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Sioux City Economic Development Department

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Sioux City Economic Development Department TECHNICAL ASSISTANCE REPORT SIOUX CITY SEPTEMBER 2012 International Economic Development Council 734 15th Street NW, Suite 900 Washington, DC 20005 1 IEDC ADVISORY TEAM IEDC greatly appreciates input and assistance received from stakeholders who participated in the project’s site visit, and would like to also thank the IEDC Advisory Team for its time and contributions. • Jane Jenkins, Downtown Oklahoma City • Eduardo Santana, RCLCO • Michael Stumpf, Place Dynamics • Nancy Whitworth, City of Greenville, South Carolina ABOUT IEDC Based in Washington, DC, the International Economic Development Council (IEDC) is the premier economic development membership association in the United States. IEDC helps its members create high-quality jobs, develop vibrant communities, and improve the quality of life in their regions. IEDC’s over 4,500 members represent the entire range of economic development experience — from public to private, rural to urban and local to international. IEDC relies significantly on the expertise of its members to educate on industry trends, introduce best practices, and set high standards of practice in the economic development field. PROJECT STAFF • Swati Ghosh, Director of Research and Technical Assistance • Louise Anderson, Senior Associate • Brian Overington, Senior Associate • Chelsea Couette, Research Intern 2 TABLE OF CONTENTS OVERVIEW ................................................................................................................................................................................................................ 4 PART A OBSERVATIONS ...................................................................................................................................................................................................... 7 STRENGTHS AND ASSETS ...................................................................................................................................................................................... 7 CHALLENGES ....................................................................................................................................................................................................... 11 RECOMMENDATIONS .........................................................................................................................................................................................14 CONTINUE LEVERAGING STRENGTHS AND ASSETS ............................................................................................................................................. 14 MAKE IT A PLACE ................................................................................................................................................................................................ 15 GROW ORGANICALLY AND THINK SMALL ......................................................................................................................................................... 20 MAXIMIZE PARTNERSHIPS AND COLLABORATION................................................................................................................................................ 22 CASE EXAMPLES ..................................................................................................................................................................................................28 DAVENPORT, IOWA ............................................................................................................................................................................................ 28 LA CROSSE, WISCONSIN ................................................................................................................................................................................... 34 CHATTANOOGA, TENNESSEE .............................................................................................................................................................................. 36 PART B EXECUTIVE SUMMARY ........................................................................................................................................................................................42 FINDINGS AND CONCLUSIONS ........................................................................................................................................................................... 42 IMPACT OF WALKABLE URBAN PLACE .........................................................................................................................................................46 RETAIL ANALYSIS .................................................................................................................................................................................................48 EXISTING INVENTORY ......................................................................................................................................................................................... 48 REGIONAL RETAIL TRENDS .................................................................................................................................................................................. 48 PRIMARY MARKET AREAS .................................................................................................................................................................................... 49 RETAIL DEMAND OVERVIEW ............................................................................................................................................................................... 49 RETAIL LEAKAGE ANALYSIS ................................................................................................................................................................................. 49 RESIDENTIAL ANALYSIS .....................................................................................................................................................................................52 EXISTING INVENTORY ......................................................................................................................................................................................... 52 RESIDENTIAL DEMAND OVERVIEW ...................................................................................................................................................................... 52 RECOMMENDATIONS .......................................................................................................................................................................................... 53 OFFICE MARKET ANALYSIS ..............................................................................................................................................................................55 CURRENT INVENTORY.......................................................................................................................................................................................... 55 EMPLOYMENT OVERVIEW ................................................................................................................................................................................... 55 OFFICE DEMAND OVERVIEW .............................................................................................................................................................................. 56 RECOMMENDATIONS .......................................................................................................................................................................................... 57 CRITICAL ASSUMPTIONS....................................................................................................................................................................................58 GENERAL LIMITING CONDITIONS ...................................................................................................................................................................60 SUPPORTING EXHIBITS .......................................................................................................................................................................................61 I. SUMMARY OF CONCLUSIONS ......................................................................................................................................................................... 61 II. URBAN WALKABLE ......................................................................................................................................................................................... 61 III. RETAIL ANALYSIS ............................................................................................................................................................................................ 64 IV. RESIDENTIAL DEMAND ANALYSIS ................................................................................................................................................................... 67 V. OFFICE ANALYSIS .......................................................................................................................................................................................... 76 3 OVERVIEW The purpose of IEDC‘s strategic assessment is to assist Sioux City’s downtown revitalization efforts — emphasizing downtown’s unique real estate offerings. As downtown’s inventory of vacant space has increased, this project was conducted to (a) help improve
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