Today, as our weekly Wednesday debriefing, we had the opportunity to talk with one of the owners of Capital Broadcasting, Michael Goodmon. With him, we had a chance to ask our questions about Durham’s current economic and social status as well as hear what he had to say about the business side of the city’s development. He discussed the many important aspects of Durham’s current status as a city “gaining value”. The influx of money into Durham has created a number of issues that, ten years ago, the city had not faced. Around 2004, when Durham’s’ downtown areas was undesirable, to put it nicely, no one wanted to rent out any living or office space in the area. Once a handful of investors, Capital Broadcasting included, took charge of the development of the area things began to take a turn in the downtown area. The small group of companies were the ones that chose to invest in the community of Downtown Durham and take a risk on real estate in an area that was not in demand. By doing so, they were able to kick start the redevelopment of the Durham Downtown area and secure the future of Durham’s community in the city. However, with their success came the typical and expected ramifications of success. A current of capital has been flowing into Durham since the revitalization of the city center. Projects like DPAC, American Tobacco, and the Bulls Stadium have made the area around the city center appealing to investors. Now, at a breakneck speed, money is pouring into Durham in the form of capital investment in new property. If you’ve looked at the skyline you would have noticed the new glass tower being erected in the middle of downtown Durham. This money, although good in many ways, has its downside. The people who had initially invested in Durham for reasons of community are now being outbid by those interested in profit. Money has made Durham successful on paper, but preserving the soul of the city is a challenge that has to be overcome. According to Michael, cities which were in similar situations to what Durham is in today did not succeed in this task. It is up to us as the upcoming generation to help preserve Durham and face the problems of today.
