Originally published on July 18, 2023, by Juanita Hardy for UrbanLand Magazine.

ULI’s Advisory Services program, which has convened more than 700 Advisory Services panels since its inception in 1947, over the years has gathered experts in such fields as affordable housing, transit-oriented development, urban revitalization, environment and sustainability, and brownfield restoration to help communities address challenges and opportunities presented in these areas.

But in recent years, demand has been growing for panel expertise in the field of creative placemaking, the creation of a distinctive sense of place—rich in art and culture, engaging, and economically thriving—that attracts people. In recent years, nearly half the Advisory Services panels have included recommendations that leverage creative placemaking to address challenges presented by panel sponsors.

As creative placemaking has proliferated in the real estate industry, questions regarding its costs and benefits have often surfaced: How much does it cost? What is the business case or return on investment? Does it enhance the value of real estate? And what value is delivered?

As a launching point to get answers, ULI in late 2021 turned to its knowledge base of Advisory Services panel reports. During a rigorous discovery process, six panels with creative placemaking content were selected from a sea of possibilities. The subsequent research effort was aimed at understanding whether panel recommendations specific to creative placemaking had been implemented and what results had been achieved.