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Economic benefits of waterfront development

Leah Spencer
 


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Waterfronts are a wholesome package. They are the place to enjoy, walk, relax, spend time and live. Today, waterfronts are one of the most thriving areas that can bring in great development and monetary benefits for your city. They can be an ideal place for great communities as well as commercial zones. They create economically viable and sustaining investments that can reap a lot of benefits. The economic benefits of developing waterfront are plenty. Development of waterfront is also bound to increase its value bringing in more financial benefits. The economic benefits of waterfront can be divided into categories – direct benefits that result from primary sources of waterfront development and indirect benefits that arise from the growth, expansion and usage of waterfront development.

Prime real estate

Waterfront places are the prime zones for real estates. People will be willing to pay more for waterfront views of their homes, offices or even for dining in restaurants. Using all possible ways to market on this can be the biggest economic advantage of developing a waterfront. As more and more waterfront properties are sought out, the value of the properties increases manifolds. The view of river or sea is bound to be a contributing factor in increasing the value of the waterfront properties. Further, real estate also brings in more employment opportunities and a range of corporates to the waterfront.

Employment opportunities created

As the waterfront is developed, an array of employment opportunities is created. While primarily majority of jobs will be in the field of construction, real estate and insurance, they are eventually bound to sprout to financial, scientific, professional and technical sector jobs. As the waterfront is developed, another major source of employment comes from hospitality industry that is bound to make use of the people and tourists a waterfront development is bound to bring along. Further, if the waterfront has paved way of residential communities, shopping malls, schools, hospitals and other basic amenities sprout nearby.

Activities that go around the waterfront

Waterfront development is also bound to bring a lot of people to the place. Whatever is the season, day or night, people will flock to the waterfront for the view, public space or just hang out. This provides abundant of opportunities to bring in a host of activities all through the year to keep the place thriving as well asbring in economic benefits.

Transportation

As the waterfront is developed, the transportation facilities of the place are enhanced. Use of both waterways and land ways will increase. This can help in making the place more accessible for public thereby bringing in greater chance of economic prosperity.

Local identity enhanced

The greatest advantage of developing a waterfront is bringing the city or town to the front. Making the most of local identity, creating new jobs for locals, using the history, culture of the place to create interest in the waterfront can bring in economic benefits at various levels. Making ways to increase the visibility of local art, music and theater will bring the community together and enhance the monetary benefits.

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