A Feasibility and Economic Impact Study, commissioned by Botanica in mid-2004 to determine the viability of a Botanical Garden and Horticultural Center in Louisville has been completed and concludes that:
- Louisville’s market size (1.1 million) and potential visitor categories, including a growing segment of empty nest and retirement age residents and a significant tourism market, closely match the traditional demographic mix of botanical garden attendees and supporters.
- Review of attendance and market penetration at comparable facilities in the area provides confidence that an annual attendance projection of 150,000 is a reasonable estimate for a developed botanical garden in Louisville.
- Site selection can only be determined by weighing a number of issues including the differences between urban and suburban locations, site control, size and availability of tracts, cost, and mitigating adjacencies:
- Urban sites have an advantage of usually being in closer proximity to tourists and convention delegates; while they may be smaller, urban gardens tend to be more accessible and provide more opportunity to partner with other urban attractions.
- Suburban sites offer larger tracts of available land; tend to be resident-supported and can attract a larger volunteer core.
- Having full control of the site is essential for the success of the gardens with regard to further development and fundraising.
- Both urban and suburban sites are under consideration.
- A projection of operating revenues and expenses shows that it is reasonable to project that the proposed botanical garden can operate on a balanced budget assuming it develops the strong balance of earned and unearned income that other botanical gardens have developed.
- The direct economic impact of a mature garden is estimated at approximately $2.7 million annually in the Louisville area. This includes the benefits of people from outside the metro area who come to Louisville and visit the Garden, and does not include any indirect (i.e., multiplier) effects.
- The cultural Blueprint for Louisville, as presented by the Arts and Cultural Advisory Committee of GLI, suggests that a botanical garden would add significantly to the critical mass of cultural/educational facilities.
- The study concludes that “the Garden is an exciting and appealing project for Louisville, and we strongly encourage Botanica to continue its work on the concept and its implementation. The Garden would be a very desirable and beneficial asset to the community and to the downtown area in particular, and would provide Louisville residents with educational opportunities that they now lack.”
Project Consultants:
EMD Consulting Group, LLC
150 Fawn Drive
Sedona, Arizona 86336
928-282-7198
http://www.emdcg.com/
Dean Runyan Associates
833 SW 11th Avenue, Suite 920
Portland, Oregon 97205
503-226-2973
http://www.deanrunyan.com/
AMS Planning & Research
8147 Delmar Boulevard, Suite 218
St. Louis, Missouri 63130
314-727-2880
http://ams-online.com/