DOCSLIB.ORG

Proposed Lebanon Mixed-Use Entertainment District

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Proposed Lebanon Mixed-Use Entertainment District MIXED-USE DEVELOPMENT MARKET STUDY Proposed Lebanon Mixed-Use Entertainment District LEBANON, INDIANA SUBMITTED TO: EXISTING PREPARED BY: Ben Bontrager HVS Convention, Sports & Entertainment Director of Planning Facilities Consulting [email protected] 205 West Randolph (P) 765-482-8845 Suite 1650 (C) 765-891-8933 Chicago, Illinois 60606 +1 (312) 587-9900 April 24, 2020 Convention, Sports & Entertainment Facilities Consulting Chicago, Illinois April 24, 2020 Ben Bontrager 205 West Randolph Director of Planning Suite 1650 [email protected] Chicago, Illinois 60606 (P) 765-482-8845 +1 312-587-9900 (C) 765-891-8933 +1 312-488-3631 FAX www.hvs.com Re: Proposed Lebanon Mixed-Use Entertainment District Lebanon, Indiana Dear Mr. Bontrager: Attached you will find our Mixed-Use Development Market Study of a Proposed Lebanon Mixed-Use Entertainment District in Lebanon, Indiana. We certify that we have no undisclosed interest in the property, and our employment and compensation are not contingent upon our findings. This study is subject to the comments made throughout this report and to all assumptions and limiting conditions set forth herein. It has been a pleasure working with you. We look forward to hearing your comments. Sincerely, HVS Convention, Sports & Entertainment Facilities Consulting Thomas A. Hazinski, MPP Managing Director Brian Harris Senior Director Anthony Davis, MPP Project Manager Convention, Sports & Entertainment Facilities Consulting Chicago, Illinois Table of Contents SECTION TITLE 1. Introduction and Executive Summary 2. Market Area Overview 3. Water Park Hotel Analysis 4. Ice Facility Analysis 5. Indoor Mountain Bike Park Analysis 6. Economic Impact 7. Statement of Assumptions and Limiting Conditions 8. Certification Convention, Sports & Entertainment Facilities Consulting Chicago, Illinois 1. Introduction and Executive Summary Nature of the The City of Lebanon, IN Redevelopment Commission engaged HVS Convention, Assignment Sports & Entertainment Facilities Consulting (“HVS”) to conduct a Mixed-Use Development Market Study in Lebanon, Indiana. The Mixed-Use Entertainment District could enhance the demand potential of Lebanon for transient business, provide opportunities to Lebanon residents under 21, and encourage further economic development in Northwest Indianapolis. Ownership and The proposed site of the Mixed-Use Entertainment District is strategically located Management at SR 39 and I-65 in Lebanon, Indiana. The City of Lebanon currently owns one portion of the site, with options to gain ownership of the remaining portions of the site. The ownership and management of the proposed Mixed-Use Entertainment District varies depending on which proposed land use the City of Lebanon, IN Redevelopment Commission pursues. Methodology In accordance with the Scope of Services, HVS performed the following tasks: 1. Thomas A. Hazinski, MPP, Anthony Davis, MPP, and Brian Harris from HVS travelled to Lebanon, Indiana on December 11 and 12, 2019 for a site visit and client meeting. During this visit, we visited the prospective site of the Mixed-Use Entertainment District, met with other key industry participants, and gathered relevant data. 2. Analyzed the economic and demographic data that indicate whether, and the extent to which, the local market area supports the Mixed-Use Entertainment District. 3. Reviewed the 2019 Community Foundation of Boone County Community Needs Assessment to identify the type of venue that best services the local and regional communities. 4. Performed a preliminary land use evaluation, which ranked potential redevelopment options based on how well they met or exceeded the goals of improvement identified by HVS. 5. Identified three key land uses—Waterpark Hotel, Ice Facility, and Indoor Mountain Bike Park—to further study for feasibility at the site. 6. For each of the three land uses: April 24, 2020 Introduction and Executive Summary Mixed-Use Development Market Study 1-1 Convention, Sports & Entertainment Facilities Consulting Chicago, Illinois a. Compiled data on competitive and comparable venues to inform and test the reasonableness of the building program recommendations. b. Recommended individual facility land uses based on the above steps. c. Prepared event demand and attendance forecasts based on the implementation of the program recommendations. d. Prepared a financial forecast for the proposed land use operations. 7. For the Proposed Hotel Waterpark, we prepared a hotel market analysis and conducted an industry trends analysis for the hotel waterpark industry. 