Economic Redevelopment

Our economic redevelopment feasibility study is designed to identify potential for economic revitalization for older or underperforming retail/office/industrial properties or corridors. We have conducted these studies for owners, developers, lenders, and municipal authorities.  Our study will determine the commercial development potential of the Study Area and identify market conditions necessary for redevelopment to occur. 

Each city has unique characteristics and will require varying degrees of analysis.  Following is an overview of a typical analysis.

Our conclusions/recommendations will identify the following

• Characteristics that have combined to create (or curtail) expansion, investment, or under-used properties.
• Identification of optimum size and configurations of the Study Area with respect to goods, services, and square feet.
• Determination of facility reconfiguration potential based upon the market that impacts development.
• Identification of residential, demographic, and mobility trends in the Effective Market Area (EMA) and their effect on past and future support of Study Area business.
• Determination of additional retail facilities (if any) needed to capture projected retail expenditures; determination of additional space that may be needed over the next 10 years by type and services needed.
• A competitive evaluation of the Study Areas with respect to other retail centers.
• When appropriate, potential for marketing additional office space. The analysis will provide the documentation for the development of an effective marketing strategy, including type of user and projected absorption potential.
• When appropriate, determination of the potential for marketing additional industrial space.
• When appropriate, determination of the potential for marketing additional multifamily housing in the area.

Supply/Demand Analysis

Our conclusions are based on the identification of an Effective Market Area (EMA) for each type of development studies.  An EMA is the smallest area that provides the greatest level of support for the subject area.  For economic redevelopment surveys, the EMA is typically based on conducting research into client behavior, usually intercept surveys of area shoppers or license plate surveys

Supply Analysis

Supply is determined through:

• A complete field survey of retail/office/industrial properties in the EMA (depends on scope of survey).  Among the information gathered are square footage, SIC code, hours of operation, rent and utilities (office)
• US Census Bureau information
• Additional small-area demographic sources as appropriate (Claritas, Inc.)

Demand Analysis

• Based on established capture factors and demographic profiles, we will establish a surplus/deficit analysis for economic development.
• Determination of the amount of "dollar drain" created by the impact of competitive facilities outside the city.

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