Bayview Heights Erie PA Regional Market Overview Van Amburg Group


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Erie PA Regional Market Overview by Van Amburg Group, giving real estate developers an understanding of business opportunities with the Bayview Heights property at

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Bayview Heights Erie PA Regional Market Overview Van Amburg Group

  1. 1. . Erie County, PA Regional Market Overview Bayview Heights Development Opportunities 1
  2. 2. . Regional Market Overview Erie County, PA • Erie County, PA is centered in the “Foundry region”* – Manufacturing = 15% of employment (GE, Lord, Zurn, etc.), defining a target project rental market – Stable population & workforce – Lower wages limit family asset creation, increasing the rental market – Strong desire for green buffer zones, architectural quality, & the opportunity for well-designed developments • There is strong community appreciation & loyalty – Erie: 4th largest city in Pennsylvania with a stable economy including: higher education, industrial, medical, tourism, service, retail and technology – 84% of residents want to remain in Erie County for life – Large numbers of expatriates are beginning to return to: • Raise families • Retire, many early • Care for ailing elderly parents 2 * Map developed from work of Joel Garreau in 9 Nations of North America
  3. 3. . Northwest Pennsylvania A State Within Itself • Pennsylvania acts as four separate states – North & south are divided by I-80 – Each regional economy is fairly independent – Erie has historically been the “capital” of NW PA, attracting residents, job seekers, and shoppers from the surrounding counties – Erie & NW PA attract outdoor enthusiasts • Lack of metropolitan traffic density adds to the region’s charm – NW PA remain a lovely place to live and visit – Urban traffic congestion in Erie is rare – Everything is only 10-20 minutes away • Regional geographic, political and economic isolation have slowed Erie’s build-out, leaving development opportunities – It is bounded by lake & borders (county, state and international) to the west and east/north – Erie County’s 40 mile shoreline provides Pennsylvania’s only access to the Great Lakes – Presque Isle State Park provides 7 miles of free beaches & a complete eco-system 3
  4. 4. . Local & Visitor Traffic Regional Retail Magnet & Visitation • The main streets of Erie County are Interstate 90 & Interstate 79 – They feed local & regional traffic, interstate commerce & Canadian visitation – * I-79 provides direct access to the development property • The center of the region is I-90 & Peach St. (PA Route 19) – It provides the only retail magnet within 60+ miles – 50% to 70% of residents from surrounding communities shop there bi-weekly – Millcreek Mall is the 4th largest in the U.S. • Many from the Pittsburgh area return to Lake Erie, Edinboro & other small lakes for their annual vacations – They provide the opportunity to market to for vacation & retirement • Erie is a highly desirable retirement community – Many of the 200,000+ former residents intend to return to retire 4
  5. 5. . Regional Resident Attractions Regional Assets & Amenities • Retail, golf, nature trails, and other amenities match your target customer groups’ recreational and shopping patterns & desires – * All Erie County amenities are within a 5-20 minute drive of the development property – * Chautauqua Institution’s world decision maker residents & world-class programs are within 35 minutes – * 6 full service fitness centers within 10-15 minutes – * Nearest hospital within 5 minutes, 3 within 15 minutes – * Nearest emergency care center within 5 minutes 5
  6. 6. . Canadian Tourist Traffic Along Interstate Corridor • The development property is ideally located for visibility, awareness and inexpensive communications with future customers from Canada – A high % of Ontario visitors to PA & southeastern states drive through Erie County to reach their destination • 1/2 of all Canadian travel of one+ nights was generated from the province of Ontario, home to one-third of Canada's population • 9.1 million people from Ontario visited the U.S. in 1998 with New York, Florida, Michigan, and Pennsylvania receiving half of them. • 97% of Ontario travelers to PA drive rather than fly • Canadians spend an average of 2.4 nights in the U.S. – Many Canadians shop in Erie County • No clothing taxes or GST (goods & services tax) in PA 6
  7. 7. . Niagara Falls Traffic Along Interstate Corridor • The development property is ideally located for visibility, awareness and inexpensive communications with future customers from the larger region – Niagara Falls receives 20+ million visitors every year • Niagara Parks, Canada visitors spend $2.5 billion annually • About 10 million come from the U.S., & about 5 million drive through Erie County to get there 7
  8. 8. . Who We Are North American Marketing & Research Consultancy Since 1977 Working since 2003 with sister corporation MutualGravity, Inc., a web-based communications software development firm We build brilliant real-time communication solutions for organizations committed to a better world •$4 billion in new business for our 3000 clients in 165 industries over 30+ years •Research & feasibility studies, customer satisfaction, marketing, loyalty programs, websites, eLetters, marketing communications & campaigns •Helping your organization transition to the new economy Our work has been featured by America’s media 8
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