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ECONOMIC IMPACT ANALYSIS
TUSCAN PLACE
(Rental Apartment Development)
n
- Prepared by -
Lambert Advisory, LC
- Prepared for -
The Gatehouse Group
October 29, 2003
r:
0 Economic Impact Analysis — Tuscan Place
Economic Impact Analysis
Tuscan Place
Lambert Advisory has completed an Economic Impact Analysis for the development of
Tuscan Place, a residential project located in the City of Miami's downtown district. The
analysis contemplates the tangible direct and indirect economic impact which will be
derived from the construction and operation of the development. The objective is to
identify various benefits created by the Tuscan Place development and prepare an
estimate of such benefits to the City of Miami.
Tuscan Place is situated near Miami's central business district, with adequate access to
major thoroughfares including US 1, I-95 and I-395. The residential development,
which will be a Low Income Housing Tax Credit (LIHTC) development, will have a
positive impact on the surrounding community in terms of taxes and jobs generated,
general investment, as well as enhance the area's commercial/retail demand. This
development will at the least help maintain economic stability within the area and, if
successful, attract on-going investment during the next several years. Additionally, the
development provides an opportunity for moderate income persons/families to live
downtown in a new and desirable residential complex that may otherwise not have the
means were this a market -rate development.
We have completed this analysis on the basis that development and performance
information of the project in terms of rental rates, absorption, timing, and costs has
been provided by The Gatehouse Group, As such, we have not independently verified
this information or data.
A profile of the project is as follows:
Source: The Gatehouse Group
Note: Lambert Advisory has not reviewed any development plans, schematics, and/or
detailed physical information for the Tuscan Place development. Estimates above
based upon data provided by The Gatehouse Group, and/or estimates made by
Lambert, which may be subject to change.
2
Tuscan Place
Building Features & Profile
General Features
Phase I
Phase 11
Total
Site Size (Gross)
2.00
1.40
3.40 acres
Building Height
13
13
13 stories
Number of Residential Units
199
175
374 units
Number of Parking Spaces
292
218
510 spaces
Detailed Building Profile
Gross Building Area (w/parking)
309,068
240,468
549,536 sq.ft.
Maximum Development Area (FAR)
184,968
147,894
332,862 sq.ft.
Residential FAR
153,778
130,172
293,950 sq.ft.
Corridors
17,875
14,516
32,391 sq.ft.
Lobby
3,315
3,208
6,521 sq.ft.
Gross Parking Area*
124,100
92,574
216,674 sci t.
Source: The Gatehouse Group
Note: Lambert Advisory has not reviewed any development plans, schematics, and/or
detailed physical information for the Tuscan Place development. Estimates above
based upon data provided by The Gatehouse Group, and/or estimates made by
Lambert, which may be subject to change.
2
0 Economic Impact Analysis — Tuscan Place
Development of Tuscan Place is expected to commence construction by the mid -2004
for Phase I and mid -2005 for Phase I, The construction process is anticipated to be
approximately fourteen months for each phase, with occupancy of the entire
development planned by early -2007.
Based upon the information provided, construction and subsequent operations of Tuscan
Place development will generate considerable benefits to the immediate area, the City of
Miami and the metro -Miami community. There are four key areas where the project will
provide positive economic benefit:
• Short -Term construction employment and expenditure
• Long -Term resident expenditure
+ Long -Term operating employment and operating expenditure
Indirect secondary and tertiary flow through benefits (real estate)
For both short-term and long-term impacts, which are detailed in the following analysis,
the economic benefit to the area is the result of projected increase in revenue from
primary sources including employment, wages, and taxes. Accordingly, the impact from
these key sources comes from two distinct measures:
l..) Direct Expenditures -- include disbursements for site acquisition and development
(hard and soft costs); and,
2.) Indirect Expenditures — net additional expenditures that flow into the local economy
as a result of the new development.
We have made an attempt to quantify the tangible impacts from direct and indirect
expenditures. However, potential intangible impacts such as the project's ability to
serve as a catalyst for future development in the immediate area is not included in the
analysis since it is almost impossible to capture these ethereal aspects of the project in
numbers.
