HomeMy WebLinkAboutEconomic Impact Analysis•
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ECONOMIC IMPACT ANALYSIS
THE BLUE
(Condominium and Retail Development)
- Prepared by -
Lambert Advisory, LC
- Prepared for -
Renzi Development
October 23, 2003
Draft -- For Discussion Purposes Only
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Economic Impact Analysis ---- The Blue
Economic Impact Analysis
The Blue
Lambert Advisory has completed an Economic Impact Analysis for the development of
The Blue, a mixed use residential and commercial project located at NW 32nd Avenue
and Coral Way, in the City of Miami. 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 Blue
development and prepare an estimate of such benefits to the City of Miami,
The Blue property is situated less than four miles from Miami's central business district.
The property is adequately accessible to major thoroughfares including US 1, I-95 and
the Palmetto Expressway. The residential and retail 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.
We have completed this analysis on the basis that development and performance
information of the project in terms of sale price, absorption, timing, and costs has been
provided by Renzi Development. As such, we have not independently verified this
information or data.
A profile of the project is as follows:
The Blue
Building Features & Profile
General Features
Site Size (Gross)
Building Height
Number of Residential Units
Retail Space (rentable area)
Number of Parking Spaces
Detailed Building Profile
Gross Building Area (w/parking)
Maximum Development Area (FAR)
Residential FAR
Retail FAR
Plaza (Level 7)
Lobby/Admin. Area
Gross Parking Area*
1.71 acres
20 stories
190 units
4,270 sq.ft.
352 spaces
348,120 sq.ft.
196,760 sq.ft.
186,210 sq.ft.
4,270 sq.ft.
6,280 sq.ft.
0 sq.ft.
151,360 sq.ft.
Source: Renz Development
Note: Lambert Advisory has not reviewed any development plans, schematics, and/or
detailed physical information for the The Blue development. Estimates above
based upon data provided by Renzi Development, and/or estimates made by
Lambert, which may be subject to change.
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Draft — For Discussion Purposes Only
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Economic Impact Analysis — The Blue
Development of The Blue property is expected to commence construction by the mid-
2004, The construction process is anticipated to be approximately eighteen months,
with occupancy planned for early 2006.
Based upon the information provided, construction and subsequent operations of The
Blue 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 owner and shopper expenditure
• Long -Term operating employment and operating expenditure
• Indirect secondary and tertiary flow through benefits (real estate and retail)
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:
1.) 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 Renzi Development (rounded):
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Draft — For Discussion Purposes Only
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Economic Impact Analysis — The Blue
Development Costs
The Blue
Item
Cost
Hard Costs
$ 17,000,000
Soft Costs (includes contingency, profit)
$ 5,000,000
$ 22,000,000
Total
Note: Hard and soft costs represent an estimated allocation of Total
cost provided by Renzi Development.
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 hard costs, approximately 60 percent ($10.2 million) will be spent in labor and 40
percent ($6.8 million) in materials. Over an estimated 18 month construction period at
an average annual construction wage of $34,420 in Miami -Dade Countyi and a 1.4 times
benefit/overhead multiplier per worker, there will be nearly 200 Full Time Equivalent
(FTE) jobs created over the period.
Additionally, it is assumed that more than $750,000 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 $400,000 in total professional wages.
