Entertainment districts are growing in popularity, especially those that create a sense of place, exude authenticity and generate activity throughout the day and night. There’s an alchemy of place that guides the success of entertainment districts. Here’s a few key considerations to turn multi-use districts into success stories.
It’s not as easy as just snapping your fingers. Hunden has real insight from hundreds of entertainment district projects, and we’ll be honest with people if the right pieces aren’t in place. With a small time investment upfront, you can get all your ducks in a row and save time, money, and resources down the road. Here’s a few expert insights on assessing whether to build or not to build:
Placemaking: District-building can give economic and tourism development a huge boost – and collaboration is key. Collaborations between municipalities, developers, destination management organizations (DMOs), and Economic Development organizations (EDOs) – along with advice from experienced consultants and attorneys – can streamline the development process and unlock more opportunities for revenue generation, as well as funding. When developed smartly, the right mix of uses, event venues, event programming and public spaces create a dense, walkable neighborhood that attracts visitors, residents, and companies. Many communities large and small have succeeded in reinventing themselves or specific districts with such placemaking.
Due diligence: Of course, due diligence and impact analysis can make or break a project. It’s important to have a market and financial feasibility analysis for all components of the project as well as the full plan, and to forecast the jobs and tax impact of the development. Hunden has completed hundreds of economic, fiscal and employment impact analyses for compelling developments and helped bring them from idea to fully-developed reality. In addition to local market analysis, a proper study will introduce the community to case studies to learn from. What has worked elsewhere and what had a short shelf-life? Understanding these opportunities and pitfalls can generate a smart plan, attract qualified developers and speed the process.
Financing and Sustainability. Dense, mixed-use districts are some of the most efficient and productive uses of real estate, generating much more tax revenue than typical one-story commercial strip developments. As cities look to revitalize underutilized real estate and recoup lost commercial and retail revenue, mixed-use cultural and entertainment districts can bolster the tax base and attract new investment, businesses, and residents to the area. What’s more, they create meaningful opportunities for residents and tourists to connect, enjoy, and experience the best a community has to offer.
Placemaking means creating an ecosystem that’s a magnet for people far and wide, pulling them in to the heart of the district at all hours of the day and evening. Check out part two of our Alchemy of Entertainment District Series for more on creating a successful ecosystem that becomes an “it” destination.
Contact us to set up time to talk about feasibility studies, due diligence, or other project questions.
