20170208_OlmstedFalls_PresentationFinal

A Cedarwood Company
Economic and Real Estate
Development Marketing Strategy
Report
Dennis Burnside
Kyle Johnson
Juniper CRE Solutions
F e b r u a r y 1 5 , 2 0 1 7

OVERVIEW AND CONCLUSION
ATTRACTING DEVELOPMENT
AND INVESTMENT
Market conditions/trends
Business community
Available sites and real estate
The strategy and tactics
The City of Olmsted Falls has invited Juniper CRE Solutions
to help attract real estate development and investment.
During the last four months, we visited with the Mayor and
City staff to better understand the personality of the City
and its citizens. This presentation addresses our
recommendations for meeting business goals and
objectives.
With an aggressive and strategic marketing program,
Juniper is confident that Olmsted Falls can attract new
business, support its existing business base and garner new
residents – who would be proud to call Olmsted Falls home.

• Population
• Labor Force
• Labor Force Participation
• Unemployment
• Age Cohort
• Educational Attainment
• Educational Attainment
• Household Income
• Housing Value
• Age of Housing Stock
3
Marketing Conditions and Trends

MARKET TRENDS| Population
-3%
-2%
-1%
0%
1%
2%
3%
4%
5%
2010 2011 2012 2013 2014 2015
IndexedPercentage(%)
Olmsted Falls Cuyahoga County Ohio United States

Market Trends| Labor Force
-4%
-3%
-2%
-1%
0%
1%
2%
3%
4%
2010 2011 2012 2013 2014 2015
IndexedPercentage(%)

ECONOMIC HEALTH | Labor Force Participation
58%
60%
62%
64%
66%
68%
70%
72%
2010 2011 2012 2013 2014 2015
Percentage(%)

ECONOMIC HEALTH | Unemployment
0%
2%
4%
6%
8%
10%
12%
14%
2010 2011 2012 2013 2014 2015
Percentage(%)

ECONOMIC HEALTH | Age Cohort
0%
2%
4%
6%
8%
10%
12%
14%
16%
0-5
years
5-9
years
10-4
years
15-19
years
20-24
years
25-34
years
35-44
years
45-54
years
55-59
years
60-64
years
65-74
years
75-84
years
85
years+
Percentage(%)

ECONOMIC HEALTH | Educational Attainment
0%
5%
10%
15%
20%
25%
30%
35%
40%
<9th Grade 9th-12th, No
Diploma
High School
Graduate
Some College Associate's
Degree
Bachelor's
Degree
Graduate or
Professional
Percentage(%)

ECONOMIC HEALTH | Household Income
0%
5%
10%
15%
20%
25%
Percentage(%)

ECONOMIC HEALTH | Housing Value
0%
5%
10%
15%
20%
25%
30%
35%
40%
Percentage(%)

ECONOMIC HEALTH | Age of Housing Stock
12
0%
5%
10%
15%
20%
25%
30%
35%
2014+2010-20132000-20091990-19991980-19891970-19791960-19691950-19591940-1949<1939
Percentage(%)

BUSINESS COMMUNITY| Strategy
• Community Strengths
1. Arts, entertainment, and recreation, and accommodation and
foodservices, and other services
2. Information
3. Finance and insurance, and real estate and rental and leasing
• Gaps
– Companies that add value to the lives of residents will be the most
beneficial. These could include a new type of restaurant, activity, or
practice.
13