Taxes and impact fees to the City and County during the construction period will be
approximately $1.1 million which 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 The Blue is included in the
following table:
State of Florida 2002 ES-202 (Quarterly)
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Draft — For Discussion Purposes Only
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Economic Impact Analysis — The Blue
The Biue
Economic Impact Analysis
Impact and Other Fees
Impact Fees: Total
City of Miami Development Impact Fee (Ord. 10426) $179,979
City of Miami Development Impact Admin. Fee $5,399
Miami Dade County Schools $287,221
TOTAL IMPACT FEES $472,600
Other/Non-Impact Fees:
Miami Dade W.A.S.A. Connection Fee $267,717
Building Permit Fee $35,093
Roadway Impact Fee $181,078
Variance Fee (height) $13,035
Energy Installation Fee $24,588
M.U.S.P Application Fee $65,000
Dade County Code Compliance $16,000
Radon Gas Fee $2,459
Fire Plan Review Fee $2,213
Ground Cover Fee $828
Land Use/Zoning, Review for BIdg.Permit $786
Certicate of Occupancy $250
Application Fee $35
TOTAL OTHER FEES $609,081
TOTAL PROJECT FEES $1,081,681
Source: City of Miami Planning, Building & Zoning Dept.; Miami Dade County; Renzi Development
On -Going Impact from Tenant and Shopper Expenditure
Based upon demographic and rental housing trends in the area, The Blue resident base
is expected to primarily be younger working professionals. Considering the proposed
average sale price of $225,000, it is assumed that the residents will comprise mostly
middle and upper income individual/households with a 2002 median household income
of at least $80,000, Therefore, with a total of 190 households in the building, total
personal income for the building is estimated to exceed $15.2 million. Assuming 50
percent of the owners will be new residents to the City, the marginal added personal
income to flow into the Miami area is in the range of $7.6 million.
To measure the marginal impact of $7,6 million in household income on retail sales and
additional space demanded, we have used the Lambert Advisory Retail Trade Model to
develop estimates. 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 late 2006.
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Draft ---- For Discussion Purposes Only
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Economic Impact Analysis --- The Blue
The Blue
Area Expenditure Potential (from Net New Miami - The Blue Residents)
2006
Est. Marginal
Growth Expenditure Sales Per Square Feet
2006 Square Foot Demanded
Type of Good
General Merchandise $168,068 $227 740
Apparel and Accessories $161,697 $290 558
Furniture and Home Equipment $67,023 $227 295
Electronic and Appliance Stores $64,103 $200 321
Sporting Goods, Books and Music Stores $61,143 $250 245
Miscellaneous Shoppers Goods $93,256 $420 222
Shoppers Goods - Sub -Total $615,290 $258 Z380
Food Stores $858,720 $422 2,035
Eating & prinking Establishments $531,222 $375 1,417
Health & Personal Care Stores $276,010 $407 678
Liquor $18,423 $280 66
Convenience Goods - Sub -Total $1,684,375 $401 4,195
Building Materials $165,605 $115 1,440
Total $2,465,270 $308 8,016
In addition to the impact that The Blue residents will have both locally and regionally,
the development includes 4,300 square feet of retail that will occupy the ground floor of
the building. This additional retail space will primarily attract expenditure from the area
surrounding the property, with limited additional support from visitors from outside of
the area. Assuming that 20 percent of the expenditure in The Blue stores comes from
outside of the City, and based upon a Sales per Square Foot (for Shopper Goods) of
$308, close to $265,000 will be expended within the City per year which is now going to
other areas.
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 six FTE workers will be needed to operate the building
and five FTE workers for the store(s). Skills ranging from building management, parking
garage attendants, maintenance staff, retail workers, and security personnel will be
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Draft — For Discussion Purposes Only
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Economic Impact Analysis --- The Blue
required. At an average Miami -Dade County wage of $34,6352 the operation of the
building and stores will create approximately $380,000 in wages each year. Jobs
created will be available to a wide range of area residents with various skill levels.
Increased sales tax revenue would result from the operation of the retail space of 4,300
square feet. Assuming the net new retail expenditure in stores totals $265,000,
approximately $17,000 in additional sales tax will be collected from retail sales.
Additionally, an estimated $100,000 in goods and services will be purchased on an
annual basis within Miami -Dade. This includes cleaning services, maintenance supplies,
utilities, etc.
