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Advertise & Market Development Opportunities (Developer Resource Portal)

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What Is An Action?
 

An Action is an individual policy, project, program, partnership, study, or advocacy position that the City and the community must execute to support an initiative. They are the smallest level of recommendation made in the Master Plan. They are also the most concrete, implementable elements.

What Is An Initiative?

 

An Initiative is a coordinated effort to achieve a Goal. Initiatives contain Actions that, when executed together, will help the City achieve one or more of its Goals.

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Background

Downtown Marketing Campaign

The City has identified the following initiatives that will require aggressive marketing of development opportunities downtown: 

  • Expand Downtown Market-Rate Housing

  • Prioritize Investment in Neighborhoods with Catalytic Potential: Downtown Core

  • Prioritize Investment in Neighborhoods with Catalytic Potential: Old Trenton Neighborhood 

The City must encourage a strong residential community downtown, which can support local retail, entertainment, and dining establishments. Aside from rehabilitation and infill projects, key locations to consider for new market-rate housing development include: 

  • the parking lot at City Hall, 

  • the Perry Street surface parking lot, 

  • the Merchant Street surface parking lot, 

  • the N. Willow Street surface parking lots, and

  • the parking garage across from Mill Hill Park.

Part of this effort should involve creating and maintaining a searchable database of key Downtown sites available for development, such as the ones mentioned above, that can be easily accessed by prospective developers seeking locations to build market-rate housing. Information from that database should be included in the proposed Property Management Database. The City should then use that information to market these sites to potential developers. This could involve direct outreach and marketing to the City’s preferred developers. As this work progresses, the database can expand to include resources for developers, acting as a one-stop-shop for anyone interested in investing in real estate.
Neighborhoods and Large Catalytic Development Sites
Outside of the Downtown, and in neighborhood areas considered catalytic in terms of potential for city-wide change, there are key sites that are significant in terms of redevelopment potential, namely the Roebling Complex, Sun National Bank Center, and Mercer Hospital Complex. The development opportunities on these sties must be effectively marketed. 
Coordination

There are a number of initiatives in this Master Plan which call for better advertising and marketing of development opportunities. These include better promotion of downtown opportunities to developers, as well as adverting the City’s high-quality water and low-cost energy supply to industrial firms. Once the City is able to acquire and assemble industrial properties, it will also need to begin aggressively marketing those. The following actions must be coordinated with this effort:

Case Study

An area once known for its warehouses and industrial facilities, Downtown Memphis’s Front Street has become the focus of residential and commercial developers. Those investors needed to change the perception of the area to reflect its new growth and opportunity. They worked with the owners of apartment buildings, retail stores, restaurants, and service providers to create a unified campaign that promotes the amenities of the neighborhood and encourages potential residents to “Live Up Front”. Through guerilla street-marketing tactics and public relations, the profile of this up-and-coming street was significantly elevated.
South Front Street has been revitalized into Downtown’s newest hub for idyllic urban life. Nestled among a variety of cultural hot spots, cozy cafes, and trend-setting shops, residences along South Front exude a modest industrial elegance sought after by artists and young professionals. These distinctive luxury lofts and flats channel the vibrant, eclectic vibe that makes an urban lifestyle unique. This extraordinary location is close to all the vibrant attractions of downtown Memphis. FedExForum, the Orpheum Theater, the National Civil Rights Museum, and Beale Street are all just steps away. 
 
Details of Advertise & Market Development Opportunities (Developer Resource Portal)

Classification:

Advocacy Position

Partnering Organizations:

Trenton Downtown Association

Mercer County

Cost:

Staff Time

Status:

Pending

Districts:

Downtown District

Topic Focused Report:

Housing

Economic Development

Priority:

Medium