Marketing Historic Preservation
My first experience in marketing historic preservation began to take shape as I was researching and writing my doctoral dissertation.
The dissertation topic centered on innovating commercial real estate development strategies for high risk resort and recreational projects.
As I commenced work on the dissertation, I became fascinated by the potential to redevelop the historic steam railway, from Williams Arizona to the Grand Canyon, as a Smithsonian quality, living museum.
The Challenge
The challenge for a developer (actually re-developer) of the 1901 Grand Canyon Railway was both technical and financial. Restoring 63 miles of Santa Fe mainline tracks, turn-of-the 20th Century steam railroad equipment, and roughly 100 bridges and culverts would be both challenging and expensive.
On the other hand, the experience of riding through 63 miles of old west history on an historic steam train and arriving at the South Rim of the Grand Canyon, was priceless. And, in my strongly held opinion, the potential to reduce the environmental impact of motor vehicles in the Grand Canyon National Park was equally priceless.
Meeting the challenge would clearly require an innovative approach to both real estate development and financial strategy and also to marketing historic preservation.
Grand Canyon Railway – 1901
Research
As I commenced my dissertation research, I determined that completing the first phase of the project would require an investment of between $15 million to $20 million. Raising that sum from grants and donors, for what was clearly a speculative project, would literally be impossible.
In addition to this funding challenge, it was clear that marketing historic preservation would be a very expensive process.
Strategy
In response to these research findings, I flipped the nonprofit business model on its head and restructured the project as a private, for-profit, business investment.
We formed a development team, raised the required investment, and announced our plan to restore and operate the Grand Canyon Railway as a for-profit business.
Restoration of historic steam locomotives, passenger cars, 100 bridges and culverts, 63 miles of mainline railway, and the historic log depot at Grand Canyon’s South Rim, was underway.
We re-inaugurated service on the Grand Canyon Railway under budget and six months ahead of schedule. And, we made a substantial and very successful investment in marketing historic preservation and removing 100 or more motor vehicles from the Grand Canyon National Park on a daily basis.
Restoration of the historic
Grand Canyon Railway
Depot – Williams, AZ
Restoration of steam engine #18
Restoration of the historic
Grand Canyon Railway
Depot – Grand Canyon South Rim
Grand Canyon Railway Re-inauguration – 1989
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