Finally, The Blue 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 Collectors (2002) millage rate of 26.8205 (per thousand
dollars of value), broken down as follows:
The Blue
Economic Impact Analysis
Ad Valorem Tax Breakdown
Item
Annual
Minage Tax
City of Miami Operating 8.850 $325,468
City of Miami Debt 1.218 $44,793
School Operations 8.482 $311,935
School Debt 0.77 $28,318
Environmental Projects 0.100 $3,678
S. Florida Water Management 0.597 $21,955
FIND 0.0385 $1,416
County Millage 5.889 $216,574
County Debt 0.39 $14,343
Library 0.486 $17,873
TOTAL 26.8205 $986,353
Source: Miami Dade County Property Appraiser
Real property is typically assessed at between 80 and 90 percent of Fair Market Value.
For this analysis, we estimate ad valorem taxes for The Blue based upon 85 percent of
the projected average sale price of $225,000, plus the retail area valued at $120 per
square foot, or $36.8 million in assessed value. Therefore, the real property taxes that
will be generated annually from the property should approximate $1.0million by 2006/7.
Accordingly, this represents an estimated net marginal increase of roughly $900,000+
over the ad valorem tax collection the City would receive if the property were valued at
an estimated land assessment of $4+ million.
2 State of Florida 2002 ES-202 (Quarterly)
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Draft — For Discussion Purposes Only
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Economic Impact Analysis — The Blue
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 retail and operations employment, The
6 FTE jobs created as a result of building and retail operations is assumed to have a 1.2
multiplier impact of seven additional jobs. Additional retail employment at the property
is expected to add an additional six jobs from the multiplier impact. Ali 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.
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Economic Impact Analysis — The Blue
Summary
Economic Impacts from The Blue
Short Term Construction Employment & Expenditure
Impact
Full Time Jobs Created
200
Total Direct Wages Created
$10,200,000
5400,000
Additional Professional Wages (Miami -Dade County)
Impact Fees Toward Public Expenditure
$1,090,000
Total Impact from Short Term Const. Employment & Expend.
$11,690,000
Impact from On -Going Resident and Shopper Expenditure
Impact
Marginal Expenditure Growth — Residents (2006)
$2,500,000
Marginal Expenditure — Shoppers (2006)
$265,000
Marginal Impact from On -Going Resident and Shopper
Expend.
$2,765,000
Impact from On -Going Operations of the Building/Retail
Impact
Full Time Jobs
11
Total Direct Wages Created
$380,000
$17,000
$100,000
Sales Tax from Additional Retail Sales (2006)
Goods & Service Purchased in Miami -Dade County
Ad Valorem Taxes (2006)
$990,000
Total Impact from On -Going Operations of the
Building/ Retail
$1,487,000
Indirect Flow Through Benefits — Employment
Impact
Full Time Jobs (Indirect) — Miami Dade County
13
Total Indirect Wages Created
$450,000
Total Flow Through Indirect Benefits
$450,000
Based upon the analysis set forth herein, The Blue 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 200, with on -going annual
employment of 24 full-time jobs. Accordingly, there is an estimated $11.7 million impact
from short term construction employment and expenditures, and a stabilized $3.8 million
annual revenue stream from resident/shopper expenditures and building operations
(including real property taxes).
