Economic Development and Placemaking

New Urbanism Since 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 Suburban 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-20 th Century

Economic Development Rationale for Placemaking Technology and globalization have changed everything Technology and globalization have changed everything Industrial era based on attracting capital investment in production of goods-- factories. Industrial era based on attracting capital investment in production of goods-- factories.

 Attracting capital and lowering the cost of doing business are no longer enough to ensure long-term economic growth.  Owensboro unprepared for changes taking place with the shifting economy

Workforce, Workforce, Workforce A Federal Reserve Bank Study analyzed economic growth over 75 year period. A Federal Reserve Bank Study analyzed economic growth over 75 year period. –Attracting and retaining a skilled workforce is top predictor of economic growth is cities, regions, and states

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

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

Livability and Place are Key! Develop Place-Based Assets to make communities more attractive to people Develop Place-Based Assets to make communities more attractive to people –Attractive, inviting communities have a better chance of attracting commerce –Visual character and amenities are essential to long- term economic vitality –Small Town Development- authenticity and distinctiveness of place

A public-private initiative Building on prior public input and visioning Market-based and community driven Building on community heritage Building-scale design in context of neighborhoods Leveraging community assets Implementing a public package of catalytic investments to attract private investment Approach 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 Catalyst Package

Illustrative Master Plan

Veterans Boulevard A

Market Square Public Plaza B

Waterfront Before

Market Square and Waterfront After

Downtown Neighborhoods

Downtown Housing Priority Areas Waterfront Park Historic Core East Downtown Arts & Cultural District Residential infill

Downtown Owensboro Transportation Plan Streets as the greatest public space and gathering place Image courtesy of Urban Advantage

Veterans Boulevard (Special Pedestrian Priority Street) A

Implementation and Financing

Approximately 300 to 500 residential units 350,000 sq. ft. of office space 137,000 sq. ft. of retail/restaurants hotel rooms Summary of Initial Market Demand

Package 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