Assignment: Analysis Project: Development Opportunity: Gateway Site
General Purpose:
Building on the methodologies and materials used in this class, students will assigned a site within the
Pompano Innovation District and perform a preliminary market analysis for a specific type of product/use. This includes a short narrative about their selection, an assessment of demographics and economic indicators for the side and its threshold/trade area, and a critical reflection on its feasibility to go forward in the development process.
Overall setting: Apply your new learned skills to a site in the Pompano Beach Innovation District, decide on a RED product, execute a short market analysis, and present a critical review of it. Site selection is at the bottom of the assignment. Emily Marcus, of the CRA in Pompano, gives an introduction and a presentation to introduce the settings and story (in the additional materials). Overall, students' suggestions will be given to Emily after the class as a set of reports for development stimulation and ideas.
Setting and Tasks:
You are now asked to do a screening of a select site within the Pompano Innovation District.
You have the freedom to choose what RED product (residential development (larger scale, not just one house), office, retail, or warehousing/ industry etc.) you are recommending.
Choosing the type of RED product depends on the site and its location - a good fit for the innovation corridor as well. Type might define your market/trade area. Again, you have the freedom to choose but you need to present fair reasoning why you choose i.e. a retail center. This can be done in a short paragraph.
Optional: In using economic base indicators and demographics or economic data you then will present more context for your project. This can be done, for example, in presenting feasible market area delineation (we addressed various methods and procedures) and then break down census and BLS data for a screening of demographics and economic indicators.
Task/Requirement:
• Location: Give a short overview on the regional context of your site- located where exactly, size, location and infrastructure, known for what kind of activities, brands/firms, universities or sports? If possible, include a map or overview sketch.
[Scope: 1 page text]
• Market/Trade area setting and justification
Present in writing, with additional map and visuals if applicable (this can be a good sketch as well), how do you define your market area and give some discussion on market delineation and range/threshold.
Prior to this, it is important that you state your intent which product you would like to develop and run an analysis. (Stating in a paragraph is good enough, thus your analysis might show that the product and location do not fit based on your indicators and data) [Scope: 1 page text plus visuals]
• Demographics and Regional Economic Indicators, Market relevant information
• Present for your market area general and product specific indicators. Include a currentdemographics overview (as current as possible) on population, age, race, education, income, and additional indicators that are valuable and are related to your product.
• Present an overview of your targeted population to show if the current market does present this. [Extreme example: Family Water Park would need to show how many families are in a certain area.]
• Please be aware that i.e. population age is not relevant if you choose to develop a site as warehousing - I would expect information about employment and retail volumes as more feasible. Show which variable you choose and which ones you don't.
• Present current market rates and comparable products if possible (see other indicators).
• Note: you need to write a sentence or three about a table!
Other indicators
• Pending on the chosen RED product and the site/location you can use ANY other information as part of your justifications and information presentation. I.e.Colliers and other brokers, Zillow, companies' pages, city or county data. (Scope: up to 3 pages, if needed). This is the place to think outside of the box and being creative. Do not call a broker's office and bother them. Use your local knowledge and "foot work" for this step.
• [Scope: pending on amount of tables/format used; min 1.5 pages, max 3 pages text]
• Analysis and Interpretation:
• Present a critical review of your site and market analytics. Understand that your review does not need to favor the site. It is completely ok to analyze and assess, and then throw out the site as "not feasible" for the earlier stated RED product. That is why you are stating your intent and being transparent in your assessment. For example, you are thinking of a bank as product but your analysis suggests that is not the best product; that's fine.
• You do not have to include a proforma or financial calculations about the RED product.
• However, if you find a price listed in your work, present such information. If you would need to undergo a rezoning process, just state that this would be needed. Purpose of this assignment to put all the new skills together and test your critical thinking.
• [Scope: up to 2 pages (computations in a small table)]