Lexington, Kentucky, USA
Client FUND FOR GREATER LEXINGTON (BLUE GRASS COMMUNITY FOUNDATION)
Project STRATEGY FOR A NEW ARTS AND CULTURAL VENUE
Year 2023-ONGOING
CHALLENGE
The Fund for Greater Lexington (FGL), an endowed initiative of the Blue Grass Community Foundation, is dedicated to catalyzing transformative community projects that enhance the quality of life for all Lexington residents. As a permanent community endowment, FGL serves as a charitable resource that continually invests in initiatives that drive positive change.
In the Fall of 2023, FGL commissioned Sound Diplomacy to conduct a feasibility study to inform the development of a performing and visual arts space in Lexington, Kentucky, underscoring FGL's commitment to fostering a vibrant arts scene in the city.
The initial phase of the study involved an in-depth assessment of the local market, community needs, and potential site locations (with architectural partners RIOS). Building upon these findings, the subsequent phase focused on creating a robust business plan, engaging prospective operators, and conducting a forecasted impact assessment to ensure the proposed arts facility would be viable, laying the groundwork for a dynamic arts facility that will become a cultural anchor for the community.
strategy
Vision Workshop and Stakeholder Engagement
Utilized findings from the survey conducted as part of Sound Diplomacy’s Creative Economy Strategy for Lexington. Conducted both a vision meeting with FGL to define strategic aims for this project, and two roundtables with approximately 30 key stakeholders to identify gaps and opportunities in Lexington’s current cultural ecosystem and to gather insights on the feasibility of developing a new visual and performing arts facility.
Consumption Patterns
Synthesized and analyzed market data, consumer behavior, and industry dynamics in the arts and cultural market in Lexington and nearby cities such as Cincinnati, Kentucky, West Virginia, Tennessee, Ohio, and Indiana. This analysis revealed that the growth of the supply of creative and cultural establishments grew by 63% in Lexington and 77% in Kentucky between 2014 and 2022, outpacing that of other industries (55% for Lexington and 50% for Kentucky), indicating a rapidly-growing market.
Competitive Analysis
Conducted an assessment of ten significant performance and visual arts venues within a 2-hour driving distance of Lexington, such as the Lexington Opera House, the Otis A. Singletary Center for the Arts, and the Aronoff Center for the Arts.
Case Studies
Developed four case studies of venues with exemplary qualities (i.e., design, programming, facilities, urban regeneration, governance, social impact, community engagement): the Durham Performing Arts Center, Kauffman Center, Segerstrom Center for the Arts, and the Lindemann Performing Arts Center.
Site Appraisal and Initial Functional Designs
Partnered with global architecture firm RIOS to identify potential sites and develop a high level design brief (including the massing of target venue sizes), and initial concept designs of this proposed new venue.
Business Plan
Developed an outline business plan, including the following:
Refining the vision
Overview of programming and services
Summary of market assessment and audience profile
Governance options
Projected employment figures
Overview of marketing strategy
Types of partnerships
Operating budgets/models
Risk assessment
Operator Engagement
Conducted interviews with prospective operators of both the performing arts venue and visual arts space to gauge demand, gather insights for the business plan, and conduct initial conversations about preferred governance models.
Impact Assessment
Developed an impact assessment consisting of an economic impact forecast, social value indicators, and general benefits of the new venue in Lexington.
Findings & outcomes
The proposed venue is projected to generate a significant economic impact during construction and create over 1,200 jobs. Once operational, it is expected to contribute millions annually to the local economy and support 220 ongoing jobs.
Going beyond economics, this vibrant cultural hub will boost tourism, enhance Lexington’s appeal to top talent, and enrich the community’s overall wellbeing, livability, and sense of place.
Sound Diplomacy continues to work alongside FGL, providing strategic insights on fundraising and negotiations to bring this vision to life.