The art of placemaking: How storytelling shapes successful real estate projects

"The best places are those where stories and spaces intertwine, creating a tapestry of experience that people want to be part of." - Jane Jacobs

In the world of real estate, we often focus on tangible aspects like location, square footage, and amenities. However, the most successful developments offer something less tangible but equally crucial: a sense of place. ‘Placemaking' goes beyond physical design; it's about creating a narrative that gives a development its unique identity and appeal—and making people feel something.

Defining placemaking through storytelling

Placemaking is the art of creating public spaces that promote people's health, happiness, and well-being. But how does storytelling fit into this? Consider these elements:

• Historical context: Weaving the area's history into the development's narrative

• Cultural significance: Incorporating local culture and traditions into the place's story

• Future vision: Crafting a narrative about what the place will become and represent to its city and desired audiences

For example, the redevelopment of London's King's Cross area didn't just focus on new buildings. It told a story of transformation, from an industrial past to a future of innovation and creativity. This story here informed everything from the preservation of historic structures to the curation of cutting-edge tech companies as tenants.

King’s Cross Station in London, England

The impact of storytelling on different real estate sectors

Residential developments

• Creating a sense of community before breaking ground

• Helping potential residents envision their life in the new space

• Fostering a shared identity among residents

Example: Serenbe

Serenbe, a biophilic community located just outside Atlanta, Georgia, exemplifies the power of storytelling in residential development. The founders crafted a narrative centered on wellness, sustainability, and connection to nature. This story shapes everything from the community's design (which preserves 70% of the land as green space) to its programs (which include organic farming and arts initiatives). The result is a highly sought-after community that attracts residents who buy into its vision of a balanced, sustainable lifestyle.

Serenbe in Atlanta, Georgia.

Commercial spaces

• Attracting tenants who align with the ‘story’ of the place

• Enhancing the prestige and desirability of office locations; giving tenant employee more than they expect.

• Creating a coherent and connected experience across a mixed-use development

Example: Ponce City Market

Ponce City Market in Atlanta, Georgia, showcases the power of storytelling in adaptive reuse. The developers crafted a narrative around reviving the historic Sears, Roebuck & Co. building while preserving its character. This story of transformation guided the creation of a mixed-use space that blends local eateries, creative businesses, and tech companies. Positioning itself as a catalyst for neighborhood revitalization and innovation, Ponce City Market's compelling narrative has attracted diverse tenants, boosted local property values, and turned the development into one of Atlanta's top destinations. Its success, crowned by ULI's Global Award for Excellence in 2020, demonstrates how a well-executed placemaking story can dramatically transform urban spaces.

Ponce City Market in Atlanta, Georgia.

Retail environments

• Building immersive shopping experiences that go beyond making a transaction

• Using the ‘story’ of a place to differentiate to get a leg up on online shopping

• Position the place as a destination, offering people for more than just shopping

Example: Chelsea Market

Chelsea Market in New York City exemplifies how historical storytelling can create a unique retail destination. Housed in the former National Biscuit Company factory, where the Oreo cookie was invented, the market's narrative centers on this rich culinary heritage. This story informed the transformation of the industrial space into a vibrant food hall and shopping experience. By curating a mix of local food vendors, restaurants, and boutique shops, Chelsea Market has become a gastronomic haven that attracts both locals and tourists. The preservation of the building's industrial character, combined with its food-centric story, has not only created a distinctive atmosphere but also contributed to the revitalization of the surrounding neighborhood. Today, Chelsea Market stands as a testament to the power of storytelling in placemaking, drawing over 6 million visitors annually.

Chelsea Market in New York City.

The role of digital storytelling in placemaking

In our increasingly digital world, placemaking extends beyond physical spaces:

• Virtual tours and augmented reality: Allowing people to experience the story of a place before it's built
• Social media: Building a community and identity online through curated partnerships and experiences
• Interactive websites: Engaging potential tenants or residents with the place's evolving story — the story never stays the same

For instance, Hudson Yards in New York City used a comprehensive digital strategy to tell its story, from interactive Instagram stories to a robust website that brought its "city within a city" concept to life.

Measuring the impact

The impact of a well-crafted narrative can be measured through various metrics, both tangible and intangible. One of the most straightforward indicators is the change in occupancy rates and property values. A compelling story that resonates with people often translates into higher demand for both residential and commercial spaces, driving up occupancy and, consequently, property values in the area.

In our digital age, social media engagement and user-generated content serve as powerful barometers of a place's appeal. When people share their experiences, photos, and stories about a location on social platforms, it's a clear sign that the place has struck a chord. This organic, word-of-mouth promotion can be far more effective than traditional marketing efforts. Additionally, the level of community participation in events and initiatives associated with the development can provide valuable insights. High attendance at local events, active community groups, and grassroots initiatives all indicate that people have bought into the story and feel a sense of ownership and belonging.

Press coverage and public perception also play crucial roles in gauging the success of a placemaking story. Positive media attention can amplify the narrative, reaching wider audiences and potentially attracting more investors, tenants, or visitors. The sentiment expressed in news articles, opinion pieces, and public forums can offer a nuanced understanding of how well the story has been received and internalized by the broader community.

The High Line in New York is a prime example. Its story of urban renewal and community-led development not only transformed an abandoned railway but also significantly increased property values in the surrounding areas and became a blueprint for similar projects worldwide. The story resonated so strongly that it not only revitalized the immediate area but also significantly increased property values in surrounding neighborhoods. Moreover, the High Line's success story became a blueprint for similar projects worldwide, inspiring cities across the globe to reimagine their own neglected urban spaces.

The High Line in New York City.

Nothing is without its challenges

While the power of storytelling in placemaking is evident, this approach is not without its challenges. One of the most delicate balancing acts is maintaining authenticity while ensuring marketability. The story must be genuine and rooted in the place's true character, yet appealing enough to attract residents, businesses, and visitors. This often requires careful curation and presentation of the narrative without veering into the territory of manufactured or contrived storytelling.

Another significant challenge lies in crafting a story that resonates with diverse audiences. In our multicultural societies, a place often needs to appeal to people from various backgrounds, age groups, and socioeconomic statuses. Creating a narrative that is inclusive and speaks to this diversity without losing its core identity requires deep understanding and thoughtful execution.

The long timelines often associated with real estate development pose another hurdle. Maintaining consistency in the narrative over years, sometimes decades, of development can be difficult. The story needs to be flexible enough to accommodate changes in the project while staying true to its core themes. This challenge is closely related to the need for adapting the story as the place evolves. As communities grow and change, the narrative must evolve with them, remaining relevant and engaging without losing sight of its origins.

The lasting power of a well-told story

In an era where people crave authentic experiences and meaningful connections, the art of placemaking through storytelling has never been more crucial in real estate. By crafting compelling narratives that resonate with people's desires for community, purpose, and belonging, developers can create places that are not just built, but truly come alive and stand the test of time.

The most successful real estate projects don't just occupy space—they tell stories that people want to be part of. In doing so, they transform mere locations into beloved places where core memories are created and stored, creating enduring value for developers, residents, and communities alike.

Next Edition crafts compelling stories and messaging strategies for real estate developers. We partner with multidisciplinary teams to articulate project visions and experience journeys, influence design, and enhance investment appeal and market presence of projects. Our strategic narratives transform developments from concepts to sought-after destinations, ensuring developers achieve their vision and maximize market impact.