The City of Prospect is creating opportunity and promoting growth via a strategic focus on Economic Development.
The City of Prospect is the second smallest Council in Metropolitan Adelaide, but has successfully attracted 33 percent of all corridor developments of the five South Australian inner metropolitan Councils ($70.5million of $215.6million).
The City’s shift in strategic focus was driven by the need to improve the infrastructure of the two major transit corridors, plus independent economic analysis and profiling, and State Government increased population growth planning.
These driving forces revealed that the City of Prospect needed rejuvenation to improve the commuter opportunities, local shopping, and provide desirable amenity ‘places for people’.
Success has been achieved by strategies including maximising community benefit from the National Broadband Network (NBN) fibre rollout, the introduction of new businesses, and local, national, and international investment.
The City of Prospect has advantageously had the NBN installed with Fibre to the Premises, serving a unique position of technological and digital investment.
The success of the City’s Digital Economy Strategy has contributed to its fourth consecutive year of international recognition as one of the world’s Top 21 Smart Cities by the New York based Intelligent Communities Forum (ICF).
The implementation of the Urban Corridor Zone is also creating opportunity for the City of Prospect.
The increased corridor density and building heights allows for population growth and diversity, while addressing community challenges.
The City aims to implement multi-story residential and retail development, with efficient public transport options. Churchill Road has improved Adelaide’s transport network for northern commuters, becoming a transport boulevard.
This has been achieved by reducing freight times and providing valuable links to the South Motorway and Northern Expressway.
‘Bricks and Mortar’ businesses are thriving as a result of increased activity through developments and Council-led place activation programs such as events, public art installations and upgraded, well maintained public realms. For example, the Santos World Tour Down Under and the “Tourrific Prospect” Street Party has attracted over 20,000 people and is working towards its fifth consecutive year in 2016.
Council also has a unique weekly farmers’ market and will host the first City of Prospect Ukulele World Record Challenge in 2016.
Residential and commercial landowners are benefiting from Economic Development strategies that will grow commercial value. This will shift council’s rate revenue structure from having a reliance on the residential.
An imminent cinema development in the village heart should support surrounding businesses and build on the existing vibrancy of the area.
Success is reflected in the commercial vacancy rate of 2.78 percent on Prospect Road in August 2015, which is competitively surpassing comparable Mainstreet Precincts in metropolitan Adelaide.
The future of the City of Prospect will see further implementation of Economic Development initiatives that will continue to promote growth and opportunity, while engaging with the community and key stakeholders.