Mixed-use developments supported by public-private partnerships (PPPs) have the power to redefine small to mid-sized communities. By offering a unique funding solution, challenges like housing shortages, infrastructure requirements, and community space revitalization can be addressed.
This partnership approach was applied to the New Richmond Community Library development in New Richmond, Wisconsin. This visionary initiative blends public and private investment and once complete will deliver a dynamic, multi-purpose space that benefits residents, businesses, and the local government.
The future of the community’s library and other public spaces was an ongoing conversation between the City and public for nearly 30 years. After the City was gifted land by the School District of New Richmond, their dream came into fruition with the opportunity to create a new library and mixed-use development.
To make it feasible, the City of New Richmond pursued a PPP, recognizing that collaboration with a private developer would be critical in addressing financial and operational challenges and meeting project goals.
To bring the project to life, the City selected Three Sixty Real Estate Solutions, a dynamic leader in property management, development, construction, and investment. Having partnered with I & S Group, Inc. (ISG) on successful mixed-use and PPP efforts, Three Sixty sought ISG to drive the design for this impactful project.
Design began in 2022, and after navigating significant hurdles like inflation and rising interest rates, the New Richmond Community Library broke ground in September 2024.
The New Richmond Public Library’s ground-up effort demonstrates how PPPs and mixed-use developments can deliver exceptional value to all stakeholders:
The New Richmond Community Library redevelopment serves as an inspiring blueprint for other municipalities considering PPP and mixed-use projects. Consider the following if your community is ready to take the next step:
Plan Roles + Responsibilities Early: Clear frameworks and planning processes ensure all parties understand who owns, manages, and operates each aspect of the development.
Are you ready to explore how mixed-use development can transform your community? Contact us today to learn more about how ISG can help bring your vision to life.
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