The River District Releases Economic Impact Study
The River District
today released findings of an independent economic impact study
highlighting significant community benefits to local, regional and state economies. Crescent Communities
, in conjunction with fellow Charlotte developer Lincoln Harris
, will develop the 1,400-acre landmark mixed-use community over three decades. When complete, it is expected be one of the largest master planned communities ever built in Charlotte.
The study, conducted by GAI Consultants earlier this year, is available to download
. Key findings
$5.6B in new annual economic output. Continuing, permanent activities stemming from planned investment in office, retail and hotel uses alone in The River District will generate $5.6 billion in new gross annual economic output in a typical year within the state, region and local economies.
51,000 jobs, $2.9B in wages. The River District’s economic output is associated with the creation of more than 51,000 new jobs and $2.9 billion in new direct, indirect and induced permanent jobs and wages, respectively, connected with The River District.
7,000 construction jobs, $380M in wages. In addition to the River District’s 51,000 new permanent jobs, more than 7,000 construction jobs, with an average annual salary of $35,000, generating $380M in wages and salaries will be created.
$1B in surpluses. Over a 30-year period, the City of Charlotte and Mecklenburg County are expected to realize nearly $1 billion in cumulative net positive fiscal surpluses from The River District.
$2.7B new tax base. The positive benefits derived by the City and County will largely result from the substantial creation of a new tax base of more than $2.7B (in constant 2016 dollars).
“The River District will be a vibrant and diverse place that fosters unprecedented economic vitality, creating significant positive impact on Charlotte, specifically West Charlotte, and the region through tax base creation, job creation and community benefits,” said Brian Leary, President of Crescent Communities’ Commercial/Mixed-Use (CMU) business. “This is the culmination of more than two years of working, planning and collaborating with the City of Charlotte, Mecklenburg County, Charlotte-Mecklenburg Schools and a number of community stakeholders such as the Catawba Riverkeeper Foundation, Catawba Lands Conservancy and neighbors to ensure The River District is developed in a way that will benefit all Charlotteans. What the study shows, and what has been proven out across the country through other public-private-partnerships, is that the public sector can catalyze significant returns for public benefit when the private sector has the necessary infrastructure to support mixed-use communities for people to live, work and play.”
Additional community benefits include affordable housing and new public access to the Catawba River.
The River District is located immediately west of Charlotte Douglas International Airport and I-485 and along the Catawba River. Currently outside of the limits of the City of Charlotte, the property will be annexed as developed, which will have the positive effect of bringing additional services to the area, including water and sewer utilities. Crescent Communities is also reserving sites for Charlotte-Mecklenburg Schools and Mecklenburg County Park and Recreation facilities, as well as setting aside sites for a police station, fire station and transit to support the needs of the community.
On its 1,000 acre-portion of The River District, Crescent plans to develop a walkable, mixed-use community within a spectacular natural setting. The River District will also feature a variety of housing options, hotels, office buildings and retail.
Moreover, Crescent will leverage its unparalleled experience in creating communities with a conscience that have embraced a philosophy of conservancy. Approximately 550 acres, or 40 percent of the total acreage will be preserved and/or remain undeveloped for greenways, parks, trails, open spaces and recreation. Crescent Communities will start to build biking, hiking and walking trails this year, geared toward bringing people to The River District.