The following analysis sets forth the economic impact the four key sources as follows:
Impact from Short -Term Construction Employment and Expenditure
The impact from short-term construction employment and expenditure is directly
associated with the project's development; the following table details estimated
development costs as provided by The Gatehouse Group (rounded):
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0 Economic Impact Analysis — Tuscan Place
•
Development Costs
Tuscan Place
Item Phase I
Phase II
Total
Hard Costs $16,000,000
$14,400,000
301400,000
Soft Casts (incl. contingency, profit) 6,500,000
$ 5,800,000
12,300,000
Total $22,500,000
$20,200,000
$42,700 000
(dote: Hard and soft costs represent an estimated allocation of Total
cost provided by The Gatehouse Group, and does not include Land
While the vast majority of expenditure of each of these items will be made within Miami -
Dade County, the City of Miami will capture a significant share of the outflow from
development.
Of total hard costs, approximately 60 percent ($18.2 million) will be spent in labor and
40 percent ($12.2 million) in materials. Over an estimated 28 month construction period
at an average annual construction wage of $34,420 in Miami -Dade County, and a 1.4
times beneft/overhead multiplier per worker, there will be nearly 163 Full Time
Equivalent (FTE) jobs created over the period.
Additionally, it is assumed that more than $1.25 million will be spent in professional fees
entirely to Miami area firms, Given an average profit margin of 15% and 30% overhead
for these firms, this equates to $675,000 in total professional wages.
As a result of its status as an affordable housing development, Tuscan Place is exempt
from certain taxes and impact fees associated with the project's construction.
Nonetheless, taxes and impact fees to the City and County during the construction
period will total approximately $1.2 million. These funds will be available for public
expenditures associated with the project including developmental, administrative,
permitting, schools, and other costs. A detail profile of impact fees and other relevant
non -impact fees paid to the City and/or Miami -Dade County as a result of the
development of Tuscan Place is included in the following table;
' State of Florida 2002 ES -202 (Quarterly)
4
0
C7
Economic Impact Analysis — Tuscan Place
Tuscan Place
Economic Impact Analysis
Impact and Other Fees
Impact Fees: Total
City of Miami Development Impact Fee (Ord. 90426) $0
City of Miami Development Impact Admin. Fee $9,448
Miami Dade County Schools $498,734
TOTAL IMPACT FEES $508.182
OtherlNon-Impact Fees:
Miami Dade W.A.S.A. Connection Fee
$522,852
Building Permit Fee
$58,284
Roadway Impact Fee
$6,560
Variance Fee (height)
$20,577
Energy Installation Fee
$38,174
M.U.S.P Application Fee
$18,023
Dade County Code Compliance
$21,350
Radon Gas Fee
$3,817
Fire Plan Review Fee
$3,436
Ground Cover Fee
$828
Land Use/Zoning, Review for Bldg, Perm it
$786
Certicate of Occupancy
$250
Application Fee
$35
TOTAL OTHER FEES
$694.972
TOTAL PROJECT FEES $1,203,153
Source: City of Miami Planning, Building & Zoning Dept.; Miami Dade County; The Gatehouse Group
On -Going Impact from Resident Expenditure
Tuscan Place represents an LIHTC development and, therefore, is required to meet
specific criteria related to rent and household income restrictions. Based upon
information provided by The Gatehouse Group, the following applies: For Phase I, 47
percent of the units will be occupied by households with a maximum 50 percent of the
Miami Dade County median household income, and 53 percent at a maximum 60
percent of median household income; and, for Phase II, 30 percent of the units will be
occupied by households with a maximum 50 percent of the Miami Dade County median
household income with 70 percent at a maximum 60 percent of median household
income. Based upon an estimated 2003 median household income of $38,700 for Miami
Dade County, the average resident (household) has a 2003 median household income
of slightly less than $22,000. Therefore, with a total of 374 households in the building,
total personal income for the building is estimated to exceed $8.2 million. Assuming 50
percent of the tenants will be new residents to the City, the marginal added personal
income to flow into the Miami area is in the range of $4.1 million.
