North Avenue & Madison Street Market Analysis
Total Page:16
File Type:pdf, Size:1020Kb
VILLAGE OF RIVER FOREST NORTH AVENUE & MADISON STREET MARKET ANALYSIS REPORT NORTH AVENUE DIVISION MONROE HARLEM LATHROP THATCHER CHICAGO LAKE WASHINGTON MADISON STREET ADOPTED January 25, 2016 TABLE OF CONTENTS INTRODUCTION 1 DEMOGRAPHIC ANALYSIS 1 COMPETITIVE MARKET 9 ASSESSMENT OF ZONING AND REGULATORY CONTROLS 17 ECONOMIC DEVELOPMENT TOOLS 18 SUMMARY 19 Prepared by ii INTRODUCTION DEMOGRAPHIC ESRI Business Analyst, a nationally recog- nized provider of demographic data, has The North Avenue, Harlem Avenue, ANALYSIS been utilized in preparing this analysis. and Madison Street corridors and Des To provide context to the Village of River Data indicates that the Village population Plaines River form the borders of the Forest’s position in the market area, the has declined slightly since the 2010 U.S. Village of River Forest, with North and Village’s demographics were analyzed. Census and is projected to continue to Madison forming the northern and decline through 2020. Actual population southern boundaries respectively. This and household projections become more report assesses the market potential and difficult to quantify beyond a short-term competitive context of the North Avenue timeframe, because of the potential for and Madison Street corridors within the changes in economic and market con- Village. ditions and unforeseen development influences. While projections could in fact hold true, population declines could be reversed driven in large part on the expec- tation that Chicago’s inner ring suburbs will be subject to reinvestment as people seek to move closer to jobs and public transportation. Village of River Forest North Ave & Madison St Market Analysis Report 1 Population (1950- 2019) River Forest Population 16,000 The fastest growing segment of the popu- 14,000 13,402 lation are those residents age 65 and over. 12,695 12,392 11,669 11,635 This is not due to new older residents 11,172 12,000 10,823 10,621 moving into the Village but rather existing 10,417 residents getting older and staying in 10,000 place. To the contrary, there is not a draw 8,000 to the community for older individuals. There is, however, a small increase in the 6,000 number of households age 25 to 34. This 4,000 bodes well for future reinvestment as this is an indication that as older residents 2,000 leave their larger single family homes 0 there are younger householders and future 1950 1960 1970 1980 1990 2000 2010 2014 2019 families moving in. Source: ESRI Business Analyst; CMAP 2040 Projections The Village is currently and is projected to remain largely white in terms of racial distribution. There is a small increase pro- jected in the Hispanic population which largely mirrors regional trends. The way in which the U.S. Census identifies race is that an individual may declare themselves both white and Hispanic or Black and Hispanic. So therefore total percentages can exceed 100%. 2 North Ave & Madison St Market Analysis Report Village of River Forest Median Household Income (2015, 2020) River Forest River Forest Income Incomes within the Village are rising with the median household income projected to increase by 13% between 2015 and 2020 to over $128,000. The largest growth will $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 occur in that segment of the population 2015 2020 earning over $150,000 per year. Source: ESRI Business Analyst Households by Income (2015, 2020) River Forest 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% <$15,000 $15,000 - $25,000 - $35,000 - $50,000 - $75,000 - $100,000 - $150,000 - $200,000+ $24,999 $34,999 $49,999 $74,999 $99,999 $149,999 $199,999 2015 2020 Source: ESRI Business Analyst Village of River Forest North Ave & Madison St Market Analysis Report 3 Employment There was a spike and subsequent reduc- tion in public administrative positions, Employment within the Village has that while not quantified, may be the been fairly consistent over the years as result of Cook County Forest Preserve indicated in the following table. Education allocation of positions from River Forest positions represent, by far, the largest to other locations. This would be consis- employment sector and is reflective of the tent with information provided by FPDCC academic institutions and schools in the representatives, indicating that there are Village. approximately 600 people employed by the