For a time in the late 20th century, lifeless streets, random shootings and boarded-up shopfronts were a hallmark of life in Dayton, Ohio.
In the early 1900s, it was a thriving innovation centre. But like many other Rust Belt towns, Dayton later had its city centre decimated when people moved to the suburbs and traditional heavy industry fell into decline.
As recently as 2018, the city of 140,000 people received the kind of national attention no one wishes for, when it became the subject of a PBS Frontline documentary called Left Behind America.
But today, meaningful change is unfolding in the heart of the city.
With a growing demand for space and rising living costs in major coastal US cities, more and more Americans are considering former Rust Belt cities as places to live.
And, in many cases, the energy and activity of those cities’ cores are playing an important role in underlining that revival.
At 45,000 square metres, the 119-year-old Dayton Arcade had been left to waste for more than three decades. If cash-strapped city authorities had the money, it would have been torn down years ago, reports show.
But in August, after a $90 million investment, the Renaissance-style building opened to the public, with an entrepreneur centre, bistro, offices and co-working spaces, and dozens of apartments surrounding the complex's stunning rotunda.
Celebrated urban planners labelled the redevelopment the “most transformative project in America”.
Its revival has attracted a local university, which has more than 350 students, as well as a wide assortment of businesses, back to the area.
“We’re not just trying to support a community initiative to repurpose the space,” says Vincent Lewis, who leads the University of Dayton’s LW Crotty Centre for Entrepreneurial Leadership, “but also to generate opportunities for our students to plug into the entrepreneurial ecosystem”.
Dayton’s city centre has also embraced other significant changes. Partly because of pandemic-related social distancing restrictions, city streets shut at the weekend to accommodate outdoor dining, creating a vibe reminiscent of southern Europe rather than the Rust Belt.
A summertime, open-air concert series draws hundreds of people, while a surfing school has popped up on a nearby river.
“I live four blocks from here and when I go for a run in the morning, you see people out walking their dogs, going for a run,” Mr Lewis says. “It’s a much different environment today than it was 15 or 20 years ago.”
Dayton isn’t alone. Many other small Midwestern cities are investing millions in their urban environments.
In Fort Wayne, Indiana, a city of about 265,000 people, more than $1 billion has been invested over the past decade to revive a once-neglected city centre. Farther north in Michigan, the city of Grand Rapids is spending hundreds of millions in reimagining its waterfront space by adding recreation and living facilities.
These efforts, combined with changing lifestyle choices brought about by the pandemic, are drawing people to formerly stagnant cities.
Dayton native Danny Tuss returned to Ohio with his wife and son during the pandemic after more than 15 years spent living in New York City, where he worked at the Brooklyn Museum.
“We got sick in that first wave in March [2020] and spent seven months in our one-bedroom apartment with our one-and-a-half-year-old, working,” he says. “That was not fun.”
Since moving to Dayton in 2020 to be closer to Mr Tuss's ill mother, the family has bought a large, single-family home on a sprawling lot.
“We have a garden, which is a huge deal for us,” he says. For him, it’s the access to green space, among other things, that prompted him to move back to the Midwest.
“Having lived in other places and travelled, I certainly grew to appreciate all the things Dayton has to offer,” he says. Since moving back, he’s on a mission to recruit friends in New York to move out to Ohio.
Mr Tuss isn't alone: since the start of the pandemic, nearly half the US population has moved or considered moving home, MarketWatch reported. Enabled by the increase in remote work, families are leaving large cities for cheaper properties in the US heartland in droves.
But not everyone is being helped by the resurgence. Residents in several black-majority areas, the poorest and most segregated parts of west Dayton, continue to struggle with depressed economic opportunities and crime.
For Jake Wells, who runs JW’s Wine Cellar in the predominantly black district of Trotwood, 12 kilometres north-west of the city centre, business has, for the most part, been good.
But Mr Wells says decades of neglect have left a mark that is difficult to erase.
“We just lost a grocery store across the road. We have no restaurants around here. If you want to go out to eat, you have to go to the next town over,” he says.
