Project analysis
All around the world, say (Barnes & Doidge, 2010), especially in the developed nations, a trend of Innovation Districts is catching-up. The purpose of these cities is to transform those underutilized land areas which are lacking full-utilization of their potential or require their infrastructure to stay in tune with the changing technologies. Such changes are encompassing corporate sophistication, are creating walkable communities, setting-up trendy restaurants and improvising the cultural clusters not to say even the lifestyle of the citizens. As per (Barnes & Doidge, 2010), already a proven success in large cities, from Barcelona to Boston, this trend is now transforming smaller but smart communities. The Pompano Beach Community Redevelopment Agency (CRA) is the latest community to embrace it, thanks to the combined efforts of the City and the CRA. Pompano Beach will soon become the latest hot spot for its current as well as the new residents to live, play and work.
The innovation, according to (Barnes & Doidge, 2010), which for years was occurring in isolated corporate campuses will now emerge in this tourist tot-spot where people will, in harmony, co-produce, co-invent and stay connected to the dynamic energy located in their proximity. The design has been construed keeping in view the daytime and night time economic benefits within a dense residential component, as will be shown by this district which will encourage interaction and collaboration among all who will be part of this trend-setting city, say (Barnes & Doidge, 2010).
Retail and Hospitality Development
From the various sectors of development being planned for this innovation district, which include residential complexes, commercial spaces, cultural hubs and utility centres, this paper has selected the commercial spaces. Illustration-01 in Appendix shows the area in yellow which is going to be this upcoming, vibrant and innovative city’s most happening and full of life cultural-cum-hospitality commercial space (See Illustrations in Appendix), as per (Luck, Race & Black (ed.), 2010). The focus of this author is on 731 MLK Blvd which is under planning as a Retail Complex. This Retail Development was conceived in September 2012 and its interior improvements were completed in March 2015. The project, as per (Christensen & Duncan, 2004), includes a sprawling 4,000+ sq ft commercial building has been planned for occupancy by restaurants, retail as well as professional businesses with improvement to its adjacent parking lot and landscape. Some of the prominent tenants include:
Your Financial Solutions, Inc. Bookkeeper 101
Your Financial Solutions, Inc. Bookkeeper 102
Finley’s, LLC Restaurant & Gift Shop 103
Edward Photoland Photographer 104
Maneface, LLC Professional Beauty Shop 105
Bojo’s Seafood Kitchen Restaurant-Beverage Take Out 106
- More than 30 million sq ft of commercial space
- 5 miles of sandy white beach, 200 restaurants and 2,000 tourist accommodations.
- A “Center of the Internet Coast” corridor. This will comprise of high technology businesses to provide the Latin American countries with Internet services.
- Proximity to three international airports, two major seaports, FEC Corridor, Tri-Rail and Interstate-95.
- Most modern Golf courses.
- Diving and fishing facilities on the world’s best coral reef system, including a new shipwreck park as a tourist attraction, (Tomlinson (ed.), 2012).
Purpose of this upcoming “Innovation District” is to augment economic development in the area. The administration and local council will utilize the emerging partnerships with businesses and the existing higher education institutions in the area to create a job growth trend and redevelopment in the targeted locations, (Davis, 2007). The improvisation of the Pompano Beach Innovation District was well begun with reinvention of the Bailey Hotel and the Historic Ali Building. This was possible because of the efforts of the City and the CRA transformed these two landmark buildings into a most modern and technology oriented Bailey Contemporary Arts (BaCA) and Ali Cultural Arts institutions. The regular cultural programs, classes and events being organised in these two cultural centres, these cultural hubs have the capability of exposing the residents to modern and contemporary arts and increase the advent of new visitors to Pompano Beach, (Spoehr (ed), 2009).
- BAILEY CONTEMPORARY ARTS (BaCA)
Product selected
Organises monthly rotating art exhibitions / Art studios / Classes and Events
- ALI CULTURAL ARTS CENTER
Organises regular Performances / Classes / Events
- POMPANO BEACH LIBRARY & CULTURAL CENTER
This upcoming Pompano Beach Cultural Center will eventually expand the city’s cultural emphasis after its opening in May 2017.
The most modern, technology savvy amphitheatre in this part of the country.
The following economic indicators are indicative of the success of this “Innovation District” upcoming between the already established tourist centres of Palm Beach and Miami in Florida, (Emerald Gems (ed), 2015).
- With the advent of this program, the unemployment rate in the area has dropped from 6.7% to 6.1%.
- It is expected that this development strategy will not only give boost to the construction sector in the area, expected to grow by 6.6% annually, it will also improvise the service sector, retail sector and the hospitality sector.
- It is also expected that this development will give impetus to the Business Services Sector which will show an annual growth of 3.8%.
- One of the most important factors that encouraged the administrators of Pompano Beach was that the city has continuously evolved, in all aspects, during the last 20 years.
- In the last five years alone, 120 companies have relocated their businesses in this city.
- This has also put a renewed impetus on investment in the public transport sector as well as into residential and commercial sector development in the city.
- These positive attributes are indicative of the fact that Pompano Beach Innovation District development program will excel in all economic parameters in the coming years.
- The economists and administrators are unified in their belief that Personal Income will grow in the area at an annual rate of 5.2%.
- This will give boost to the Average Real Per Capita Income in the area, which at present is $46,400 and is the second-highest in the area.
- Another boosting fact is that Average Annual Wage Growth will remain around 3.2% in the coming years.
- The Average Annual Wage level in the area is expected to remain around $56,100, which is already acknowledged as the highest in the area.
