Final parker presentation


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Final parker presentation

  1. 1. Daytime EconomyVision and Strategy Presented by Dr. Phil McCready 2008 Dr. Phil McCready & Don Threewitt July 14, 2008
  2. 2. Why Daytime EconomyRetailers want depth in local spendingDaytime vibrancy lacking downtownOut-commuting threatens Q. of LifeCultural industry users/sponsors fewSales tax for investment and upgrading
  3. 3. Daytime Economy WantedWhere Parker can compete!Daytime workforce with high wagesGrowth potential for job creationIndustries boosting image of ParkerMatch local workforce skills/assets
  4. 4. Context: Locational Advantage AIRPORT.
  5. 5. Context: Commercial Development Focus
  6. 6. Competition : I-25 Office Market ACTIVE DEVELOPMENT AREA DTC: 9m sq. ft. (35,000 JOBS) INVERNESS: 9m sq. ft. LONE TREE: 4m sq. ft. MERIDIAN: 2m sq. ft. (8500 JOBS) HIGHLANDS R.: 1.9 m sf. S. AURORA 1.7m sq. ft. COMPARK: 1 m sq. ft. PARKER: 0.6 m sq. ft.
  7. 7. What Inhibits Development? Land Availability/Cost Commercial Lending Rules Fragmented Ownership Land/Development Land/Development Multiple small developersChoice/Quality/Cost with competing visions Business Space Business Space 1.Real Competition Competition Estate I-25 Corridor Market Market Real Estate Larger QualityFirms Don’t Come Failure Market Perceptions Companies Companies Sectors/Timing Sectors/Timing 2.Economic Leakage Successful Companies Leave
  8. 8. Missing IndustriesMetro Denver Compared to Lone Tree, South Aurora and Highlands Ranch: -1400 jobs in Information! Parker has: 6000 - 7000 fewer daytime jobs & job gap is growing Missing South Metro sectors Lack of larger companies Home grown firms leaving Business vibrancy limited
  9. 9. Missing IndustriesMetro Denver Compared to Lone Tree, South T Aurora and Highlands Ranch: k -1100 jobs in Finance/Insurance Parker has: Office space choice/quality Pre-lease development block Choice/quality/cost space 30% smaller retail sector
  11. 11. Retail Quality is SufferingHigh turnover in restaurantsFewer quality restaurantsDead retail space & vacancyLower quality ‘big box’Improve roadside frontageQuality along Parker Rd.Lacking landmark gatewaysBetter signageBoost retail spending capacity
  12. 12. Available Commercial LandC Daytime Economyc Viability Diminishing! Sites need to be: Larger sites for landmark/ quality type development E-470 access (visibility) Proximity to Parker for spending capture Consistent quality with nearby sites to safeguard tenant investment
  13. 13. Daytime Economy Can Work in Parker! What it will take:But Harness key sites closeno to E-470 & Parker Rd. Backing for larger scale job growth opportunities Clear development vision for key parts of the town Selected higher density Target office market failure Drop bedroom community market perception Scheme design to retain spending and sales tax
  14. 14. Large-scale Job Growth OpportunityMetro Denver P P Long-term P projected P P P growth in Health Care expenditures! Fast growing industry in South Metro Denver: • New hospitals • 1,500 firms • C 470 medical office development • 30% growth in new firms (2001-2005)
  15. 15. Location: Parker Health Corridor
  16. 16. Context: Established Health Corridors 1 hour drive time Hospitals number: EAST-WEST HEALTH 31 CORRIDORSGross patient revenue: $16 Billion HOSPITALSPlus military medical: OVER 250 BEDS Fort Carson; VA; Air Force Academy hospitals 100 to 250 BEDS UNDER 100 BEDS
  17. 17. Context: Local Health Assets Rocky Vista University Parker Adventist Skyridge Medical
  18. 18. The Health Corridor ConceptWhat is needed to make the concept work to maximize economic benefits for the town:1. Health Corridor Vision Plan2. Parker Medical Office Park3. Marketing and Branding Strategy4. Connection & Transit Strategy
  19. 19. 1. ‘Big Picture’ VisionPp
  20. 20. 1. Block by Block Vision
  21. 21. 1. Vision for Key SitesPp
  22. 22. 2. Brand and Message Parker Health Corridor Where Business Comes to ThriveFirst Choicefor Healthy Lifestyle Healthy Communities
  23. 23. 2. Who are we Selling to?1. Medical education satellite facilities2. Financial, IT, Business services in health3. Health related sales and corporate offices4. Health related wholesale and distribution5. Healthy living treatment and facilities6. Health related not-for-profits
  24. 24. 3. Parker Medical Office Park Anchors new development benefits close to Parker p
  25. 25. 4. Transit StrategiesMaximizeeconomic linkages SHUTTLE BUSand utilize grant RTD BUS LINK funding RTDfor public CYCLE / PEDESTRIANtransit & access
  26. 26. Health Corridor Job Medical Office Park: and Tax Impacts  4,500 - 9,000 direct jobs  1,400 - 2,800 indirect jobs  $129 - $258 m spending locally  $1.16 - $2.32 m sales tax locally Rest of Health Corridor:  2,400 - 8,000 direct jobs  745 - 2,500 indirect jobs  $48 - $160 m local spending  $0.43 - $1.45 m local sales tax
  27. 27. IntelligentImplementation The payback of daytime economy is not direct; but it is REAL (e.g. crop feeding/rotation on yield): Helps stem “leakage” of purchases from outside Parker bought with local money.  Estimated tax of $173.35 per resident daytime worker/year  Focus on women into workforce; workforce placement
  28. 28. Strategies to Improve Development pre-lease land availability 1. Parker Rd. 1. Parker Rd. requirements Corridor Vision Corridor Vision business space gaps I-25 Corridor competition5. RTD facility/parking5. RTD facility/parking 2. Business Incubator 2. Business Incubator The few larger firms smaller fragmented landsmall independent ideas perceptions of developers development profs. 4. Transit Connection Strategy 4. Transit Connection Strategy 3. Zoning/density 3. Zoning/densitycomplexity in development control signage/quality of and building regulation entrance gateways poor
  29. 29. Phasing, Integration and Grants
  30. 30. End of presentation Q&A Next steps Thank you