District. Work Area Profile Report 2013 2012 2011 2010 2009 2008 Total Primary Jobs Count Share Count Share Count Share Count Share Count Share Count Share Total Primary Jobs 3,779 100.0% 3,864 100.0% 4,594 100.0% 4,183 100.0% 3,640 100.0% 3,926 100.0% 2013 2012 2011 2010 2009 2008 Jobs by NAICS Industry Sector Count Share Count Share Count Share Count Share Count Share Count Share Agriculture, Forestry, Fishing and Hunting 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% Mining, Quarrying, and Oil and Gas Extraction 3 0.1% 2 0.1% 4 0.1% 3 0.1% 3 0.1% 3 0.1% Utilities 0 0.0% 0 0.0% 1 0.0% 4 0.1% 0 0.0% 0 0.0% Construction 27 0.7% 29 0.8% 26 0.6% 23 0.5% 31 0.9% 35 0.9% Manufacturing 3 0.1% 0 0.0% 7 0.2% 10 0.2% 9 0.2% 9 0.2% Wholesale Trade 28 0.7% 12 0.3% 37 0.8% 31 0.7% 31 0.9% 32 0.8% Retail Trade 796 21.1% 784 20.3% 837 18.2% 692 16.5% 726 19.9% 864 22.0% Transportation and Warehousing 2 0.1% 0 0.0% 0 0.0% 1 0.0% 5 0.1% 3 0.1% Information 37 1.0% 27 0.7% 36 0.8% 34 0.8% 43 1.2% 52 1.3% Finance and Insurance 214 5.7% 224 5.8% 221 4.8% 224 5.4% 239 6.6% 247 6.3% Real Estate and Rental and Leasing 51 1.3% 39 1.0% 43 0.9% 33 0.8% 29 0.8% 40 1.0% Professional, Scientific, and Technical Services 187 4.9% 175 4.5% 151 3.3% 109 2.6% 103 2.8% 89 2.3% Management of Companies and Enterprises 4 0.1% 2 0.1% 5 0.1% 11 0.3% 8 0.2% 5 0.1% Administration & Support, Waste Management and 65 1.7% 76 2.0% 90 2.0% 96 2.3% 66 1.8% 89 2.3% Remediation Educational Services 1,645 43.5% 1,763 45.6% 1,786 38.9% 1,590 38.0% 1,467 40.3% 1,124 28.6% Health Care and Social Assistance 220 5.8% 266 6.9% 427 9.3% 372 8.9% 398 10.9% 364 9.3% Arts, Entertainment, and Recreation 28 0.7% 22 0.6% 28 0.6% 29 0.7% 23 0.6% 28 0.7% Accommodation and Food Services 182 4.8% 158 4.1% 191 4.2% 199 4.8% 215 5.9% 235 6.0% Other Services (excluding Public Administration) 105 2.8% 103 2.7% 95 2.1% 87 2.1% 98 2.7% 92 2.3% Public Administration 182 4.8% 182 4.7% 609 13.3% 635 15.2% 146 4.0% 615 15.7% 4 North Ave & Madison St Market Analysis Report Village of River Forest Work Area Profile Report (continued) 2007 2006 2005 2004 2003 2002 Total Primary Jobs Count Share Count Share Count Share Count Share Count Share Count Share Total Primary Jobs 3,830 100.0% 3,779 100.0% 3,645 100.0% 3,561 100.0% 3,027 100.0% 3,599 100.0% 2007 2006 2005 2004 2003 2002 Jobs by NAICS Industry Sector Count Share Count Share Count Share Count Share Count Share Count Share Agriculture, Forestry, Fishing and Hunting 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% Mining, Quarrying, and Oil and Gas Extraction 2 0.1% 3 0.1% 5 0.1% 5 0.1% 5 0.2% 4 0.1% Utilities 0 0.0% 0 0.0% 0 0.0% 0 0.0% 1 0.0% 0 0.0% Construction 37 1.0% 36 1.0% 30 0.8% 38 1.1% 33 1.1% 28 0.8% Manufacturing 13 0.3% 16 0.4% 11 0.3% 14 0.4% 6 0.2% 11 0.3% Wholesale Trade 27 0.7% 18 0.5% 15 0.4% 28 0.8% 19 0.6% 30 0.8% Retail Trade 791 20.7% 751 19.9% 732 20.1% 741 20.8% 667 22.0% 664 18.4% Transportation and Warehousing 2 0.1% 0 0.0% 10 0.3% 15 0.4% 12 0.4% 13 0.4% Information 51 1.3% 39 1.0% 19 0.5% 43 1.2% 46 1.5% 48 1.3% Finance and Insurance 245 6.4% 238 6.3% 215 5.9% 80 2.2% 81 2.7% 75 2.1% Real Estate and Rental and Leasing 37 1.0% 39 1.0% 26 0.7% 32 0.9% 31 1.0% 36 1.0% Professional, Scientific, and Technical Services 79 2.1% 96 2.5% 84 2.3% 78 2.2% 85 2.8% 81 2.3% Management of Companies and Enterprises 3 0.1% 1 0.0% 1 0.0% 3 0.1% 0 0.0% 1 0.0% Administration & Support, Waste Management and 73 1.9% 64 1.7% 86 2.4% 74 2.1% 78 2.6% 66 1.8% Remediation Educational Services 1,321 34.5% 1,257 33.3% 1,215 33.3% 1,190 33.4% 1,162 38.4% 1,115 31.0% Health Care and Social Assistance 351 9.2% 328 8.7% 343 9.4% 339 9.5% 321 10.6% 293 8.1% Arts, Entertainment, and Recreation 24 0.6% 25 0.7% 22 0.6% 24 0.7% 24 0.8% 21 0.6% Accommodation and Food Services 220 5.7% 219 5.8% 208 5.7% 192 5.4% 205 6.8% 123 3.4% Other Services (excluding Public Administration) 90 2.3% 80 2.1% 86 2.4% 101 2.8% 112 3.7% 107 3.0% Public Administration 464 12.1% 569 15.1% 537 14.7% 564 15.8% 139 4.6% 883 24.5% Village of River Forest North Ave & Madison St Market Analysis Report 5 Total Housing Units (2010, 2015, 2020) River Forest 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 2010 2015 2020 Owner Occupied Renter Occupied Vacant Source: ESRI Business Analyst Housing The majority of housing in the Village Housing by Type (2009-2013 Avg.) consists of owner occupied single-family River Forest detached structures.