This paper, written by Patrick L. Anderson for the January issue of the NABE’s Business Economics journal, is the recipient of a 2018 Edmund A. Mennis Contributed Paper Award. The work earned Mr. Anderson his third Mennis award for the nationally-recognized accuracy of its analysis in handicapping location bids for Amazon’s “HQ2.” Abstract For nearly […]
New York Times,
New York Times,
Northern Michigan University retained Anderson Economic Group to conduct a market study and strategy for the development of university owned property in Marquette, Michigan. The commission of this report opened the opportunity for the proactive planning of future development efforts, the return of underutilized property to productive uses, and the physical and social connection of the campus and community.
Our approach began with a field assessment in Marquette, followed by community outreach through online surveying, meetings with community stakeholders, and focus groups for the business community, area residents, university faculty and staff, and students. Findings from the community engagement helped to qualify results from our retail and residential supply and demand analyses, which identified opportunity for growth in various retail categories and housing value brackets to complement the existing stock. Our recommendations included illustrative development plans for the property, and specific development guidelines and tenant recommendations to enliven the area, connect the campus to the community, and bring in each element of living, working, and playing.
We provided the university with a full report which included an executive summary and appendices that contained explanations of the methodology used, detailed findings from the analyses, custom maps, and results from the community engagement process. We also provide pro forma financial models for the development to illustrate the financial considerations related to the project.
Anderson Economic Group was retained to develop a retail strategy for the Dorr Street corridor, a major east/west arterial road at the core of the Greater Toledo metropolitan area. This corridor connects the University of Toledo to the city’s downtown, passing through a number of culturally diverse neighborhoods along the way. The corridor was under-served in retail, requiring local residents to travel to other retail destinations for basic needs and competitive pricing.
In developing the retail strategy for the corridor, we conducted a supply-demand (gap) analysis, fieldwork within the corridor and Toledo retail market, delineation of a primary trade area, and qualification of the results using our expertise in the retail industry and first-hand knowledge gathered in the market. Based on our analyses we concluded that there was opportunity for a specific amount of new retail square footage in 35 categories. We recommended a split of the retail opportunity in three distinct nodes along the corridor, including two major intersections and a third clustering to better link the corridor to the University of Toledo.
Our analysis and strategy recommendations were documented in a report, and provided to The Collaborative, a planning and engineering firm in Toledo that was managing the redevelopment effort. They have used the report to guide their efforts and focus preliminary investments into projects with the greatest potential for large impacts.
In planning for future growth in the community, the Township of Scio, through its Downtown Development Authority and the Economic Study Task Force, retained Anderson Economic Group to complete an economic development strategic.
We started with a rigorous economic analysis, pinpointing the industries and occupations with the most growth opportunity in coming years. We also analyzed the employment base from which workers would come, identified a measurable gap in office space, and uncovered current and projected demographic trends of the area. Our findings led us to recommend a plan to locate businesses along the Jackson road corridor, with an emphasis on the Baker and Zeeb Road interchanges for increased visibility and accessibility.
Our recommendations, which were documented along with the details of our analysis in a final report and presentation, included developing a business campus with Class A office space and limited retail; creating a town center atmosphere at the intersection of Zeeb and Jackson Roads; and to physically integrate future development along Jackson Road with connecting roads, shared parking, and common access points.
The City of St. Clair and its Downtown Development Authority retained McKenna Associates to create a vision for downtown St. Clair. As a part of that effort, Anderson Economic Group was retained to develop a strategy for retail revitalization in the downtown.
Our retail market strategy analyzed the development potential for the community with an emphasis on economic catalysts to benefit retail. In completing a supply/demand analysis, we determined that there was opportunity for new retail in 20 categories, and a clear need to better meet the wants and needs of both residents and visitors. We also presented strategies for invigorating retail and development in St. Clair, including: consolidating some existing businesses into a retail cluster, recruiting an additional anchor tenant, adding higher-quality dining options, and improving use of the riverfront.
Our analysis and findings were documented in a final report, complete with recommendations and strategy, and provided to the St. Clair DDA and McKenna Associates.