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Economic Impact Analysis — The Blue
LAMBERT ADVISORY
RETAIL TRADE MODEL
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L yAMyLLC
Table (Page 1 of 3)
RESIDENT EXPENDITURES FORECAST, BY MAJOR CATEGORY, THE SLUE
Projected 2006 10 2009
TOTAL INCOME
TOTAL NON -AUTO RETAIL EXPENDITURES
OF T H_I,
EXPENDITURES BY STORE TYPE:
GENERAL MERCHANDISE
DEPT STORE
WAREHOUSE CLUBS & SUPERSTORES
MISC GEN MDSE
2006 2007 2608 2609
$7,600,000 $7,679,000 $7,752,760 $7,836,288
83.686.000 $3,722,860 $3,760,089 $3,797.689
48.50% 48.50% 48.50% 48.50%
$640,258 $648,561 $653,127 $659,659
5469,228 $473,920 $478,659 $483,446
8119,795 $120,993 $122,203 $123,425
$51,235 $51,748 $52,265 $52,788
APPAREL & ACCESSORIES $367,494 $371,169 $374,881 $378,930
MENS CLOTHING STORES $22,116 $22.337 $22,561 $22,786
WOMEN'S CLOTHING STORES $78,512 $79,297 $80,090 $80,891
CHILDREN'S & INFANT CLOTHING $14,007 $14,147 $14,286 $14.431
FAMILY CLOTHING 5109,474 $110,569 $111,675 $112,791
ACCESSORIES STORES $6,635 $6,701 $6,768 $6,836
OTHER CLOTHING STORES $26,908 $27,177 $27,449 $27,723
SHORE STORES $58.907 $59,193 $59,785 $90,383
JEWELRY STORES $47,181 $47,653 $48,129 $48,610
LUGGAGE & LEATHER STORES $4,055 $4,095 $4,136 $4,177
FURNITURE & HOME EQUIPMENT
FURNITURE STORES
FLOOR COVERING STORES
OTHER HOME FURNISHING STORES
$203,099 $205,130 5207,181 $209,253
$119,795 $120,993 $122,203 5123,425
$39,072 $39,462 $39,857 540,256
$44,232 $44,974 $45,121 545,572
ELECTRONIC & APPLIANCE STORES 5194,252 $196,195 $198,157 $200,138
APPLIANCE, TELEVISION & OTHER ELECTR $141,174 $142,566 $144,011 $145,452
COMPUTER 8 SOFTWARE STORES $47,181 $47.653 $48,129 $48,610
CAMERA & PHOTOGRAPHIC SUPPLIES $5,898 55,957 $6,016 $6,076
SPORTING GOODS, HOBBY, BOOK & MUSIC STORES
SPORTING GOODS STORES
HOBBY, TOY & GAMES STORES
SEWING. NEEDLEWORK STORES
MUSICAL INSTRUMENT STORES
BOOK STORES
NEWS DEALERS & NEWSSTAND
CD & RECORD STORES
$138.962 $140,352 $141,755 $143,173
$49,761 $50,259 $50,761 S51,269
$33,911 $34,250 $34,593 534,939
$6,266 86.329 $6,392 $6,456
$12,532 $12,658 $12,784 $12,912
$19,167 $19,359 519,552 $19,748
51,474 $1,489 $1,504 $1,519
$15,650 516,008 516,168 $16,339
MISCELLANEOUS 5-G $169,555 $171,252 $172,964 $174,694
FLORIST $10,609 $10,736 $19,904 511,013
OFFICE SUPPLIES & STATIONERY $45.338 $45,791 $46,249 $46,712
GIFT, NOVELTIES $31,700 $32,017 S32,337 532,660
USED MERCHANDISE $15,850 $16,008 $16,168 $16,330
PET & PET SUPPLIES 521,379 $21,593 $21,809 $22,027
ART DEALERS $5,160 $5,212 $5,254 $5,317
OTHER MISCELLANEOUS $39,440 $39,835 $40,233 $40,635