When a motorway on the opposite side of Dayton opened 30 years ago and fuelled the building of new malls and outlet stores, businesses — and customers — were drawn away from Trotwood. In recent years, child poverty rates in the district have risen to among the highest in Ohio at more than 50 per cent.
“We’re black; we’re not getting the attention that we should. That’s just the bottom line,” Mr Wells says.
And while the Midwestern revival is lauded by many, smaller Midwestern cities — Dayton included — have been growing and adding jobs at far slower rates than bigger neighbours such as Columbus and Pittsburgh.
Still, the sense of change and possibility is alive and well. In December, it was announced that the wider development of the Dayton Arcade would receive a further $124m investment.
Mr Lewis, who as a child decades ago used to run around the Arcade space, says bringing students to the area, where they can interact with people from all walks of life, is essential in building a new social fabric for the city.
“And what we’re hearing now,” he says, “is that our students are wanting to stay in Dayton.”
With decades of decline in the rear-view mirror, that young blood is poised to shape the city’s future.
Results
United States beat UAE by three wickets
United States beat Scotland by 35 runs
UAE v Scotland – no result
United States beat UAE by 98 runs
Scotland beat United States by four wickets
Fixtures
Sunday, 10am, ICC Academy, Dubai - UAE v Scotland
Admission is free
The biog
Name: Capt Shadia Khasif
Position: Head of the Criminal Registration Department at Hatta police
Family: Five sons and three daughters
The first female investigator in Hatta.
Role Model: Father
She believes that there is a solution to every problem
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
FIGHT CARD
Welterweight Mostafa Radi (PAL) v Tohir Zhuraev (TJK)
Catchweight 75kg Leandro Martins (BRA) v Anas Siraj Mounir (MAR)
Flyweight Corinne Laframboise (CAN) v Manon Fiorot (FRA)
Featherweight Ahmed Al Darmaki (UAE) v Bogdan Kirilenko (UZB)
Lightweight Izzedine Al Derabani (JOR) v Atabek Abdimitalipov (KYG)
Featherweight Yousef Al Housani (UAE) v Mohamed Arsharq Ali (SLA)
Catchweight 69kg Jung Han-gook (KOR) v Elias Boudegzdame (ALG)
Catchweight 71kg Usman Nurmagomedov (RUS) v Jerry Kvarnstrom (FIN)
Featherweight title Lee Do-gyeom (KOR) v Alexandru Chitoran (ROU)
Lightweight title Bruno Machado (BRA) v Mike Santiago (USA)
Student Of The Year 2
Director: Punit Malhotra
Stars: Tiger Shroff, Tara Sutaria, Ananya Pandey, Aditya Seal
1.5 stars
Day 5, Abu Dhabi Test: At a glance
Moment of the day When Dilruwan Perera dismissed Yasir Shah to end Pakistan’s limp resistance, the Sri Lankans charged around the field with the fevered delirium of a side not used to winning. Trouble was, they had not. The delivery was deemed a no ball. Sri Lanka had a nervy wait, but it was merely a stay of execution for the beleaguered hosts.
Stat of the day – 5 Pakistan have lost all 10 wickets on the fifth day of a Test five times since the start of 2016. It is an alarming departure for a side who had apparently erased regular collapses from their resume. “The only thing I can say, it’s not a mitigating excuse at all, but that’s a young batting line up, obviously trying to find their way,” said Mickey Arthur, Pakistan’s coach.
The verdict Test matches in the UAE are known for speeding up on the last two days, but this was extreme. The first two innings of this Test took 11 sessions to complete. The remaining two were done in less than four. The nature of Pakistan’s capitulation at the end showed just how difficult the transition is going to be in the post Misbah-ul-Haq era.
Company%20profile
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Mohammed bin Zayed Majlis
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Abu Dhabi GP Saturday schedule
12.30pm GP3 race (18 laps)
2pm Formula One final practice
5pm Formula One qualifying
6.40pm Formula 2 race (31 laps)
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5