Economic Development Economic Development and Placemakingand Placemaking

New UrbanismNew UrbanismSince World War II, cities have been spreading ever-outward. Strip malls, parking lots, highways, and housing tracts have sprawled over the landscape.

New Urbanism is an urban design movement that is changing the way cities are built.

-Walkable neighborhoods rather than large, single-use places hostile to pedesrians

Urbanism vs. Conventional Urbanism vs. Conventional Suburban DevelopmentSuburban Development

-Balance between the needs of the automobile and the needs of the pedestrian

-Ideas are based on a time-tested pattern of development that prevailed from the origins of city life until the mid-20th Century

Economic Development Economic Development Rationale for PlacemakingRationale for Placemaking Technology and Technology and

globalization globalization have changed have changed everythingeverything

Industrial era Industrial era based on based on attracting attracting capital capital investment in investment in production of production of goods-- goods-- factories.factories.

Attracting capital and Attracting capital and lowering the cost of lowering the cost of doing business are no doing business are no longer enough to ensure longer enough to ensure long-term economic long-term economic growth. growth.

Owensboro unprepared Owensboro unprepared for changes taking place for changes taking place with the shifting with the shifting economyeconomy

Workforce, Workforce, Workforce, Workforce, WorkforceWorkforce

A Federal Reserve Bank Study A Federal Reserve Bank Study analyzed economic growth over 75 analyzed economic growth over 75 year period. year period. – Attracting and retaining a skilled workforce is top Attracting and retaining a skilled workforce is top

predictor of economic growth is cities, regions, and predictor of economic growth is cities, regions, and statesstates

Declining Workforce PopulationDeclining Workforce Population– Companies and communities competing for talentCompanies and communities competing for talent– Fewer young peopleFewer young people

To grow and prosper in the future communities To grow and prosper in the future communities and regions must focus on and regions must focus on – EDUCATIONEDUCATION– QUALITY OF PLACEQUALITY OF PLACE

Livability and Place are Livability and Place are Key!Key!

Develop Place-Based Assets to make Develop Place-Based Assets to make communities more attractive to peoplecommunities more attractive to people– Attractive, inviting communities have a better Attractive, inviting communities have a better

chance of attracting commercechance of attracting commerce– Visual character and amenities are essential to Visual character and amenities are essential to

long-term economic vitalitylong-term economic vitality– Small Town Development- authenticity and Small Town Development- authenticity and

distinctiveness of place distinctiveness of place

A public-private initiativeA public-private initiative Building on prior public input and Building on prior public input and

visioning visioning Market-based and community drivenMarket-based and community driven Building on community heritageBuilding on community heritage Building-scale design in context of Building-scale design in context of

neighborhoodsneighborhoods Leveraging community assetsLeveraging community assets Implementing a public package of Implementing a public package of

catalytic investments to attract catalytic investments to attract private investmentprivate investment

Approach and OutcomesApproach and Outcomes

The starting point- the cultural arts, festivals and education, the heart of downtown

The new Smothers Park, a key opportunity on which to build

Illustrative Master Plan and Illustrative Master Plan and Catalyst PackageCatalyst Package

Illustrative Master PlanIllustrative Master Plan

Veterans BoulevardVeterans BoulevardA

Market Square Public PlazaMarket Square Public PlazaB

Waterfront BeforeWaterfront Before

Market Square and Waterfront After

Downtown Downtown NeighborhoodsNeighborhoods

Downtown Housing Priority AreasDowntown Housing Priority Areas

Waterfront ParkWaterfront Park

Historic CoreHistoric Core

East Downtown East Downtown Arts & Cultural Arts & Cultural

DistrictDistrict

Residential

Residential infillinfill

Downtown Owensboro Downtown Owensboro Transportation PlanTransportation Plan

Streets as the greatest public space and gathering place

Image courtesy of Urban Advantage

Veterans Boulevard (Special Pedestrian Veterans Boulevard (Special Pedestrian Priority Street)Priority Street)

A

Implementation and Implementation and FinancingFinancing

• Approximately 300 to 500 residential units

• 350,000 sq. ft. of office space

• 137,000 sq. ft. of retail/restaurants

• 225 - 250 hotel rooms

Summary of Initial Market DemandSummary of Initial Market Demand

Package of Catalyst ProjectsPackage of Catalyst Projects

ProjectCost

($2008)

“Finish-Out” of Smothers Park$15.0

million

Market Square Public Plaza $4.8 million

Street Improvements (not including streetcar on Frederica)

$12.9 million

Multi-Purpose Indoor Facility ($350 per SF gross area)

$21.0 million

Parking Garage ($15K per space) $7.5 million

Arts Academy $5.0 million

Sub-Total$66.2

million

20% Contingency$13.2

million

TOTAL$79.4

million

A C

B

D

F

F

G

H

• Fund catalyst project package

• Establish downtown housing funding mechanisms

• Provide for next steps engineering and planning

• Anticipate maintenance funding needs

• Secure town architect and other staffing needs

• Revise ordinances to implement vision

• Reform governance system to realize results

Waterfront and Market Square Plaza

Successful Implementation