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Home My WebLink About2011-12-06 CorrespondenceDowntown Iowa City Retail C- DIVARIS REAL ESTATE. INC. and RIVerfront Crossing District Retail JOHN M. MILLAR Executive Vice President � w., P I Divaris Real Estate, Inc. 911 U, 1912 -1914 Director i Miami, FL 1914 -1980 Regional V.P. , Thalhimer Department Stores Richmond a Greater Hampton Roads Area, VA 1980 -1988 Senior V.P., Goodman Segar Hogan Commercial Real Estate Norfolk, VA 1988 -2000 Executive Vice President, General Growth Properties Minneapolis, MN; Chicago, IL 2000 -2002 2002 - Present M- DIVARIS R F A I F S T A T E. INC. Executive Vice President, ]ones Lang La Salle Atlanta, GA Executive Vice President, Divaris Real Estate, Inc. Virginia Beach, VA 2016 Projected 133,267 2011 Estimate 124,657 2000 Census 100,815 2016 Projected 55,406 2011 Estimate 50,255 2000 Census 40,618 Family Households Non - Family House Estimated Average Household Income $66,625 Estimated Average Family Household Income $94,474 Source: Nielsen Solution Center Cp DIVARIS REAL ESTATE. INC. 2016 Projected 180,130 2011 Estimate 169,463 2000 Census 142,063 2016 Projected 72,705 2011 Estimate 67,297 2000 Census 55,536 Family Households Non - Family Housel 3% Estimated Average Household Income $66,552 Estimated Average Family Household Income $89,032 Source: Nielsen Solution Center Cp DIVARIS REAL ESTATE. INC. Furniture Home Furnishings Computer, Software Camera Store Specialty Food Drug Store Cosmetics, Beauty Women's Fashion Children's, Infants Family Clothing Accessories Shoes Jewelry Office Supplies Gift, Souvenir Full Service Restaurants Quick Service Restaurants Special Foodservices TOTAL C- DIVARIS REAL ESTATE. INC. 10 -Mile Radius ($ Million) 20 -Mile Radius ($ Million) $3.9 $10.2 6.5 9.3 2.0 2.8 1.2 1.1 25.1 48.2 - 0.5 - 2.6 - 0.5 5.2 17.1 - 0.2 12.0 16.1 1.2 4.7 - 0.5 - 7.7 12.0 14.9 16.2 20.9 $85.3 Million $157.3 Million Source: Nielsen Solution Center Merchandise Category 10 -Mile Radius 20 -Mile Radius Square Square Footage Footage Furniture 7,800 20,400 Home Furnishings' - - Computer, Software 13,000 18,600 Camera Store 4,000 5,600 Specialty Food' 4,000 3,667 Drug Store' 31,375 60,250 Cosmetics, Beauty' - 1,000 Women's Fashion' 8,667 Childrens, Infants' - 1,667 Family Clothing' 17,333 57,000 Accessories' - 667 Shoes' 40,000 53,667 Jewelry' - - Office Supplies' 4,000 15,667 Gift, Souvenir' - 1,667 Full Service Restaurant' - 15,400 Quick Service Restaurant' 15,000 18,625 Special Foodservices' 20,250 26,125 TOTAL 156,758 SF 3081669 SF Source: Nielseii Soliitim Center '$300 PSF '$500 PSF $800 PSF C- DIVARIS REAL ESTATE. INC. Age 0 -4 5 -9 10 -14 15 -17 18 -20 21 -24 25 -34 35 -44 45 -54 55 -64 65 -74 75 -84 Age 85 & Over Total Estimated Average Age C- DIVARIS R F A L E S T A T E . I N C Iowa City Population by Age ( %/Total) 5.03 4.98 5.03 2.76 9.9 11.02 16.14 14.4 11.9 10.39 4.69 2.51 1.25 35.1 Cedar Rapids Population by Age (% /Total) 7.05 6.78 6.62 3.86 4.00 4.72 15.02 13.66 13.98 11.24 6.65 4.23 2.19 Wei % Differential <2.0 %> <1.8 %> <1.59 %> <1.10 %> 5.90% 6.30% 1.12% 0.74% <2.08 %> <0.85 %> <1.96 %> <1.72 %> <0.94 %> Impact of University StudentsAged Households: 2009 Tota, Households 2009 Tota, Family Households 2009 Tota, HHLD AH Income 2009 Family HHLD AH Income Negative Ah Income Impact C- DIVARIS REAL ESTATE. INC. 1 Mile 3 Mile 5 Mile 10 Mile 20 Mile 8,932 29,813 38,295 48,458 64,937 1,973 13,833 18,808 24,989 