DOCSLIB.ORG

Market Feasibility Analysis

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Market Feasibility Analysis Market Feasibility Analysis PABP Apartments Phase I Norfolk, Virginia Prepared for: PABP Apartments L.P. Effective Date: January 31, 2019 Site Inspection: January 21, 2019 PABP Apartments I Table of Contents TABLE OF CONTENTS TABLE OF CONTENTS .............................................................................................................II TABLES, FIGURES AND MAPS.................................................................................................V EXECUTIVE SUMMARY.........................................................................................................VII I. INTRODUCTION ............................................................................................................ 13 A. Overview of Subject................................................................................................................................13 B. Purpose ..................................................................................................................................................13 C. Format of Report ....................................................................................................................................13 D. Client, Intended User, and Intended Use .................................................................................................13 E. Applicable Requirements ........................................................................................................................13 F. Scope of Work ........................................................................................................................................14 G. Report Limitations ..................................................................................................................................15 H. Other Pertinent Remarks ........................................................................................................................15 II. PROJECT DESCRIPTION ................................................................................................. 16 A. Project Overview.....................................................................................................................................16 B. Project Type and Target Market..............................................................................................................16 C. Building Types and Placement.................................................................................................................16 D. Detailed Project Description....................................................................................................................17 1. Project Description .........................................................................................................................17 2. Other Proposed Uses ......................................................................................................................19 3. Zoning and Government Review .....................................................................................................19 4. Proposed Timing of Development ...................................................................................................19 III. SITE AND NEIGHBORHOOD ANALYSIS....................................................................... 20 A. Site Analysis............................................................................................................................................20 1. Site Location...................................................................................................................................20 2. Size, Shape and Topography............................................................................................................20 3. Existing Uses...................................................................................................................................20 4. General Description of Land Uses Near the Subject Site...................................................................22 5. Specific Identification of Land Uses Surrounding the Subject Site.....................................................22 B. Neighborhood Analysis ...........................................................................................................................23 C. Site Visibility and Accessibility.................................................................................................................24 1. Visibility..........................................................................................................................................24 2. Vehicular Access .............................................................................................................................24 3. Availability of Public Transit ............................................................................................................25 4. Availability of Inter Regional Transit................................................................................................25 5. Pedestrian Access ...........................................................................................................................25 6. Accessibility Improvements Under Construction and Planned..........................................................25 D. Public Safety...........................................................................................................................................26 E. Residential Support Network...................................................................................................................27 1. Key Facilities and Services near the Subject Site ..............................................................................27 2. Essential Services............................................................................................................................29 3. Shopping ........................................................................................................................................31 4. Recreational and Other Community Amenities................................................................................31 F. Overall Site Conclusions..........................................................................................................................31 IV. ECONOMIC CONTEXT ................................................................................................ 32 Page ii PABP Apartments I Table of Contents A. Introduction............................................................................................................................................32 B. Resident Unemployment.........................................................................................................................32 C. Commuting Patterns...............................................................................................................................33 D. At-Place Employment..............................................................................................................................33 1. Trends in Total At-Place Employment..............................................................................................33 2. At-Place Employment by Industry Sector.........................................................................................35 3. Major Private Employers.................................................................................................................35 E. Wage Trends...........................................................................................................................................36 F. Economic Conclusions and Projections....................................................................................................37 V. HOUSING MARKET AREA .............................................................................................. 