PDA Market Strategy
July 25, 2007 Charter Township of Waterford A Market Strategy for Development of a Planned Destination Area Final Report Submitted To: The Charter Township of Waterford Economic Development Corporation 5200 Civic Center Drive Waterford, Michigan 48329 Prepared by: Sharon M. Vokes, Principal Anderson Economic Group, LLC In Collaboration with: Harley Ellis Devereaux and JJR Anderson Economic Group LLC • http://www.AndersonEconomicGroup.com 1555 Watertower Place, Suite 100 • East Lansing, MI 48823 • Tel: (517) 333-6984 • Fax: (517) 333-7058 East Lansing | Chicago | Dallas | Oklahoma City Waterford Township - Planned Destination Area Final Report Table of Contents 1.0 EXECUTIVE SUMMARY 1 2.0 THE SHOPPING AREA - A BRIEF HISTORY 6 3.0 PROJECT PARAMETERS 10 4.0 A REGIONAL DESTINATION 18 5.0 SPORTS COMPARABLES 22 6.0 MUSIC VENUES 31 7.0 RETAIL ANALYSIS 33 8.0 RETAIL COMPARABLES 36 9.0 RESIDENTIAL ANALYSIS 44 Anderson Economic Group, LLC 0 Waterford Township - Planned Destination Area Final Report 1.0 EXECUTIVE SUMMARY 1.1 Introduction We appreciate this opportunity to contribute to this important project for Waterford Township, and are hopeful that its property owners and other Community Stakeholders are able to share your vision for a mixed-use project that creates a regional destination and refuels economic growth. If this project is planned, designed, implemented and developed carefully, then it has high potential for success, and will enhance the quality of life for your residents, working families and visitors. This document reports our preliminary findings regarding the economic feasibility of redeveloping Waterford Township’s Planned Destination Area (PDA). In short, our findings are favorable for the project, with the following summary of recommenda- tions: 1.
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