Wells Street Market Research Paper

| January 25, 2016

You are a real estate analyst employed by a local real estate developer. This developer is considering the purchase of a building at 664 North Wells Street in Chicago. This site is currently occupied by several businesses, but the leases are nearly at an end and the developer wants to consider the best uses that might replace the current ones.
The neighborhood has been changing, and your employer thinks that this building may be ready for redevelopment. Your employer has asked you to prepare a market/ demographic analysis of the property investigating how the demographics affect the location and just what type of retail, restaurant, or entertainment (high end, moderate price point or low end) is indicated by your analysis.
You are to prepare a 2-3 page business memo summarizing your market/ demographic analysis of the site. You should refer to Chapter 6 of the text and use the market defining story approach in that chapter. At a minimum, make extensive use of the Site To Do Business (STDB.com) website as the basis for your analysis. The memo should include basic demographics, expenditure data, tapestry report, supply and demand information, some analysis and recommendations.
There are standard reports that will identify population, income, household size, etc. In addition, you should refer to the tapestry reports which contain a great deal of information on the lifestyle of your trade area. For more on tapestry reports, go to this website:http://www.esri.com/…/whitepape…/pdfs/community-tapestry.pdf. Who are the people who live near your site? What are they interested in and how do they spend their time and money? Compare these “wants” to what is already being provided nearby. Look for reports that list retail spending in order to come up with your mix of ground floor retail for this new development.
What will be the size of your trade area? Concentric rings are often used to determine primary, secondary, and tertiary trade areas. STDB defaults to 1,3 and 5 mile rings. Does this make sense for your site? What happens to the east side of your trade area if you go out 3 or more miles? How far will your customers travel for the uses that you will put in this site? Would you drive or walk 5 miles for a cup of coffee? Often we are willing to travel farther and longer for a destination, such as a regional mall, where the rings might be 5, 10, and 15 miles. A community center might go up to 5 miles. What about a small neighborhood center that typically caters to people who live very close by? Possibly your increments would be quarters or thirds of a mile? You decide and explain your rationale.
You may view the property and the surrounding properties using various online mapping sites. If you feel that you must visit the site, please only do a drive-by or walk-by. This is a private property.
Your report should be in a business memo format and should contain an introduction that identifies the site and the purpose of your memo, an analysis section and recommendation section. The memo should be accompanied by the STDB data sheets supporting your conclusions. (This is in addition to the 2-3 page narrative).
You will be graded on grammar/appearance/spelling, mechanics (your use of STDB), and the sections for introduction, analysis, and recommendation.
A business memo is not double spaced like a typical college paper. It should have page numbers and if you refer to any data, you should refer to the report it came from. Your final deliverable is a 2-3 page paper that contains specific references to any reports you used. You should upload copies of each of those reports.

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