Option 1: An eclectic mix of projects, driven by the marketplace
With $40 million of public sector leadership, we should have confidence that private investment will follow. Under this option, property owners and developers would be allowed to seize opportunities and take risks. They (and their lenders) would determine if there is a need for retail, housing, restaurants, offices, hotels or entertainment establishments. Government would stay out of their business.
In a public workshop hosted by PRIDE to determine citizen preferences for developments and uses along Veteran’s Boulevard between the Executive Inn and RiverPark Center, participants favored first floor restaurants, sidewalk cafe’s, shops and boutiques, bookstores, upscale bars, coffee shops, and other complementary uses. Offices, residential, and hotel uses were recommended for upper floors. This option suggests that the marketplace can respond to such preferences.
Those Who endorse this approach may Say… | Those Who oppose this approach may Say… |
---|---|
This in an opportunity to demonstrate the initiative and ingenuity that can come from the private sector once a significant public sector investment is made. The area does not need to be precisely planned. It is perfectly fine for a law office to be next to a restaurant or a veteran’s club. A healthy mix of infill development between what is already located on Veteran’s Boulevard provides ample opportunities for property owners and developers to improve the area. Through the new Overlay District, there are already restrictions placed on first floor uses of new development along Veteran’s Boulevard. These provide all the protections necessary. |
With such an enormous public (taxpayer) investment, is it appropriate to take a chance that the area will be developed properly by the private sector? We are faced with a unique opportunity. How this area is developed will shape the image of our community for decades. We need to do it right and not simply allow anything to happen. The riverfront improvements will not change the fact that there is meager demand for retail, office, and other commercial uses. To make projects feasible, it takes more than a few people who say they would like to see sidewalk cafe’s and boutiques in the area. Parking is a problem. Traffic counts along Veteran’s Boulevard cannot compete with other locations. A hodgepodge of development will lack design consistency. This approach sets the stage for land speculators and obstructionists to exploit circumstances and impede significant development projects. |