Key Developer / Investor Outcomes

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Historical View of Results & Outcomes for Destination District Investors & Developers

This review is intended solely for Members of the 7Arts Foundation. Published review materials are intended for training and instruction purposes of the Membership. The tabulations on this page have been confirmed by GM Solutions, an independent U.S. consulting firm. The summary brief of fifty-two 7 Arts Foundation studies is included here as bonus material for Members and Affiliates. Nota Bene: Past successes for investors, government agencies and real estate developers is no predictor of future outcomes and results.

Outcomes & Results: 2003-2008

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REPORT SUMARY ITEMS MOST REQUESTED BY MEMBERS & GUESTS

Downtown Destination Districts include all 28 categories of overlays, superblocks and dedicated corridors formed by aggregation or by planned design. All data was collected between January and June of 2009 by 7AF staff and contractors. Data was optimized and analyzed in accordance with industry standards. GM Solutions audited both the study and the generation of the report content.

Downtown Destination District Properties were found to give investors and developers the following results and outcomes over the 5-year study period, all attributable to the value added by their proximate location within a designated district:

  • A higher net re-sale value than the average re-sale value for comparable properties in each MSA studied
  • A higher than average cash-on-cash return for investors when comparing SME retail shop properties, apartment complexes and condominium developments in over 90% of all MSAs studied
  • A higher increased ROE and ROI for real estate developers and investors respectively when compared with comparable properties in over 86% of all MSAs studied
  • A higher than average tenant retention rate than found for comparable properties in over 80% of all MSAs studied

A higher than average predisposition to layer financing with various government funding tools due to city, county and state governments' reliance upon the following:

   Downtown Destination Districts  showed:

  1.       A higher than average increase in qualified new jobs created per square feet of retail development than for comparable properties in each MSA studied
  2.      Attracted more tourist dollars spent per retail square footage built compared with comparable boutique and stand-alone retail properties in each MSA studied
  3.      Generated more sales tax revenue per square foot of retail property than for comparable boutique and stand-alone properties in each MSA studied
  4.      Substantially increased employment tax revenues and hotel-motel tax revenues for all MSAs studied; and sustained or increased both sales tax and hotel-motel tax revenue streams in over 80% of all MSAs studied
  5.      Increased property values for sites within each district at rates escalating higher than comparable hospitality, specialty retail, apartment and condominium sites in over 78% of all MSAs studied
  6.      Provided the most stable return on granted ad valorem and other tax incentive packages than comparable hospitality and specialty retail developments in 76% of all MSAs studied
  7.      Were touted by visitors as one of the top 3 reasons as to why they visited and shopped and stayed overnight in over 72% of all MSAs studied 
  8.      Attracted more cultural tourists* who also stayed overnight than all other entertainment and cultural venues combined in 70% of all MSAs studied

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*   Cultural tourism has been shown to be the fastest growing segment of tourism in North America (White House Study)

 

Background Brief

All outcomes and results reported on this page were collected during 2009 for the period 2003-2008. The study included data collected and analyzed from 52 downtown destination districts, including arts districts, entertainment districts, cultural districts and arts & entertainment districts in Texas, Oklahoma and Arkansas, Illinois and Iowa, Pennsylvania, Maryland and New Jersey.

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