2 Based upon US Census Bureau 2060 Median Household Income for Miami Dade County of $35,996,
inflated by 2.5 percent per annum to estimate 2003 levels.
f�
0
Econonzic Impact Analysis — Tuscan Place
To measure the marginal impact of $4.1 million in household income on retail sales and
additional space demanded, we have used the Lambert Advisory Retail Trade Model to
develop estimates. Based upon the analysis, Tuscan Place resident expenditure may
support 4,260 square feet of additional retail within the downtown area, The full model
is included as an Attachment to this report, but the following table highlights additional
retail expenditure and demand for space as a result of development and sale of the
units by 2007.
Area Expenditure Potential (from Net New Miami - Tuscan Place Residents)
2007
Food Stores
Growth Expenditure
Sales Per
Square Feet
Eating & Drinking Establishments
2007
Square Foot
Demanded
Type of Good
$148,900
T
366
General Merchandise
$90,668
$227
399
Apparel and Accessories
$87,232
$290
301
Furniture and Home Equipment
$36,157
$227
159
Electronic and Appliance Stores
$34,582
$200
173
Sporting Goods, Books and Music Stores
$32,985
$250
132
Miscellaneous Shoppers Goods
$50,309
$420
120
Shoppers Goods - Sub -Total
$331,933
$258
1,284
Food Stores
$463,257
$422
1,098
Eating & Drinking Establishments
$286,580
$375
764
Health & Personal Care Stores
$148,900
$407
366
Liquor
$9,939
$280
35
Convenience Goods - Sub -Tota!
$908,676
$401
2,267
Building Materials $81,894 $115 712
:li:sI u
Impact from On -Going Operations of the Building
There are a number of areas where there will be positive public benefit or economic
impact from the on-going operation of the residential and retail space. These include:
• Additional Employment from Operation of the Condominium Community and
Store
• Property Tax Revenue to the City of Miami and Miami -Dade County
• Increased Sales Tax Revenue from Store to State and County
• Purchase of Goods and Services
We estimate that approximately twelve FTE workers will be needed to operate the
building. Skills ranging from building management, parking garage attendants,
maintenance staff, retail workers, and security personnel will be required. At an
M
011
Economic Impact Analysis — Tuscan Place
average Miami -Dade County wage of $34,6353 the operation of the building and stores
will create approximately $415,000 in wages each year. .fobs created will be available to
a wide range of area residents with various skill levels.
Additionally, an estimated $200,000 in goods and services will be purchased on an
annual basis within Miami -Dade. This includes cleaning services, maintenance supplies,
utilities, etc.
Finally, the Tuscan Place development will provide significant benefit to the City and
County by way of real property and personal property (ad valorem) taxes. The tax
amount is based upon the County Tax Collector's (2002) millage rate of 26.8205 (per
thousand dollars of value), broken down as follows:
Tuscan Place
Economic Impact Analysis
Ad Valorem Tax Breakdown
Annual
Item
Millage
Tax ?
City of Miami Operating
8.850
$213,037
City of Miami Debt
1.218
$29,320
School Operations
8.482
$204,179
School Debt
0.77
$18,535
Environmental Projects
0.100
$2,407
S. Florida Water Management
0.597
$14,371
FIND
0.0385
$927
County Millage
5.889
$141,760
County Debt
0.39
$9,388
Library
0.486
$11,699
TOTAL
26.8205
$645,623
Source: Miami Dade County Property Appraiser
Real property is typically assessed at between 80 and 90 percent of Fair Market Value.
However, the determination of Fair market Value for this project requires a specific
valuation process given the fact that rents are capped at a maximum level (estimated to
be in the range of 50 percent below market), while expenses remain at "market" levels.
Therefore, in an effort to estimate ad valorem taxes for Tuscan Place, it is assumed that
property's assessed value will be at least 60 percent of development costs (with land),
or $20.1 million in assessed value. Therefore, the real property taxes that will be
generated annually from the property should approximate $650,000 by 2007.
Accordingly, this represents an estimated net marginal increase of roughly $530,000±
over the ad valorem tax collection the City would receive if the property were valued at
the purchase price of $4.5 million.
