place·mak·ing / (pleɪs) +(maYk)+(ing)/ verb:

…partners from public, private, non-profit, and community sectors strategically shape the physical and social character of a neighborhood, town, city, or region around arts and cultural activities. Creative placemaking animates public and private spaces, rejuvenates structures and streetscapes, improves local business viability and public safety, and brings diverse people together to celebrate, inspire, and be inspired.
-Ann Markusen & Anne Gadwa, National Endowment for the Arts, 2010