When you think of public spaces, what comes to mind? A cozy park? A bustling downtown plaza? A walkable street? Most people picture places to relax, gather, or enjoy a bit of greenery. But here’s the real story: public spaces aren’t just places to hang out → they’re powerful economic engines. They drive property values, boost local businesses, lower public health costs, and save cities money on infrastructure. The Problem: Hidden Value Unlike housing (measured in units) or roads (tracked in miles), the impact of a park or plaza is everywhere – but hard to capture on a spreadsheet. Because their value isn’t obvious, towns often overlook public spaces when budgeting. And that oversight costs communities and cities big. When public spaces are designed by responding to the unique context of their surroundings and communities, they become economic game-changers. Real World Wins: $2 Billion in property value – The High Line effect: NYC’s High Line transformed a rusty rail line into a $2 billion property value boost and $100 million in new tax revenue. By turning industrial blight into a vibrant urban park, it blended greenery, culture, and community, making the area a magnet for residents, businesses, visitors and developers. Parks don’t just beautify → they strengthen tax bases, raising property values by 8-20%. 30% Higher sales – Pedestrian streets: Santa Monica’s Third Street Promenade saw retail sales soar 30% after becoming pedestrian-only. Walkable streets attract 60% more foot traffic, energizing local shops, cafes, and businesses. $5 Billion move – Talent loves great public spaces: When Amazon chose a city for its $5 billion HQ2, tax incentives and space availability led the decision, but vibrant public spaces sealed the deal by attracting top talent and fostering a place where people want to live, work, and play. $5 Billion in local spending – Detroit’s market miracle: Detroit’s Eastern Market generates $5 billion annually, supporting farmers, artisans, and local vendors. Seasonal events don’t just create great experiences - they drive local economies and keep revenue within the community.
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