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Home My WebLink AboutHandouts_Workshop_10/3/2022 Wjmmbhf!pg!Ufrvftub Fdpopnjd!Pwfswjfx!boe!Gppu!Usbggjd!Ftujnbuft Overview Where Tequesta Visitors Live Tuvez!Bsfbt!Bggfdufe!Bsfbt!boe!Gffefs!Nbslfut Dpnnvojuz!Qspgjmf Sfbm!Ftubuf!Tvnnbsz Cvtjoftt!boe!Joevtusz Fnqmpznfou!Usfoet Gppu!Usbggjd!Usfoet Wjmmbhf!Sftjefout!Xifsf!uif!xpsl-!tipq!boe!ejof Wjmmbhf!Xpslfst!Xifsf!uifz!mjwf!boe!tipq Bmm!Wjtjupst!Usfoet-!xifsf!uifz!mjwf-!boe!xifsf!uifz!tipq Upq!Wjtjups!Eftujobujpot!jo!Ufrvftub Upq!Wjmmbhf!Sftjefou!Eftujobujpot!jo!Kvqjufs Introduction Placer.ai is the world’s most advanced aggregated foot traffic analytics platform BusinessFlare® is a full-service economic development consulting firm allowing anyone with a stake in the physical world to instantly generate insights based in North Miami, Florida, with operating in the states of Florida, into any property for a deeper understanding of the factors that drive success. Maine, Tennessee, Alabama, Ohio, and Texas. The firm specializes in Placer.ai is the first platform that fully empowers professionals in commercial real economic analysis and realistic planning and implementation of economic estate, retail, finance, economic development and more to truly understand and development strategies for neighborhoods, cities and counties. maximize their offline activities. The firm excels at finding the right balance between financial and market feasibility, regulatory efficiency, and design, identity and brand for each client’s unique characteristics. The firm has recently worked on projects such as Martin County’s COVID- 19 Economic Development Action Plan, the Bahia Mar Fiscal Impact Assessment, the West Coconut Grove Community Redevelopment Plan, the Lake Park CRA Plan, economic development implementation in Doral, Homestead, Rockledge, and North Miami, and for the City of Bradenton. The firm’s service areas include: BusinessFlare® Economics –economic development, revitalization BusinessFlare® Analytics –feasibility, market, economic analysis; BusinessFlare® Design –placemaking, urban planning BusinessFlare® Aerial –project based aerial photography Craft Brewery Sites –craft brewery attraction Study Areas Village Boundaries Zip Code 33469 Study Areas of Impact –Different data sources are reported at different geographic levels. Therefore, to evaluate the impacts on the Village of Tequesta two different geographies may be utilized. •Village of Tequesta boundaries: Demographics (ESRI, Census) and Foot Traffic (Placer.ai) •Zip Code 33469: Economic and Labor Conditions (Lightcast) In addition. individual locations were evaluated for Placer.ai foot traffic trends. Affected Zip Codes 33469 33478 33458 Tequesta 33477 Tertiary 3341833408 Secondary 33410 Primary Tertiary Feeder Markets –For this evaluation, several different customer feeder markets Tertiary were identified. These are the zip codes of the residence of the customers analyzed with Placer.ai foot traffic information. These are the primary zip codes in which customers that will be impacted by the closure of the US1 bridge live. 1.Zip Code 33469 –The Village of Tequesta’s Zip Code 2.Zip Codes South of the Inlet 1.33477 –Primary Impacted Zip –This is the zip code within which the US1 bridge is located and which will be directly affected. 2.33458 –Secondary Impacted Zip –This is the zip code within which the Alternate route is located and which will also be significantly impacted. 3.33408, 33410, 33418, 33478 –Tertiary Impacted Zips –Zip codes on the south side of the river that will be affected by the bridge closure. Community Profile Village of TequestaZip Code 33469 Observations •Small community, limited population growth. •High income community. •Multigenerational with significant older (55+) population, higher than average. •Smaller younger population than average. Source: US Census Bureau, Esri, Lightcast Community Profile Observations •Small community, limited population growth. •Higher home values, not as cost burdened as other places. •High home ownership rate. •Educated population. Source: US Census Bureau, Esri Commercial Real Estate Retail Observations •Strong commercial real estate fundamentals. •High year over year growth. •Consistently low vacancy. •Limited inventory. •Little turnover of space. •Limited opportunity for new businesses. Office Source: CoStar Residential Real Estate Observations •Continued single-family home market strength. •Median sale price up significantly year