3 State of Florida 2002 ES -202 (Quarterly)
7
0 Economic Impact Analysis — Tuscan Place
1]
Indirect Flow -Through Benefits
There will be a number of long term indirect flow through benefits beyond construction
from the project particularly from the increase in operations employment. The 12 FTE
jobs created as a result of building operations is assumed to have a 1.2 multiplier impact
of 14 additional jobs. All multipliers are derived from the U.S. Department of
Commerce's 1999 RIMS II model. These are indirect secondary and tertiary impacts
which are created as the ripple impact of the primary employment related to the
operation of the building and new retail space which will be felt throughout the region.
8
! Economic .Impact Analysis ---- Tuscan Place
•
•
Summary
Economic Impacts from Tuscan Place
Short Term Construction Em to Ment & Exenditure
impact
Full Time Jobs Created
163
Total Direct Wages Created
$18-,2001000.
Additional Professional Wages Miami -Dade Coun
$675,000
impact Fees Toward Public Expenditure
1200,000
Total Impact from Short Term Const. Employment & Expend.
$24,075 004
Impact From On -Going Resident and Shopper po enditure Im act
Marginal Expenditure Growth - Residents 2007 $4,10 000
Other Ex enditure0
Marginal Impact from On -Going Resident and Shopper $4,100,000
Expend.
Impact from On -Going Operations of the Buildin Retail
Im act
Full Time Jobs
12
Total Direct Wages Created
$415,000
Goods & Service Purchased in Miami -Dade County
$200,000
Ad Valorem Taxes 2007.$650,000
Total Impact from On -Going Operations of the
Building/Retail
$1,310000
Indirect Flow Through Benefits - Em io Ment Im act
Full Time Jobs Indirect - Miami Dade Coun 14
Total Indirect Wa es Created t485,000
Total Flow Through Indirect Benefits $485,000
Based upon the analysis set forth herein, Tuscan Place project will clearly have a
positive economic impact on both the City of Miami and Miami -Dade County. Total
employment created during the development phase is approximately 163, with on-going
annual employment of 26 full-time jobs, Accordingly, there is an estimated $20.0 million
impact from short term construction employment and expenditures, and a stabilized
$5.4 million annual revenue stream from resident expenditures and building operations
(including real property taxes).
9
! Economic Impact Analysis — Tuscan Place
•
:7
LAMBERT ADVISORY
RETAIL TRADE MODEL
10
•
L-b.l "o --y LEC
Ta(Page A of 3)
RESIDENT EXPENDITURES FORECAST, BY MAJOR
CATEGORY,
TUSCAN P€ -ACE
Projected 2007 to 2010
2007
2008
2009
TOTAL INCOME
S4,100,006
$4,141,000
$4,182,410
$4,224,234
TOTAL NON -AUTO RETAIL EXPENDITURES
$1,988,500
$2,008,385
$2,028,469
$2,048,754
% OF T_H,I.
48.50%
48.50%
48.50%
48.50'N
EXPENDITURES BY STORE TYPE:
GENERAL MERCHANDISE
$345.402
$348,856
$352,345
$355,668
DEPT STORE
5253,136
$255.667
$256,224
$260,806
WAREHOUSE CLUBS & SUPERSTORES
$64,626
$65.273
$65.925
$66,584
MISC GEN MDSE
$27,646
$27,917
$28,136
$28,478
APPAREL & ACCESSORIES
$198,253
$200,236
5202,238
$204,261
MENS CLOTHING STORES
$11,931
$12,050
$12,171
$12,293
WOMEN'S CLOTHING STORES
$42,355
$42,779
543,248
$43,638
CHILDREN'S & INFANT CLOTHING
$7,556
