Recommendations / Downtown Development / Big Idea #2: Grow Monroe

Big Idea #2: Grow Monroe

Part of the "RUSH FORWARD" initiative

Downtown DevelopmentMonroe-Walton $1,000,000+

Overview

Improve Monroe’s downtown image, character, and economic role through four phases: create the Grow Monroe mixed-use space at 116 South Broad Street; strengthen the walkable and connected business district; construct a three-story, 300-spot parking deck with covered pedestrian crosswalk; and develop a 25-room boutique hotel with infill retail space. The plan is intended to drive customers to downtown businesses, add job creation, improve standards of living, enhance downtown through art, entertainment, exercise equipment, parks and trails, and attract residents, visitors, and tourists.

Action plan

Short-term
Research comparable community projects in similar sized Georgia communities; meet with local entrepreneurs to assess needs and receive initial feedback; meet with local business-centric organizations such as the Chamber of Commerce and Development Authority; meet with youth groups such as School FBLA; meet with local leadership and entrepreneurs to gather funding and development ideas; create and refine initial plans for Grow Monroe.
Medium-term
Present the location for Grow Monroe during community meetings; develop more in-depth sketches of the walkable business district and connecting trails; establish a steering committee to determine action plan and monitor progress; create a planning and implementation committee; draft and finalize the Grow Monroe Strategic Implementation Plan including budget and development projects.
Long-term
Secure funds to purchase and renovate 116 South Broad Street; accept bids from local contractors; complete the mixed-use space, walkable business district improvements, parking deck and pedestrian crosswalk, and boutique hotel phases.

Expected impact

Projected Business GrowthEconomic

Tracks increased downtown business activity from more visitors, tourists, retail space, restaurants, and hotel users.

Timeframe: Long-term
Projected Facility UtilizationEconomic

Tracks use of the boutique hotel and visitor-facing downtown amenities.

Timeframe: Long-term
Projected Visitor ActivityCommunity

Tracks the number of locals and tourists visiting the walkable downtown district each day.

Timeframe: Long-term
Projected Public Space ImprovementEconomic

Tracks improvements to downtown through Grow Monroe mixed-use space, walkable business district, parking deck, pedestrian crosswalk, and boutique hotel.

Timeframe: Long-term
Projected Recurring Revenue StreamsEconomic

Tracks revenue potential from visitor center activity, rooftop/outdoor classroom space, boutique hotel activity, retail space, and downtown visitors.

Timeframe: Long-term
Projected Units BuiltInfrastructure

Tracks proposed parking capacity from the Wayne Street parking deck.

Timeframe: Long-term
Projected Jobs CreatedEconomic

Tracks job creation connected to the Grow Monroe project and downtown business activity.

Timeframe: Long-term

Key stakeholders

Chamber of CommerceDowntown Development AuthorityDowntown Business Owners GroupKiwanis ClubRotary ClubFBLALocal BusinessesUniversity of GeorgiaExisting Incubators

Estimated budget

Phase I Grow Monroe: $1,425,000. Phase II Walkable Business District: $2,678,290. Phase III Parking Deck and Pedestrian Crosswalk: $5,025,000. Phase IV Boutique Hotel: $4,633,043. Total Budget: $13,761,333.