Annual economic impact of Shelby Farms rises to $13.5 million with Heart of the Park

Shelby Farms Park Conservancy has commenced work on its Heart of the Park renovation as part of the $70 million Phase One of its master plan.
 
With the Heart of the Park project and its expansion of Patriot Lake to 80 acres, new live music venue, added and upgraded trails, new buffalo range, lakeside restaurant, more than 10,000 new trees and more efficient visitor's center, the study predicts a one-time impact of nearly $141 million. The annual economic impact is expected to more than double from $6 million per year to $13.5 million, according to a recent economic impact study by Younger Associates.
 
Shelby Farms is the largest urban park in the country, and the master plan was designed by James Corner Field Operations using input from public meetings. James Corner Field Operations is responsible for the design of such well-known attractions as the Highline in New York City and Queen Elizabeth Olympic Park in London. The new facilities were designed by Marlon Blackwell Associates and will meet LEED standards.
 
Shelby Farms Greenline, connecting Binghampton and Midtown to East Memphis via protected bike and pedestrian way, and overseen by the Conservancy, was completed in 2010. Since that time, properties that lie within 500 feet of Shelby Farms Park and Greenline have experienced a 5 percent increase in value, or $67 million in added value.
 
In addition, the study describes four main factors which, in total, bring an additional $23 million in direct savings to Shelby County citizens: health savings, reflected in lower medical costs for the population using the park for exercise; direct use, the value of free parks and recreational facilities which save the public from having to pay for these amenities; community cohesion, the benefit of positive community interaction in parks; and environmental savings, using a formula to determine the monetary value of air and water quality benefits the park brings to the community.