38 A. Introduction............................................................................................................................................38 B. Delineation of Market Area.....................................................................................................................38 VI. DEMOGRAPHIC ANALYSIS......................................................................................... 40 A. Introduction and Methodology ...............................................................................................................40 B. Trends in Population and Households......................................................................................................40 1. Recent Past Trends .........................................................................................................................40 2. Projected Trends.............................................................................................................................40 3. Building Permit Trends....................................................................................................................41 C. Demographic Characteristics...................................................................................................................42 1. Age Distribution and Household Type..............................................................................................42 D. Households by Tenure.............................................................................................................................44 1. Recent Past Trends .........................................................................................................................44
Load more

Recommended publications
  • C I T Y O F N O R F O
    RFP 8061-0-2020/DH, Addendum 5, Attachment 1 Friday, May 01, 2015 C i t y o f N o r f o l k Buildings owned or occupied by the CIty of Norfolk Service DGS Build Building Building Status Ops Year Area (SF) Building Address 15 Cultural Facilities, Arts, and Entertainment 1,056,557 sq ft 216 Attucks Theater in Y 1919 38,546 1010 CHURCH STREET 203 Chrysler Hall in Y 1972 129,656 215 SAINT PAULS BLVD 202 Harbor Park in Y 1993 352,170 150 PARK AVENUE 200 Harrison Opera House in Y 1962 50,787 160 W VIRGINIA BEACH BLVD 351 Jean MacArthur Research Center in Y 1964 10,301 421 E CITY HALL AVENUE (N) 204 MacArthur Memorial in Y 1850 9,053 198 BANK STREET 350 MacArthur Memorial Visitor Center in Y 2012 16,000 150 BANK STREET (N) 349 Monroe (Arts Education) Building in Y 1900 68,875 254 GRANBY STREET (N) 214 Police and Firemen Museum in Y 1998 4,864 401 E FREEMASON ST 199 Scope, Prism Theatre, Convention Ctr in Y 1971 215,858 201 E BRAMBLETON AVENUE 185 Selden Arcade in Y 1928 49,927 227 E PLUME STREET 339 Town Point Park Stage Service Buildings in Y 2008 960 WATERSIDE DRIVE 340 Waterside Convention Center in Y 1991 90,124 215 E MAIN STREET (N) 201 Wells Theater in Y 1916 19,436 108 E TAZEWELL STREET 44 Department of Development 725,340 sq ft 246 29th Street Armory Building out Y 1935 20,000 746 E 29TH STREET 252 Ballentine School out Y 1915 39,000 2415 BALLENTINE BLVD 355 Former JCPenny Store out Y 1969 209,109 824 N MILITARY HWY 260 Former Public Works Waste Mgt HQ in Y 1982 24,648 1371 HANSON AVE 231 Hatch Office - Development in Y 1995 1,100 111
    [Show full text]
  • The Economic and Societal Impact of Hampton Roads Transit: Investment Scenarios
    The Economic and Societal Impact of Hampton Roads Transit: Investment Scenarios Prepared for: Hampton Roads Transit 509 East 18th Street, Norfolk, VA 23504 Prepared by: Economic Development Research Group, Inc. 155 Federal Street, Suite 600, Boston, MA 02110 June 23, 2016 Table of Contents Chapter 1: Potential Impacts of Enhanced Transit Investment ............................................................. 2 1.1 Transit Investment Concepts ..................................................................................................... 2 1.2 Economic Impacts of Scenarios ................................................................................................. 5 1.3 Conclusion .................................................................................................................................. 7 The Economic and Societal Impact of Hampton Roads Transit: Investment Scenarios 1 CHAPTER 1: POTENTIAL IMPACTS OF ENHANCED TRANSIT INVESTMENT The June, 2016 report: The Economic and Societal Impact of Hampton Roads Transit describes the economic impact of markets served by transit in the Hampton Roads region, as well as the strategic significance of transit for several issues critical to the region’s development. The economic impact of today’s transit markets and the efficiency of transit for serving those markets may be significantly enhanced in future years with strategic investment in new and improved transit services. The current report explores the potential magnitude of impacts that may occur associated with envisioned
    [Show full text]
  • Norfolk, Virginia, December 14–19, 2014 3 Urban Resilience Panels
    A ULI Advisory ServicesReport Panel A ULI Norfolk Virginia December 14–19, 2014 Advisory ServicesReport Panel A ULI Norfolk2015_cover.indd 2 5/27/15 1:02 PM Norfolk Virginia Resilience in Fort Norfolk: Assessing Risk and Protecting Value December 14–19, 2014 Advisory Services Panel Report A ULI A ULI About the Urban Land Institute THE MISSION OF THE URBAN LAND INSTITUTE is ■■ Sustaining a diverse global network of local practice to provide leadership in the responsible use of land and in and advisory efforts that address current and future creating and sustaining thriving communities worldwide. challenges. ULI is committed to Established in 1936, the Institute today has more than ■■ Bringing together leaders from across the fields of real 34,000 members worldwide, representing the entire spec- estate and land use policy to exchange best practices trum of the land use and development disciplines. Profes- and serve community needs; sionals represented include developers, builders, property owners, investors, architects, public officials, planners, ■■ Fostering collaboration within and beyond ULI’s real estate brokers, appraisers, attorneys, engineers, membership through mentoring, dialogue, and problem financiers, academics, students, and librarians. solving; ULI relies heavily on the experience of its members. It is ■■ Exploring issues of urbanization, conservation, regen- through member involvement and information resources eration, land use, capital formation, and sustainable that ULI has been able to set standards of excellence in development; development practice. The Institute has long been rec- ■■ Advancing land use policies and design practices that ognized as one of the world’s most respected and widely respect the uniqueness of both the built and natural quoted sources of objective information on urban planning, environments; growth, and development.
