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NJ Future Redevelopment Forum 2017 Getz

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Understanding Your Market for Redevelopment

Published in: News & Politics
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NJ Future Redevelopment Forum 2017 Getz

  1. 1. Using data to drive redevelopment Joe Getz, Principal
  2. 2. 2014 statewide survey Redevelopment efforts 175 municipalities 71% redevelopment area This is all about you.
  3. 3. Important v. effective 89% 67% 64% 28% 34% 24% Improve retail mix Market to developers Compile market data Important Effective
  4. 4. Stalled local economy Struggling downtown Case study: Glassboro
  5. 5. Almost a college town Rowan University Downtown Glassboro
  6. 6. Solution: Rowan Boulevard Rowan University Downtown Glassboro
  7. 7. Development concept 72 townhouses 154 apartments Neighborhood retail
  8. 8. Consumer survey Residents Workforce Shoppers Visitors Unique data – Who shops here? – Who doesn’t & why? – What’s difficult to find? – What do you want here? – What will make you visit? – Development you’ll support?
  9. 9. Survey discovered Market not municipality Supported redevelopment More people than St. Louis More spending than Atlanta Growing sea of suburbs No downtown in 10 mile Visit 8 times/month Key findings – Want a walkable downtown – Want restaurants w/sidewalk dining – Want theater, arts/crafts, housewares – Want Barnes & Noble
  10. 10. Student survey Supported redevelopment Catalyst for redevelopment Spend $8.8 mil in 9 mos. Like to drink beer
  11. 11. Development conceptNew & Improved Plan grew 8x – 26 acres – Student housing – Hotel/conf center – Cinema & theater – Parking garages – 200,000 sf retail – 40,000 sf office – Town square
  12. 12. Here’s where it began Here’s what’s happened Just to remind you…
  13. 13. $350 million in private investment
  14. 14. Barnes & Noble bookstore
  15. 15. Hotel & Conference Center
  16. 16. Student housing
  17. 17. New retail stores & foot traffic
  18. 18. Town square
  19. 19. Stores, restaurants & apartments
  20. 20. Parking garages
  21. 21. Downtown events
  22. 22. Upscale apartments
  23. 23. More to come
  24. 24. Daytime activity
  25. 25. Evening activity
  26. 26. Nighttime activity
  27. 27. Rowan Boulevard
  28. 28. Glassboro
  29. 29. Avoid public opposition Move project more quickly Reduce risks for developer Increase predictability Lower overall costs Using data to drive redevelopment

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