Transcript Boardwalk Project Moves Forward

Boardwalk Project Moves
Forward
February 12, 2006
By: Tom Thelen
Lansing State Journal
Boardwalk Project
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Portland Michigan’s “Boardwalk Project”
earned the city a Cool Cities grant in June
of 2004
This project will put a boardwalk along a
major street, Kent Street, in Portland,
connecting bars, businesses, and
restaurants by the boardwalk
There will also be room along the
boardwalk for new development, and the
city will begin accepting bids for such
development in the near future
S1 and D1: Initial Supply and
Demand of Office/Building
Space along Kent Street,
before the Boardwalk is built.
P1 and Q1: Initial Equilibrium
Price and Quantity of
Office/Building Space along
Kent Street, before the
Boardwalk is built
Rent/Sq. Feet
Externalities Associated with
Boardwalk
S1
S2
P2
P1
D2: When the Boardwalk is
built, externalities of locating
along the boardwalk drive
Demand out to D2
S2: More office space is
eventually supplied to meet
this increase in demand,
Driving supply out to S2
D2
D1
Q1
Q2
Sq. Feet