The Value of Public Space in Urban Environments
Urban Land reports on the importance of public spaces in making livable communities work. Specifically, the article focuses on the value of parks, gardens, rooftop gardens, and other spaces in urban environments, as well as the return that they generate. The High Line, in New York City, for example, cost the city $115 million in public funds and $44 million from the private sector, but increased boosted property values around the 1.5-mile elevated former freight rail line by as much as $2 billion and added 12,000 jobs to the local economy. That's a killer ROI.
In addition, the article notes that safety and accessibility are key, as is adaptability. If the park or public space cannot be used for other purposes, then in many cases it may as well not be built. Hopefully the planners of the Riverfront Park Master Plan will keep this in mind when working on designs. We've also heard that the South Hill Coalition has some pocket parks and other small urban spaces up their sleeves as well, so perhaps we could see some nice urban spaces in neighborhoods in our future.
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What do you think? Could Spokane use more urban spaces? What does the ROI for the High Line tell you about the economic potential of open space and public space investment? Share your comments here, on Facebook, on Twitter, or in person. We love to hear from you!