SHOPPERGOODSISUBTOTAL $1,713,621 $1,730,758 $1,748,095 51,765,546
FOOD STORES $841,882 $650,301 $858,804 $867,392
SUPERMARKETS $769,637 $777,333 $785,106 $792,958
CONVENIENCE STORES $41,652 $42,068 $42,489 $42,914
SPECIALTY FOOD STORES $30,594 $30,900 $31,209 $31,521
EATING & DRINKING ESTABLISHMENTS
FULL SERVICE RESTAURANTS
LIMITED SERVICE RESTAURANTS
SPECIALTY FOOD SERVICE
DRINKING PLACES
$570,593 $579,299 $582,062 $587,882
$317,365 $320,538 $323,744 $326,981
$194,989 $195,939 $198,949 5206,898
$31,709 $32,017 532,337 532,660
$26,539 $26,805 527,473 827,343
HEALTH & PERSONAL CARE STORES $309,255 $312,348 $315,471 $318,626
PHARMACIES & DRUGSTORES $248.805 $251,293 $253,806 $256,344
COSMETICS, BEAUTY SUPPLY & PERFUME $16.218 $16,381 $16,544 $19,710
OPTICAL STORES $19,187 $19,359 $19,552 $19.748
OTHER HEALTH & PERSONAL CARE STORE 525,065 $25,315 $25,589 $25,824
LIQUOR $20,642 $20,848 $21,056 S21,267
CONVENIENCE GOODS/SUBTOTAL $1,742,372 $1,759,796 $1,777,394 $1,795,168
BUILDING MATERIALS 5230,006 $232,306 $234,630 $236,976
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Table {Page 2 of 3)
RESIDENT EXPENDITURES FORECAST, BY MAJOR CATEGORY, THE BLUE
PrQJealed 2006 to 2009
2006 2007 2008
2009
GENERAL MERCHANDISE $640,256 $646,561 $653,127 $659,659
APPAREL & ACCESSORIES $367,494 5371,169 5374.681 5378,630
FURNITURE & HOME EQUIPMENT $203,099 $205,130 5207,161 $209,253
ELECTRONIC & APPLIANCE STORES 6194,252 $196,195 $198.157 $200,138
SPORTING GOODS. BOOKS & MUSIC STORES $138,962 5140,352 $141,755 $143,173
MISCELLANEOUS S-G $169,556 $171,252 $172,964 5174.694
SHOPPER GOODS/SUBTOTAL $1,713,621 $1,730,756 $1,748,065 $1,765,546
FOOD STORES $841,882 $850.301 $858,804 5867,392
EATING & DRINKING ESTABLISHMENTS $570,593 $576,299 5582,062 5587.882
HEALTH & PERSONAL CARE STORES $309,255 5312,348 $315,471 5316,626
LIQUOR $20,642 $20.648 $21.056 $21,267
CONVENIENCE GOODS/SUBTOTAL $1,742.372 51,759,796 $1,777,394 $1,795,168
BUILDING MATERIALS
OTHER RETAIL/SUBTOTAL
TOTAL
The Slue
GENERAL MERCHANDISE
APPAREL & ACCESSORIES
FURNITURE & HOME EQUIPMENT
ELECTRONIC & APPLIANCE STORES
SPORTING GOODS. BOOKS & MUSIC STORES
MISCELLANEOUS S-G
5230,006 $232,306
$230,006 $232.306
$3,686.000 $3,722,860
Retention and Sala Inhow Factor
5234,630 $236,976
5234.830 $236,976
53,760,089 $3,797,689
2006 2007 2008 2009
25.00%
40.00%
30.00%
30.00%
40-00%a
50.00 %
25.00%
40,00%
30.00%
30.00%
40.00 %
50.00%
25.00%
40.00 %
30.00%
30.00%
40.00
50.00 %
25.00%
40,00 %
30.00%
30.00%
40.00 %
50.00%
FOOD STORES 65.00% 85.00% 85.00% 85.00%
EATING & DRINKING ESTABLISHMENTS 70.00% 70.00 % 70.00 % 70.00°!
