CITY OF SOUTH JORDAN ECONOMIC DEVELOPMENT STRATEGIC PLAN NOVEMBER 2011 PREPARED BY LEWIS YOUNG ROBERTSON & BURNINGHAM, INC. ECONOMIC DEVELOPMENT SOUTH JORDAN, UTAH NOVEMBER 2011 TABLE OF CONTENTS SECTION I: EXECUTIVE SUMMARY ......................................................................................................................... 3 SUMMARY OF GENERAL ECONOMIC FINDINGS .................................................................................................................... 4 SUMMARY OF ECONOMIC DISTRICTS .................................................................................................................................... 6 SECTION II: GOALS AND POLICIES ....................................................................................................................... 13 SECTION III: OVERVIEW OF SOUTH JORDAN CITY .............................................................................................. 18 DEMOGRAPHIC HIGHLIGHTS ............................................................................................................................................. 18 SECTION IV: GENERAL ECONOMIC ANALYSIS .................................................................................................... 21 NATIONAL ECONOMY ........................................................................................................................................................ 21 UTAH’S ECONOMY ............................................................................................................................................................. 21 SALT LAKE COUNTY’S ECONOMY ...................................................................................................................................... 21 SOUTH JORDAN CITY ECONOMIC SUSTAINABILITY ............................................................................................................ 22 RETAIL SALES MARKET SHARE ANALYSIS ......................................................................................................................... 25 SOUTH JORDAN RETAIL SALES LEAKAGE ANALYSIS .......................................................................................................... 27 BUYING POWER ANALYSIS ................................................................................................................................................. 29 RETAIL DEVELOPMENT ...................................................................................................................................................... 29 BUSINESS PARK/LIGHT INDUSTRIAL DEVELOPMENT.......................................................................................................... 35 OFFICE DEVELOPMENT ....................................................................................................................................................... 36 SUMMARY OF RETAIL, OFFICE AND INDUSTRIAL MARKET CHARACTERISTICS .................................................................. 36 EXISTING INVENTORY OF DEVELOPABLE LAND IN SOUTH JORDAN ................................................................................... 37 SECTION V: ECONOMIC DISTRICT – DAYBREAK ................................................................................................. 40 REGIONAL RETAIL DEVELOPMENT ..................................................................................................................................... 42 COMMUNITY/NEIGHBORHOOD RETAIL DEVELOPMENT .................................................................................................... 46 INDUSTRIAL/BUSINESS PARK DEVELOPMENT .................................................................................................................... 47 TRANSIT ORIENTED DEVELOPMENT ................................................................................................................................... 47 LAND ANALYSIS ................................................................................................................................................................. 47 SUMMARY AND RECOMMENDATIONS ................................................................................................................................ 48 SECTION VI: ECONOMIC DISTRICT – TOWNE CENTER ........................................................................................ 50 RETAIL DEVELOPMENT ...................................................................................................................................................... 50 LAND ANALYSIS ................................................................................................................................................................. 51 SUMMARY AND RECOMMENDATIONS ................................................................................................................................ 53 SECTION VII: ECONOMIC DISTRICT – HARVEST VILLAGE .................................................................................. 55 RETAIL DEVELOPMENT ...................................................................................................................................................... 55 LAND ANALYSIS ................................................................................................................................................................. 55 SUMMARY AND RECOMMENDATIONS ................................................................................................................................ 57 SECTION VIII: ECONOMIC DISTRICT – THE DISTRICT ......................................................................................... 59 RETAIL DEVELOPMENT ...................................................................................................................................................... 59 LAND ANALYSIS ................................................................................................................................................................. 64 SUMMARY AND RECOMMENDATIONS ................................................................................................................................ 65 1 | Page LEWIS YOUNG ROBERTSON & BURNINGHAM, INC. SALT LAKE CITY, UTAH 84101 OFFICE 801.596.0700 FAX 801.596.2800 ECONOMIC DEVELOPMENT SOUTH JORDAN, UTAH NOVEMBER 2011 SECTION IX: ECONOMIC DISTRICT – RIVERPARK/OFFICE ................................................................................... 67 OFFICE DEVELOPMENT ....................................................................................................................................................... 67 RETAIL DEVELOPMENT ...................................................................................................................................................... 69 LAND ANALYSIS ................................................................................................................................................................. 71 SUMMARY AND RECOMMENDATIONS ................................................................................................................................ 72 SECTION X: ECONOMIC DISTRICT – I‐15 ............................................................................................................. 74 RETAIL DEVELOPMENT ...................................................................................................................................................... 74 BUSINESS PARK/ INDUSTRIAL DEVELOPMENT .................................................................................................................... 75 TRANSIT‐ORIENTED DEVELOPMENT .................................................................................................................................. 76 LAND ANALYSIS ................................................................................................................................................................. 77 SUMMARY AND RECOMMENDATIONS ................................................................................................................................ 79 SECTION XI: INFRASTRUCTURE ANALYSIS .......................................................................................................... 81 APPENDIX A: DEMOGRAPHIC DATA ................................................................................................................... 86 APPENDIX B: DETAILED HISTORIC MARKET SHARE ANALYSIS ......................................................................... 95 APPENDIX C: DETAILED SALES LEAKAGE BY RETAIL CATEGORY .................................................................... 101 APPENDIX D: DETAILED MARKET TRENDS ....................................................................................................... 109 2 | Page LEWIS YOUNG ROBERTSON & BURNINGHAM, INC. SALT LAKE CITY, UTAH 84101 OFFICE 801.596.0700 FAX 801.596.2800 ECONOMIC DEVELOPMENT SOUTH JORDAN, UTAH NOVEMBER 2011 SECTION I: EXECUTIVE SUMMARY South Jordan City is a vibrant hub of residential, commercial and mixed use development, with the potential to become a premiere super‐regional retail destination. Strategically located at the crossroads of major infrastructure improvements, including the Mountain View Corridor and the Mid‐Jordan TRAX line on the west and I‐15 (the major transportation route through Utah) on the east, the City is well‐situated to attract shoppers from the southern portion of the Salt Lake