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Evolution of an Historical Neighborhood <br /> The underlying economics of the development pattern of most small towns today differs greatly from <br /> the assumptions of the traditional development pattern they were founded upon.As opposed to <br /> horizontal growth—which is very expensive to maintain—the underlying economics of the traditional <br /> small town was based on the concepts of infill and vertical growth.This was how capital investments <br /> were paid for and major infrastructure was maintained overtime. <br /> A neighborhood established on a traditional grid would initially have modest private-sector investments. <br /> Originally these would not even be served by public utilities. <br /> Overtime,new development would fill in between these modest investments.With each new building, <br /> the public realm would become more complete and based on the established pattern,more valuable. <br /> - I <br /> I <br /> In successful neighborhoods—those that attracted more private-sector investment demand than could <br /> be sustained with infill—there would begin to be redevelopment pressure.Overtime,structures would <br /> be torn down and replaced with structures of higher value. <br /> Pequot Lakes Downtown Plan—Updated June 2011 6 <br />