The Economic Power of Public Parks

[Sanjeev Advani]

Cities like Minneapolis, Boston, and Atlanta are showing how public parks can do more than provide green space—they can drive commercial development and job growth. In Minneapolis, the Downtown East Commons Park, initially built for Super Bowl LII, has helped attract office buildings and residential developments. The city now spends $296 per person on parks, contributing to an 18% increase in job growth from 2011 to 2021.

Other cities have followed suit. Boston has invested heavily in its Seaport district, adding parks and public spaces that boost property values and attract commercial projects. Atlanta’s Beltline and new parks like Rodney Cook Sr. Park have similarly drawn new businesses and developments.

These examples highlight how public-private partnerships can be key to transforming underutilized spaces into economic hubs. By providing unique attractions and recreational opportunities, parks can significantly enhance the surrounding real estate market.