PRIVATE INVESTMENT/ COMMERCIAL DEVELOPMENT

* Public investment in parks and open space stimulate private sector investments.

Fox, Tom. 1990. Urban Open Space: An Investment that Pays, The Neighborhood Open Space Coalition, New York.

"In the late 1970's, Union Square Park, a traditional New York City park with a rich history, was in terrible shape. The facility was run down and it was overrun by drug dealing and other anti-social activities. Klein's Department Store, right next to the park, was abandoned and the entire neighborhood was viewed as deteriorating. In 1985, the New York City Department of Parks and Recreation invested $3.8 million in the first phase of Union Square Park's redevelopment. The following year, the Zeckendorf Company, encouraged by this municipal investment, began a $200 million residential development on the entire block that had once housed Klein's."

The Gunwyn Company donated $285,000 for the reconstruction of Cardinal Cushing Park "after private foundation interest in the reconstruction faltered. Graham Gund, chairman of Gunwyn Company at the time, was determined to build a' front door' for his new building next to the park." Gund said "The green space afforded by the revitalization of Cardinal Cushing Park is not only a gift to the City and its citizens but an enhancement for the buildings around (it). ...Green space opens up the streetscape to the light and air and provides a pedestrian precinct, sometime sanctuary.'"

RiverValley Partners. "Chattanooga, Tennessee." RiverValley Partners Promotional piece.

RiverValley Partners is the public/private, non-profit organization which has responsibility for economic development in Chattanooga and Hamilton County. "RiverValley's goal is to create an environment that is attractive to businesses with long-term viability and will bring new companies, new investment and new jobs to the region, while being ever mindful of the need to encourage the expansion of local and emerging businesses. In addition, the RiverValley Partners' track record validates the proposition that 'quality of life' projects, such as the Tennessee Aquarium and the Riverwalk , can make real and substantial contributions to a city's growth and prosperity."

"The renaissance in Chattanooga has taken many people by surprise. Chattanooga had the dirtiest air in the country in 1969, yet today it is one of the very few attainment cities according to the EPA. Chattanooga's riverfront, once abandoned and ignored, is now one an irresistible force attracting millions of dollars in new investment and associated economic impact."

"As part of its sustainable development agenda, the goal of Chattanooga's Greenways program is to create a 75-mile network of protected corridors of open space linking the metropolitan area's neighborhoods, parks, and attractionsThe Tennessee RiverPark- the spine of the Chattanooga Greenway System- has been part of an equation that has attracted more than $275 million in private sector reinvestment to downtown Chattanooga."

RiverValley Partners. "Tennessee Riverpark." RiverValley Partners Promotional piece.

"The Riverwalk provides an incredible setting for recreation, education and entertainment for more than a million residents and visitors annually. This investment has been the catalyst for more than $300 million of private investment by various businesses and organizations in their properties along the Riverwalk."

"Because of the link provided by this segment (a one mile stretch of Riverwalk linking Ross's Landing to the Hunter Museum), visitor traffic to the Bluff View Arts District, the Museums, galleries and restaurants has greatly increased. Since the segment's opening, a new restaurant/ coffee house has opened, a bed and breakfast has expanded, and other retail shops are being planned."

Thompson, J. William. "Colors of Renewal." Landscape Architecture v. 85 (12).

"Overtown, Miami's historic black district, represents the ashes of a community that for decades was the nexus of African-American commerce and culture in south Florida. run down buildings now alternate with weedy lots and the jobless languish on sidewalks baking in the Florida sun."

"Beneath the soaring metrorail tracks that skirt Overtown's eastern edge is a recent project that Jerry Marston, ASLA, believes will catalyze the community's recovery: a pedestrian mall paved in vibrant colors

The mall features two components. One is a pedestrian way, its paving based on African kente weaving The second component is a broad plazapaved with a rustic terrazzo in an abstract pattern symbolizing the warmth and energy of the sun radiating into the Overtown community."

"An example of public investment to stimulate private redevelopment, the mall will eventually form one link in a broad pedestrian spine, inspired by Barcelona's Rambla, that will link Overtown to Biscayne Boulevard and downtown Miami."

"On the face of it the mall seems the boldest of gambles: nearly $2 million invested in a stunning pedestrian environment in the faith that buildings will rise up around it. not everyone is sanguine about the investmentand certainly, the mall does nothing to provide immediate relief from a lack of jobs and decent housing. The city, however, views the area as ripe for development and is negotiating with a private developer to create mid-rise housing adjoining the mall ... which conceals water and sewer lines and other infrastructure for such buildings beneath its terrazzo surface."

Rivers, Trails and Conservation Assistance Program. 1995. Economic Impacts of Protecting Rivers, Trails, and Greenway Corridors., Department of the Interior. National Park Service, Western Region, San Francisco, California.

"As a condition for development, the Campbell Inn (Campbell, California) was required to provide an easement for the Los Gatos Trail. Upon realizing the marketing potential of the trail, developers constructed part of the trail, an additional spur, and now provide rental bicycles for hotel guests. They also promote the trail in their brochure Room rates at the Campbell Inn range from $80 to $275 per night."

"Implementation of the Yakima Greenway spurred many business changes in the city of Yakima, Washington. The Rio Mirado Motel credits their almost year-round occupancy to their proximity to the Greenway. Marti's restaurant built a patio adjacent to the Greenway and enjoys increased business from trail users and hotel guests. Svend's Mountain Sports, a mountain climbing and cross-country ski shop, now stocks mountain bikes and roller blades due to the opportunities created by the Greenway. Svend's would like to set up a rental concession on the Greenway during the summer season. Even nearby auto dealerships invite people to buy their next car at the 'Greenway Auto Plaza' (Feasey, 1989)."

Page last updated 04/03/2000