MAPLEWAY DRIVE| HIGHEST AND BEST USE ANALYSIS
14
Main Category Multifamily Hotel
Sub-Category
Class
C
Suburban
Office
Buildings
Light
Assembly
Flex
Warehouse
Out Parcel
(Individual
tenants)
Restaurant
Garden
Apartments
Limited Service
(botique
properties)
Funeral
Home
Data
Center
Visibility (near Bagley Rd.) 1 1 1 0 1 1 0 0 0 0
Traffic Volume (~10,122 on Bagley Rd.) 1 1 1 0 0 0 1 1 0 0
Parking (to be built on site) 1 1 0 -2 1 1 0 0 1 0
Access (near Bagley Rd.) -1 -1 -1 -1 0 0 0 1 1 1
Highway Access (3.2 miles to I-480) -2 -2 -2 -2 -1 -1 0 0 1 0
Rail Access (adjacent - no spur) 0 0 2 2 0 0 -2 -2 0 0
Airport Access (~6.3 miles commercial) 1 1 2 2 0 0 2 1 0 0
Resident Base (pop. 8,923/income $77,670) 0 1 -1 -1 1 1 1 0 0 0
Workers (daytime 1,123) -2 -2 -2 -2 -2 -2 -2 -2 -2 -2
Primary Demand Generator 1 2 2 2 1 1 2 2 0 2
Supports Other Business 1 1 1 1 1 1 2 2 0 2
Zoning (Professional Office/Multi-Family District) 2 2 -2 0 -2 -2 2 -2 -2 2
Infrastructure 1 1 1 0 1 1 1 1 1 0
Incompatible Land Use 1 1 1 -2 1 1 1 1 -2 -2
Size of Site 1 1 1 0 2 2 1 1 2 0
Future Expansion (space) -2 -2 -2 -2 0 0 -2 -1 0 -2
Site Attributes (layout) 1 0 1 0 1 1 1 0 2 -1
Strategic Niche Filling 2 2 2 2 1 0 2 2 1 2
Competition 2 2 2 2 0 0 2 -1 0 2
Value of Built Space 0 0 0 0 0 0 0 0 0 0
Financial Window 0 0 0 0 0 0 0 0 0 0
Market Window 0 0 0 0 0 0 0 0 0 0
Value of Land (lease) 0 0 0 0 0 0 0 0 0 0
Meet RTA Objectives (riders) 0 0 0 0 0 0 0 0 0 0
Timeframe (short, med., long) MED MED MED LONG SHORT SHORT MED MED MED LONG
Totals 9 10 7 -1 6 5 12 4 3 4
Possible Uses
Office Industrial Retail Special
*Use -2 to 2 range for analysis

8051 BROOKSIDE DRIVE| HIGHEST AND BEST USE ANALYSIS
15
Main Category Multifamily Hotel
Sub-Category
Class
C
Suburban
Office
Buildings
Light
Assembly
Flex
Warehouse
Out Parcel
(Individual
tenants)
Restaurant
Garden
Apartments
Limited Service
(botique
properties)
Self-
Storage
Funeral
Home
Visibility (near Columbia Rd. and Bagley Rd.) -2 -2 -2 -2 -2 -2 -2 -2 -2 -2
Traffic Volume (~10,122 on Bagley Rd.) 0 0 0 -2 2 2 0 0 0 0
Parking (to be built on site) -1 -1 0 -2 0 0 0 0 -1 0
Access (near Columbia Rd. and Bagley Rd.) -1 -1 0 -2 -1 -1 -1 -1 -1 -1
Highway Access (2.8 miles to I-480) -1 -1 -1 -2 0 0 0 -1 -2 -1
Rail Access (adjacent - no spur) 0 0 2 2 0 0 -2 -2 0 -1
Airport Access (~6 miles commercial) 2 2 2 2 0 0 2 2 0 0
Resident Base (pop. 8,923/income $77,670) -1 -1 -1 -1 2 2 0 0 -1 0
Workers (daytime 1,123) -2 -2 -2 -2 -1 -1 0 -1 0 0
Primary Demand Generator 2 2 2 2 2 2 0 2 -1 -1
Supports Other Business 2 2 2 2 1 1 2 2 -2 -2
Zoning (Community Commercial District) 2 2 -2 -2 2 2 2 -2 -2 -2
Infrastructure 0 0 0 -2 2 2 2 0 2 1
Incompatible Land Use -1 -1 2 0 2 2 -1 -2 2 2
Size of Site 0 0 0 0 2 2 1 1 1 2
Future Expansion (space) -2 -2 -2 -2 0 0 -2 0 -2 0
Site Attributes (layout) 0 0 0 0 2 2 0 1 1 1
Strategic Niche Filling 1 1 2 0 2 2 2 2 0 -1
Competition -1 -1 0 0 -2 -2 2 -2 2 -2
Financial Window -1 -1 0 0 1 1 1 0 0 0
Market Window -1 -1 0 0 0 0 2 1 0 0
Timeframe (short, med., long) MED MED MED MED SHORT SHORT MED MED SHORT MED
Totals -5 -5 2 -11 14 14 8 -2 -6 -7
Possible Uses
Office Industrial Retail Special

