Study: New Park Could Generate $23M
rendering of Origin Park (photo courtesy of River Heritage Conservancy/Courier Journal)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowAccording to a recent study, a planned waterfront park in southern Indiana could bring millions of dollars in consumer spending to the state. The Courier Journal reports Scott Martin, executive director of Jeffersonville-based nonprofit River Heritage Conservancy, is looking to create Origin Park, which has an expected price tag of $200 million.
The project would transform 600 acres of dump sites, junkyards, and abandoned rail lines located across Jeffersonville, Clarksville, and New Albany, according to the publication.
Findings from the six-month study conducted by HR&A Advisors show boosting tourism and talent attraction and retention efforts could increase consumer spending from $8 million to $23 million annually.
“Building out, maintaining programming for and marketing your park system as part of the advantages of this region is critically important. This park, I think, can make a singular contribution to that effort,” said Candace Damon, vice-chair of HR&A and project manager for the report.
The Courier Journal reports the study also found talent retention and economic development are correlated with park investments. According to the case study, “the annual spending impact of retained and attracted talent will repay the initial cost of building Origin Park and the cost of maintaining it for a generation.”
According to Martin, the economic impact report is a step toward the organization’s first major capital campaign later this year. Work on the park is expected to take place over several phases, with the first segment being about 110 acres.