Seeding the Real Estate Marketplace with Good Ideas to Attract Investment
Rescuing your economic development planning and policy work from obscurity can move your real estate market and attract investment in your community.
Urban planners, city officials and the entire economic development community work hard to promote financial investment and increase economic growth in the areas they serve. The policies they develop can improve our quality of life as individuals and create economic value for businesses. The metrics they measure and manage make our built-environment work day-to-day, and the analysis and planning they undertake can create investment opportunities far into the future.
Strategic initiatives, corridor plans, market studies and other economic development analyses are vital planning exercises, but they can cost a lot of money and require large amounts of human and political capital. Major planning projects can last years and require countless meetings with members of the community, advocacy and nonprofit groups, elected officials, staff and consultants.
Many of these efforts are successful. The data they gather and the intelligence they produce provide actionable information to the market and triggers private investment. When a roadway extension is planned, a new public transit station approved or a new incentive zone is drawn and funded, developers assess these changes for investment opportunities and act. Often the market moves very quickly where the new road extension plans emerge or the transit stop will be built and prices adjust seemingly overnight as developers move in. Speculators will buy land even before final plans are approved.
But just as often, nothing happens. Reports and plans can just as easily sit on the shelf collecting dust. Any speculators who invested before the potential road extension received final approval are left to play the waiting game; and, if nothing happens, hold the bag.
Some planners and economic developers complain they go from plan to plan and report to report without anything much ever happening. They do the work, develop the analysis and rally the stakeholders only to see the potential of good ideas go unfulfilled. Sometimes report-fatigue sets in. It’s common to hear complaints like “I can’t write another report” and “We are planned out.”
Writing reports full of good ideas is not enough. And even if the city approves a plan with attractive entitlements and incentives, this does not guarantee a critical mass of development interest will emerge. This is especially true in the brownfield and greyfield redevelopment arena, where reuse challenges can be greater and approvals more burdensome. If the developers with the right experience, vision or creativity do not see your project’s opportunity, then its potential could remain unfulfilled. What if that person is not in your market?
Who is seeing your economic development reports, policy updates and zoning changes? Is it the small audience attending public meetings, e.g. city staff and a few residents and business owners? What about real estate professionals? If you are in a small market, who’s “in the know” beyond the commercial broker or two serving the local area?
You may have your own website or a local, city website, but this does not guarantee your opportunity will go viral either. Or get any traffic at all, for that matter. In the great sea of the internet, how will people find your website? To find you with search, they will need the name of your city or project.
What if they don’t have it? Of course, most people in the world do not. How do you get out of this Catch-22 situation?
Proactively publishing your project and work product on a national platform, where users search for project ideas and parameters, not just the names of localities, is vital to getting the word out about the great opportunities in your community. You must place your market-moving information where it will be seen by the real estate audience able to act on investable opportunities. Good ideas go unharvested because the seeds of opportunity aren’t planted in the right medium where they can attract attention and grow.
We built BrownfieldListings.com to give your policies, plans and vision the online platform to shine. With complementary data in our open system, you can freely upload strategic plans, corridor studies or materials from a design charrette to attract the informed interest from a development partner or communicate with the public.
Brownfield Listings is a platform to rescue the intellectual capital collecting dust in that report on the shelf and put it into the hands of professionals who understand the value of the detail, data and design you’ve developed over the years—and feed it to the market. Start with the most recent information and work backwards. Even that ten year old planning study may inspire the next idea that breaks your opportunity open.
Developers are looking for a vision. You can post yours for FREE right here on BrownfieldListings.com.
Click on the animation below to learn how to get started in less than 5 minutes:
You might like: