3/6/2013 - LIC/Astoria Chamber Holds Development Symposium
Place-Making Economic Development & Corporate/University Real Estate Innovation
What do you mean by “Place-making” to foster economic development?
In today’s real estate market, the most important decision people make is the place they choose to live. Communities seeking new economic development and job growth must position themselves to attract new residents by becoming a place of innovation and creativity.
Real estate is the “currency for economic development and job creation” in today’s economy. Creatively repositioning under-productive real estate assets through “Placemaking” economic development strategies will stimulate new demand and private investment in communities.
Generating new demand for under-productive real estate remains a major challenge during these uncertain economic times. That is why understanding the importance of “Placemaking” and the “Creative Class” to driving real estate demand is essential today, since the most important decision in people’s lives today is where they choose to live. Communities that recognize this new market paradigm, and develop innovative real estate and “Placemaking” strategies targeting the “Creative Class,” will capture more than their fair share of future market demand, economic growth and new jobs.
Who are the players and how do we translate the concept into economic development for communities?
Corporations, universities, government, and healthcare providers also play a critical role today in “placemaking”, attracting the “Creative Class,” and developing ecosystems that drive economic development. The challenge facing many communities today is how key stakeholders can take corporate location decisions, downsizings, facility closings, and consolidations and turn them into exciting and innovative new value creation strategies that result in future social value creation and community benefits.
Fostering new economic development and private investment in communities can be accomplished through bringing key stakeholders together and developing innovative strategies that bring new jobs and real estate value to communities who are struggling to find pathways to economic growth by:
Creating strategic marketing plans and new “market stories” that transform under-productive real estate assets into economic development catalysts that attract new investment.
Developing “Placemaking” and branding strategies that help communities “tell their market story” and articulate “why” someone would want to choose to locate their company or family there.
Exploring how corporate, governmental, and university real estate decisions can foster new economic development, business entrepreneurship and acceleration, and social value creation through rebranding real estate (university research parks, city labs).
New York City
Long Island City / Astoria Chamber of Commerce
Producer of Cpmminity Symposim