over year. •Demand (closed sales) is high(er). •Supply (new listings) is lower. Source: Beaches MLS Area Businesses Local Restaurants Observations •Restaurants in Tequesta vary by size and by cuisine. •Range of employment from 1 to 40 employees. •Sales estimates range from $100,000 to $1.8 million. Source: Esri, Dun and Bradstreet Village EmploymentVillage Businesses Retail TradeRetail Trade Other Services (except Public Administration)Other Services (except Public Administration) Professional, Scientific & Tech ServicesProfessional, Scientific & Tech Services Accommodation & Food ServicesAccommodation & Food Services Real Estate, Rental & LeasingReal Estate, Rental & Leasing Finance & InsuranceFinance & Insurance Health Care & Social AssistanceHealth Care & Social Assistance ConstructionConstruction Public AdministrationPublic Administration Administrative & Support & Waste…Administrative & Support & Waste… ManufacturingManufacturing Arts, Entertainment & RecreationArts, Entertainment & Recreation Educational ServicesEducational Services InformationInformation Wholesale TradeWholesale Trade Management of Companies & EnterprisesManagement of Companies & Enterprises Transportation & WarehousingTransportation & Warehousing UtilitiesUtilities Agriculture, Forestry, Fishing & HuntingAgriculture, Forestry, Fishing & Hunting 05001,0001,5002,0002,5003,00001020304050607080 ObservationsObservations •Retail dominates the local job market due to the presence of some high •The business mix is very market appropriate and diverse but is comprised of many employment, big box retailers.smaller firms. Employment Overview Strong Cluster Strong Cluster Strong Cluster Growing Industry Strong Cluster High Earnings Growth Strong Cluster Strong Cluster Growing Industry, Earnings Growth Growing Industry High Earnings Growth High Earnings Growth High Earnings Growth High Earnings Growth High Earnings Growth High Earnings Growth High Earnings Growth Observations •The area’s larger industries are also the stronger clusters and sectors, but the highest earnings growth is occurring in the smaller industries. •A similar trend occurs with the area’s occupations. The largest occupations are also the strongest clusters, but the real earnings growth is occurring in occupation categories that are in short supply compared to the national average. •Finance and Insurance may be a business attraction opportunity for the Village. Source: US Census Bureau, Esri, Lightcast Village Commuting Patterns Observations •The Village has significant labor migration, with most residents travelling outside of the Village for work and most of the workers employed in the Village coming from outside. This is consistent with the dominance of retail in the local job market. •Zip code 33469 has a labor gap or 1,110 workers –There are approximately 6,798 jobs in the zip code, and a resident workforce of 5,688. Source: US Census Bureau, Lightcast Where Village Residents Work Observations •The commute of some Village residents that work in Jupiter will be impacted by the closure of the Bridge and by the additional traffic that will shift to A1A Alternate. Source: Placer.ai Where Village Residents Work Each dot represents 50 annual trips to work by Village residents, indicating some primary, and secondary impact on US 1 Bridge the resident workforce. A1A Alternate Source: Placer.ai Where Village Residents Shop and Dine Guanabanas The Shoppes at Jupiter Cinepolis Jupiter Square Dive Bar Carlin Park Jupiter Beach Access Fresh Market Publix Miller’s Ale House Observations •The main things that Village residents travel across the river for are restaurants and bars, movies, the beach, and groceries. Action: Promote similar local businesses as alternatives for Village residents. Action: Encourage local businesses to expand/promote similar offerings as competitors across the river. Source: Placer.ai Where Village Workers Live Observations •The direct primary impact of the closure on people that work in the Village appears to be limited; however, there are some workers whose commute may be affected due to additional traffic shifting to A1A Alternate. Source: Placer.ai Where Village Workers Live Each dot represents the approximate home location of 50 annual trips to work by employees that work in the Village, indicating that a number of workers live in the US 1 Bridge secondary impact area. A1A Alternate Source: Placer.ai Where Village Workers Shop in Tequesta Tequesta Shoppes Countyline Plaza Tequesta