8. Prepared an economic and fiscal impact analysis for the proposed Mixed- Use Entertainment District. HVS collected and analyzed all information contained in this report. HVS sought out reliable sources and deemed information obtained from third parties to be accurate. Market Area Analysis Due to its proximity to Indianapolis, the Lebanon, Indiana market benefits from a variety of tourist and leisure attractions in the area. The peak season for tourism in this area is from May to September. During other times of the year, weekend demand comprises travelers passing through in route to other destinations, sporting events, and other similar weekend demand generators. Due to its central Midwest location, Indianapolis has emerged as a premier youth and amateur sports destination, as evidenced by the opening of the $45-million Grand Park sports campus in nearby Westfield in the spring of 2014. The 400-acre sports mega-park features 26 diamonds for baseball and softball; 31 multipurpose fields for soccer, lacrosse, football, rugby and field hockey; 2 large indoor facilities to accommodate off-season play and training; and more than ten miles of paved trails. Moreover, the complex added an indoor soccer and basketball/volleyball facility in January 2016. According to Hamilton County Tourism Inc., Grand Park is expected to attract 1.5 million visitors annually and account for up to 40,000 hotel room nights per year once it is established. Since 2014, the Indianapolis International Airport has experience year-to-year increases in its passenger statistics—most recently reaching 9.4 million passengers in 2018. Major employment sectors in Boone County include the Retail Trade, State and Local Government, and Construction Sectors. The Boone County Economic April 24, 2020 Introduction and Executive Summary Mixed-Use Development Market Study 1-2 Convention, Sports & Entertainment Facilities Consulting Chicago, Illinois Development Corporation identifies Witham Health Services, XPO, and CNH America as the three largest employers in Boone County. Economic development outside of Indianapolis has largely been concentrated in North and Northeast Indianapolis around Carmel and Fishers; however, future development seems to trend toward growth in the Northwest Indianapolis area, which would bode well for the growth of tourism to and around Lebanon. COVID-19 Impact COVID-19 (a strain of the coronavirus) was identified in China in December 2019. It has since spread to a substantial number of countries around the globe. As of this writing, the impact of the virus in the United States has been felt throughout most of the nation. Federal, state and local governments, individual corporations. and institutions have imposed travel restrictions and other safety measures. The number of states with reported virus cases is rapidly escalating; currently, there is limited insight in terms of how it can be contained, how long it will take for the infection rate to start decreasing, and when a vaccine will be ready. In addition to the cost of human life, the broader impact of the spread of COVID-19 has been that realized by supply chains and the potential to exacerbate an economic slowdown or trigger an economic recession, where the negative effects are likely to be longer lived than that of the virus itself. At the moment, limited evidence is available in terms of the impact that the virus has already had on the hospitality industry in the United States given the speed of its diffusion; performance data covering the affected areas had yet to be released at the time of this report. As of early March 2020, many large conferences and events have been canceled on account of COVID-19, and travel is being severely restricted by a number of companies as a precautionary measure. While is it undeniable that the impact on the hotel industry will be substantial, we have no visibility as to how long restrictions on travel or on large gatherings of people are likely to remain in place. It is also difficult to assess the specific impact on cash flows for individual properties given the lack of evidence at this early stage. This will become more evident and easier to forecast once more time has elapsed, thus allowing us to more accurately "measure" the pandemic's impact on hotels across the United States. Ultimately, the impact of COVID-19 on the hospitality industry will depend on the course of the pandemic, the extent and duration of travel restrictions, as well as to the public’s responses to these events. However, it is important to highlight that, despite the short-term impact, the fundamentals for the U.S. lodging industry in the longer term remain strong and, as such, our views on capitalization rates reflect this long-term perspective. April 24, 2020 Introduction and Executive Summary Mixed-Use Development Market Study 1-3 Convention, Sports & Entertainment Facilities Consulting Chicago, Illinois The time-frame of the projections in this study are beyond
Load more

Recommended publications
  • Sol Spin Stirs New Excitement at Knott's
