This report, commissioned by the Global Cultural Districts Network (GCDN) and written by Kiley Arroyo aims to describe how a vetted suite of public finance tools and inclusive practices can help cultural districts and similar urban areas leverage existing assets to spur investment, create new revenue streams and advance equitable development. The report covers a wide range of potential value capture tools, illustrated by international case studies. The report concludes with a discussion of equitable asset-building focusing on using value-capture tools to advance equity and promote broad-based community wealth, guided by core principles and good practices. While this research project had been commissioned and was already well underway when the Covid-19 pandemic struck, the role of the health crisis in revealing the extent to which many communities lack resilience and equitable access to vital resources seem to render this topic even more timely.
Cities have become the focal point for creation, innovation and exchange. In the new urban age, where all cities compete against each other to attract and retain residents, visitors, investment, talent, events, creative people, organizations, etc., culture, creativity and the arts are increasingly a central point of differentiation and attraction. They help to transform and to shape people’s own identities, both for residents and visitors.
The Cultural Infrastructure Index, undertaken for the Global Cultural Districts Network by AEA Consulting, seeks to measure investment in capital projects in the cultural sector, identifying projects with a budget of US$10 million or more.
This year’s findings reveal an increase in both the number and value of completed projects over 2017, with a significant bump in the Middle East, reflecting the completion of the Louvre Abu Dhabi. North America continues to lead in the number of projects, followed by Europe and Asia.
While many believe the era of the “starchitect” may be ending, cultural infrastructure strategies are now firmly part of the public policy discourse in many countries. The private sector now appears to be driving a further wave of investment, expanding the definition of “culture” further into entertainment and experience.
The Cultural Infrastructure Index, undertaken for the Global Cultural Districts Network by AEA Consulting, seeks to measure investment in capital projects in the cultural sector, identifying projects with a budget of US$10 million or more that were publicly announced or completed within a calendar year. “Cultural infrastructure” comprises museums, performing arts centers, and cultural hubs or districts, and projects tracked include new buildings, renovations, and expansions.
This inaugural Cultural Infrastructure Index covers 2016. The collected data reveals some US$8.45 billion in new physical assets that came online last year (101 completed projects), and a further US$8.54 billion in investment announced across 135 new projects. Our analysis shows the median budget for announced projects (US$36 million) is lower than that for completed projects (US$41 million).
Safety is a fundamental, if often unspoken, premise of successful placemaking, informing both the design and programming of public spaces. More and more placemaking efforts are focused on the creation or revitalization of public spaces, often in downtown areas involving heavy foot and vehicle traffic. For these projects to be successful, it is critical that the design, technology and security oversight be effective but also recessive, requiring imagination and intelligence to be applied to the design process from the start. Managers of cultural districts, Business Improvement Districts, and other public spaces are seeking innovative solutions for securing their public spaces in ways that retain the beauty and attraction of these areas.