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The City of Edgewood, Florida Economic & Market Analysis

This economic and market analysis explores the current economic profile of the City of Edgewood, including employment statistics, retail and office space demand, and case studies of successful redevelopment areas. The analysis aims to provide insights and recommendations for the city's market strategy and positioning.

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The City of Edgewood, Florida Economic & Market Analysis

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  1. The City of Edgewood, FloridaEconomic & Market Analysis

  2. Aerial of City

  3. Outline of Study City of Edgewood Economic Profile Case Study Analyses Market Strategy, Positioning, & Study Conclusions 3

  4. City of Edgewood

  5. City of Edgewood Marketplace 5

  6. City of Edgewood Marketplace Employment Profile of City: 2,129 employees, 125+ businesses/organizations Top 3 occupations by industry sector: Physicians’ Offices – 222 employees Restaurants – 194 employees Depository Credit Intermediation – 91 employees Nearly 1 in 4 city jobs are in healthcare and restaurant/dining sectors The city’s industrial sector is responsible for supporting 26 percent of all local jobs 6

  7. City of Edgewood Marketplace 7

  8. City of Edgewood Marketplace 8

  9. City of Edgewood Marketplace Retail Demand and Supply: Local household spending is enough to currently support an additional 21,830 square feet of retail/restaurant space Local employment can support an additional 6,919 square feet of this space In total, 28,750 square feet of new retail space is supportable in the City today 23,144 AADT along Orange Avenue helps to create and support additional retail 9

  10. City of Edgewood Marketplace Office Space Demand and Supply: 10

  11. City of Edgewood Marketplace Industrial Space Demand and Supply: Industrial space in Edgewood today has a low employee intensity (1 employee per 1,600 square feet), and is space-consuming This is indicative of a sector that has numerous jobs in warehousing, distribution, and inventory-intensive manufacturing enterprises 21st Century industrial space does not fit this historic profile, as technology and bio-engineered products are manufactured in spaces that more closely resemble professional office space, than factory or warehousing space 11

  12. City of Edgewood Marketplace Case Studies Important consideration: Edgewood is a unique community in terms of its size, economic composition, and proximity to major regional centers of commerce, that make case study analysis a challenging exercise Objective: Find locales/areas with similar “before” conditions as Edgewood, and evaluate the successes and/or failures of redevelopment plans implemented for these areas 12

  13. Case Studies Case Studies Delray Beach – Redevelopment Area #2, Wallace Drive Tallahassee – Gaines Street Corridor Mills Park – US Highway 17-92 (Mills Ave.) 13

  14. Case Studies Delray Beach – Wallace Drive 14

  15. Case Studies Delray Beach – Wallace Drive Close to I-95, an enclave with a history of incompatible development patterns, with active uses including scattered residential, industrial, storage, automotive support, etc. The City’s redevelopment plan (2004) encourages the development of light industrial, office, and limited commercial uses in an urban setting Parcel aggregation is encouraged in the plan in order to accommodate unified development Plan modifications in 2012 allowed for the construction of a neighborhood commercial shopping center 15

  16. Case Studies Tallahassee – Gaines Street Corridor 16

  17. Case Studies Tallahassee – Gaines Street Corridor The City’s first paved street, with a history of supporting rail commerce Declining rail activity in NW Florida caused this corridor to become blighted by mid-1980s FDOT PD&E studies were conducted during 1990s City adopts Gaines Street Revitalization Plan in 2000 2006-10 Plan re-evaluation and subsequent actions including revised road design, environmental site assessment, roadway design, urban design guidelines, utility reconstruction/relocation $12 million in improvements over 2010-14 period $242 million in private investment since 2007, including 106,000 sf of space and 786 DUs, additional space is planned 17

  18. Case Studies Orlando/Orange County – Mills Park 18

  19. Case Studies Orlando/Orange County – Mills Park 14 acre site, former home of the Mills & Nebraska lumber yard Rail spur down the center of the property The site was heavily contaminated and required substantial amounts of environmental remediation FDEP issued a USRO in 2012 that allowed development of a $350 million mixed use, master planned project serving the residents of N. Orlando and Winter Park Project currently houses 72,000 square feet of retail, anchors include Fresh Market and Gallery at Mills Park (310 DU) Buildout plans envision nearly 350,000 square feet of retail, restaurant, office, medical, general office, and residential space 19

  20. Market Strategy, Positioning, Study Conclusions City faces both opportunities and constraints in repositioning its commercial corridor to make the city a true “destination” as opposed to a “pass-through” community Short-run v. long-run considerations What is the strategy for industrial? Creating a “people-friendly” community is about mix, architecture, public facilities Sufficient need exists today for up to 50,000 square feet of new commercial uses 20

  21. Market Strategy, Positioning, Study Conclusions Integrating retail, office, and tech-industrial uses in a more compact, appealing, and walkable urban form can create a synergy that distinguishes Edgewood from anything else along south Orange Avenue The before/after photos of Gaines Street tell an important story These efforts will take time, and will require considerable investment of City resources What is the desire/will of City residents to support an ambitious plan such as this? 21

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