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June 16th Presentation - Kansas City Urban Market Assets
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June 16th Presentation - Kansas City Urban Market Assets

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  • Transcript

    • 1.  
    • 2. Overview
      • Reason for the DrillDown
      • DrillDown Process
      • Kansas City Results
      • District Results and Selected Neighborhoods
      • Questions after each major section
    • 3. Major Barrier to Urban Investment
      • Major barrier: Lack of purchasing power
      • Major barrier: Insufficient concentration of target customer
      • Major barrier: Crime or Perception of Crime
      • Why are we here? Accurate market information about our urban core areas.
      • Source: ICSC Retail Survey 2002
    • 4. The Census
      • Census increasingly undercounts urban core areas and is less accurate as time passes
      • Full count every 10 years – need yearly household data to inform policy & update market models for development
      • Misses pockets of development and subsequent growth (ex. population from Crossroads, Westport condos and lofts)
      • Cash economy is absent
    • 5. The DRILLDOWN
      • Social Compact, nonprofit funded by a coalition of Banks and retail companies to improve inner-city marketability.
      • An estimate of the urban population using multiple data sources from federal, state & city levels
      • Transactional data: utility use, purchases, and property information.
    • 6. The DRILLDOWN
      • Asset Data Drives Urban Investment
      • Uncovers hidden market assets, like population, true purchasing power, and the informal economy
      • Backed by Brookings, ICSC, the Federal Reserve, top 100 marketing retail research departments.
      • Conducted in over 100 urban neighborhoods resulting in nearly one billion in investment
      • 15 cities to date, three more coming on in 2008. www.socialcompact.org
    • 7. DrillDown Impact in Other Cities
      • Houston – Results provide solid case for redevelopment of Gulfgate Mall and surrounding area.
      • D.C. - Key to attracting Target and Giant to two urban neighborhoods.
      • Harlem – $1 billion in cash economy. Fleet setup two branches, 3 atms and a micro-lending facility.
      • Cleveland - $820 million cash economy results in KeyBank establishing new branches and strategy to increase banking in urban core neighborhoods.
    • 8. DrillDown: How Does It Work?
      • Transactional data versus reported data
      • Use multiple 'layers' of data
      • Overlay, one dataset may capture
    • 9. DrillDown: How Does It Work?
    • 10. DrillDown: How Does It Work?
    • 11. DrillDown: How Does It Work?
    • 12. DrillDown: How Does It Work?
    • 13. Sample of the Data Sets
      • Credit Bureaus (3)‏
      • MLS/Home Sales
      • Claritas Consumer
      • BLS Cons Exp Rep
      • ESRI Business Ind.
      • IRS Records
      • USPS Records
      • KC Water
      • Building Permits
      • Demolition Permits
      • Public Housing
      • Parcel Data
      • Tax Assessment
      • Payday/Banks/Retail
    • 14. Notes on Results
      • DrillDown captures both missed households & pockets of new development
      • Not necessarily growth since 2000
      • DrillDown is an estimation technique not a survey method
    • 15. Kansas City Highlights
      • Population: 533,117, or approximately 71,000 higher than 2000 Census estimates.
      • Change: Census 2006 estimates show a small population decrease of -1.9%, compared to the DrillDown estimates of 15%.
    • 16. Kansas City Highlights
      • Income: DrillDown estimates average household income is $54,000 or 13% higher than the Census 2000 estimate.
      • When the informal or "cash" economy is included, the average household income rises to $57,000.
      • Cash economy: The DrillDown estimates the citywide cash economy to be worth $668 million dollars
    • 17.  
    • 18.  
    • 19. District Map
    • 20. Districts Overview
      • Population : The DrillDown estimates show significant change in all Districts, the largest in Districts 1, 3 and 5
      • Income: Average household income is higher in all Districts, with large spikes in District 3 and 5 due to the informal or cash economy.
    • 21. Districts Overview
      • Cash Economy: Large cash economy in Districts 3, 5 and 6.
      • Density is a critical market asset in District 3 and 4, demonstrating the highest per acre purchasing power across the city.
    • 22.  
    • 23.  
    • 24.  
    • 25. District 1
      • Population: 98,416 - difference of 29% from Census 2000
      • Income: $53,793 average income with cash economy included - 17% difference from Census 2000
    • 26.  
    • 27.  
    • 28. District 2
      • $70,138 average income with cash economy included - 19% difference from Census 2000
      • Highest average income of all districts and should bode well for the retail that will serve the downtown CBD and Rivermarket population.
    • 29.  
    • 30.  
    • 31. District 3
      • Population change: 17%
      • Average income: $41,113
      • $$ per acre = $102,726 - 44% difference from Census 2000.
      • 2 nd highest $$ per acre
    • 32.  
    • 33.  
    • 34. District 4
      • Avg Income: $67,086 - 16% difference from Census 2000
      • $$ per acre: $236,803 - 15% difference from Census 2000
    • 35.  
    • 36.  
    • 37. District 5
      • Pop: 75,832 - difference of 24% from Census 2000
      • Greatest change in total economy with a 53% difference from the Census by including the cash economy.
    • 38.  
    • 39.  
    • 40. District 6
      • Population: 76,591 - difference of 5% from Census 2000
      • Avg Income $61,784 - informal cash economy included - 17% difference from Census 2000
    • 41.  
    • 42.  
    • 43. Next Steps
      • Additional Data – retail leakage, credit report penetration, vacancy rates
      • Monthly Webinars
      • Desktop Application (July/August) – enable quick (SIMPLE) data access using google map platform
      • Custom reports with Corridor Partners or on a purchase/request basis for others
    • 44. KCUMA Team
      • Dan Melton, PhD – Team Leader
      • Robyne Turner‏, PhD – UMKC Leader
      • Ryan Gerety – Social Compact Liaison
      • Kate Bender – KCMO Liaison
      • Doug Bowles – UMKC CEI Liaison
      • UMKC Team: Chris Green, Heather Starzynski, Joe Zhao, Sam Newby
    • 45. Questions? For More Information: Dan Melton KCUMA Coordinator [email_address] http://www.kcuma.org