 |
 |
Office & Retail Market Study for Planning & Implementation of
a Commercial Corridor Enhancement
Client: City of Oak Creek, Wisconsin and Eppstein Uhen Architects
The City of Oak Creek retained a multi-disciplined team led by Eppstein Uhen Architects to formulate a plan for the enhancement of the 27th Street Corridor. Gruen Gruen + Associates (“GG+A”) conducted a reconnaissance of the market for retail and office space in the Corridor as part of the input into the formulation of the plan for the 27th Street Corridor between Rawson and Drexel Avenues.GG+A inspected the site and trade areas, reviewed secondary data, contacted retail property representatives and economic and community development staff, and interviewed retail brokers and developers to gain information and insights into the relevant trade areas, potential supply competition, and whether additional retail space could be supported. GG+A forecasted the demand for retail space by:
- Obtaining and analyzing demographic and income data within the relevant trade areas;
- Estimating expenditure potential based on the purchasing characteristics of residents in the trade areas;
- Converting estimates of purchasing power or retail demand into estimates of the supportable amount of on-the
ground retail space for the relevant trade areas; and
- Evaluating the relationship between the estimated demand for and supply of retail space for the relevant trade areas. The retail demand estimates were derived from research on sales thresholds required to support viable new development and successful tenancies.
GG+A also evaluated the potential demand for office space at the study area through discussions with real estate brokers, office space developers, a senior representative of Northwestern Mutual Life Insurance Company, a major user in the study area, and local economic development and community development staff, review of office space market data, and review of relevant literature and our recent research on the attributes of successful office locations.
GG+A prepared a report outlining the results of the demographic analysis, field research and interviews to reach conclusions about the type, scale and timing of demands the corridor can effectively serve; and the proportion of the subject area to allocate for office and retail space. GG+A identified the scale and kind of retail and office uses and businesses likely to be attracted because of the comparative advantages identified and the kind of products and environment that would be needed for the 27th Street Corridor to compete successfully with alternative locations and to create a synergistic set of uses that would enhance values, amenities and services to area residents and workers. A GG+A principal met regularly with the architects and City steering committee and will be involved in public presentations to galvanize support for the 27th Street Corridor Plan.