DURHAM, N.C. – Transforming 1 million square feet of crumbling brick buildings into in-demand office, residential and retail space is one thing. But building a robust entrepreneur support system is another.
Durham, North Carolina, seems to have found the secret to success for both challenges.
And those experts are willing to share the formula that led Durham business incubator American Underground to more than quadruple its space – and expand from one to five locations – in only five years.
Supporting entrepreneurship is a major priority in Fort Wayne's plans to redevelop the abandoned former General Electric campus, which straddles Broadway near Taylor Street.
Economic development experts nationwide have found that creating a robust regional economy requires supporting existing employers who want to expand, attracting new companies that want to relocate and nurturing local entrepreneurs who want to stay put while growing businesses.
The latter effort can slow the brain drain that results when talented high school graduates leave for college and never return. It also can produce business owners who are fiercely loyal to the community that cheered on their early efforts.
One of lead developer Joshua Parker's priorities for the 31-acre GE campus project is creating places that help the Summit City retain and recruit talent.
But to make the formula work, Durham leaders said, Fort Wayne needs to find out what characteristics make the community unique and embrace them.
Planting the seed
After Durham's American Tobacco campus opened in 2004, leaders realized a significant segment of the business community was priced out of the development.