With economic uncertainty and budgets facing increasing constraints, practical solutions for achieving financial resiliency and sustainable funding for parks and public spaces might be more critical now than ever before. Municipal and state governments are expected to bear a larger share of expenses in a variety of areas, and philanthropists and foundations are reassessing their giving priorities in light of market turbulence.
This panel explores how both new and established parks can transition from traditional models centered on public funds or philanthropy to more diverse, self-sustaining frameworks, leveraging the strategic use of real estate assets combined with market-based earned income opportunities from restaurants and concessions, sponsorships, and unique community and nonprofit partnerships, as well as real estate value capture. This entrepreneurial planning approach to park funding responds to growing financial challenges at a time when, paradoxically, the community-wide benefits of parks and open spaces are more widely recognized than ever before and parks face increasing demand.
Panelists will discuss how to introduce new funding mechanisms within legacy systems, how early-stage parks can adopt a self-funding model to build financial sustainability from the outset, and how they’ve navigated evolving community expectations.These diversified revenue streams address one of the most persistent challenges in parks management: operations and maintenance. The discussion will also showcase practical examples of how programming and activation leads to revenue generation through concessions, events, and sponsorships. It will explore how these activities not only advance financial goals but also build social value by creating meaningful connections between people and place, which in turn facilitates successfully lobbying for real estate value capture mechanisms that further shore up financial sustainability.