Media Borough Economic Development Strategy and Implementation Plan October 2017
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Dr. Peter Angelides and Brittany Forman on the economic development strategy and implementation plan developed for the Borough of Media, Pa. Project performed in collaboration with The Riddle Company and JVM Studio. Report available here: http://www.econsultsolutions.com/report/economic-development-strategy-and-implementation-plan-in-media-borough/
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Media Borough Economic Development Strategy and Implementation Plan October 2017
- 1. Media Economic Development Strategy and Implementation Plan
- 2. Welcome Agenda • Introduction to Project Team and Project Overview • Current State of Media – Economic Trends and Observations – Retail Observations – Placemaking Observations • Public Outreach Findings • Economic Development Vision • Moving Forward – Placemaking Recommendations – Retail Recommendations – Economic Development Recommendations • Q&A – Submit on index cards throughout the presentation
- 3. The State of Media: Economic Development Observations Media by the Numbers Don’t fix what isn’t broken 5,336 Residents in Media 28% Residents 20-34 Years of Age 30% Residents 55+ 7% Projected Population Growth of Residents 55+ Years of Age from 2016 to 2021 $63,348 Median Household Income of Media Residents 59% Residents Who Have a Bachelor’s Degree or Higher 6,719 Jobs in Media $161,700,000 Total Assessed Value of Commercial Real Estate 1,724 Residential Properties $287,500 Median Residential Sales Price in 2016 47% More Residential Sales in 2016 Compared to 2011 $1,272 Median Rent in August, 2017 11,500 Daily Ridership on the Media Regional Rail Line 93 Average WalkScore in Media
- 4. The State of Media: Economic Development Observations Source: ArcGIS (2017) Map ID Name Description 1 West End Flats 162 unit apartment complex with parking and amenities 2 West End Walk 27-unit luxury townhome/duplex community 3 Wawa Flagship 2-story Wawa with numerous fueling stations 4 Former Lukoil Demolished; new store yet-to-be-named 5 CVS Relocation CVS expansion and relocation across the street 6 Third Street Dam Site PA Dept. of Environmental Protection project 7 Rebuilding County Parking Garage Proposed rebuild of garage to increase capacity
- 5. The State of Media: Retail What Makes a Great Street?
- 6. The State of Media: Retail
- 7. The State of Media: Retail The Trade Areas:
- 8. The State of Media: Retail The Market Primary Trade Area $91M Total Retail & Food Demand $8.5M Demand for Food & Restaurants Regional/Secondary Trade Area $221M Unmet Total Retail & Food Demand $41M Unmet Demand for Food & Restaurants
- 9. The State of Media: Retail The Retail Market $15.88 $16.00 $27.00 $17.06 $16.06 $17.16 $0.00 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 Media Ardmore Chestnut Hill Narberth West Chester Delaware County AskingRentPerSquareFoot Communities Comparison pf Average Asking Retail Rents (Per/SF, NNN)
- 10. The State of Media: Retail Competitive Position • Downtown Media • Ellis Preserve - Newtown Square • Downtown West Chester • The Promenade at Granite Run • On-line retail & stores
- 11. The State of Media: Retail • Store sizes are shrinking • Majority of sales begin on-line • Transactions are increasingly done electronically • Sales on apparel and homegoods are declining • Apparel sales are trending toward casual and trendier and less costly items • Sales on food and dining out are rising • Experiential retail is trending - dining, drinking, entertainment • Locally grown and locally made is appealing • Loyalty programs are becoming commonplace • Showrooming is rising: see it, buy it, and have it delivered • Pop-up and temporary stores are used to test a market or product National Trends
- 12. The State of Media: Retail Merchandise Mix
- 13. The State of Media: Retail Curbside Appeal
- 14. The State of Media: Placemaking Observations Media does a lot right Don’t fix what isn’t broken Infrastructure shapes sense of place Double down on your strengths Compete on your own terms
- 15. SURVEY: What would improve/diminish quality of life and business in Media? More… Walking DrivingBicycling Trolley Railroad The State of Media: Placemaking Observations
- 16. SURVEY: What prevents people from using these modes more often? Walking DrivingBicycling Transit Distance (47%) Safety (22%) Safety (64%) Convenience (15%) Convenience (50%) Lack of Enjoyment (19%) Parking (77%) Convenience (10%) The State of Media: Placemaking Observations
- 17. Historic Grid + Tight geometry The State of Media: Placemaking Observations
- 18. Public Outreach Findings • Public Outreach Methodology – Interviews – Focus group – Online survey – Public forum • Public Outreach Findings – Keep State Street vibrant – Satisfied with current restaurant options, though some felt there are too many – Less satisfied with retail; Storefronts should be updated, stores should reflect community needs – Satisfied with events, though business owners had mixed feelings – Concern about retail turnover and high commercial rents – Concern about affordability and desire to maintain diversity – Concern about traffic, parking, and signage
- 19. Economic Development Vision Economic Development Vision Statement The future of Media will be a vibrant, walkable downtown with an authentic and distinctive customer experience for people of all ages. It will be a regional destination for retail, dining, the arts, and community events. As it continues to attract more residents, visitors, and workers, it will be a welcoming community that remains Everybody’s Hometown.
