Study shows Public Square triggered $1.2 billion investment
A new economic impact study, completed by JLL, reveals that the renovation of Public Square has led to an additional $1.2 billion in commercial real estate in downtown Cleveland.
The Group Plan Commission led the effort to redesign The Square. The commission worked closely with the City of Cleveland, Cuyahoga County, Greater Cleveland Partnership, Downtown Cleveland Alliance, and LAND Studio to complete the project.
The new design took $50 million to complete. The reimagined space introduced new sustainable features, improved green space, and gave downtown Cleveland a premier outdoor park and venue. The new Public Square offers amenities and infrastructure that turn the park into a venue capable of handling almost any type of event.
The study by JLL was released in the fall of 2019. The report center's around "four core measures of success."
Public Square’s redesign triggers $559.3 million of office investment, adjacent asset values increase significantly.
Multifamily construction around Public Square totals $382.5 million, more than 1,300 apartment units are added.
The residential population in the neighborhood grows from below 500 to over 2,300 residents in just five years.
Retail occupancy in the immediate vicinity increases by 20% as the area experiences a net gain of 30 retailers.
The Group Plan Commission's job wasn't finished when The Square reopened to the public. A programming, maintenance, and operations team was put into place to keep The Square active and inviting. In the summer of 2019 more than 280 events were hosted in The Square. Programming included things like live musicians, a weekly food truck program, civic conversations led by The City Club of Cleveland, and more than 90 days of activation for Summer Splash in The Square presented by the Cleveland Foundation.
The year-round programming focuses on events that deliver on the core mission to keep The Square open and inviting for all. The reimagined Public Square is part of The Group Plan's mission to better connect Public Square, the Malls, and the lakefront. READ THE FULL REPORT
About JLL JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com