DOWNTOWN Nomi STRATEGIC MARKETING PLAN
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DOWNTOWN NoMi STRATEGIC MARKETING PLAN Strategic Marketing Plan Prepared by RMA Business Attraction & Marketing Department for the North Miami Community Redevelopment Agency 7/1/2016 TABLE OF CONTENTS I. EXECUTIVE SUMMARY.............................................................................................1 II. AGENCY OVERVIEW .................................................................................................4 III. SITUATION ANALYSIS ..............................................................................................8 A.The Market 1. Market Assessment 2. Merchant Survey 3. Intercept Survey 4. Community Survey / Public Input 5. Universities in North Miami B.The Local Market Overview 1. Markets (Primary/Secondary/Tertiary) 2. Traffic/Streetscape/Access 3. Opportunity Sites 4. Marketing/Branding/PR/Digital Presence 5. Parking 6. Tourist Market 7. Area Shopping and Hot Spot Destinations IV. DEVELOPMENT STATUS ..................................................................................... 58 V. CONCLUSION & VISION ...................................................................................... 61 VI. PROBLEM/OPPORTUNITY/OBJECTIVES ....................................................... 64 VII. STRATEGY/TACTICS/BUDGET ......................................................................... 73 VIII. EXHIBITS ................................................................................................................ 83 EXECUTIVE SUMMARY I. EXECUTIVE SUMMARY The North Miami Community Redevelopment Agency (CRA) was created in 2004, and the Redevelopment Plan was adopted in 2005. The initial focus for redevelopment was the improvement of neighborhoods within the CRA. The strong real estate market in the early 2000s contributed to substantial tax increment growth, so the CRA was able to fund a wide variety of programs. Beginning in 2009, the CRA and the City of North Miami conducted a series of planning efforts, community engagement, research and reporting to gather the information necessary to provide direction for future redevelopment and amend the CRA Redevelopment Plan. The Amendment to the CRA Plan was adopted by the CRA Board in February 2016. Within the CRA plan, there are several initiatives outlined that require comprehensive marketing strategies to achieve the desired goals. The downtown core of North Miami serves as the business corridor and central gathering space for the city and is crucial to the success of other focus areas within the CRA. This marketing plan focuses on Downtown North Miami, referred to in this plan as Downtown NoMi, located along 125th Street from the intersection at West Dixie Highway, referred to as 5 Points, to the FEC Railway and includes the West Dixie Highway corridor adjacent to 125th Street. According to research findings in this area and following the goals in the Amendment to the CRA plan, the marketing strategies outlined in this Plan address business development and growth within the Downtown along with promotion, advertising and special events. The adoption of a unified theme is a key component for achieving redevelopment success. The process of branding and positioning Downtown NoMi based on market potential, existing downtown assets and stakeholder input is addressed in the action items detailed in this plan and will be the first implemented. The positioning of the Downtown and messages developed must be consistent with the Amendment to the CRA Plan which recommends the creation of a thriving Downtown North Miami District through public-private partnerships to encourage a quality retail, restaurant, cultural, and business environment serving North Miami residents and visitors. In order to make Downtown NoMi more vibrant and exciting, additional new businesses must be attracted to the area and visitors must feel safe. Additionally, the physical environment is being addressed through streetscape and façade improvements and these improvements projects and timelines should be shared with residents. Marketing strategies will focus on activities to attract target businesses to the district, attract developers and investors, engage the current customer base and attract new visitors by promoting incentive and security programs, launching advertising, public relations and digital media campaigns and developing special events that support the downtown brand and grow business. In summary, this plan will serve as the basis for all marketing activities through the remainder of fiscal year 2015/16 and fiscal year 2016/17 and provide a clear picture of the direction Downtown NoMi will take into the future. 