Detroit Riverfront spurs $1B in investment
Updated On: Jun 13 2013 09:46:08 AM EDT
The Detroit riverfront has spurred $1 billion in investment on or along the riverfront over the past 10 years, which also includes projects currently under construction or planned for completion in the next several years.
The data comes from an Economic Impact Study released Thursday by the non-profit Detroit RiverFront Conservancy.
“The Conservancy was launched in 2003 to not only develop public access to the riverfront, but to also serve as a catalyst for economic development,” said Matt Cullen, Chairman of the Detroit RiverFront Conservancy Board. “As we mark our tenth anniversary, we think it is the right time to take a deeper look at how the new riverfront is contributing to an improved quality of life for Detroiters and our region, and at the same time driving significant economic development for our community.”
The study was commissioned by the Conservancy and conducted by Conventions, Sports & Leisure International (CSL), a leading advisory and planning firm.
“The impact of the Detroit riverfront development goes beyond the construction completed by the Conservancy and our public and private partners over the last decade,” said Faye Alexander Nelson, president & CEO, Detroit RiverFront Conservancy. “We have partnered with others to lay the foundation for an active and vibrant downtown that has and will continue to contribute to the attraction of businesses, residents and visitors to Detroit.”
The study prepared by CSL also estimates more than $1 billion in future riverfront public and private investment and annual spending that would continue to add to the transformation of the riverfront area into a vibrant live-work-play environment. These include the future development of the 40-acre Uniroyal site and various east riverfront mixed-use projects. Riverfront improvements have supported 16,700 construction jobs over the course of the project, and provide on-going annual support for 1,300 jobs.
More than 3 million visitors enjoy the highly landscaped, well-maintained, secure and active riverfront annually. During 2012, CSL’s partner Custom Intercept Solutions (CIS) conducted 1,500 in-person intercept interviews with visitors to the riverfront.