More on TMG’s Award-Winning Market Assessment for Shreveport Common Cultural District
For the announcement of TMG’s 2015 State Planning Award of Excellence for a Process for the Shreveport Common Market Assessment, click here.
A devastating fire engulfed the Shreveport Regional Arts Council’s (SRAC) headquarters on August 25, 2009, and propelled the vision for a new arts and cultural district in downtown Shreveport. Few would have thought the senseless act of arson would have spurred the revitalization of a once-great neighborhood. A historic, vacant downtown fire station was identified to serve as SRAC’s new headquarters for the artist community, newly named “Central ARTSTATION.”
After this renovation was completed, the next challenge was to revitalize the surrounding underused nine block area. The Shreveport Common Vision Plan was formed from a nine-month grass-roots, community-involved effort.
Led by SRAC and a team of architects and planners, an advisory board was assembled to include local area leaders, (downtown business partners, the city, and parish) neighbors, developers, artists, bankers and those in the investment community. Door-to-door listening sessions were held with neighbors and property owners; the artist community was surveyed; and numerous community-wide events were held where input was obtained from artists, area residents, and those living across the greater Shreveport area.
The result was the newly named Shreveport Common Cultural District and its inclusive vision plan. The vision was to create an urban cultural district driven by the Arts and Humanities community. The District’s numerous stakeholders were confident that the nine-block area possessed potential to become a vibrant neighborhood composed of mixed income housing and mixed use buildings, strongly focused on artistic and historical components.
This vision needed to be tested with data that could be examined and quantified. In September 2013, the Downtown Shreveport Development Corporation (DSDC) engaged TMG Consulting to perform a series of analyses and to assess the District’s potential demand for housing and retail and commercial uses.
Over a period of four months, TMG reviewed the Shreveport Common Vision Plan and made multiple site visits. TMG assessed the desires and needs of interested parties by interviewing and engaging realtors, developers, bankers, Shreveport Common property owners, artists, economic development officials, city and parish officials, and SRAC and DSDC staff.
TMG gathered and analyzed volumes of data, both publicly available and proprietary. TMG quantified the overall demand for housing and developed a unique methodology to quantify the potential artist-occupied component of the housing demand.
TMG then recommended the housing development’s optimal size by specifying the optimal number of market rate and artist-occupied housing units. TMG also assessed community appropriate rental rates and projected potential revenue. TMG similarly assessed the potential demand for retail or commercial development and projected rental revenues.
The Market Assessment concluded that Shreveport Common should be capable of supporting significant housing and retail and commercial uses if the stakeholders remained committed to the District’s redevelopment process. The assessment provided quantifiable data and information necessary to inform potential investors and developers and maintained the focus to realize the vision – an active and engaging arts and cultural district in Downtown Shreveport.
To review TMG’s Market Assessment and to learn more about Shreveport Common, visit the Downtown Development Authority’s website.
Tiffany Peperone Pitre, General Counsel and Policy Analyst
Eric Melancon, Associate
The views, interpretations, or strategies expressed are those of the authors, and do not necessarily reflect the position of TMG Consulting. This site is meant for educational purposes only and does not constitute professional advice. TMG Consulting makes no representation as to accuracy, completeness, or suitability of any information on this site and will not be liable for damages arising from its display or use.