Introduction: A New Era in Park Development

Across the United States, cities are facing a difficult truth: while parks are beloved community assets, they do not generate revenue. They require land that could otherwise host taxable buildings, demand ongoing investment, and offer no exclusive financial benefit to adjacent developers. Yet despite these challenges—and despite reduced municipal budgets for parks since the pandemic—Americans are using and valuing open space more than ever.

With populations shifting across states and cities continuing to grow, the responsibility for creating the next generation of parks has increasingly fallen on the private sector. Developers have stepped into a role once dominated by public agencies, helping deliver green spaces that serve both communities and economic growth. As someone deeply invested in the built environment, I believe this shift is reshaping urban development in profound ways.

1. Why Cities Are Turning to Developers for Parks

Parks Are Essential, but Costly

Parks require significant capital—land acquisition, design, construction, ongoing maintenance. And unlike residential or commercial buildings, they rarely create direct revenue streams. Even indirect benefits, such as increased property values or improved health outcomes, are rarely enough to entice strapped city governments to fund major new park projects.

Compounding the challenge, local government funding for park operations remains below pre-pandemic levels, despite soaring public demand during and after the COVID-19 crisis. City agencies are simply stretched too thin.

Urban Green Space: Developers Fill the Gap

To keep pace with growing populations and rising expectations for quality public space, many municipalities now look to developers to incorporate parks into their plans. This trend is not limited to major metros—it’s happening across suburban markets, Sun Belt cities, and emerging secondary markets.

From mixed-use districts to large-scale master-planned communities, developers are increasingly responsible for building—and sometimes maintaining—parks that the public relies on.

2. The Value Developers Derive from Building Parks

Creating Attractive, Livable Communities

While parks do not generate profit directly, they create environments where people want to live, work, and invest. At Duke Properties, we have long seen that green space enhances:

• Residential demand

• Walkability and foot traffic for retail

• Long-term tenant satisfaction

• Neighborhood stability

In a competitive housing market, especially one increasingly defined by hybrid work, these intangible benefits matter. They are powerful economic drivers in the long run.

Strengthening Public-Private Partnerships

Developers who invest in parks often gain stronger relationships with local planners, community boards, and civic leaders. The projects that emerge tend to be more cohesive and better aligned with public goals—something that benefits the entire market over time.

3. Shifts in Population Are Reshaping Park Needs

Migration to Sun Belt and Secondary Cities

Over the past decade, population growth has accelerated in places like Texas, Florida, the Carolinas, and Tennessee. Many of these fast-growing regions had limited park infrastructure before the pandemic. Suddenly, cities that were once sleepy suburbs are now booming hubs.

Developers have stepped up, integrating parks into new residential communities, mixed-use districts, and revitalized downtowns. In many cases, these parks are the first significant public green spaces these cities have had.

Urban Neighborhoods Reimagining Open Space

Even in established metro areas like New York and Los Angeles, developers are creating privately funded or privately maintained parks to fill gaps left by public budget constraints. Plazas, green roofs, micro-parks, and enhanced streetscapes are increasingly built and maintained through development agreements.

This reflects a broader shift: urban residents no longer expect parks to be only grand, sprawling spaces. They want accessible, small-scale pockets of green woven into the urban fabric.

4. Why Public Funding Alone Isn’t Enough

Pandemic Aftershocks Still Linger

During the pandemic, parks were among the safest and most essential resources cities had. Yet, paradoxically, funding for park operations fell and never fully recovered. Municipalities are still grappling with:

• Reduced tax revenue

• Increased demand for social services

• Rising infrastructure costs

Even as city populations recover or expand, making room in budgets for parks remains challenging.

Balancing Density with Quality of Life

Cities know they cannot simply increase density without also enhancing livability. But with limited resources, they are increasingly turning to developers to share the responsibility of building green infrastructure.

This is where thoughtful, community-oriented development becomes indispensable.

5. The Path Forward: A Shared Responsibility for Urban Well-being

Developers as Long-Term Stakeholders

Developers are no longer just builders of buildings—they are shaping the ecosystems around them. Parks are part of that ecosystem.

At Duke Properties, we believe that investing in livable, green, community-centered environments is essential not just for our business but for the health and vitality of our neighborhoods. Parks help support:

• Mental and physical well-being

• Community cohesion

• Economic resilience

• Environmental sustainability

And while these benefits may not have immediate monetary returns, they create long-term stability and value that all stakeholders—public and private—can share.

The Need for Innovative Funding Models

To ensure sustainable park development, cities and developers must explore:

• Public-private partnerships

• Developer incentives

• Maintenance districts

• Long-term stewardship agreements

When done right, these collaborations allow parks to flourish without overburdening city budgets.

Conclusion: Building Parks, Building the Future

The growing reliance on developers to create new parks marks a fundamental evolution in American urban planning. It reflects economic realities, shifting demographics, and a renewed appreciation for open space.

As developers, we are uniquely positioned to bridge the gap between public need and limited municipal resources. The projects we build today—especially those that incorporate parks and green space—will shape the character and health of our communities for generations.

At Duke Properties, we remain committed to supporting park development as part of our mission to create vibrant, sustainable, and inclusive places to live. The future of cities depends not just on buildings, but on the thoughtful integration of nature and community space—and that is a future we are proud to help build.

Albert Dweck

CEO, Duke Properties