Borough of Woodbine: Economic Development Strategy

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Borough of Woodbine: Economic Development Strategy Pinelands Rural Economic Development Pilot Program BOROUGH OF WOODBINE ECONOMIC DEVELOPMENT STRATEGY Final Report Whiteman &Taintor February 2000 CONTENTS OVERVIEW ........................................................................................................................ 1 ECONOMIC DEVELOPMENT OBJECTIVES ................................................................. 3 Tax Base Expansion ...................................................................................................... 3 Employment Growth ..................................................................................................... 3 Goods and Services ....................................................................................................... 4 ECONOMIC DEVELOPMENT STRENGTHS AND OPPORTUNITIES ...................... 5 Retail and Service Market Assessment ......................................................................... 5 Existing Business Mix ................................................................................................. 15 Locational Advantages ............................................................................................... 24 ECONOMIC DEVELOPMENT CHALLENGES ............................................................ 33 Labor Force .................................................................................................................. 33 Infrastructure .............................................................................................................. 33 RECOMMENDED ECONOMIC DEVELOPMENT STRATEGY ................................. 37 Key Components ......................................................................................................... 37 Land Use Strategy....................................................................................................... 38 Town Center ................................................................................................................ 39 Airport ......................................................................................................................... 43 Service Businesses ....................................................................................................... 45 APPENDIX 1: DOMINANT CONSUMER CLASSES IN THE WOODBINE BOROUGH MARKET AREAS ................................................................................. 49 Group 1. Affluent Families ......................................................................................... 49 Group 2. Upscale Households .................................................................................... 50 Group 4. Retirement Styles ......................................................................................... 51 Group 6. City Dwellers ............................................................................................... 52 Group 7. Factory & Farm Communities .................................................................... 53 Group 8. Downtown Residents ................................................................................... 55 APPENDIX 2: BUSINESS MIX ....................................................................................... 57 Existing Businesses Within the 2-Mile Trade Area .................................................... 57 Existing Businesses Within the 6-Mile Trade Area .................................................... 59 Existing Businesses Within the lO-Mile Trade Area .................................................. 61 APPENDIX 3: FINDINGS FROM SURVEY OF SMALL AIRPORT BUSINESS PARKS ........................................................................................................................ 63 Woodbine Borough Economic Development Strategtj TABLES Table 1: Market Area Demographics .................................................................................. 6 Table 2: Market Area Dominant Consumer Types ............................................................ 7 Table 3: Top Purchase Potential Categories in Woodbine (2-Mile Radius) ...................... 9 Table 4: Top Purchase Potential Categories for Secondary Market Area (6-Mile Radius) ................................................................................................. 10 Table 5: Top Purchase Potential Categories for Tertiary Market Area (10-Mile Radius) ............................................................................................... 10 Table 6: Probable Market Ranges and Threshold Market Area Populations for Selected Retail Trades, 1975 ............................................................................. 12 Table 7: Estimated Economic Impacts of Woodbine Airport ......................................... 14 Table 8: Estimated Economic Impacts of Woodbine Municipal Airport . Compared to Other Nearby General Aviation Airports .................................. 15 Table 9: Primary Woodbine Businesses ............................................................................ 16 Table 10: Under-Represented Business Categories .......................................................... 17 Table 11: Retail Trade Establishments ............................................................................. 18 Table 12: Shopping Center Locations ............................................................................... 18 Table 13: Construction Businesses ................................................................................... 19 Table 14: Businesses Absent in Woodbine ....................................................................... 20 Table 15: Competitive Review of Potential Businesses .................................................... 21 Table 16: Contractors in Region ........................................................................................ 22 Table 17: Proximity of Ecotourism Sites to the Woodbine Area ..................................... 26 Table 18: Woodbine Municipal Airport - Based Aircraft Forecast ................................. 28 Table 19: Airport Industrial/Business Parks ................................................................... 29 Table 20: Building Size Limitations Based on Lack of Wastewater Disposal.. .............. 34 Table 21: Potential Home Improvement Businesses ....................................................... .46 Table 22: ACORN Groups and Consumer Types Dominant in Woodbine Market Areas .................................................................................................... 49 Woodbine Borough Economic Development Strategy OVERVIEW Woodbine Borough's economic development strengths lie in its historic role as a regional commercial center, its existing role as a major employment center for Cape May COlmty, and its location in proximity to the shore and the region's vacation and environmental attractions. Elements of the Strategy This report recommends an economic development strategy based on four complementary elements: • The development of the airport area for tax-generating uses that are consistent with the airport's ftmction in bringing visitors to the area-such uses include the proposed golf course (with ancillary meeting and dining facilities), visitor services (e.g., motel or restaurant), aircraft maintenance and support services, and general light manufac­ hIring and storage uses; • The development of a specialty downtown focusing on a broad mix of businesses relating to home improvement and home ftImishings, as an anchor for additional retail and service growth to service the residents of Woodbine and surrOlmding communities; • The development of a building trades park providing flexible, low-cost space for con­ tractors and related businesses serving the tourist industries and seasonal homes along the shore; and • The promotion of Woodbine as a convenient shopping and service area for both year­ round residents and seasonal visitors. Local and Regional Market Analyses In order to assess Woodbine Borough's economic development strengths and opporhl­ nities, this section explores several aspects of the regional market and local economy: • An evaluation of the retail market potential represented by the residents of Woodbine Borough and the surrounding commlmities, in order to identify what kinds of goods and services represent the strongest potential business opporhmities to target for Woodbine's town center. • An evaluation of Woodbine's existing business mix, in order to identify existing strengths and weaknesses in Woodbine's economy: i.e., what types of businesses are strongly represented in Woodbine Borough in comparison to surrounding areas?; and what consumer products and services do Woodbine residents need to travel outside the community to purchase, that might be provided within the commlmity? • A competitive review of existing retail centers, in order to evaluate the potential for Woodbine to accommodate the business expansion needs of contractors and other businesses serving seasonal homes and tourism businesses along the coast. Woodbine Borough Economic Development StrategtJ February 2000 Page 1 • A market analysis of small business and industrial parks, in order to identify the potential for developing the airport-anchored business park in Woodbine. The Need for a Wastewater Treatment Solution However, it is important to emphasize that these analyses point in market directions that cannot be realized without investment in infrastructure. Wastewater generation is a necessary condition which must be addressed in order to implement an economic
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