Creating well-planned, accessible urban open spaces doesn’t just benefit communities; they also boost the bottom line for developers, according to a new study by the Urban Land Institute. The study, “The Case for Open Space: Why the Real Estate Industry Should Invest in Parks and Open Spaces,” looks at the ways private developers benefit from supporting open public space including:
The 155 North Wacker Pocket Park in Chicago is an example of a private sector-supported open space.
- Improving community health and wellness and boosting economic development
- Providing communities with accessible parks enhances long-term real estate value
- Supporting community programming in open spaces encourages social interaction and increases the value and marketability of neighborhoods
- υ Creating or funding urban open spaces and parks builds community buy-in and public sector support for developers