Podcast 147: Transforming Communities Through Redevelopment with Kristen Fish-Peterson

Episode 147 of the Econ Dev Show Podcast is out.

This episode of the Econ Dev Show podcast features an insightful conversation with Kristen Fish-Peterson, the Principal and CEO at Redevelopment Resources.

Kristen shares her vast expertise in economic and community development, detailing the work her firm does in housing studies, market analysis, and downtown redevelopment planning. Throughout the episode, Kristen emphasizes her team's unique ability to work with both private developers and public sector entities, helping them navigate the complexities of municipal processes and strategic planning.

As the discussion unfolds, Dane and Kristen explore how economic development and redevelopment projects can rejuvenate communities, particularly downtown areas. Kristen delves into how her team assists municipalities in implementing redevelopment plans and helping developers secure the necessary municipal support. This episode provides listeners with a comprehensive understanding of the challenges and opportunities in the world of redevelopment, offering valuable insights for economic developers and community planners alike.

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Episode Links

• Redevelopment Resources
• Kristen Fish-Peterson, CEcD, EDFP | Linkedin
• Redevelopment Resources | Facebook

Actionable Insights

• Create Strategic Marketing Tools Develop creative marketing materials that stand out - like WASA's "tin of redevelopment" mints with the tagline "a fresh perspective on economic development." Simple but memorable marketing pieces can help differentiate your community.
• Build Business Incubators Strategically Start with feasibility studies, tour successful models in other communities, and carefully manage the project development. A well-planned incubator can attract unexpected opportunities, like WASA's experience with landing a military contractor as their first tenant.
• Embrace Digital Marketing Early Simple but effective strategies like putting up a highway sign with your economic development website can generate unexpected leads. Digital presence is crucial for connecting with potential businesses and investors.
• Master Public-Private Partnerships Help private developers navigate public incentives and funding requests. Understanding both sides of development deals (public and private) creates more successful outcomes for the community.
• Manage Community Opposition Use the "diffuse and enthuse" strategy - actively recruit supportive voices to speak at public meetings while addressing negative feedback. This helps build broader community support for controversial projects.
• Leverage Political Capital Wisely Recognize that economic development requires three key resources: time, money, and political capital. Be prepared to spend all three, and help local leaders understand they may need to defend projects in informal settings.
• Support High-Wage Job Creation Focus on attracting and supporting businesses that can bring quality, high-paying jobs to your community. Even small communities can attract technical and professional positions with the right approach.
• Build Strong Local Networks Develop relationships with other economic development practitioners and attend industry conferences. These connections can lead to project opportunities and knowledge sharing.
• Guide Real Estate Development Consider taking an active role in real estate development, either as an advisor or participant. Understanding the development process helps when working with private sector partners.
• Create Comprehensive Incentive Packages Work with developers to analyze funding gaps and craft appropriate incentive requests. This includes understanding TIF, facade improvements, and other development tools that can make projects viable.