1 AGENCY OVERVIEW II. AGENCY OVERVIEW A. Organization Name: North Miami City Community Redevelopment Agency (CRA) B. Statement of Purpose: The NMCRA is charged with the responsibility of eliminating conditions of blight that exist within the City and helping to improve the quality of life by revitalizing the City’s physical, economic, educational and social resources. The agency will achieve this by: a. Organizing programs related to economic development, marketing, public relations, security, physical improvements, special events, parking and any other programs which further redevelopment. b. Taking other actions which may be necessary or useful to achieve its purpose, such as property assembly and offering financial incentives. C. Address: 776 NE 125 Street - 4th Floor Suite #404 North Miami, FL 33161 P: 305.895.9839 • F: 305.893.1367 D. CRA Board: Dr. Smith Joseph Chairman Scott Galvin Board Member Carol Keys, Esq. Board Member Alix Desulme Board Member Philippe Bien-Aime Board Member E. Agency Staff: Larry M. Spring, Jr., CPA/CRA Executive Director Rasha Soray-Cameau, CRA Director 4 II. AGENCY OVERVIEW F. CRA Advisory Board Blanca Cobo At-Large Dr. Rudolph Moise At-Large (Business) Kenny Each Chairman (Resident) Mary Estime-Irvin Chairman (Business) Clark Reynolds District 1 (Business) Michael McDearmaid,Chair District 1 (Resident) Claudio Sanchez District 2 (Resident) Holly Cohen District 2 (Business) Garry Aristide District 3 (Resident) Hudson Robillard District 3 (Business) Dr. Pastor Enoch Millien District 4 (Resident) Karol Geimer District 4 (Resident) H. Downtown North Miami Redevelopment Area The North Miami CRA includes a total of 3,250 acres, approximately 60% of the City. The redevelopment of Downtown NoMi is the marketing focus of this plan and is the area located along 125th Street from the intersection at West Dixie, referred to as 5 Points, to the FEC Railway and includes the West Dixie Highway corridor adjacent to 125th Street and industrial area bounded by 125th Street between 13th and 14th Avenue. I. Merchandise Mix Within Downtown NoMi the types of businesses that comprise the current mix varies significantly. There are just over 200 businesses or institutions with business tax receipts in operation at the time of this writing. Approximately 15% of all businesses operating in the downtown are in the retail category and 7% food and beverage category. 5 SITUATION ANALYSIS III. SITUATION ANALYSIS A. THE MARKET For the purposes of this marketing plan, the redevelopment area will be referred to as Downtown NoMi which is located in the heart of the North Miami CRA. The area is located along 125th Street from the intersection at West Dixie, referred to as 5 Points, to the FEC Railway and includes the West Dixie Highway corridor adjacent to 125th Street shown here. The industrial area bounded by 125th Street between 13th and 14th Avenue, shown below, is included in the study area as it may serve as an anchor opportunity for downtown positioning. This plan will utilize a five, ten and fifteen-minute radius for analysis, however some data included from previous reports may reference a 1-3-5-mile radius. For the purpose of positioning an area and identifying primary, secondary and tertiary markets, it should be noted that approximately 80 percent of consumers’ disposable income is spent on businesses within 10 miles of their homes, or about a 14-minute drive. The illustration below provides a summary. 8 III. SITUATION ANALYSIS As more research is conducted and redevelopment efforts continue, specific market trends will continue to emerge. This plan is developed to respond to current market trends and will be used as a guide for marketing strategy. The following plans were reviewed and research was collected to provide demographic and psychographic information on the existing Downtown NoMi customer base and to gather information on potential target markets to form the basis for positioning Downtown NoMi for growth and prosperity: 1. MARKET ASSESSMENT 2015 2. MERCHANT SURVEYS CONDUCTED WITH DOWNTOWN NOMI BUSINESSES 2016 - NORTH MIAMI OFFICE OF ECONOMIC DEVELOPMENT 3. EVENT INTERCEPT SURVEYS WITH VISITORS ATTENDING EVENTS AT MOCA CONDUCTED BY TOUCHPOLL 4. CRA/RMA COMMUNITY SURVEY AND THREE PUBLIC INPUT MEETINGS 5. ESRI MARKET PROFILE, U.S. BUREAU OF THE CENSUS, 2015 CENSUS OF POPULATION AND HOUSING 6. URBAN LAND INSTITUTE TECHNICAL ASSISTANCE PANEL REPORT 2009 7. BUXTON COMPANY’S NORTH MIAMI FL RETAIL TRADE EVALUATION 2009 8. CITY OF NORTH MIAMI DOWNTOWN DEVELOPMENT AND MAJOR CORRIDOR MASTER PLAN 2013 – KEITH AND SCHNARS P.A. 9. CITY OF NORTH MIAMI DOWNTOWN CONCEPT PLAN 2014 – THE CORRADINO GROUP 10. CITY OF NORTH MIAMI PARKING INVENTORY AND NEEDS STUDY 2015 – THE CORRADINO GROUP 11. AMENDMENT TO THE NORTH MIAMI CRA PLAN 2016 - RMA 9 III. SITUATION ANALYSIS 1. Market Assessment The market analysis examines the demand for commercial activity