Anchor Institutions on the Michigan Street Corridor: An Economic Case Study

As large employers, landholders, and purchasers, anchor institutions hold great potential for benefiting the local economy. This study examines the current literature on anchor institutions and how such potential can be unleashed. Drawing on two established economic development strategies, locality development and local import substitution, this paper describes how successful co-optation of anchors by local economic developers can produce mutually beneficial results. A cluster of anchor institutions in downtown Grand Rapids, Michigan, where three distinct projects are developing from an intentional anchor institution economic development strategy, serves as an illustrative case study