Client: Townsville City Council
Contributing to ongoing efforts by Council to revitalise the Townsville CBD, Council proposed a redevelopment of Central Park as part of a broader effort to unlock the potential of the Townsville CBD by extending the citys heart across the river to link with key infrastructure including the new North Queensland Stadium. AEC provided an economic impact assessment and cost benefit analysis of Stage 1 of the proposed City Heart Masterplan. The economic analysis supports a business case submission by Townsville Regional Council for funding.The analysis outlined the rationale for the project and key regional needs it seeks to address, as well as an overview of the types of benefits the project will deliver. Direct and flow-on economic impacts during construction and post construction were assessed using Input-Output modelling techniques, with other socio-economic benefits delivered by the project not appropriately captured by the Input-Output modelling are examined qualitatively. The Cost Benefit Analysis examined the range of benefits and costs of the project and outlined the net benefit to the regional economy. Key benefits examined included increased business activation, tourism activity and amenity benefits for locals.