In 2024, Preserve the 'Burg commissioned washington D.C.-based planning firm PlaceEconomics to analyze the economic and social impacts of historic preservation in St. Petersburg. The report, "The Impact of Historic Preservation in St. Petersburg," is a first for St. Petersburg.
“Keeping the Vibe Alive,” goes beyond the aesthetics of preservation to explore the tangible economic benefits of reusing the city’s historic resources.
“Historic neighborhoods and main streets with older, smaller, pedestrian scale storefronts like St. Petersburg’s Central Avenue offer clear economic benefits for the entire city, and for the people and companies that own properties in those districts,” said Donovan Rypkema, principal of Place Economics. The firm has been studying historic preservation trends around the country for more than 30 years.
The report found:
Property Values: From 2008 to 2022, property values in local historic districts increased by 119.3%, compared to an 85.2% rise in non-designated areas. This suggests that historic designation can enhance property appreciation.
Economic Vitality: Historic areas, particularly along Central Avenue, have experienced significant economic growth. Between 2010 and 2020, jobs on Central Avenue grew by over 50%, outpacing the city's overall job growth of 17% during the same period.
Housing Affordability: Older buildings often offer more affordable housing options. The report indicates that preserving existing structures can contribute to addressing housing affordability challenges.
Urban Density: Local historic districts in St. Petersburg have a slightly higher population density, with 7.8 people per acre compared to 7.2 in similarly zoned non-designated areas. This counters the notion that preservation restricts urban density.
