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Johnstown Expressway Target Site Proposal

Johnstown Expressway Target Site Proposal

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Johnstown Expressway Target Site Proposal

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  1. Johnstown ExpresswayTarget Site Proposal Johnstown Economic Development Task Force April 5, 2004

  2. Purpose • To propose the Johnstown, PA market as a potential site for Target

  3. Agenda • Who are we? • Why the Johnstown market? • Why this site? • Why Target? • What’s the proposal?

  4. Who are we? • Our team includes all the major economic development and political players in the market… • City, state, and federal level representatives • …partnered with Echo Development of Pittsburgh

  5. Why Johnstown? • Johnstown is the #1 most underserved secondary market in PA based on population • 78,000 for each mass merchandiser Sources: 2000 U.S. Census; 1997 U.S. Economic Census; walmart.com, samsclub.com, kmart.com, target.com

  6. Why Johnstown? • Johnstown is 8th largest secondary market MSA in PA • Population = 233,000 • Source: 2000 U.S. Census

  7. Why Johnstown? • Johnstown’s population is larger than other secondary PA markets with existing Targets… Source: U.S. Census Bureau, 2000, target.com

  8. J o h n s t o w n % Why Johnstown? • Johnstown’s trade area is very large… • All or part of 7 counties • Population = 355,000 • Sources: Crown American REIT 2000 U.S. Census

  9. Why Johnstown? • …but it has little overlap with existing Target stores due to natural boundaries: mountains • Most routes across the mountains are 2-lane highways • Market is connected north-south by 4-lane expressway Laurel Mountains Allegheny Mountains • Sources: Mapquest, 2004

  10. Why Johnstown? • Johnstown is the #2 most underserved MSA based on upscale households ($50k+)… • 8,000 for each mass merchandiser Sources: 2000 U.S. Census; 1997 U.S. Economic Census; walmart.com, samsclub.com, kmart.com, target.com

  11. Why Johnstown? • …and its upscale ($50k+) demo is growing.. Sources: 1990, 2000 U.S. Census

  12. Why Johnstown? • …and its $50k population is competitive with other PA Target secondary markets Source: U.S. Census Bureau, 2000, target.com

  13. Why Johnstown? • Johnstown is the #2 most underserved MSA based on college educated individuals • 7,300 for each mass merchandiser Sources: 2000 U.S. Census; 1997 U.S. Economic Census; walmart.com, samsclub.com, kmart.com, target.com

  14. Why Johnstown? • …and its college educated demo is growing… Sources: 2000, 1990 U.S. Census

  15. Why Johnstown? • … and its college educated population is competitive with other Target PA markets • Only 5% fewer than State College, home to Penn State Source: U.S. Census Bureau, 2000

  16. Why Johnstown? • Johnstown is the #2 most underserved MSA based on professional/managerial positions… • 8,500 for each mass merchandiser Sources: 2000 U.S. Census; 1997 U.S. Economic Census; walmart.com, samsclub.com, kmart.com, target.com

  17. Why Johnstown? …and its professional/managerial demo is growing sources: 2000, 1990 U.S. Census

  18. Why Johnstown? • In sum, Johnstown is competitive with other Target secondary PA markets, and it is: • Home to the largest medical community between Pittsburgh and Harrisburg… Conemaugh Regional Medical System (3,000+ employees)

  19. Why Johnstown? • …Rated by the Milken Institute as one of the nation’s fastest growing “high tech hotspots” - Home to National Drug Intelligence Center and 2 high technology complexes Windber Research Institute Johnstown High Technology Park

  20. Why Johnstown? • Host of larger city amenities: • 3 four- year universities • Sports arena with professional hockey • New $25MM convention center complex

  21. Why this site? • The site is the population center of region • 62% (146k) of the MSA’s population lives within 15 miles/15 minutes Site 15 miles/ 15 minutes

  22. Why this site? • The site is a key “choke point” connecting: • the business/sports/tourist district and… • … its 2 large medical centers… • …with its largest/most upscale neighborhoods • 15904 and 15905 zip codes • Best $50k+, P/M, College Grad demos in MSA Business/Sports/Tourist District Major Medical Center #1 15905 Zip 15904 Zip Site Major Medical Center #2

  23. Why this site? • The site is #4 traffic density spot in the market… …but the one with best positioned for incentives

  24. Why this site? • The site is adjacent to 2 exits of a 4 lane limited access highway (Johnstown Expressway) Walnut St. Exit Site Bedford St. Exit Johnstown Expressway

  25. Why Target? • Johnstown fills a gap in Target coverage • 2.25 hours/81 miles between existing Targets • Greensburg and Altoona • Source: MapQuest, 2001

  26. Why Target? • Consumer demand is there for Target • 1,000+ residents have signed a petition asking Target to consider Johnstown • Actually, consumer demand is there for any mass merchandiser • 5,000 signed a petition to ask K-Mart to stay • “This store is going to close because the developer is selling the property to our competitor.”- Kmart spokeswoman Michele Jasukaitis Source: Johnstown Tribune-Democrat, March 15, 2003 and July 15, 2003

  27. Why Target? • Johnstown is already in a Target TV market • Johnstown-Altoona DMA • 3 of the 4 commercial TV stations in the DMA are based in Johnstown • All stations provide coverage of Johnstown plus other existing Targets in Altoona and State College Source: Nielsen Media Research, 1999

  28. What is the proposal? • Our plan duplicates a Gaithersburg, MD project • Gaithersburg uses a “main street” approach • 3 acre site • 2 level, 100,000 s.f. Target • Adjacent parking deck • ~ 600 spaces providing 5 spaces per 1,000 s.f. • Adjacent retail environment • Small specialty retail • i.e. Bath & Body Works; Barnes & Noble • Restaurants • i.e. Panera Bread, Ben & Jerry’s Ice Cream Source: Tony Tomasello, Gaithersburg Economic Development Department

  29. What is the proposal? • Gaithersburg site looking toward Target

  30. What is the proposal? • Gaithersburg site looking toward parking deck

  31. What is the proposal? • Our task force offers a 5+ acre site…

  32. What is the proposal? • …for a development similar to Gaithersburg - 180k s.f. retail/ 1,271 parking spaces - large format of the plan below is included in this package

  33. What is the proposal? • Our task force would work with you in a public/private partnership to spearhead: • Site acquisition and control • Site clearance • Infrastructure upgrades • Parking deck development

  34. What is the proposal? • …leaving Target/its developer to focus on: • Build-out for: • Anchor store • Out parcels • Surface parking