$7,632
$7,708
$7,765
FAMILY CLOTHING
$59,058
$59,649
$50,246
$60,648
ACCESSORIES STORES
$3,579
$3,615
$3,651
$3,688
OTHER CLOTHING STORES
$14,516
$14.661
$14,608
$14,956
SHORESTORES
531,617
$31,933
$32.253
$32,575
JEWELRY STORES
$25.453
$25,707
$25,964
$26,224
LUGGAGE & LEATHER STORES
$2,187
$2.209
$2,231
$2,254
FURNITURE & HOME EQUIPMENT
$109,566
$110,662
,5111,769
$112,686
FURNITURE STORES
$64,626
$65,273
$65,925
$66,584
FLOOR COVERING STORES
$21.678
$21,289
$21,502
$21,717
OTHER HOME FURNISHING STORES
$23.862
$24,101
$24,342
$24,585
ELECTRONIC &APPLIANCE STORES
$104,734
$105,642
$106,900
$147,969
APPLIANCE, TELEVISION & OTHER ELECTR
$76.160
$76,921
$77,690
$78,467
COMPUTER & SOFTWARE STORES
$25,453
$25,707
$25,964
$26,224
CAMERA& PHOTOGRAPHIC SUPPLIES
$3,182
$3,213
$3,246
$3.276
SPORTING GOODS. HOBBY. BOOK & MUSK STORES
$74,966
$75,716
$76,473
$77,236
SPORTING GOODS STORES
$26,845
$27,113
$27,384
$27,656
HOBBY, TOY & GAMES STORES
$18,294
$16,477
$18,662
$18,849
SEWING, NEEDLEWORK STORES
MUS ICAL INSTRUMENT STORES
53,360
$6,761
$3,414
$6,829
$3,446
$6,897
$3,483
$6.966
BOOK STORES
$10,346
$10,444
510,548
510,654
NEWS DEALERS & NEWSSTAND
$795
$803
$811
$820
CD & RECORD STORES
$8,551
$8,636
$8,722
$8,810
MISCELLANEOUS S -G
$91,471
$92,386
$93,310
$94,243
FLORIST
$5,767
$5,624
$5,683
$5,941
OFFICE SUPPLIES & STATIONERY
$24,459
$24,703
$24,950
$25,200
GIFT, NOVELTIES
$17,101
$17,272
$17,445
$17,619
USED MERCHANDISE
$6,551
$8,636
$8,722
$8,810
PET& PET SUPPLIES
$11,533
$11,649
$11,765
$11,683
ART DEALERS
$,2.784
$2,812
$2,840
$2,668
OTHER MISCELLANEOUS
521.277
$21.490
$21,705
$21,922
SHOPPER GOODSISUBTOTAL
$924,454
$933,698
5943,035
$952,466
FOODSTORES
$454,173
$458,715
$463.302
$467,935
SUPERMARKETS
$415,199
$419,351
$423,544
$427,780
CONVENIENCE STORES
522,470
$22.635
$22,922
$23,151
SPECIALTY FOOD STORES
$16,505
$16,670
516,836
$17,005
EATING & DRINKING ESTABLISHMENTS
$307.820
$310,898
$314,007
$317,147
FULL SERVICE RESTAURANTS
$171.210
$172.922
$174,651
$176,398
LIMITED SERVICE RESTAURANTS
$105,192
$106,244
S1D7,306
$108,379
SPECIALTY FOOD SERVICE
$17,101
517,272
$17,445
$17,619
DRINKING PLACES
$14,317
$14,460
$14,605
$14,751
HEALTH & PERSONAL CARE STORES
$166,835
$166,504
$170,189
$171,890
PHARMACIES & DRUGSTORES
$134,224
$135,565
$136,922
$138,291
COSMETICS. BEAUTY SUPPLY & PERFUME
$8,749
$8,837
$8,925
$8,015
OPTICAL STORES
$10,340
510,444
$10,548
$10.654
OTHER HEALTH & PERSONAL CARE STORE
$13,522
$13,657
$13,794
$13,932
LIQUOR
$11,136
$11,247
$11,369
$11,473
CONVENIENCE GOODSISUBTOTAL
$939,964
$949,364
$958,857
$968,446
BUILDING MATERIALS
$124,082
$125,323
$126,576
$127,842
•
L-b.l "o --y LEC
FOOD STORES $454,173 $458,715 $463,302 $467,935
EATING & DRINKING ESTABLISHMENTS $307,820 $310,890 $314,007 $317,147
HEALTH & PERSONAL CARE STORES $166.835 $168,504 $170,189 $171,890
LIQUOR $11,136 $11,247 $11,359 $11,473
CONVENIENCE GOODSISUSTOTAL 5939,964 $949,364 $958,857 5968,446
BUILDING MATERIALS $124.082 $125,323 $126,575 $127,842
OTHER RETAILISUBTOTAL $124,082 $125,323 $126,578 $127,842
TOTAL
Table (Page 2 of 3)
$2,008,385
$2,026,469
52,048,754
RESIDENT EXPENDITURES FORECAST, BY MAJOR CATEGORY.