36,868 $44,139 $60,639 $65,110 $68,706 $68,659 $92,205 $90,690 $93,135 $94,474 $89,032 <48,066> <$30,051> <$28,025> <$25,768> <$20,373> M- UIVAHlb REAL ESTATE. INC. Iowa Illinois Minnesota Wisconsin California Missouri Texas Michigan Nebraska New York C- DIVARIS R E A L E S T A T E, INC. 17,802 5,856 739 485 287 175 151 127 123 107 67.8 22.3 2.8 1.9 1.1 0.7 0.6 0.5 0.5 0.4 State Number of Students' Iowa 16,188 Wisconsin 107 Minnesota 257 Illinois 5,043 TOTAL 21,595 Ten or More Students Per Zip Code ' 2000 Census Data Adjusted to 2010 Dollars Source: University of Iowa Fall 2010 Students by Zip Code Nielson 2000 Census - Average Household Income by Zip Code, Adjusted to 2010 Dollars Sample Size: 21,595 Students Sample % to Total Students: 21,595 - 26,265 = 82.2% C- DIVARIS REAL ESTATE, INC. Avg HH Income - 20102 $69,818 $117,886 $117,948 $116,803 $81,600 State Students Total Income by Zia Code Iowa 21355 $178,544,088 $94,769 Wisconsin 78 8,084,032 Minnesota 220 22,191,187 Illinois 3,854 396,762,648 TOTAL 6 605.581.955 Sample Size: 6,507 Students Sample % to Total Students: 6,507 +26,265 = 24.5% 'Ten or More Students per Zip Code 2 Zip Codes over $75,000 Average Household Incomes 32000 Census Data ¢Adjusted to 2010 Cp DIVARIS REAL ESTATE. INC. $129,552 $126,086 $128,685 $116,333 — $200 billion a year spent in the U.S. college market per year 15.6 million college students and growing exponentially 75% of students maintain iobs, earning $645 per month A college students spends more than $13,000 per year — A college student spends $3,500 on shopping center goods per year C- DIVARIS R E A L E S T A T E, INC. Direct Spending by University of Iowa Students on Shopping Center Goods 2010 Average 2010 Shopping Center TL Expenditures Students ($Millions) Undergraduate Students $3,250 21,176 68.8 Graduate Students $3,750 9,649 36.2 TOTAL 30,825 105 Student Direct Spending by Merchandise Category Univ of Iowa Students Spending Sales Per Merchandise Category ($Millions) % Total Sq. Ft. Supportable SF Restaurants $31.5 30% $400 78,750 SF Entertainment $31.5 30% $400 78,750 SF Spirit Wear, Sporting Goods $10.5 10% $300 35,000 SF Men's Women's Fashions $10.5 10% $300 35,000 SF Quick Serve /Fast Food Restaurants $21.0 20° 500 42,000 SF TOTAL 105.0 100° 269,500 SF Source: Previous Studies conducted for Wake Forest, Texas A & M, Virginia Tech and Penn State on Percentage Breakdown of Student Expenditures by Merchanise Category. C- DIVARIS REAL ESTATE. INC. W�- Direc graduates with higher average household incomes. College Sports (Spectators) • Football • Men's Basketball • Women's Basketball • Men's Wrestling • Men's Volleyball Women's Volleyball ■ Men's & Women's Track ■ Men's Baseball ■ Women's Softball C- DIVARIS REAL ESTATE. INC. Arena Concerts & Cultural Events Academic Conferences & Seminars Administrative Conferences Sports Summer Camps Student Social Weekends Parent Social Weekends Move In, Move Out 1. Projected economic impact on one UI home football game is $14.5 Million. 2. Projected economic impact of a seven -game season is more than $100.1 Million. 3. The average UI home football game attracts more than 51,000 visitors to Johnson County. The average size of a traveling party is 37 persons. 5. On average, travel parties that stayed in a local hotel spent $944 during their stay. 6. On average, travel parties that did not stay in a local hotel spent $273 each game weekend. 