    [Show full text]
  • Riverside Station Apartments Norfolk, Virginia
    Market Feasibility Analysis Riverside Station Apartments Norfolk, Virginia Prepared for: Curlew Apts. I, L.P. Effective Date: January 21, 2019 Site Inspection: January 21, 2019 Riverside Station Apartments I Table of Contents TABLE OF CONTENTS TABLE OF CONTENTS..........................................................................................................II TABLES, FIGURES AND MAPS............................................................................................. V EXECUTIVE SUMMARY .................................................................................................... VII I. INTRODUCTION...........................................................................................................1 A. Overview of Subject.........................................................................................................................................1 B. Purpose............................................................................................................................................................1 C. Format of Report .............................................................................................................................................1 D. Client, Intended User, and Intended Use ........................................................................................................1 E. Applicable Requirements ................................................................................................................................1 F. Scope of Work .................................................................................................................................................2
    [Show full text]
  • A Green Infrastructure Plan for Norfolk: BUILDING RESILIENT COMMUNITIES
    A Green Infrastructure Plan for Norfolk: BUILDING RESILIENT COMMUNITIES JULY 2018 Prepared for the City of Norfolk by the Green Infrastructure Center Inc. A Green Infrastructure Plan for Norfolk: BUILDING RESILIENT COMMUNITIES Executive Summary 01 Vision 2100 46 Goal Summary 04 New Zoning Ordinance 47 Partnerships Make It Possible 48 Introduction and Purpose 06 Project Partners 07 Plan Strategies 50 A Resilient City – Past, Present and Future 07 Land Goals and Objectives 51 Water Goals and Objectives 56 Process to Create the Green Timeframe for Achievement 57 Infrastructure Plan 08 Plan Review 08 Conclusion 58 Public Engagement 08 Appendixes 59 Data Creation and Analysis 09 Appendix A: Resources for Funding and Project Development 59 Green Infrastructure Plan Focus 10 Natural Assets: Habitats, Water, Water Access 59 Recreation, Cultural 12 Low Impact Development and Stormwater Management 60 Habitats and Tree Planting 60 How Green Is Norfolk’s Land? 12 Walkabilty 60 Water: Living in an altered landscape and hydrology 12 Open Spaces and Nature Based Recreation Assets 17 Appendix B: Case Example of Stormwater Playgrounds – A Fun Way to Treat Rain Water Cultural and Historic Assets 18 and People 61 The Green Infrastructure Network 19 The Future Green Infrastructure Network 20 Appendix C: Mapping Rules for Marsh Migration, Using the Maps 21 Shoreline Restoration and Buffer Planting 64 Analysis: Options to Create a Greener, More Appendix D: References 65 Resilient City 22 Appendix E: References for Map Locations 67 Tree Canopy 22 Living Shorelines 31 Norfolk’s Strategic Focus on Becoming a Resilient City 42 Funding for this plan was supported by a grant to the City of Norfolk from the Resilience Strategy 43 National Fish and Wildlife Foundation and the U.S.