- 20. Placemaking Recommendations State Street – 3 Transformative Initiatives 4 Key Connections Beyond the Core
- 21. Placemaking Recommendations Create a Parklet Program for State Street
- 22. Placemaking Recommendations Prioritize Walking by Removing Traffic Signals
- 23. Placemaking Recommendations Prioritize Walking by Removing Traffic Signals
- 24. Placemaking Recommendations Prioritize Walking by Removing Traffic Signals
- 25. Placemaking Recommendations Prioritize Walking by Removing Traffic Signals
- 26. Placemaking Recommendations Prioritize Walking by Removing Traffic Signals
- 27. Placemaking Recommendations Prioritize Walking by Removing Traffic Signals
- 28. Placemaking Recommendations Embrace Trolley Modernization • Integrate with Plum Street Mall Project • Reduce Stop frequency • Public Art Partnership for Station Design • Coordinate Signature Events
- 29. Placemaking Recommendations Four Connection Initiatives
- 30. Placemaking Recommendations Four Connection Initiatives Station Connector
- 31. Placemaking Recommendations Four Connection Initiatives Station Connector Baltimore-Glen Connector
- 32. Placemaking Recommendations Four Connection Initiatives Station Connector Baltimore-Glen Connector Regional Rail Connector
- 33. Placemaking Recommendations Four Connection Initiatives Station Connector Baltimore-Glen Connector Regional Rail Connector Jackson Cycleway Connector
- 34. Placemaking Recommendations Jackson Cycleway Connector Existing
- 35. Placemaking Recommendations Jackson Cycleway Connector Midblock
- 36. Placemaking Recommendations Jackson Cycleway Connector Intersection
- 38. Retail Recommendations • Undertake a storefront audit; enhance merchandising • Track metrics that appeal to target audiences • Fine-Tune the purpose for and the process of collecting the mercantile tax • Realign the function and focus of the MBA • Expand MBA marketing focus beyond events • Adopt a proactive approach to marketing retail, the downtown experience, & business recruitment • Launch a business recruitment strategy • Create inventory of underutilized locations • Embrace the Main Street Fundamentals
- 40. Economic Development Recommendations • Future Opportunities for Baltimore Avenue – Mixed-Use Walkable Corridor Along Baltimore Ave – Redesign High Traffic Intersections Along Baltimore Ave – Consider Expanding Parking Meters Along Baltimore Ave Photo Credits: Google
- 41. Economic Development Recommendations • Reimagine the Industrial Area – Consider repositioning the area as a creative district • Small batch food production • Craft uses, such as a family beer garden • Temporary artistic uses in collaboration with Media Arts Council • “Pink Zone” or area of lightening bureaucratic red tape for temporary structures, events, etc. Photo Credits: Google THE CREAMERY, KENNETT SQUARE
Editor's Notes
- Welcome and Thank you for taking the time to join us this evening. My name is Brittany, Director at Econsult Solutions – an economic consulting firm based in Philadelphia. I’m joined by my colleagues: Peter- Senior VP and Principal at Econsult Solutions Catherine – CEO of the Riddle company, a Washington DC based firm is a national retail and business attraction expert Jonas- Principal of JVM Studio of Philadelphia. He is an urban designer and serves as the team’s placemaking and transportation expert Lizzy and Tom- analysts from ESI We are the project team commissioned by the Borough to create an Economic Development Strategy and Implementation Plan for Media. The purpose of the plan is to provide concrete action steps over the next 5-10 years that will promote the economic health of the borough. Purpose of Today is to present our observations and initial recommendations in retail, transportation, placemaking, and economic development – and gain your feedback on the recommended path forward. This evening we will walk through the current state of media, discuss our public outreach findings that led to the collective economic development vision, and describe our placemaking, retail, and economic development recommendations. At the end we are hoping to have a substantive Q&A session, if you notice there are index cards on your chair right now. We ask that you submit your questions throughout the presentation to Tom who is on the sideline. This way we can order them by topic and get to everyone’s questions in a timely manner. With that, I will turn it over to Peter.
- Sociodemographic trends: Predominantly baby boomers and millennials Relatively wealthy, median household income of $63K, similar to Delaware county at $65,000 Well educated, over 59% of persons 25-64 years have a Bachelors degree, compared to only 38% in Delaware county Healthy housing market - 47% more residential sales in 2016 than five years prior Sources; American Community Survey (2015, 2016), Delaware County Board of Assessments (2016), Rent Jungle (2017), SEPTA (2017), Walkscore.com (2017)
- Economic Development Trends – New growth (construction and investment) on the west and east end of town. This includes both private and public investments. Foot traffic has shifted heavily towards night time (due to loss of law firms downtown and increase of notoriety of media as a dining destination) – which means foot traffic is light during the daytime and this has an influence on the retail.
