Property owners in Downtown Boston have voted unanimously to extend the Business Improvement District (BID) for another five years, according to the Boston Business Journal. Established in 2011 with a mission of revitalizing downtown following the Great Recession, BID now faces an evolving landscape with fewer people commuting into offices. Average weekly office-worker visits in Financial District are down by half compared to pre-pandemic levels and BID is working hard towards filling empty retail spaces and stimulating economic activity.
Michael Nichols, President of BID commented on consecutive months of year-over-year growth seen in foot traffic resulting from increased consumer spending and hotel occupancy rates. The organization is actively supporting city’s efforts for converting office buildings into residential units as well as hotels and life sciences spaces while also opening pop up art galleries across town along with providing subsidies for entrepreneurs belonging to minority groups.
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