    [Show full text]
  • State of Transportation in Hampton Roads 2020 Report
    The State of Transportation in Hampton Roads JANUARY 2021 T21-03 HAMPTON ROADS TRANSPORTATION PLANNING ORGANIZATION Robert A. Crum, Jr. Executive Director VOTING MEMBERS: CHESAPEAKE JAMES CITY COUNTY SOUTHAMPTON COUNTY Rick West – Vice-Chair Michael Hipple William Gillette Ella P. Ward – Alternate Vacant – Alternate Vacant – Alternate FRANKLIN NEWPORT NEWS SUFFOLK Frank Rabil McKinley Price Vacant Vacant – Alternate David H. Jenkins – Alternate Leroy Bennett – Alternate GLOUCESTER COUNTY NORFOLK VIRGINIA BEACH Phillip Bazzani Kenneth Alexander Robert Dyer Christopher A Hutson – Alternate Martin A. Thomas, Jr. – Alternate James Wood – Alternate HAMPTON POQUOSON WILLIAMSBURG Donnie Tuck – Chair W. Eugene Hunt, Jr. Douglas Pons Steve Brown – Alternate Herbert R. Green, Jr. – Alternate Pat Dent – Alternate ISLE OF WIGHT COUNTY PORTSMOUTH YORK COUNTY William McCarty Vacant Thomas G. Shepperd, Jr. Rudolph Jefferson – Alternate Shannon E. Glover – Alternate Sheila Noll – Alternate MEMBERS OF THE VIRGINIA SENATE VA DEPARTMENT OF RAIL AND PUBLIC TRANSPORTATION The Honorable Mamie E. Locke Jennifer Mitchell, Director The Honorable Lionell Spruill, Sr. Jennifer DeBruhl – Alternate MEMBERS OF THE VIRGINIA HOUSE OF DELEGATES VIRGINIA PORT AUTHORITY The Honorable Stephen E. Heretick John Reinhart, CEO/Executive Director The Honorable Jeion A. Ward Cathie Vick – Alternate TRANSPORTATION DISTRICT COMM OF HAMPTON ROADS WILLIAMSBURG AREA TRANSIT AUTHORITY William E. Harrell, President/Chief Executive Officer Zach Trogdon, Executive Director Ray Amoruso
    [Show full text]
  • VMFA-115 2017 Reunion at Norfolk, VA from September 7 Through
    VMFA-115 2017 Reunion at Norfolk, VA From September 7th through the 10th, 2017 Lodging at Sheraton Norfolk Waterside Hotel (all rooms have harbor view rooms of Elizabeth River) <<Copy and paste this link into browser for online reservations and other hotel information>> https://www.starwoodmeeting.com/Book/VMFA2017 (Note: link will not open in some older browsers) $99 Double queen or king - nightly rate ($114.86 with tax); $109 +tax Double queen or king balcony; $139 +tax Club level king – Rates are available for 3 days prior or after our reunion dates Hotel is a smoke free and pet friendly hotel $8 night vehicle parking or $24 valet parking per night Complimentary shuttle from Amtrak Norfolk Station by contacting hotel Complimentary shuttle within 2 miles of hotel, based on availability $14 breakfast in hotel restaurant for attendees with reunion badge presentation Norfolk airport shuttle to hotel: Norfolk airport shuttles to hotel link **Tip: there are lots of restaurants within a three block walking distance of hotel, by hotel shuttle based on availability, taxi, or Uber. Thursday, September 7th Anyone interested in going Deep Sea Fishing on Thursday please Contact Dave at [email protected] or call/text: 717-609-5482 Friday, September 8th 8 – 10 am - Breakfast Business meeting in Riverwalk Room, first floor/beside hotel restaurant American Breakfast Buffet: White & Wheat Bread, Fresh Fruit Bowl, Scrambled Eggs, Bacon and Breakfast Potatoes, Fresh Squeezed Orange juice, Starbucks Freshly Brewed Regular & Decaf Coffee & Tazo Teas 10:30 am (departure time) - Bus transportation from hotel on Venture Tours 55 passenger bus to drop (be at bus 10:15 am) off and pick up right in front of Nauticus/Victory Rover site which is right beside each other.
