What is the Place For This Place
Phyllis Smale Park
What Is the Place for This Place?
Placemaking. One of the necessary terms for any real estate development project description. But is it anything beyond the buzzworthy? It absolutely is. If your intention for your real estate development project is more than a box with an address, and for most real estate developers that is true, there is some degree of placemaking occurring. I recently paid a visit to Cincinnati, which if we went back a few years, I would not have considered much. Before we go further, I must first tip my hat to the mind-altering creation of spaghetti meets chili, all piled with cheese. Try it! I visited Skyline - but its not the only choice. But more relevant to these purposes (this is not a foodie blog), let us talk about what the art of placemaking has delivered for Cincinnati. While meandering about the different sites TripAdvisor sent me in the direction of, evident was the thoughtful making of a place, instead of a destination. Let’s start with the more literal definition of a place — “a portion of space available or designated for or being used by someone.” That is true, and applies here. However I am going to proclaim that a place is a sum of its destinations for the real estate developer. Using mixed-use development as an example - the residences, outdoor space, commercial use, and intermingling with the surrounding environment all become (or make) the place. Three smart strategies were employed by decision makers delivering Cincinnati as a noteable place to live and visit, that is now being rewarded with a number of cranes in the air, signifying more private development. I’ll share with you my takeaways on how to get your place to be more than a destination.
1) Serve A Wide Audience. While in town I visited two great public gathering spaces. The first was The Banks. This downtown, riverfront destination was developed through a public-private partnership and showcases spaces that are attractive to residents and visitors alike. Walking through the Phyllis Smale Riverfront Park I saw families and individuals enjoying the waterfront in a variety of ways. Grey haired seniors were strolling, while parents pushed strollers, and tweens tiktokked in front of the Roebling Bridge background. While the sports stadiums are omnipresent, the lack of any events did not leave the area feeling empty. Instead, because of an exceptional job attracting a variety of restaurants, uses and sites, the area was filled with diners and those out enjoying the urban outdoors. Other notable public space investments include the Over-The-Rhine neighborhood which again delivered on a variety of ways to enjoy the area, whether visiting its dog park, a playground, or a brewery. These public spaces allow enjoyment and socializing for those who may not typically cross paths.
2) Niches Bring Riches. While maintaining the assertion above that creating places serving a variety of interests and demographics is a home-run, there is insurmountable value to finding a niche. I see two options here – use the niche that has organically developed (such as a hometown sports team, or unique geography), or make it up. Either can work. In the case of Cincinnati, they have chosen the path of capitalizing on existing assets. Over-The-Rhine (OTR) has its roots as a working-class German neighborhood. However, it was rich with cultural assets, and after shining it up and putting a brand on it, a visitor-friendly, niche neighborhood was born. These efforts can bring detriments, such as gentrification, that are important considerations as ‘places’ are conceived, and will be considered in an upcoming post.
3) #bestplace. Great places only remain great from an economic standpoint if they capture a visitor’s attention. Places must be developed in a way so that consider how to be memorable and shareable in a digital sense. While we crave those unfettered places that have remained untouched, the real estate developer is interested in those places that add value and investment returns. While the foundations of this must be upon the design and built qualities of the place, the developer must not overlook the power of the ‘share’.
While this summer is of the stranger sort, we at WT hope you have the opportunity to get out not only to a great destination, but also to a great place.
Cheers,
WT