- Great streets are places where people want to go. With places people want to gathering and things people want to buy or eat. And your Main streets is also a arena for preserving culture and community How we view Main Street changes. As the residential mix and consumer preferences changes so must Main Street. Media is like a great pair of shoes its broken in, its comfortable and has a brand id. It just needs a little polish. Retail demand in the regional market is strong Sales in the primary trade area for general retail and food and restaurants out pace demand – which reveals the drawing power of the community. There is growth opportunity based on gaps still in the regional market – this is what Media needs to capture Audience is bigger than residents in Media alone
- What makes great retail? It’s the merchandise and merchants The retail in a Community must change commensurate with how living in the community changes The feel of the street. The mix of offerings and how merchants promote themselves and who they market to The retail in a Community must change commmwsirqte As living in the city does The feel of the street. The mix of offerings and how merchants promote rhemsefves and who they market to Media is a great community - think of downtown like a great shoe – it just needs a little polish and shine. We analyzed the retail market – and looked at local market – primary trade area and the regional one - red
- Media is a great community - Your starting from a great place - As we help you upscale and polish downtown we analyzed the retail market – and looked at local market – secondary trade area blue - and the tertiary one which is pink
- Retail demand in the regional market is strong Sales in the primary trade area for general retail and food and restaurants out pace demand – which reveals the drawing power of the community. There is growth opportunity based on gaps still in the regional market – this is what Media needs to capture Audience is bigger than residents in Media alone
- The retail real estate market in Media is very tight. Spaces rarely come on the market, especially in the downtown area. When they do, they tend to re-lease very quickly in comparison to other downtown markets - vacancy rate is around 7 % below the national average But this is also a challenge – it makes it tough to adjust the mix of stores and tweak the merchandise mix
- There is competition but Media’s the walkable downtown with its comfortable scale and great architecture is what developers are trying to duplicate – and while some of the locations may prove competitive – Downtown is authentic and you have great assets such as Trader Joe’ which might be better leveraged
- Retail is turmoil v today how and we people shop has changed dramatically over the past 36 months. Some corresponds with today’s lifestyles - higher debt, smaller homes and transient To stay in business tenants need to stay current and respond to these to be sustainable A merchant has to decide if they are in love w being a merchant or what they sell. The first alternatove has a greater chance of success
- Great street have shops that draw people in. Turning point has beautiful things but owners say low traffic. Well those familiar w it who are not their audience have no reason to go back In contrast. The mix of restaurant is suitably diverse that if you like the environment of Downtown you have a reason to come back. Media’s mix today is a bit out of balance – while you have some great gift and higher end apparel home and art items. But these have very discreet audiences Our research shows opportunity for certain types of retail – specialty foods, Apparel (women’s, kids, consignment); Shoes and footwear (women’s, men’s, kids) ; Furniture (new and used) General merchandise (basic goods found in a department store) Lawn & garden (small plant or garden store) Specialty foods, Select food/eateries (coffee shop, café, drinking places)
- Some of the store fronts need to be freshened up As do some of the interiors with more current materials and types of displays Even the windows Great streets and great merchants often blur the division of shoppers and shopkeepers They have long term relationships and hey know their expectations can be met -
- You’ve just heard from Peter, Catherine and Jonas about the our observations in the three main areas of focus These observations are built upon research, analysis of industry data, as well as decades of experience in other similar markets and communities around the country. Importantly, these observations were built upon an extensive community engagement. 4 steps to the Public Outreach process: One-on-one interviews with borough leadership including council members and department heads Four focus groups with key stakeholders approximately 50 people- business owners, real estate developers, residents, community stakeholders Survey taken by over 850 people Public forum The summary of public outreach (which can be found on the screen above) is the feedback used to inform the economic development vision.
- In the various forms of outreach, we asked people what should Media be like in 5 years? From their collective opinions some principles emerged: Physical infrastructure – a vibrant mix of retail, visually appealing storefronts, walkable streets, and density along State Street and Baltimore Avenue. Customer experience – consumers want a quality, unique, authentic experience that can’t be replicated elsewhere, for both retail and restaurants. Placemaking experience – residents and visitors expect the best festivals, community events, cultural arts, and urban amenities outside of the city, and for them to be suitable for teenagers, young families and senior citizens. Future growth – welcoming of development and people, seeking to increase diversity and maintain affordability. Sentiment – Everybody’s hometown, small town feel but active, fun, progressive, welcoming, “Keep Media Funky”. These principles helped to develop the vision statement you see above. The vision is an outcome of achievement and guidepost for future action. Next you will hear a series of recommendations that will help to realize this vision. Jonas?
- Rezoning: Rezone the downtown corridor to permit mixed-use buildings with lowered parking requirements as of right. Baltimore Ave. is the right place for more density. Redesign intersections at Orange, Olive, Jackson, and Monroe Streets for pedestrian comfort and safety, possibly including curb extensions. Consider future expansion of parking meters as demand increases.
- Opportunity for younger generation of businesses and entrepreneurs
- It appears we have finished the questions from the index cards, but still have a bit of time left. Are there any additional questions for the project team? We’d appreciate any comments be addressed to us afterwards or sent in via email- but if there any additional questions, we’d be happy to answer that at this time.