It hires graduates of Taller San Jose's construction program and revitalizes distressed properties throughout Southern California.
It is part of an effort to "revitalize disabled property by bringing new economic activity based on port growth expectation for decades," said John Hummer, a leader of the study.
The house and the land also presented Mr. Abdo with the opportunity to restore and revitalize another property, which is what he has spent most of his career doing.
The firm, in announcing the purchase of the 48-unit Buckingham Apartments, said that its goal was to "rebrand" and "revitalize" the property, raise the rents, and attract "young working professionals" employed at "Google, Facebook, and other Fortune 100 tech companies".
"I think there will be a continuation of what we've already been seeing as far as property owners revitalizing their shops," Ms. Kithcart said, "and now that we've officially been designated, a lot of others will jump on board".
Investors, who have lost heavily over the last two years in the stock market, have decided to hedge their bets on Steve Wynn, the casino mogul whose properties revitalized Las Vegas in the 1990's.
In the late 1990's, the state sought to revitalize the Eighth Avenue property, one of the last underdeveloped parcels in the Times Square redevelopment area.
Supporters of the idea, including the National Park Service, the Port Authority of New York and New Jersey and Howard Golden, the Brooklyn borough president, say a comprehensive ferry system would help to revitalize vacant waterfront property, reduce the dependency on private cars and lure tourists to attractions that are, for now, largely inaccessible by public transportation.
A former Google executive known for her interest in Silicon Valley start-ups, Mayer took the helm at Yahoo in July and has sought to revitalize the web property by snapping up fresh talent and young companies.
"Their way of revitalizing downtown, I guess, is to buy up properties and house them with the people they want," said David Lamb, president of the Oyster Bay Main Street Association.