Galleries Marshall’s Publix CVS Coral Cove Park Rocky’s Ace Hardware 3 Natives Lighthouse Park Hog Snappers Beall’s Observations •Village businesses may benefit from the convenience they offer for workers that live in area impacted by the closure. Action: Promote businesses to local employees. Source: Placer.ai All Visitors This map illustrates the roadway utilization by visitors to the Village of Tequesta. These are visitors that visited anywhere within the Village during a 12-month period, and not specifically customers of businesses. It could also include people visiting friends and family. Source: Placer.ai All Visitors US1 and A1A Alternation Tequesta Visitor Patterns (prior 12 months) Days of Week 350000 100% 300000 80% 250000 60% 200000 40% 150000 20% 100000 0% MondayTuesdayWednesdayThursdayFridaySaturdaySunday 50000 A1A AltUS 1 0 Time of Day 100% A1A AltUS1 90% 80% 70% 60% 50% A1A Alternate carries more Tequesta visitors that US1, but the proportions of each vary 40% throughout the day, and during the weekends, when the share of visitor traffic increases on US1. 30% 20% 10% 0% 1:00 PM2:00 PM3:00 PM4:00 PM5:00 PM6:00 PM7:00 PM8:00 PM9:00 PM 1:00 AM2:00 AM3:00 AM4:00 AM5:00 AM6:00 AM7:00 AM8:00 AM9:00 AM 12:00 PM10:00 PM11:00 PM 12:00 AM10:00 AM11:00 AM A1A AltUS 1 Source: Placer.ai Foot Traffic Summary Village Peak Season BaselineVillage Pre-Pandemic Annual Baseline Observations 120,000 120,000 •Several time periods 100,000 100,000 were evaluated to identify key baseline 80,000 80,000 periods for potential 60,000 60,000 evaluation. 40,000 40,000 •Peak and off-season 20,000 20,000 baselines were identified in pre- - - pandemic periods. •Annual baselines were established with a pre- pandemic period Tequesta Visitors Tequesta Employees Tequesta Residents Tequesta Visitors Tequesta Employees Tequesta Residents represented by the full year of 2019. •The post-pandemic Village Off Season BaselineVillage New Normal Baseline baseline, or “new 100,000 120,000 normal”, was 90,000 100,000 established from June 80,000 2021 to June 2022, 80,000 70,000 when observed trends 60,000 60,000 were stabilized. 50,000 40,000 •The main difference in 40,000 20,000 30,000 foot traffic trends to the 20,000 Village is a flattening of - 10,000 the curve and less - seasonality. 4/22/20195/22/20196/22/20197/22/20198/22/20199/22/2019 Tequesta Visitors Tequesta Employees Tequesta Residents Tequesta Visitors Tequesta Employees Tequesta Residents Source: Placer.ai Visitor Trends Visitors Time of Day (Baseline 4)Top Visitor Home Zip Code 1,800,000 33458 1,600,000 33469 1,400,000 33477 1,200,000 33455 1,000,000 33410 800,000 33478 Observations 600,000 •Weekends have higher 33418 400,000 visitation that 200,000 34997 weekdays, with the - 33408 highest on Saturdays. •Lunchtime and the 1:00 PM2:00 PM3:00 PM4:00 PM5:00 PM6:00 PM7:00 PM8:00 PM9:00 PM 1:00 AM2:00 AM3:00 AM4:00 AM5:00 AM6:00 AM7:00 AM8:00 AM9:00 AM 0%2%4%6%8%10%12%14%16% 12:00 PM10:00 PM11:00 PM 12:00 AM10:00 AM11:00 AM dinner hour are the two main peaks of daily visitation. Visitors Day of Week (Baseline 4) •The top feeder zip code of visitors to the Village 900,000 is 33458, the zip code 800,000 33469 connected to the 700,000 33478 Village by A1A 600,000 33458 Alternate. 500,000 33477 400,000 300,000 200,000 3341833408 100,000 33410 - Source: Placer.ai Visitor Trends Observations Visitor Origin by Weekday/Weekend •The dominant “weekend” visitor zip codes are further away than Tequesta’s primary markets. 33458 Jupiter •While weekday total visits are higher than weekend, 33455 Hobe Sound weekdays represent five (5) days and weekends are two 33418 Palm Beach Gardens (2) days. 33410 Palm Beach Gardens 34997 Stuart 33477 Jupiter 33478 Jupiter Origin by Weekday/Weekend 33408 North Palm Beach 33458 Jupiter 33469 Tequesta (Full Zip) 33455 Hobe Sound 33418 Palm Beach Gardens 33411 West Palm Beach 33410 Palm Beach Gardens 34990 Palm City 34997 Stuart 34953 Port Saint Lucie 33477 Jupiter 33478 Jupiter 33404 West Palm Beach 33408 North Palm Beach 33414 Wellington 33469 Tequesta (Full Zip) 33411 West Palm Beach 34957 Jensen Beach 34990 Palm City 34994 Stuart 34953 Port Saint Lucie 33404 West Palm Beach 33467 Lake Worth 33414 Wellington 33470 Loxahatchee 34957 Jensen Beach 34994 Stuart 34956 Indiantown 33467 Lake Worth 33461 Lake Worth 33470 Loxahatchee 34956 Indiantown 34952 Port Saint Lucie 33461 Lake Worth 33409 West Palm Beach 34952 Port Saint Lucie 33409 West Palm Beach 33401 West Palm Beach 33401 West