    INSIDE: Quassy rebuilds C.P. Huntington train; ANNIVERSARY Chance closes in on #400 TM & ©2017 Amusement Today, Inc. PAGES 27-29 June 2017 | Vol. 21 • Issue 3 www.amusementtoday.com Hersheypark soars with S&S Triple Towers Installation is first in the country with three towers at different heights AT: B. Derek Shaw [email protected] HERSHEY, Pa. — On April 8, during Springtime in the Park pre-opening day weekends, Hersheypark unveiled its new- Sol Spin, a Top Scan from Mondial, began daily operation at Knott's est trio of attractions to the pub- Berry Farm in April. COURTESY KNOTT'S BERRY FARM lic — Hershey Triple Towers. Being billed as “the first choose-your-thrill triple tower Sol Spin stirs new in the United States,” the new attractions provide an experi- excitement at Knott’s ence for each member of the family with varying heights, Mondial Top Scan tion that was once occupied thrill levels and speeds. Located by a Mondial Wind Seeker in the Minetown section of the joins ride lineup swing tower, which had a 110-acre park, each tower oper- short run at Knott’s before ates independently, launching AT: Dean Lamanna parent company Cedar Fair at varying times with its own [email protected] Entertainment relocated it to ride staff. Each tower affords a BUENA PARK, Calif. Worlds of Fun in Kansas City, unique view of the park from Hersheypark's new Triple Towers offers park guests the op- — Knott’s Berry Farm is in- Mo. up above. portunity to choose three heights of towers, 189 feet, 131 creasing its seasonal harvest Jon Storbeck, vice presi- Triple Towers are located feet and 89 feet.
    [Show full text]
  • Board Award Recipients Hall of Fame Inductees
    World Waterpark Association board award recipients and hall of fame inductees Board awards AL TURNER MEMORIAL COMMITMENT TO EXCELLENCE AWARD: Awarded to individuals, parks or organizations that have through their consistent business and professional excellence provided leadership and/or fostered a sense of community in the World Waterpark Association membership. 2016: Scott Deisley, Safety Skills Training Mark C. Hatchel, Kimley-Horn & Associates Frank Perez, NRH2O Family Water Park 2015: Glenn Davidson, Farah Leisure Parks Management LLC Chris Landgrave, Deep River Waterpark Rachmat Sutiono, P.T. Funworld 2014: The Kells Family, Water Wizz of Cape Cod, Inc. Dato’ Richard CK Koh, Only World Group Dale McFarland, Veracity Hospitality, LLC. 2013: The Aragona Family, Zoom Flume Water Park Santokh Singh Chawla, POLO RAK AMUSEMENTS LLC Kristie Moses, Sage Hospitality, CoCo Key Resort 2012: Family Fun Corporation Steve Miklosi, Breakers Water Park Tomahawk Lake Waterpark 2011: Sam Haynes, Blue Bayou Water Park Danny & Janis Keim 2010: Tom Bergman, MMOINC/Bergman Communications Jill White, Starfsh Aquatics Institute (SAI) 2009: Tiffany Quilici, Roaring Springs Waterpark The Rapids Waterpark, West Palm Beach, Florida 2008: Richard A. Carroll, Ellis & Associates Hyland Hills Water World, Federal Heights, Colorado 2007: Bill Haralson, William Haralson & Associates 2006: Jeff Ellis, Ellis & Associates 1 2005: Bill Getz, Aquality Consulting (posthumously) Kevin Smith, Chemtrol (posthumously) Ken Ward, Water Technology, Inc. (posthumously) 2004: Fred,
    [Show full text]
  • 26Th Annual Convention Bloomington, MN
    26th Annual Convention Bloomington, MN ‐ Home of Mall of America June 9 – 12, 2011 Bloomington, MN • Centrally Located • Popular Attractions • Mall of America® • Affordable Accommodations • Easy Access via car and plane • Excellent Track Record • Complimentary Services Location Location Location With a beautiful location on the banks of the Minnesota River, the city of Bloomington has much to offer travelers. Not only is it home to the world‐famous Mall of America®, but this city of 85,000 also houses the stunning Minnesota Valley National Wildlife Refuge, Water Park of America, an extensive system of hiking and biking trails and much more. Twin Cities visitors also enjoy Bloomington’s many travel conveniences, including its central location, proximity to the airport, and easy freeway access to Interstates 35W and 494. In addition, Bloomington offers free parking, free hotel shuttles to the airport and Mall of America, and the Hiawatha light rail line, which runs from the MOA, to Minneapolis‐St. Paul International Airport and downtown Minneapolis. Flight Times Seattle Toronto 3:25 2:00 Boston 2:30 Denver 2:10 L.A. Chicago Wash DC 3:30 1:10 2:10 St. Louis 1:20 Airport Phoenix 2:10 Doorstep to the Atlanta busy MSP 2:30 International Dallas Airport and free 2:20 shuttle to/from airport Transportation • The Hiawatha Light Rail Transit travels between Bloomington and Minneapolis • Stops include Mall of America, MSP Airport and Downtown Minneapolis • Several Bloomington hotels are conveniently located within walking distance to the stations Mall of America The city of Bloomington’s #1 attraction by far, is Mall of America, the largest shopping center in the United States, welcoming over 40 million visitors annually.