TUSCAN PLACE
$88,104
.
Projected 2007 to 2010
FURNITURE & HOME EQUIPMENT
2007-
2008
20F79
2007
2008,
2fl?099
2010
GENERAL MERCHANDISE
$345,402
$348,856
$352,345
$355,868
APPAREL & ACCESSORIES
$198,253
$200,236
5202,238
$204,261
FURNITURE & HOME EQUIPMENT
$109,566
$110,662
$111,769
$112,886
ELECTRONIC & APPLIANCE STORES
$904,794
$105,842
$106.900
$107,969
SPORTING GOODS, BOOKS & MUSIC STORES
$74,966
$75,716
$76,473
$77,238
MISCELLANEOUS S -G
$91,471
$92,386
$93,310
$94,243
SHOPPER GOODSISUBTOTAL
$924,454
$933,696
$943,035
$952,466
FOOD STORES $454,173 $458,715 $463,302 $467,935
EATING & DRINKING ESTABLISHMENTS $307,820 $310,890 $314,007 $317,147
HEALTH & PERSONAL CARE STORES $166.835 $168,504 $170,189 $171,890
LIQUOR $11,136 $11,247 $11,359 $11,473
CONVENIENCE GOODSISUSTOTAL 5939,964 $949,364 $958,857 5968,446
BUILDING MATERIALS $124.082 $125,323 $126,575 $127,842
OTHER RETAILISUBTOTAL $124,082 $125,323 $126,578 $127,842
TOTAL
$1.9687500
$2,008,385
$2,026,469
52,048,754
APPAREL & ACCESSORIES
Retention and Sale 1,A— Factor
$88,104
$88,965
$89.875
FURNITURE & HOME EQUIPMENT
2007-
2008
20F79
2010
Tuscan Place
$34,582
$34,928
535,277
$35,630
GENERAL MERCHANDISE
25.00%
25.00%
25.00%
25.00°%
APPAREL & ACCESSORIES
40.00%
40.00%
40.00%
40.00%
FURNITURE & HOME EQUIPMENT
30.00%
30.00%
30.00%
30.00%
ELECTRONIC & APPLIANCE STORES
30.00%
30.00%
30,00%
30.00%
SPORTING GOODS, BOOKS & MUSIC STORES
40.00%
40.00%
40,00%
40.00%
MISCELLANEOUS S -G
50.00%
50.00%
50.00%
50.00%
FOOT) STORES
85.00%
85.00%
85.00%
85.00%
EATING & DRINKING ESTABLISHMENTS
70.00%
70.00%
70.40%
70.00%
HEALTH & PERSONAL CARE STORES
85.00°%
85.00%
85.40°/
85.00°%
LIQUOR
85.00%
85.00%
85.40%
85.00%
BUILDING MATERIALS
60.00°%
60.00%
60.00%
60.00%
PERCENT SALES INFLOW FROM SECONDARY MARKET & VISITORS
GENERAL MERCHANDISE
5.00%
5.00%
5.00%
5.00%
APPAREL & ACCESSORIES
1000%
10-00%
10.00%
10.00%
FURNITURE & HOME EQUIPMENT
10,00%
10,00%
10.00%
10.00%
ELECTRONIC & APPLIANCE STORES
1000%
1000%
10.40%
10.00%
SPORTING GOODS, HOOKS & MUSK STORES
10.00%
1000%
10.0W/,
10.00%
MISCELLANEOUS S -G
-!G.00%
90.()G%
10.00%
10.000%
FOOD STORES
20.00%
20 W%
20.00%
20.00%
EATING & DRINKING ESTABLISHMENTS
33.40%
33.00%
33.00%
33.00%
HEALTH & PERSONAE. CARE STORES
5.00%
5.00%
5.00%
5,00%
LIQUOR
5.00%
5.00%
5.00°%
5,40%
BUILDING MATERIALS
10.00%
20.00°/
20.00%
20.00%
NET SALES POTENTIAL
GENERAL MERCHANDISE
S90,668
$91,575
592.491
$93,415
APPAREL & ACCESSORIES
$87,232
$88,104