- Good news for all developing sectors, from employable work force point of view is that Pompano is expected to show a population increase of 1.1% every year.
- The area already boosts of the highest Gross Metro Product of $295,388.86 million.
- Employment in the area will register an annual growth rate of 2% over the coming period.
- Unemployment level in the Pompano region is expected to remain stationery at 5.4% in the coming years.
Assessment made within a radius extending from 1 mile to 5 miles from the Federal Highway & Atlantic Boulevard areas of Pompano Beach show the following figures:
1 MILE 3 MILE 5 MILE
Population 16,191 95,853 226,483
Daytime Population 21,274 121,892 324,427
Households 9,236 47,102 108,105
Median Income $65,599 $49,487 $45,718
It is also estimated that during the peak tourist season, the population is estimated to increase by 50%, (Marshall, Williams & Morgan (ed), 2015).
The developers and administrators have also put forward a plan which will involve and benefit the urban and pedestrian environment in the area. The proposal, based on the already existing similar projects in San Antonio or Amsterdam, is to develop, maintain and sustain the Innovation District with streets and canals. The whole area will have offices, outdoor cafes and restaurants alongside these streets and canals, (Marshall, Williams & Morgan (ed), 2015).
The future benefits of this project include:
- Elimination of ‘Dry Pond Retention Schemes’ in the area by developers.
- This will also help the developers in capitalising on their build-out capacity across all types of developing parcels.
- Maximising the values of the real estate projects in the area.
- The development of canal side recreational activities will give boost to tourism.
In this direction, the other commercial development projects include:
- A 2,084 sq ft restaurant at 2801 W. Atlantic Blvd. by the renowned Taco Bell.
- A 112 unit Residence Inn hotel at 2880 Centerport Circle by SPIH Pompano Beach, LLC.
- Construction of a new store at 2341 N. Federal Hwy by WholeFoods totalling 79,476 sq ft on 7.81 acres.
- Construction of a 2,822 sq ft gas station at 2851 W. Atlantic Blvd by Racetrac.
- Racetrac also plans to redevelop its existing gas station on 2.58 acres at 599 W. Atlantic Blvd which will have a 5,928 sq ft Convenience Store attached to it.
- McDonalds is to develop a new 5,176 sq ft store on 1.86 acres at 1490 N.W. 31st Avenue.
- Lester’s Diner is to open at 1924 E. Atlantic Blvd.
The area’s improving economy is already encouraging developers and retailers to invest in the new spaces of this area, (Parker, 2012). The spaces which are most sought-after are those located in large shopping centers. The reason for this is that tenant activity has increased in the Innovation District and the specialty grocers along with the luxury brands are making most of Pompano Beach’s reasonable lease rates and low rate of unemployment, (Tomlinson (ed.), 2012). It is expected that Innovation District will not only create an urban, dense yet a pedestrian-orientated Downtown, it will also support its new residents to become an epicenter of employment as well as for commercial retail services in Pompano Beach, (Luck, Race & Black (ed.), 2010).
To build this modern, thriving downtown, the developers are using some real innovative ideas. They are doing away with the old method of using the dry retention ponds for managing drain and storm water management and are planning to replace it with an exciting and beautiful concept which is inspired by Amsterdam’s canal system. The canal system is bound to become an asset for the city as it will have its own unique presence and shall support recreational activities in the area, which will include paddleboard and rowing, (Barnes & Doidge, 2010).
The city already has tremendous transportation links and with the addition of the new developments, the City will be home to over 30 million sq ft of commercial space. The city will be patronised by companies such as Stimpson Co, Point Blank Enterprises, Aetna, FedEx Ground, Associated Grocers and Aquathin, all of whom are planning to make it their regional headquarters, (Marshall, Williams & Morgan (ed), 2015). The City has access to both Interstate 95 and the Florida Turnpike and in future will also have access to the CSX and FEC railroads.
The forecast looks optimistic as well, say (Emerald Gems (ed), 2015), with more significant development anticipated in well-positioned areas. Increasing confidence in the U.S. and its local economies is bound to have a positive effect on this development.
References
Barnes, R. and Doidge, G. (2010), Managing Your Investment Property: The Essential Guide to Property Management in Australia and New Zealand. Milton, QLD: John Wiley & Sons.
Christensen, S. and Duncan, W.D. (2004), Professional Liability and Property Transactions. Annandale, NSW: Federation Press.
Davis, T. (2007). The Real Estate Developer’s Handbook: How to Set Up, Operate, and Manage a Financially Successful Real Estate Development. Ocala, FL: Atlantic Publishing Company.
Emerald Gems (ed). (2015), Built Environment and Property Management: A Focus on Australia. Bingley: Emerald Group Publishing Limited.
Luck, G. W., Race, D. and Black, R. (ed.). (2010). Demographic Change in Australia’s Rural Landscapes: Implications for Society and the Environment. Collingwood, VIC: Springer.
Marshall, A., Williams, N. and Morgan, J. (ed). (2015), Land of Sweeping Plains: Managing and Restoring the Native Grasslands of South-eastern Australia. Clayton South, VIC: Csiro Publishing.
Parker, D. (2012), Global Real Estate Investment Trusts: People, Process and Management. Milton, QLD: John Wiley & Sons.
Spoehr, J. (ed). (2009), State of South Australia: From Crisis to Prosperity? Kent Town: Wakefield Press.
Tomlinson, R. (ed.). (2012). Australia’s Unintended Cities: The Impact of Housing on Urban Development. Collingwood, VIC: Csiro Publishing.
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