Econsult Solutions, Inc. (ESI) and Parter International were retained by the Kalmar Nyckel Foundation (KNF) to conduct a study of the feasibility and potential economic impact of developing a new riverfront attraction within the existing KNF campus in Wilmington, DE. KNF is a nonprofit organization that operates a historic tall ship and maritime center on Wilmington’s East 7th Street peninsula, a region with a proud colonial and industrial history currently in need of reinvestment.
ESI and Parter International undertook extensive research to inform the analysis. This included stakeholder interviews, market research, a SWOT analysis, and assessment of similar visitor attraction concepts that were successful in other locations. Potential scenarios were modeled to assess how they would achieve KNF’s goals and respond to marketplace realities. The results of scenario testing were further evaluated to determine the visitor attraction and spending potential to demonstrate economic and fiscal impacts that would be generated.
The results informed KNF’s strategic planning and investment decisions for the project proposal, and the findings supported the client’s commitment to enhancing the tourism experience and economic inclusivity. The enhanced attraction can be expected to support about 45,000 additional visitors annually. It is projected to generate $7 million in additional visitor spending annually, supporting 110 jobs and $3.3 million in employee compensation each year. The estimated annual tax revenue impact is $300,000, with $278,000 for the State of Delaware and $22,000 for the City of Wilmington.
ESI and Parter International provided KNF with a comprehensive report which aided in the development of a detailed site and business plan. The demonstration of long-term impacts, including the creation of accessible jobs, improved environmental conditions, and support for local businesses helped KNF articulate the benefits to the community as the organization sought support for their project. Further, the implementation of the project and increased visitor attraction can be expected to catalyze additional reinvestment on Wilmington’s East 7th Street Peninsula.
