Economic Development and Placemaking

1. Economic Development and Placemaking

2. 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.

3. Urbanism vs. Conventional Suburban Development -Walkable neighborhoods rather than large, single-use places hostile to pedesrians -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

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

5. 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

6. Workforce, Workforce, Workforce • 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

7. Declining Workforce Population • Companies and communities competing for talent • Fewer young people

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

9. Livability and Place are Key! • 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

10. 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

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

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

13. Illustrative Master Plan and Catalyst Package

14. Illustrative Master Plan

15. Veterans Boulevard A

16. Market Square Public Plaza B

17. Waterfront Before

18. Market Square and Waterfront After

19. Downtown Neighborhoods

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

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

22. Veterans Boulevard (Special Pedestrian Priority Street) A

23. Implementation and Financing

24. Summary of Initial Market Demand • Approximately 300 to 500 residential units • 350,000 sq. ft. of office space • 137,000 sq. ft. of retail/restaurants • 225 - 250 hotel rooms

25. Package of Catalyst Projects D B A C H F F G

26. Successful Implementation • 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