Palm Beach 33415 West Palm Beach 33415 West Palm Beach 34996 Stuart 34996 Stuart Weekdays 0%20%40%60%80%100% - 10,000 20,000 30,000 40,000 50,000 Weekends WeekendWeekday Weekdays Weekends Source: Placer.ai Where Visitors Live Each dot represents the approximate home location US 1 Bridge of 50 annual trips by visitors to the Village. A1A Alternate Source: Placer.ai Primary Shopping Locations of Village Visitors –Less Impacted Categories Groceries Shopping Centers Apparel Superstores Source: Placer.ai Primary Shopping Locations of Village Visitors –Highly Impacted Categories Observations •The primary visitor activities that may be impacted by the bridge closure are leisure activities, bars and pubs, and dining. Actions •Increase awareness of local businesses and their offerings. •Promote the Village’s leisure activities and the businesses nearby. •Develop additional programing Dining and special events. Bars and Pubs Leisure Source: Placer.ai Top Village Destinations Countyline Plaza Tequesta Fashion Shoppes Mall Gallery Sq N Tequesta Galleries Industrial District Countyline Plaza Visitors Customer Routes40%/60%/80% Observations Trade Area •The primary and secondary South Side markets account for over 11% of visits to Countyline Plaza. 33469 33470 32.6% 0.9% 33458 33477 7.4% 3.8% 33418 33408 0.8% 33410 0.7% 0.9% Source: Placer.ai Tequesta Shoppes Visitors Customer Routes40%/60%/80% Observations Trade Area •The primary and secondary South Side markets account for over 18% of visits to Tequesta Shoppes. 33469 33470 15.8% 1.29% 33458 33477 13.8% 4.7% 33418 33408 1.1% 33410 0.8% 1.2% Source: Placer.ai Tequesta Galleries Visitors Customer Routes40%/60%/80% Observations Trade Area •The primary and secondary South Side markets account for over 16% of visits to Tequesta Galleries. 33469 33470 19.4% 0.8% 33458 33477 11.5% 3.8% 33418 33408 1.5% 33410 0.7% 1.8% Source: Placer.ai Village Destinations –Customers That Live in Tequesta and Hobe Sound Tequesta and Hobe Sound Customers 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 - CountylinePublixRocky'sTequestaGreat ClipsMarshall'sBeall'sHomegoodsTequestaWest MarinePetFashion MallGallery Sq NIndustrialLynora's PlazaShoppesGalleriesSupermarketDistrict TequestaHobe Sound Source: Placer.ai Observations •Many businesses rely on non- Village Destinations –Customers That Live in Tequesta and Hobe Sound residents as the majority of their Share of Total Customers customer base. Tequesta and Hobe Sound Customers 45.00% 40.00% 35.00% 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% CountylinePublixRocky'sTequestaGreat ClipsMarshall'sBeall'sHomegoodsTequestaWest MarinePetFashion MallGallery Sq NIndustrialLynora's PlazaShoppesGalleriesSupermarketDistrict TequestaHobe Sound Source: Placer.ai Village Destinations –Customers That Live on the South Side of the Inlet South of the River Customers 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 - CountylinePublixRocky'sTequestaGreat ClipsMarshall'sBeall'sPapiChulo'sTequestaWest MarinePetFashion MallGallery Sq NIndustrialLynora's PlazaShoppesGalleriesSupermarketDistrict PrimarySecondaryTertiary Source: Placer.ai Observations •Customers that are directly impacted by Village Destinations –Customers That Live on the South Side of the Inlet the bridge closure often account for 20% Share of Total Customers of some business’ customer base. South of the River Customers 35.00% 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% CountylinePublixRocky'sTequestaGreat ClipsMarshall'sBeall'sPapiChulo'sTequestaWest MarinePetFashion MallGallery Sq NIndustrialLynora's PlazaShoppesGalleriesSupermarketDistrict PrimarySecondaryTertiary Source: Placer.ai Top Destinations in Jupiter for Tequesta Residents Miller’s Ale House Cinepolis Shoppes At TJ MaxxFresh HarborsideJupiter Market Publix Jupiter Square Jonathan Landing Top Destinations in Jupiter for Tequesta Residents Number of Tequesta Resident CustomersTequesta Resident Share of Business Customers 12,00010.0% 9.2% 9.0% 10,148 10,000 7.7%7.7% 8.0% 7.0% 6.2% 8,000 6.0% 5.4% 5.0% 4.9%4.9% 6,0005.0% 3.9% 3.8% 4.0% 3,763 3.1% 3,488 4,000 3,316 2.7% 3,060 3.0% 2.5% 2.4% 2.3% 2,294 2.0% 1,725 1,585 1,467 2,000 1,284 859 786 690 1.0% 578 319 -0.0% Observations •Tequesta residents generally account for less than ten percent of the customer base of businesses in Jupiter. Source: Placer.ai Next Steps Qsftfou!Gjoejoht!up!Dpvodjm Beejujpobm!Sftfbsdi Update Findings and Impacts Finalize Recommendations Quarterly Monitoring