    [Show full text]
  • Barbie™ the Dreamhouse Experience™ - the Ultimate Pink Getaway in Bloomington, Minnesota!
    Barbie™ The Dreamhouse Experience™ - The Ultimate Pink Getaway in Bloomington, Minnesota! Barbie™ The Dreamhouse Experience™ has opened its pink door to fans of all ages inside Mall of America®. In the 30,000-square foot experience, Barbie® fans can tour a life-size, nine room Barbie Dreamhouse with engaging activities kids will adore. Barbie’s signature pink elevator, endless closet and the create-your-own digital cupcake game in Barbie’s kitchen are a must see! Make a weekend of visiting Bloomington and Mall of America® – here’s your game plan! Day One: Check in to one of Bloomington’s 38 diverse hotels and head over to Mall of America® to begin your Barbie® adventure. Become a part of the fabulous Barbie® lifestyle and discover each room of her amazing Malibu Dreamhouse™. Dress up in the Barbie® dream closet, be a star in the Barbie® fashion show, virtually bake in the Barbie® kitchen and more. Give yourself plenty of time to see and do everything there is in the Dreamhouse™. Stop by the Barbie® Café for a unique snack and the Barbie Dreamhouse Boutique to pick up the Barbie™ The Dreamhouse Experience™ Dolls, available only at the Dreamhouse ™. Day One Evening: Grab a bite to eat at one of Mall of America’s 50 restaurants, from quick-serve to sit-down. Many of the Mall’s restaurants are family-friendly and offer a wide variety of options for everyone to agree upon. Check out Rainforest Café, Bubba Gump Shrimp Co., Sky Deck Sports Grille and Lanes or Kokomo’s Island Café for a new favorite place to eat! Day Two: Head back to Mall of America to see and shop everything you didn’t see yesterday.
    [Show full text]
  • Water Park Market Feasibility Study Report
    MARKET FEASIBILITY STUDY REPORT FOR THE PROPOSED INDOOR WATERPARK RESORT-COOPERSTOWN 4850 STATE HIGHWAY 28 HARTWICK, OTSEGO COUNTY, NEW YORK Date of Report: November 24, 2015 FOR Mr. Jeff Hyman and Mr. Sandy Mathes Hyman Hemispheric, LLC and Mr. Sandy Mathes Otsego County IDA December 14, 2015 Mr. Jeff Hyman and Mr. Sandy Mathes President Hyman Hemispheric, LLC 37 Forest Drive Voorheesville, NY 12186 and Mr. Sandy Mathes CEO Otsego County IDA 189 Main Street, 5th Floor Oneonta, NY 13820 RE: Proposed Indoor Waterpark Resort-Cooperstown Hartwick, Otsego County, New York Dear Mr. Hyman and Mr. Sandy Mathes: In fulfillment of our engagement letter, we completed our study of the market demand and economic feasibility for the proposal to develop an indoor waterpark resort in Hartwick, Otsego County, New York. The study is based upon market conditions observed as of the date of our market inspection on August 12, 2015, and research conducted in August and September 2015. The subject site is at 4850 State Highway 28, adjacent to Cooperstown Fun Park. Assumptions The conclusions contained in this report are based upon a review of information provided by you and on-site field work in the market area, which is described in the Scope of Assignment section. As in all studies of this type, the conclusions do not take into account or make provisions for the effect of any sharp rise or decline in local or general economic conditions not presently foreseeable. The estimated results are based on competent and efficient management of the proposed hotel, as well as an aggressive marketing program.
