Effect of downtown revitalization on nearby rents.

[Mike C.]

While doing due diligence on a property in Kannapolis, NC, I discovered that the city has recently started a project to revitalize the downtown area. It will include a minor league baseball stadium, commercial areas, and residential housing of 1.5 million SF. (Presumably mostly 1 and 2 BR apartments?) This is scheduled to be done in stages over 20 years, and as needed. My question is, How will this likely affect the rents and appreciation of SFRs just a couple of miles away? On one hand, will the growing city lead to an increase outside of downtown, or will it drain the values as people prefer the newer area? I'd love to hear everyone's experiences with this....