Specifications include, but are not limited to: Provide the City with a clear, independent, analysis-based guide to redevelopment and new growth expansion opportunities to help establish realistic land use policy that will succeed and be sustained. The area of specific focus is the Port Washington Road corridor from County Line Road to Glen Oaks Lane. The analysis shall highlight economic development opportunities for the City's commercial areas and provide methods to capitalize on opportunities. The analysis will establish the City's vision for redevelopment and changes to the existing land use patterns along the corridor, including the inclusion of residential uses to support the existing and expanded commercial areas, and economic health with a program for strategic action for short-, mid- and long-term goals. The analysis shall identify tools, sectors to promote and the public and private investments which provide the highest returns. Additionally, the analysis will serve as one tool to attract private investment and to help spur economic redevelopment. PHASE 1: 1. Gather Demographic, Market and Housing data 2. As the analysis anticipates turnover of existing uses due to market changes in the study area, an examination of the following may be necessary: • Business inventory • Commercial vacancy rates by type and age/condition • Residential inventory • Evaluation and comparison of the primary competition areas including the city's Town Center, Bayshore Mall and Village of Grafton, among others, that influence the study area. Real Estate Market Analysis Page3 • Total square footage/dwelling units and market value of commercial by type and residential development. • Review of Commercial and Residential trends affecting the City. • Traffic conditions and the impact of all access to I-43 (DOT's I-43 corridor project). 3. Compile Results and Prepare a Baseline Report PHASE 2: 1. Complete a real estate market analysis including, but not limited to the following: • Opportunities for retail, office, and residential development and capacity in the near (5 year), mid (6-10 years) and long-term scenarios (10-20 years). This should include absorption rates and vacancy rates, inventory of space, rental rates and other factors to determine market conditions for specific Commercial, Institutional and Residential uses.
