Collaboration and shared learning are powerful tools for urban development. Recently, Kresge partners and community stakeholders from New Orleans BioDistrict traveled to Memphis to learn from our partners at the Memphis Medical District Collaborative and see what has been accomplished on the ground. Participants included BioDistrict trustees, Greater New Orleans Foundation staff, community anchor institutions as well as city and state government officials.

Together, they explored the successes and strategies of the Memphis Medical District Collaborative (MMDC) and the lessons that could be applied to the burgeoning New Orleans BioMedical Innovation District. The exchange delved into the complexities of district revitalization: tackling obstacles, celebrating early wins, fostering collaborations and understanding the profound importance of placemaking.

Urban Hubs of Transformation

Located between Downtown and Midtown, the Memphis Medical District is a dynamic area comprising prominent, renowned hospitals and colleges, and historic and unique neighborhoods. It’s a bustling space, home to over 23,000 employees and students and more than 10,000 residents who contribute to the zone’s distinct character and potential.

Like MMDC, the BioDistrict in New Orleans is home to important anchor institutions supporting innovation and community wellbeing: colleges, universities, major hospital systems and dedicated nonprofit organizations. BioDistrict New Orleans seeks to create a model for equity and economic inclusion by championing small business creation, prioritizing local hiring, and implementing training programs designed to increase the wealth of its neighbors. Both Memphis and New Orleans are striving to build more than just physical spaces. The aim is to cultivate thriving, equitable communities.

“What the BioDistrict is seeking to ensure is that it becomes a true civic revitalization engine – incorporating affordable housing, improved placemaking and pedestrian-friendly infrastructure, small business development that can feed, and be fed by, the anchors, and a driver of deeper integration of effort among the institutional players,” said Kresge President and CEO Rip Rapson.

A Model for Catalytic Change

Despite the BioDistrict’s strengths, the area grapples with high poverty rates and a lack of adequate housing and commercial spaces. Exchange participants learned that central to Memphis’ success was the transformative power of the $30 million Memphis Medical District Fund. Born from a partnership between Kresge, The Hyde Family Foundation, MMDC, major banks and a community development financial institution, Pathway Lending, the fund directly confronts decades of disinvestment. The fund provides catalytic capital to accelerate inclusive residential and mixed-use real estate development, meet the demand for a vibrant community, and serve as a model for community revitalization. It’s anticipated that the $30 million investment will spur 15-20 years’ worth of mission-oriented development over the next five to seven years.

The visit by the New Orleans delegation underscores the importance of peer learning for cities: there is no substitute for seeing how change happens in place. By sharing challenges, successes, and innovative funding models, community development leaders and residents can inspire one another, and work together toward building stronger and more inclusive communities.