[ImaCake]

I have seen this happen in a medium sized coastal city on Australia's east coast. The major employer shut down in the early 1990's and the once vibrant inner city did indeed become a cesspool for a decade. But begining in the early 2000's it started to come back to life, and the people who moved in were the artsy types and the city became a wonderful and curious place while still having a bit of a air of danger and decay. These days it is somewhat gentrified, but it has become very beautiful and pleasant. In the end my city doesn't really have a central core which is a little problematic for public transit (terrible quality), but the old CBD is a lovely place.