Colorado-Real-Estate-Journal_374552

14 / BUILDING DIALOGUE / DECEMBER 2023 Placemaking Essentials: Architecture, Design, Art & Culture T houghtful architecture, design, and art evoke emotion, bring value, and enrich community. This is where the magic happens.” This is one of several testimonials received from our study of hundreds of real estate professionals. And what emerged was an important and time- ly realization: that architecture, de- sign, and art and culture are equally essential for achieving successful placemaking and high-performing projects. This thesis forms the basis of our newly published State of the Art Report, informed by the responses of de- velopers, brokers, designers, architects, and C-suite exec- utives from across regions and industries. Here’s what these leaders shared about the “ingredients” of success- ful placemaking and their influence on a project’s bud- get, return on investment and social impact. n The ingredients. While a property’s success depends on several disciplines, architecture, design, and art and culture are often the triad responsible for intentional placemaking; they are the “ingredients” best suited for building community, reflecting local culture, and shap- ing memorable experiences that keep people coming back. So what exactly are each of their roles? • Architecture establishes a framework upon which the rest of the project is built, uniting the space with its surrounding environment. • Design sets the form and function of a project and makes the space comfortable to live, work or play. • Art and culture bring soul to a project, imbuing it with character and connection. And all three are equally critical. A property that lacks thoughtful architecture or design loses the foundation for an engaging art collection, as well as the intrigue that gets people through the door. Similarly, a project without art devalues the impact of its architecture and design. These disciplines need one another to maximize both their influence and their budgets. n Maximizing budgets. In today’s challenging eco- nomic environment, it’s only natural to want to cut costs where necessary. But according to our report re- sults, protecting your art budget may be your smartest decision when it comes to differentiating your project for the long haul. Over 60% of real estate respondents said that for every dollar they spend on art and culture, they see at least twice the return. That’s because art and culture can actu- ally help developers save money, producing innovative solutions that are far more cost-effective than elaborate architecture or design changes. Take Kenect Apartments, for example. Instead of using an expensive stone finish, our team curated a vibrant mural by local artist Nathan Brown to overlay a level 3 drywall in the lobby, resulting in an eye-catching back- drop that energizes the space. It was an economical solu- tion that’s become an experience-defining part of the project. And it aligns perfectly with what one survey re- spondent said about the value of art and culture: “They have the longest-term impact after construction is complete.” n ROI and social impact. Such an influence is even more apparent when it comes to a project’s ROI and social impact. On ROI, more than 80% of respondents said art doesn’t get enough credit for the way it elevates a project’s final outcome. And on so- cial impact, over 80% said art and culture are what best celebrate com- munity values, support emerging talent, and uplift underrepresented voices. Intentional architecture and de- sign are of course necessary for ROI outcomes like increased market val- uation and recognition, but art and culture can actually enhance those outcomes by increasing public rela- tions, earned media and foot traffic to the space. And when artwork is lo- cally made and reflective of commu- Art with Impact Martha Weidmann CEO and Co-founder, Nine dot Arts “ Jake Matthews Local artist Nathan Brown’s lobby mural results in an eye-catching backdrop that energiz- es the space.