    [Show full text]
  • CENTRAL MIDWEST Family Planner
    CENTRAL MIDWEST Family planner Squeals of delight, giggles of nervous excitement, awe- MISNOMER filled stares? Just imagine Experience hours the kids’ reaction when you of splashing, sliding and swimming fun pull up in front of a giant at the Still Waters water park. Or stop at a quirky Resort in Branson, malt shop for a sweet treat. Missouri. Or finally get close to a real dinosaur skeleton. Family vacations don’t have to be exotic to be a whole lot of fun. background Some activities are as much fun for adults as they are for kids: Learning about exotic animals, watching a baseball game, playing with craft supplies or eating a meal that’s as messy as it is delicious. Kansas City offers ageless entertainment options at every turn, ensuring a thrilling getaway for the whole family (800/767-7700; visitkc.com). itinerary Kansas City Skyline CENTRAL MIDWEST D A Y City Zoo houses more than 1,000 animals, including elephants, giraffes, polar bears and chimpanzees. Every trip to Kansas City Kansas City must include barbecue, and luckily, there are many tasty options. Gates Bar-B-Q, with Get your creative juices1 flowing at six locations around the metro, is known for Kaleidoscope’s family art sessions in its zesty sauces; the two Arthur Bryant’s Hallmark’s Crown Center headquarters. Kids Barbecue locations serve especially tasty (and their adults) create art at stations using burnt ends. For a comfortable, kid-friendly getaway leftover card supplies, crayons, markers and hotel, the Holiday Inn Southeast is ideal: other free crafting supplies.
    [Show full text]
  • Analysis of Indoor Waterpark Resorts
    2017 Waterpark Forecast: Continued Growth By David J. Sangree, MAI, CPA, ISHC Introduction The waterpark industry continues to expand in North America, with more than $550 million worth of new investment in indoor and outdoor waterparks and their related resorts in 2016. Waterpark related development is expected to grow in 2017, with over 40 expansions and new facilities opening. In 2017, we project 16 municipal and nine private outdoor waterparks will open, outpacing 2016’s nine municipal and five private outdoor additions. We foresee continued, albeit slower, growth in the indoor segment, where an additional 243,000 square feet of waterpark space are planned. Two of this year’s most anticipated additions are Universal Orlando Volcano Bay in Orlando, Florida, and the Kalahari Resort phase two expansion in Pocono Manor, Pennsylvania. The 30-acre Volcano Bay waterpark will feature 18 state-of-the-art attractions and is poised to set a new standard in the outdoor waterpark market. Kalahari Resort is expanding its current resort to nearly 1,000 guestrooms and will have a 220,000 square foot indoor waterpark. When complete, it will be one of the largest indoor waterpark resorts in North America. 2017 WATERPARK STANDINGS As of February 2017, the United States has 1,029 waterparks, an increase of 34 waterparks over last year’s reported 996. The majority of this gain was in the outdoor segment and was split between private and municipal facilities. Twenty-four properties opened in 2016, while H&LA found ten additional properties through our monitoring the ever-evolving national waterpark market, discovering waterparks that have not previously been listed in databases.
