Envisioning a Community Arts Hub for Herriman
Victus Advisors partnered with Herriman City to assess market demand, financial feasibility and community impact for a new performing and visual arts venue in southwest Salt Lake County.
Client
Herriman City (Utah)
Sector
Performing Arts & Live Entertainment
Project
Feasibility Study & Market Survey for a Performing & Visual Arts Venue
Year
2022
Client Challenge
With rapid population growth and a vibrant youth and family demographic, Herriman City needed an independent study to determine if a new performing and visual arts venue could fill gaps in local cultural infrastructure, meet community demand and operate sustainably amid competing public funding priorities.
Approach
Victus Advisors led a five-phase feasibility process including demographic and socioeconomic analysis, stakeholder interviews, competitive venue benchmarking, detailed program and site recommendations, operating and financial modeling, and an economic impact assessment. The study provided clear data on local and regional demand, usage estimates, revenue projections, and site fit options, culminating in a recommended venue concept.
Benefits to Client
Herriman City received a roadmap for delivering a 70,000+ square foot arts venue that aligns with local needs and available resources. The project could generate over $66 million in direct spending over 30 years and elevate quality of life through expanded cultural and educational programming for all ages.