7950 MAIN STREET| HIGHEST AND BEST USE ANALYSIS
16
Main Category Hotel Special
Sub-Category
Class
C
Suburban
Office
Buildings
Light
Assembly
Flex
Warehouse
Out Parcel
(Individual
tenants)
Restaurant
Garden
Apartments
Midrise
Apartments
Limited
Service
(botique
properti
es)
Funeral
Home
Visibility (near Columbia Rd.) 1 1 1 0 2 2 2 0 1 0
Traffic Volume (~9,450 on Columbia Rd.) 1 1 0 -1 1 1 1 -1 1 0
Parking (on site) -1 -1 -1 -1 1 1 -2 -2 0 -1
Access (near Columbia Rd.) 1 1 0 -1 2 2 2 -1 2 1
Highway Access (3.8 miles) -2 -2 -2 -2 -1 -1 -1 -1 -1 0
Rail Access (< 1 mile) 0 0 1 1 0 0 0 0 0 0
Resident Base (pop. 8,923/income $77,670) 0 0 -1 -1 0 0 0 0 0 0
Workers (daytime 1,123) -2 -2 -2 -2 -2 -2 0 0 -2 0
Primary Demand Generator 2 2 2 2 2 2 0 0 2 0
Supports Other Business 2 2 2 2 2 2 2 2 2 0
Zoning (Community Commercial District) 2 2 -2 -2 2 2 2 2 -2 -2
Infrastructure 0 0 0 0 2 2 2 1 1 2
Incompatible Land Use -1 -1 -1 -1 2 2 2 0 2 2
Size of Site 0 0 0 0 2 2 0 -1 0 1
Future Expansion (space) -2 -2 -2 -2 0 0 -2 -2 0 0
Site Attributes (layout) -1 -1 -1 -1 2 2 0 -2 2 0
Strategic Niche Filling 1 1 -1 -1 2 2 2 0 2 -1
Competition 0 0 0 -1 -2 -2 2 0 -2 0
Value of Built Space -2 -2 -2 -2 -2 -2 -2 -2 -2 -2
Financial Window 0 0 0 0 0 0 0 -1 0 0
Market Window 0 0 0 -1 0 0 0 -1 0 0
Timeframe (short, med., long) MED MED MED MED SHORT SHORT MED MED MED MED
Totals 1 1 -7 -12 15 15 12 -7 8 0
Possible Uses
Office Industrial Retail Multifamily

9274 COLUMBIA ROAD| HIGHEST AND BEST USE ANALYSIS
17
Main Category Hotel Special
Sub-Category
Class
C
Suburban
Office
Buildings
Light
Assembly
Flex
Warehouse
Out Parcel
(Individual
tenants)
Restaurant
Garden
Apartments
Midrise
Apartments
Limited
Service
(botique
properti
es)
Funeral
Home
Visibility (on Columbia Rd./adjacent to I-80) 2 2 2 2 2 2 2 2 2 2
Traffic Volume (~9,450 on Columbia Rd.) 0 0 0 -1 0 0 2 0 0 0
Parking (to be built on site) 2 2 2 1 2 2 2 1 2 2
Access (on Columbia Rd.) 0 0 0 -2 0 0 1 -1 0 0
Highway Access (3.8 milesto I-480) -1 -1 -2 -2 -2 -2 -2 -2 -2 -2
Rail Access (< 1 mile - no spur) 0 0 1 1 0 0 0 0 0 0
Resident Base (pop. 8,923/income $77,670) 0 0 -2 -2 -1 -1 1 0 0 0
Workers (daytime 1,123) -2 -2 -2 -2 -2 -2 0 0 -2 0
Primary Demand Generator 2 2 2 2 0 0 -2 -2 1 -2
Supports Other Business 1 1 1 1 -2 -2 1 1 2 -1
Zoning (Mixed Use Planning Development District) 1 1 1 1 2 2 1 0 1 -1
Infrastructure -1 -1 1 1 0 0 1 0 0 0
Incompatible Land Use 2 2 2 1 2 2 2 1 2 2
Size of Site 1 1 1 -1 2 2 1 0 2 2
Future Expansion (space) 2 2 2 2 2 2 2 2 2 2
Site Attributes (layout) 2 2 2 2 2 2 2 2 2 2
Strategic Niche Filling -1 -1 1 1 -2 -2 -2 -2 -2 -2
Competition -1 -1 0 0 -2 -2 0 0 -2 -1
Financial Window 0 0 0 0 0 0 0 -1 0 0
Market Window 0 0 0 0 0 0 0 -1 0 0
Timeframe (short, med., long) MED MED MED MED SHORT SHORT MED MED MED MED
Totals 11 11 14 7 3 3 14 2 10 3
Possible Uses
Office Industrial Retail Multifamily