HEALTH & PERSONAL CARE STORES 85.00% 85-00% 85.00% 85-00%
LIQUOR 85.00% 85.00% 85.00% 85.00%
BUILDING MATERIALS
60.00% 60.00%
PERCENT SALES INFLOW FROM SECONDARY MARKET & VISITORS
GENERAL MERCHANDISE
APPAREL & ACCESSORIES
FURNITURE & HOME EQUIPMENT
ELECTRONIC & APPLIANCE STORES
SPORTING GOODS, BOOKS & MUSIC STORES
MISCELLANEOUS S-G
5.00%
10.00%
10.00%
10.00%
10.00%
10.00%
5.00%
10.00°/a
10. 00%
10, 00 %
10.00%
10.00%
60.00% 60.00%
5.00%
10,00%
10.00%
10.00 %
10.00
10.00%
5.00%
10.00%
10.00 %
10.00%
10.00%
10.00%
FOOD STORES 20.00% 20.00% 20.00a/ 20.00%
EATING & DRINKING ESTABLISHMENTS 33.00% 33.00% 33.00% 33.00%
HEALTH & PERSONAL CARE STORES 5.00% 5.00% 5.00% 5.00%
LIQUOR 5.00% 5.00% 5.00% 5.00%
BUILDING MATERIALS
NET SALES POTENTIAL
GENERAL MERCHANDISE
APPAREL & ACCESSORIES
FURNITURE & HOME EQUIPMENT
ELECTRONIC & APPLIANCE STORES
SPORTING GOODS, BOOKS & MUSIC STORES
MISCELLANEOUS S-G
SHOPPER'S GOODS SUBTOTAL
20.00% 20.00%
$168,068
5161,697
$67,023
$64.103
$61,143
$93,256
$615,290
20.00% 20.00%
5169,748 $171,446 5173,160
$163,314 $164,948 5166,597
567,693 $68,370 $69,053
$64,744 $65.392 $66,046
$61,755 $62,372 $62,996
$94,186 $95,130 $96,082
$621,443 $627,657 5633,934
FOOD STORES 5858,720 6807,307 5875,980 $884,740
EATING & DRINKING ESTABLISHMENTS $531,222 $536,534 5541.899 $547,318
HEALTH & PERSONAL CARE STORES $276,010 $278,771 5281,558 $264,374
LIQUOR $18,423 $18,607 518,793 $18,981
CONVENIENCE GOODS SUBTOTAL $1,684,375 $1,701,219 51,718,231 51.735,413
BUILDING MATERIALS
$165,605 $167,261
$168,933 $170,623
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Table {Page 3 of 3)
RESIDENT EXPENDITURES FORECAST, BY MAJOR CATEGORY, THE BLUE
Pralecled 2006 to 2099
SALES PER SQUARE FOOT;
2006 2007 2008 2009
GENERAL MERCHANDISE $227 $227 $227 $227
APPAREL & ACCESSORIES $290 5290 $290 $290
FURNITURE & HOME EQUIPMENT $227 S227 $227 $227
ELECTRONIC & APPLIANCE STORES $200 $200 $200 $200
SPORTING GOODS, BOOKS & MUSIC STORES $250 $250 $250 8250
MESCELLANEOUS S-G $420 & 1429, 4,420
SHOPPERS GOODS AVERAGE 5258 5258 $258 $258
FOOD STORES $422 $422 $422 $422
EATING & DRINKfNG ESTABLISHMENTS $375 $375 $375 $375
HEALTH & PERSONAL CARE STORES $407 $407 $407 $407
LIQUOR $280 $280 S280 $280
CONVENIENCE GOODS AVERAGE $401 $401 $401 $401
BUILDING MATERIALS $115 $115 $115 8115
OVERALL AVERAGE
WARRANTED SQUARE FEET:
GENERAL MERCHANDISE 740 748 755 763
APPAREL & ACCESSORIES 558 563 569 574
FURNITURE & HOME EQUIPMENT 295 298 301 304
ELECTRONIC & APPLIANCE STORES 321 324 327 330
SPORTING GOODS, BOOKS & MUSIC STORES 245 247 249 252
MISCELLANEOUS S-G 222 224 227 229
SHOPPER'S GOODS TOTAL 2,380 2,404 2,428 2,452
FOOD STORES 2,035 2,055 2,078 2,097
EATING & DRINKING ESTABLISHMENTS 1,417 1,431 1,445 1,460
HEALTH & PERSONAL CARE STORES 678 685 692 699
LIQUOR 66 66 67 68
CONVENIENCE GOODS TOTAL 4,195 4,237 4,280 4,323
BUILDING MATERIALS
TOTAL WARRANTED RETAIL SPACE
1,440 1,454 1,469 1,484
8,016 8,096
8,177 8.259