    [Show full text]
  • Market Feasibility Analysis
    Market Feasibility Analysis Block 19 Senior Apartments (Phase II) Norfolk, Virginia Prepared for: Block 19, L.P. Effective Date: February 6, 2020 Site Inspection: February 6, 2020 Block 19 Senior Apartments I Table of Contents TABLE OF CONTENTS TABLE OF CONTENTS .......................................................................................................... II TABLES, FIGURES AND MAPS ............................................................................................. V EXECUTIVE SUMMARY .................................................................................................... VII I. INTRODUCTION ......................................................................................................... 12 A. Overview of Subject.......................................................................................................................................12 B. Purpose ..........................................................................................................................................................12 C. Format of Report ...........................................................................................................................................12 D. Client, Intended User, and Intended Use ......................................................................................................12 E. Applicable Requirements ..............................................................................................................................12 F. Scope of Work ...............................................................................................................................................13
    [Show full text]
  • 023 Bus Time Schedule & Line Route
    023 bus time schedule & line map 023 Fort Norfolk Station View In Website Mode The 023 bus line (Fort Norfolk Station) has 6 routes. For regular weekdays, their operation hours are: (1) Fort Norfolk Station: 5:09 AM - 10:39 PM (2) Military Circle Mall: 5:53 AM - 8:53 AM (3) Military Hwy Station: 5:04 AM - 11:57 PM (4) Olney & Norfolk General: 6:41 AM - 8:50 AM (5) Olney & Norfolk General: 12:39 AM (6) Princess Anne & Maltby: 12:37 AM Use the Moovit App to ƒnd the closest 023 bus station near you and ƒnd out when is the next 023 bus arriving. Direction: Fort Norfolk Station 023 bus Time Schedule 39 stops Fort Norfolk Station Route Timetable: VIEW LINE SCHEDULE Sunday 9:50 AM - 7:36 PM Monday 5:09 AM - 10:39 PM Military Hwy Station 5601 Curlew Drive, Norfolk Tuesday 5:09 AM - 10:39 PM Military Btwn Poplar Hall & Mall Entrance Wednesday 5:09 AM - 10:39 PM 700 North Military Highway, Norfolk Thursday 5:09 AM - 10:39 PM Virginia Beach & Military Friday 5:09 AM - 11:39 PM 5751 East Virginia Beach Boulevard, Norfolk Saturday 12:39 AM - 11:37 PM Military Circle Mall Glenrock & Virginia Beach 931 Glenrock Rd, Norfolk 023 bus Info Janaf Shopping Center Direction: Fort Norfolk Station Stops: 39 Lowery & Walmart Trip Duration: 65 min Line Summary: Military Hwy Station, Military Btwn Lowery & Kempsville Poplar Hall & Mall Entrance, Virginia Beach & Military, 5866 Lowery Road, Norfolk Military Circle Mall, Glenrock & Virginia Beach, Janaf Shopping Center, Lowery & Walmart, Lowery & Kempsville & Titans Kempsville, Kempsville & Titans, Ikea & Ring Road,
    [Show full text]
  • Economic Impact Study
    The Economic and Societal Impact of Hampton Roads Transit Prepared for: Hampton Roads Transit 509 East 18th Street, Norfolk, VA 23504 Prepared by: Economic Development Research Group, Inc. 155 Federal Street, Suite 600, Boston, MA 02110 June 23, 2016 TABLE OF CONTENTS EXECUTIVE SUMMARY ........................................................................................................... 1 Chapter 1: Introduction ........................................................................................................ 8 1.1 Objectives and Scope ................................................................................................................. 9 1.2 Study Approach ........................................................................................................................ 10 Methods for Assessing Impacts and Benefits ........................................................................... 11 Measures of Economic Value ................................................................................................... 11 Economic Modeling and Multiplier Effects .............................................................................. 12 Data Sources and Analytical Tools ............................................................................................ 13 1.3 Using this report ...................................................................................................................... 15 Chapter 2: Regional Effects of Today’s Transit Services........................................................
