The organisation enjoys great support and leverage of resources from neighborhood residence, Syracuse University, New York State, private foundation, Onondaga County, Syracuse city, not-for-profit corporations, and private businesses among others (Moriarty, 2014). The organisation has proved to the community beyond any reasonable doubt that it is able to undertake great projects to change the city of Syracuse (Near Westside Initiative, 2013). With the support of the state it gives assurance of developing and getting more funds that will ensure the initiative is able to serve the community in a better way.
There are affordable resources in Syracuse in comparison to other cities in New York, which make it a convenient place for small initiatives and big initiatives all together. By making use of the affordable resources, it becomes easier to achieve development goals.
Syracuse offers great convenience by acting as a major economical and educational hub in New York. There are necessary infrastructures with crossroads and railway network that supports movement of materials to facilitate development.
Syracuse is known to be a home of great employers, such as Loretto, Lockheed Martin Corp, Crouse Hospital, Magma international, and Wegmans Food Markets who diversify the local economy. These employers provide jobs for the growing population in the region raising the living standard of the occupants.
The city is mostly built out, with greatly subdivided ownership. In a way, this limits the economical feasible efforts expressed by the initiative. It is quite a challenge to develop small properties and retail projects to become large scale industries complying with development standards. Considering the city as a whole, homeownership has significantly low rating, thus diminishing resident’s efforts and desire to have prestige over their own community.
Low retail and business lease rates do not produce sufficient revenue needed for capital improvement. The absence of capital has a negative impact (decline) on the value and lease rate of properties, which in turn lead to decline in economical ability in the area.
High crime rate is a drawback and a problem that poses great challenge on development initiative in the region. Crime such as burglary, arson, forcible rape, willful homicide, aggravated assault among other discourages well-wishers from supporting development projects in the area.
The organisation has created a good name in public by winning a great award therefore increasing the public’s confidence in its delivery of services. The initiative received great appreciation and award of honor from United States Green Building Council for its evident green-building efforts (Moriarty, 2014). This is a great award that increased public trust therefore widening the opportunity of getting much support from other sectors.
Opportunities for future development exist for industrial properties within the City of Syracuse. Market indicators reveal great business potential as a result of high population in the area. The developers should focus on establishing large-scale and long-term businesses in order to develop the area economically.
Employment in the area is project towards education and service industry, which are the main sources of employment. Therefore, significant input should be emphasized in these industries in order to ensure jobs and employment opportunities are created in the area.
Growth and enlargement of Professional sectors should be one of the goals in developing the city. Small entrepreneurs rather than big ones offer great opportunities for the future of Syracuse (Tampone, 2010).
Creating better employment that suits the residents in the area can significantly reduce the number of out-commuting persons.
Lack of investment and differed maintenance will bring about decline of property value and possible tax revenue loses over an extended period of time.
The economy of Syracuse faces challenges since the beginning of decline in industrial jobs over a decade ago. The state government jobs have declined greatly despite the high population density in the region.
There is need to streamline land use regulations in order to provide zones for creating job opportunities. Legislations on Right-to-work seem to discourage investors and manufacturer who might offer major opportunities for to develop the city.
Moriarty, R., (23 October 2014). Near Westside development group receives green-building award. Syracuse.com.
Near Westside Initiative adds five to board of directors. (2013). Business Journal (Central New York), 27(46), 2.
Tampone, K. (2010). Near Westside Initiative starts new entrepreneurship programs. (cover story). Business Journal (Central New York), 24(28), 1.