$88,965
$89.875
FURNITURE & HOME EQUIPMENT
$36,157
536,518
$36,884
$37,252
ELECTRONIC & APPLIANCE STORES
$34,582
$34,928
535,277
$35,630
SPORTING GOODS, BOOKS & MUSIC STORES
$32,965
$33,315
$33,648
$33,985
MISCELLANEOUS S -G
$50,309
$50,812
$51,320
$51,833
SHOPPER'S GOODS SUBTOTAL
$331,933
$335,252
$338,605
$341,991
FOOD STORES
$463,257
$467,889
$472,568
$477,294
EATING & DRINKING ESTABLISHMENTS
$286,580
$289,446
$292,340
$295,264
HEALTH & PERSONAL CARE STORES
$148,900
$150,389
$151,893
$153,412
LIQUOR
$9,939
$10,038
$10,138
$10,240
CONVENIENCE GOODS SUBTOTAL
$908,676
$917,763
$926,940
$936,210
SU€LDING MATERIALS $81,894 $90.233 $91,135 $92,046
Lwb�d Ae-i YLLC
•
L
t� Ad—y LLC
OVERALL AVERAGE
WARRANTED SQUARE FEET:
GENERAL MERCHANDISE
APPAREL & ACCESSORIES
FURNITURE & HOME EQUIPMENT
ELECTRONIC & APPLIANCE STORES
SPORTING GOODS, BOOKS & MUSIC STORES
MISCELLANEOUS S -G
SHOPPER'S GOODS TOTAL
FOOD STORES
EATING & DRINKING ESTABLISHMENTS
HEAP TH & PERSONAL CARE STORES
LIQUOR
CONVENIENCE GOODS TOTAL,
BUfLDING MATERIALS
TOTAL WARRANTED RETAIL SPACE
399
Table (Page 3 of 3)
407
412
301
RESIDENT EXPENDITURES
FORECAST, BY MAJOR
CATEGORY,
TUSCAN PLACE
161
162
Projected 2007 to 201a
173
175
176
SALES PER SQUARE FOOT:
ZQG7
2008
2009
al -0
GENERAL MERCHANDISE
$227
$227
$227
$227
APPAREL & ACCESSORtES
$290
$290
$290
$290
FURNITURE & HOME EQUIPMENT
$227
$227
$227
$227
ELECTRONIC & APPLIANCE STORES
$200
$240
$200
$200
SPORTING GOODS, HOOKS & MUSIC STORES
$250
$250
$250
$250
MISCELLANEOUS S -G
$420
$420
W-0
5420
SHOPPER'S GOODS AVERAGE
$258
$258
$258
$258
FOOD STORES
5422
$422
$422
5422
EATING & DRINKING ESTABLISHMENTS
$375
$375
$375
$375
HEALTH & PERSONAL CARE STORES
$407
$407
$407
$407
LIQUOR
80
80
$280
$280
CONVENIENCE GOODS AVERAGE
$401
$401
$401
$401
BUILDING MATERIALS
$115
$115
$115
$115
•
L
t� Ad—y LLC
OVERALL AVERAGE
WARRANTED SQUARE FEET:
GENERAL MERCHANDISE
APPAREL & ACCESSORIES
FURNITURE & HOME EQUIPMENT
ELECTRONIC & APPLIANCE STORES
SPORTING GOODS, BOOKS & MUSIC STORES
MISCELLANEOUS S -G
SHOPPER'S GOODS TOTAL
FOOD STORES
EATING & DRINKING ESTABLISHMENTS
HEAP TH & PERSONAL CARE STORES
LIQUOR
CONVENIENCE GOODS TOTAL,
BUfLDING MATERIALS
TOTAL WARRANTED RETAIL SPACE
399
403
407
412
301
304
307
310
159
161
162
154
173
175
176
178
132
133
135
136
120
121
122
123
1,284
1,297
1,310
1,323
1,098
1,109
1,120
1,131
764
772
780
787
366
370
373
377
35
36
36
37
2,263
2,286
2,309
2,332
712 785 792 600
4,260 4,368 4,411 4,455