    [Show full text]
  • A ULI Advisory Services Panel Report a ULI Advisory Services Panel Report
    A ULI Advisory ServicesReport Panel A ULI Norfolk Virginia December 14–19, 2014 Advisory ServicesReport Panel A ULI Norfolk2015_cover.indd 2 5/27/15 1:02 PM Norfolk Virginia Resilience in Fort Norfolk: Assessing Risk and Protecting Value December 14–19, 2014 Advisory Services Panel Report A ULI A ULI About the Urban Land Institute THE MISSION OF THE URBAN LAND INSTITUTE is ■■ Sustaining a diverse global network of local practice to provide leadership in the responsible use of land and in and advisory efforts that address current and future creating and sustaining thriving communities worldwide. challenges. ULI is committed to Established in 1936, the Institute today has more than ■■ Bringing together leaders from across the fields of real 34,000 members worldwide, representing the entire spec- estate and land use policy to exchange best practices trum of the land use and development disciplines. Profes- and serve community needs; sionals represented include developers, builders, property owners, investors, architects, public officials, planners, ■■ Fostering collaboration within and beyond ULI’s real estate brokers, appraisers, attorneys, engineers, membership through mentoring, dialogue, and problem financiers, academics, students, and librarians. solving; ULI relies heavily on the experience of its members. It is ■■ Exploring issues of urbanization, conservation, regen- through member involvement and information resources eration, land use, capital formation, and sustainable that ULI has been able to set standards of excellence in development; development practice. The Institute has long been rec- ■■ Advancing land use policies and design practices that ognized as one of the world’s most respected and widely respect the uniqueness of both the built and natural quoted sources of objective information on urban planning, environments; growth, and development.
    [Show full text]
  • Apwa Wrx 61St Annual Conference
    APWA WRX 61ST ANNUAL CONFERENCE Public Works Resiliency MAY 14-17, 2019 APWA WRX NORFOLK, VA 61ST R NORFOLK, VA M 14-17, 2019 Contents Welcome Note from the Conference Chair . 3 New This Year! . .. 4 Where to Stay . 5 Getting Here . 6 Conference Registration . 7 Conference Sponsorship . 8 ROADEO Registration . 10 Exhibitor Registration . 11 Exhibit Hall Map . 12 Conference Overview for Wednesday . 13 Conference Overview for Thursday . 14 Conference Overview for Friday . 15 Technical Programs . 16 Conference Social Event . 18 Brew Night at the Exhibit Hall . 19 Bike Tour . 20 Norfolk Seawall and Pump Station Tour . 21 Golf Tournament . 22 Touch-A-Truck . 23 WRX of Art . 24 Workshop Wednesday . 25 Conference Sponsors . 26 Technical Session Abstracts . 28 Notes . .38 APWA WRX 2019 | Norfolk, VA | 1 APWA WRX 61ST ANNUAL CONFERENCE NORFOLK, VA May 14-17, 2019 Welcome Note from the Conference Chair On behalf of the Chapter's Leadership, we are pleased to announce open registration for the APWA WRX conference! This year's conference will be held in beautiful, vibrant, historic, and resilient Norfolk, Virginia . Our theme is Resiliency - join us to learn more about how your locality can build resiliency through public works efforts . The APWA WRX technical conference provides everyone the opportunity to learn about advanced techniques and cutting-edge technologies being employed across the Mid-Atlantic . Additionally, each of you will have the chance to network with many equipment vendors, manufacturing representatives, public agency specialists, construction companies, and engineering firms. This year's technical program, focusing on Resiliency, promises to feature a diverse range of presentations covering the latest solutions to some of the toughest challenges facing Public Works professionals .
    [Show full text]