What Next?
• The City of Olmsted Falls has a lot going for it!
• Strengths:
1. Labor
2. Education
3. Housing
• Opportunity: Attracting younger working age adults
– Benefits: Young working adults, ages 20-34, are used by a community to
replace its retiring work force. Additionally, people in this age cohort are also
the most likely to have children which will replace them in the work force when
they are ready to retire.
18

SITES| Mapleway Drive
• Strength: This site is fairly versatile.
• Possible Uses:
1. Quality apartments (limited acreage)
2. Suburban office space
3. Light industrial
• Paths:
1. Greater tax yields from office and industrial users
2. Quality apartments was the best use in the analysis
 Limited Acreage

SITES| 8051 Brookside Drive
• Best Use: Retail
– A small restaurant would specifically be the use that yields the most benefit to
this site.
• Challenge: The site is long and narrow.
– This limits the types of uses that fit on this site.
• Paths:
1. Build a building as close to Brookside Drive as possible.
 This will allow the building to be more visible to potential customers.
2. Expand the site to include the adjacent property to the south.
 If this property could be acquired, it could completely change the dynamic of the site.
 This would allow for buildings to be placed on Mill Street which would extend the
downtown in a way that is fluid.

SITES| 7950 Main Street
• Best Use: Retail
– This use is complimentary to all of the shops and restaurants in the
downtown.
• Recommendation:
– Do not expand the site into the wooded area that is adjacent and across the
street.
• Rational:
1. Natural features add value and experiences to people visiting the area.
2. Residents and visitors are using the land as a public good in both passive and
active ways.
3. Having a park adjacent to a downtown area is really rare and unique.
4. Parks are a draw for people and an escape.
5. Gives people one more reason to get out of their cars while visiting the
downtown

SITES| 9274 Columbia Road
• Strength: This is the most versatile site
– Largest site
• Possible Uses:
1. Light Industrial
2. Quality apartments
3. Suburban office space
• Paths:
1. Site expansion opportunities make it attractive to pursue light industrial
users.
 The only draw back is that the site does not have direct access to a four lane highway.
2. The site could also yield a large amount of quality apartments or other
residential.
3. If this site was expanded it would be attractive to suburban office users.

Conclusion
• The City of Olmsted Falls is well positioned to embark on an economic
development plan that, if strategically implemented, will create new jobs and
grow the population.
• The City can boast:
– Unique assets (land sites) to attract real estate development
– Existing and well maintained infrastructure
– A compelling quality of life
• Should the City decide to move forward with an aggressive and well planned
marketing program, Juniper is confident that Olmsted Falls can attract new
business, support its existing business base and attract new residents – who
would be proud to call Olmsted Falls home.
23

20170208_OlmstedFalls_PresentationFinal

Recommended

Recommended

More Related Content

Similar to 20170208_OlmstedFalls_PresentationFinal

Similar to 20170208_OlmstedFalls_PresentationFinal (20)

20170208_OlmstedFalls_PresentationFinal