984 by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.