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Evergreen Way Revitalization Plan <br /> 2 • <br /> . Econot is Conditions (For detailed information see Appendix 3) <br /> Market Analysis Summary <br /> Because the revitalization plan is intended to spur private investment within the corridor, <br /> the team conducted an economic study to: <br /> 1) estimate the real estate market demand for new development, <br /> 2) study the financial development feasibility of different types of development, and <br /> 3) identify those measures that will encourage viable redevelopment. <br /> The following section summarizes the market opportunities and feasibility analysis <br /> findings as a background for the planning concepts and recommended implementation <br /> strategies. <br /> The Evergreen Way/Highway 99 corridor represents a major share of the City of <br /> Everett's tax base, and a place vital for many businesses and residents. This section <br /> describes the type and amount of development that is supportable in the area during the <br /> next 20 years, and then analyzes the feasibility and conditions required to attract private <br /> • development. The market issues to be addressed to support effective planning of the <br /> Evergreen Way corridor include: <br /> a What is the likelihood for significant change in the corridor? <br /> a What is the amount of development that is supportable in the next 20 years for <br /> commercial and residential development? <br /> a What types of businesses would be interested in locating in the area? <br /> ® What parts of the corridor are likely to he redeveloped soonest? <br /> ® Are there opportunities for catalyst projects to demonstrate market demand and <br /> return on private investment? <br /> Retail Demand. Evergreen Way is an attractive location for auto dealers and big box <br /> retailers such as Home Depot, Fred Meyer and Wal Mart. It also accommodates <br /> smaller retailers as partof neighborhood shopping centers. Retail demand along <br /> Evergreen Way will increase with growth in trade area population for various categories <br /> of business. Based on the analysis in this report, it is estimated that the market could <br /> support one million square feet of development during the next 20 years. Up to half of <br /> this demand for retail building development is expected to occur in the Evergreen Way <br /> corridor. The projections reflect a status quo case for future retail demand. Actual <br /> demand may differ if income levels and spending patterns diverge from current <br /> conditions, but retail trends sh©uld continue to favor locations like Evergreen Way. <br /> Page <br /> 1� <br />