Big things are happening in Oak Park these days! The SNR is running an article this month (cover) about the new commercial development in construction in the heart of Oak Park. (facebook page) The Broadway Triangle is a 12 million dollar bet that the area is about to undergo some significant change. Who is going to get in on the action with them?
"Residents and neighborhood advocates hope it (Broadway Triangle) will ignite change in the community." - SNR
It's going to take more than one mixed use development project to insure that Oak Park returns.
It should not be hard however to show millennial buyers the benefits and similarities between Midtown and Oak Park.
Just the fact that Realty Trac Inc has earmarked the 95817 ZIP code as prime hipster land shows that the environment is there. It's just up to the flippers and local agents to help improve the residential areas in pace with the commercial gentrification.
The two are linked though. Especially with our modern sensibilities of walkability and local community amenities. If the commercial spaces don't fit in with the hipster crowd the whole project might be jeopardized. The community must have a hand in how the commercial space is used to insure that it is used and maintain growth.
Done well this could lead to another great period in Oak Park and Sacramento history.
The revival of Oak Park and a vibrant Midtown with an NBA arena right next door would be a killer combination.
Getting renters that would be paying $1000/month anyway can buy in Oak Park from a flipper and still have a smaller monthly payment on a mortgage, in an area set to boom in the next decade.
The key to Oak Park is community support. So far the community effort has been extraordinary and they are full steam ahead.
(Maybe don't end with a zing about the investment paying for a future college education, They might resent that.)