New York Avenue Corridor Strategy Adopted Report New York Avenue Corridor Strategy Adopted Report | Page 90
IMPLEMENTATION
market feasibility and financial feasibility. While
• Partnerships with the City, neighbor-
the framework and concept elements presented
hood organizations, schools, church-
here are grounded in market reality, many lack
es, chambers, and other government
the financial feasibility necessary to attract pri-
entities will be vital;
vate sector interest. As is the case with most
early revitalization initiatives, there is market de-
• Public commitment will lead with a goal
mand, but until the area is adequately “primed”
towards strategically leveraging pri-
vate investment and to this end capital
for investment, financial feasibility will lag behind.
An element of the analysis completed as part of
investments will begin at the intersec-
this process involved testing the impact of var-
tions and along roadways;
ious strategies designed to address “financial
gaps.” What this showed was that: no one solu-
• Aesthetic improvements will be as
tion will fill the financing gap. While resources
important as functional improvements
are needed early in the redevelopment process,
and physical improvements will reflect
the necessity for them should subside as project
the values and culture of the people in
costs and revenues become sufficient to attract
the area; and
private investment. In addition, project econom-
ics may be as impacted by indirect forces as they
• Commitment to the vision will be long-
are direct forces. For example, any new invest-
term.
ment will require some guarantee that initiatives
will be on-going to stabilize the investment cli- Partnerships
mate of the entire Study Area by enhancing the
risk-reward relationship.
“Cities and counties are rapidly applying their
experiences with public-private partnerships
For these reasons, the implementation strategy learned over the last few decades to redevelop-
assumes a two-pronged approach – promotion ment initiatives – experiences on how to most
of investment in the Opportunity Sites and com- effectively combine the strengths and resources
pletion of actions to stabilize and enhance the of both the public and private sectors.” Urban
entire area.
Land Institute (ULI)
STRATEGY PRINCIPLES
Underlying all of the principles above is an under-
standing and acceptance that neither the public
The approach and actions identified to move the nor private sector can successfully advance the
vision for the New York Avenue Corridor forward vision on its own. Also, partnerships will take
were selected based on a foundation of guid- many forms. As the entity with the largest and
ing principles. These principles, while general longest-term interest and responsibility, the pub-
in nature, were considered to be representative lic sector must have strong involvement and a
of community interests, the City’s existing policy visible presence, as well as offer continuing
framework, and stakeholder input. They include: leadership, incentives, and capital to future proj-
ects. The private sector will bring experience,
access to private funding, and a willingness to
balance risk and return. As the lead entity, it will
be up to the public sector to clarify partnership
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