Southbridge, Mass., is one of dozens of New England mill towns that have fallen on hard times. These places were once prosperous, with traditional development built around walkable downtowns and streetcars. But today, the factories have closed and the downtowns are empty, thanks to economic collapse, antiquated zoning laws, and an automobile-centric transportation policy.
In many ways, Southbridge is typical of these towns. Its American Optical Company was once the largest manufacturer of eyeglasses in the world; now, the town’s structures are falling apart and few businesses are left. But in Southbridge, whose population numbers about 16,000, one native son is working to revive his hometown one building at a time.
A boyish, bespectacled 21-year-old, Hunter Foote entered the world of real-estate development as soon as he graduated college at the age of 17. Foote studied business at UMass-Amherst and found he was different from his classmates, who typically looked at a business career as a ticket to a lavish lifestyle. “I looked at business as creating value,” he says. “By creating value, the business is rewarded with profit. Profit is the method, not the goal.”
That outlook informs his work today. While many city governments seek huge government or corporate investments to come to their splashy rescue, Foote is an incremental entrepreneur. His company, Bellus Real Estate, works by buying distressed properties and renovating them. This style of small-scale development has low barriers to entry, is less disruptive to neighborhoods, and can produce a decent profit margin without ultra-luxury apartments or chain restaurants.
It also puts into practice many of the ideals of New Urbanism, a movement that seeks to recover the traditional patterns of urban development that prevailed before World War II. This time-tested model is characterized by walkable communities and buildings with storefronts and street-level windows and doors.
“Profit is the method, not the goal.”