City seeks to attract smaller companies, creatives, and start-ups with customized new-business incentives.
(Mountain Lakes, NJ, February 9, 2017) — In an effort to fill vacant downtown space, the Downtown Memphis Commission took the contrarian approach of eliminating some traditional incentives for new businesses.
Leslie Gower, vice president of marketing and communications explains in the February issue of Downtown Idea Exchange newsletter. "We worked with our broker community regarding trends, and what they are hearing in terms of office space," Gower says. "We had been offering some office incentives, but they were very much check-box. If you had one to four employees, you might get $10,000; if you had 11 to 20 employees, you might get $15,000. We tried that, but didn’t get much success."
Brokers told the Commission that a much more individualized approach was needed in the downtown. "What may work for one may not work for another," says Gower. "Some businesses are looking for subsidized parking; some are looking for tenant build-out. So we got rid of the incentives. We work with each broker independently to see what the gap is. That seems to work more than what we offered in the past."
The Commission has also taken steps to ensure that downtown is a fun place to work. "We’ve launched things like alley parties, rodeos, and after-work yoga," Gower says. The organization is also partnering with a local nonprofit, which organizes professional development events featuring food trucks, activities, and guest speakers.
Details on how the Downtown Memphis Commission is attracting commercial tenants via customized new-business incentives, a dedicated website, and events in the heart of the city are in the February issue of Downtown Idea Exchange.
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For over 50 years, the Downtown Development Center has acted as the information clearinghouse on practical strategies and tactics for revitalizing the hearts of our cities and towns.
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