Downtown Market Analysis

/DocumentCenter/View/11052/Vandalia-Market-Analysis---Final-Version

The City of Vandalia commissioned this analysis to understand current and future opportunities for its downtown, or Job Creation and Community Redevelopment Area (CRA) No. 1. This is in response to resident desires to have a true “downtown” with the kinds of shops and eateries, and physical environment that encourage social interaction. With that goal in mind, the market research seeks to understand how the area is currently functioning, the transitions that must occur, the market-supported uses that will foster change.

Place Dynamics prepared the market analysis. A combination of data analysis, consultant visits and observations, stakeholder insight, and interaction with City staff was used to inform the market analysis and recommendations. Stakeholders included a combination of business and property owners, and real estate sales or development professionals. City staff were instrumental in clarifying questions related to regulations, along with providing historical context and background information related to individual sites and the area as a whole.

The residential market analysis used a model projecting demand based on historical trends within the northern suburbs of the broader market, consisting of Clark, Greene, Miami, and Montgomery Counties. Expected demand was broken out for owned and rented housing by type, including apartments, single-family homes, townhomes, or condominiums.

The commercial analysis used mobile device tracking to understand current shopping patterns for retail, dining, and service uses. Tracking data was also used to understand competition within the region. The actual trade areas from which customers are being drawn were used to pull demographic information profiling existing customers, which was contrasted with a market area from which customers could be drawn. This gap represents a market opportunity for the Job Creation and Community Revitalization Area.