City of Los Angeles CRA | As real estate consultants to the Los Angeles Community Redevelopment Agency, StoneCreek Partners provided financial analysis and evaluation of illustrative deal structur...
StoneCreek Partners acts as economic development consultants and planners for public sector clients seeking community and regional economic development planning. At times, we provide this same support to major landowners interested in a realistic strategic economic foundation to their large-scale master-planning. Sometimes , a major landowner is also a public client such as a sovereign tribal nation or government unit with surplus property.
Our work is not theoretical or policy related as is common at the state and national government level. We focus at the local and regional level on the realistic possibilities for encouraging real economic development.
Economic development analysis begins with a review of the current situation, and issues. One of the initial steps is to explore a client’s inventory of assets – real property, workforce, existing industries, and local cultural sensibilities. Based upon these existing assets, the potential for economic development then depends on incentives, inducements, and collaborations, to pull a community (or organization’s) assets into position to take advantage of local and regional economic trends.
Economic development refers to the enhancement of economic activity in a community. Conversely, the term “economic growth” is generally a short run concept while economic development is a long term commitment.
For any community or region, economic development relates only to that jurisdiction. This is due simply to the fact that economic circumstances and possibilities of a particular area are simply unique. In some areas, economic development becomes important when it is observed that too many young people leave the local area because of lack of opportunity. In other regions, incomes and quality of life are not sufficient or at a level desired, which prompts questions of economic development.
For still other regions, proactive leaders look to the future and understand that no action with regard to economic development may result in little or no sustainability of the community. Economic development looks to growth and improvement, yes, but it is also about protection of what is now in place.
As economic development consultants and planners, we know that economic development can involve job and income growth. At the same time though, it also involves sustainable increases in the productivity of individuals, businesses and resources to increase the overall well being of residents and maintaining or even enhancing the quality of life.