    [Show full text]
  • Market Feasibility Study Report for the Proposed Indoor Waterpark Resort 84 Chalet Road Thompson, Sullivan County, New York
    MARKET FEASIBILITY STUDY REPORT FOR THE PROPOSED INDOOR WATERPARK RESORT 84 CHALET ROAD THOMPSON, SULLIVAN COUNTY, NEW YORK Date of Report: January 23, 2014 FOR Mr. Tim Lies Project Manager EPR Properties 909 Walnut Suite 200 Kansas City, Missouri 64106 January 23, 2014 Mr. Tim Lies Project Manager EPR Properties 909 Walnut Suite 200 Kansas City, Missouri 64106 RE: Proposed Indoor Waterpark Resort Thompson, Sullivan County, New York Dear Mr. Lies: In fulfillment of our engagement letter, we have completed our study of the market demand and economic feasibility for the proposal to develop an indoor waterpark resort and timeshare units in Thompson, Sullivan County, New York. The study is based upon market conditions observed as of the date of our market inspection on November 14, 2013, and research conducted in November and December 2013 and January 2014. The property is part of larger master plan development that will encompass 1,735 acres of the former Concord Resort. The subject will occupy approximately 135 acres of the total development and be located just east of 84 Chalet Road, the current clubhouse for the Concord Monster Golf Course. A traveler on State Route 17 will take exit 106 then travel north on Joyland Road to the subject site. Assumptions The conclusions contained in this report are based upon a review of information provided by you and on-site field work in the market area which is described in the Scope of Assignment section. As in all studies of this type, the conclusions reached do not take into account, or make provisions for, the effect of any sharp rise or decline in local or general economic conditions not presently foreseeable.
    [Show full text]
  • Speakers Speakers
    SPEAKERS SPEAKERS Kevin V. Abbate Kevin V. Abbate is the Director of Parks and Recreation for Martin County. He joined the Martin County team in February 2011. Abbate received his master’s in public admin- istration from Florida Atlantic University and his bachelor’s of science in parks and recreation management from Florida International University. His career in parks and recreation started as a teenager in Broward County in 1986 while attending college, where he also played baseball and ran cross-country. Abbate began his professional career in 1992 for the Broward County Parks and Recreation Division. Abbate started as the Aquatics Coordinator and progressed to the administrative position as the Parks and Recreation Manager V for Broward County. He also worked overseeing two family-sized waterparks for Palm Beach County for six years. Abbate has received accolades such as Employee of the Year for Broward County and has received the County Administrators Awards for both Broward and Palm Beach Counties. Abbate has resided in south Florida for the past 40 years with his wife and two children. Mark Abdo Mark Abdo has been the Aquatics Supervisor for the City of Largo since 2004, but has been associated with the field for 30 years. He received his master’s in public educa- tion from the University of South Florida and his bachelor’s degree in leisure recreation from Eckerd College. Abdo also received a graduate certificate in nonprofit management from USF. He has been a Certified Park and Recreation Professional (CPRP) since 1981, and has presented at region, state and national level conferences.
    [Show full text]
  • Analysis of Indoor Waterpark Resorts
    Waterparks: What’s on Deck for 2018 By David J. Sangree, MAI, CPA, ISHC Introduction The waterpark industry continues to expand in North America, with more than $1 billion in new investment in indoor and outdoor waterparks and their related resorts in 2018. Nearly 60 expansions and new facilities will open in 2018. We project 14 municipal and eight private outdoor waterparks will open, outpacing 2017’s nine municipal and four private outdoor additions. We foresee increased growth in the indoor segment, where an additional 464,000 square feet of waterpark space is planned. Two of this year’s most anticipated new waterparks are the SoundWaves Waterpark at Gaylord Opryland Resort in Nashville, Tennessee, and Big Rivers Waterpark at Grand Texas in New Caney, Texas. SoundWaves Waterpark is a four-acre, $90 million indoor/outdoor waterpark featuring a wave pool, lazy river, rapid river, slide tower, double FlowRider, rock climbing wall, and an obstacle course. Grand Texas is an entertainment and shopping development that will offer the largest theme park in Texas, a sportsplex, RV resort, racing park, factory outlets, adventure park, and Big Rivers Waterpark. The 80-acre adventure park and waterpark will include water slides, a wave pool, a lazy river, zip lines, a climbing wall, and a ropes course. 2018 WATERPARK STANDINGS As of February 2018, the United States has 1,058 waterparks, an increase of 29 waterparks over last year’s reported 1,029. Most of this gain was in the standalone outdoor segment, with four new private facilities and 11 new municipal facilities. Seven openings contributed to the indoor supply, and three resorts opened new outdoor waterparks.
    [Show full text]