7 13% of visitors to Johnson County area for Iowa's home game against Northwestern did not attend the game, but participated in the pre-game and post game activities and /or shopped in the area. C- DIVARIS REAL ESTATE. INC. Source: Iowa CihjlCoralville Area Convention and Visitors Bureau * 2010 Wrestling * 2010 Women's Basketball * 2010 Volleyball * 2010 Men's Basketball * 2010 Football * 2010 Spring Football Scrimmage Concerts & Cultural Events Academic Conferences & Seminars Sports and Academic Summer Camps Students Social Weekends Parent Social Weekends Move In, Move Out Downtown Iowa City Events Iowa Arts Festival * Iowa City Jazz Festival * Friday Night Concert Series * Free Movie Series * Downtown Saturday Night Sand In the City Cp DIVARI REAL ESTATE. INC. 54,829 83,968 18,040 186,226 494,095 20,000' 15,000' 75,000' 5,000' 20,000' 10,000' 20,000' 136,375 35,000 50,000 20,000 3,375 13,000 15,000 Total Direct Visitors: 1,138,533 urants Wear, Sporting Goods & Women's Fashions Serve /Fast Food odging Merchandise Category Restaurants Entertainment Spirit Wear, Sporting Goods Men's & Women's Fashions Quick Serve /Fast Food Miscellaneous Lodging C- DIVARIS REAL ESTATE. INC. UI Student ($ Millions) $31.50 31.5 10.5 10.5 21.0 Total 1.05.0 Direct Visitor ($Millions) $115.5 107.7 40.8 61.2 40.8 3.7 38.4 _408 -1 SUPPORTABLE SQUARE FEET SF 78,750 78,750 35,000 35,000 42,000 Total 269.500 SF Existing SF Servicing Direct Visitors SF 288,750 269,250 136,000 204,000 81,600 12,333 Visitors ($Millions) $147.0 139.2 51.3 71.7 61.8 3.7 38.4 51 -3 -1 SF 367,500 348,000 171,000 239,000 123,600 12,333 1 .261.433 SF 500 1.261.433 SF University (1968 -1986) Cp DIVARIS REAL ESTATE. INC. LIVING ALUMNI Two States L -1 uV►imL45 ia2rnLem ►vvvu %.►►y/ Johnson City Ease of getting around (walking & by vehicle) ✓ Quality of dining experience ✓ Affordable housing ✓ Proximity to comprehensive, well regarded health care facilities ✓ Lifelong learning opportunities — colleges or universities ✓ Culture & entertainment ✓ Safe environment ✓ Civic & volunteer opportunities ✓ Access to spectator sport activities ✓ C- DIVARIS REAL ESTATE. INC. Big Twelve Conference Town, State 2008 Avg. Home Price Purdue University W. Lafayette, Indiana $184,333 University of Indiana Bloomington, Indiana $196,000 Michigan State University East Lansing, Michigan $196,000 University of Iowa Iowa City, Iowa $214,975 Ohio State University Columbus, Ohio $236,925 University of Illinois Champaign, Illinois $238,126 University of Michigan Ann Arbor, Michigan $263,783 University of Wisconsin Madison, Wisconsin $300,000 Penn State University State College, Pennsylvania $311,125 University of Minnesota Minneapolis, Minnesota $390,000 Northwestern University Evanston, Illinois $655,750 Conference Average Price: $289,629 "Coldvoell Banker Major College Football Towns U DIVARIS Home Affordability, 2008 REAL ESTATE. INC. 1vAt v" -4lJG 1VW /L ILIVULG /J ➢ Retail Shopping Centers ➢ Hotels: Full Service, Limited - Service ➢ Private Dormitories ➢ Multi - Family Apartments (Students) ➢ Condos and Town Homes ➢ Game Day Condos ➢ Life Care Retirement Facilities M DIVARIS REAL ESTATE. INC. Website Survey Results Demographics C- DIVARIS R E A L E S T A T E, INC. Iowa City /Johnson County UI Students UI Faculity /Staff Residents 3,500 Respondents 885 11220 11395 Female Respondents 68.3% 68.6% 64.4% over $75,000 in income 42.1% 61.2% 54.2% Age 19 -24 60.1% 4.9% 8.3% 25 -44 30.5% 43.3% 46.9 45 -64 3.9% 47.4% 36.4% C- DIVARIS R E A L E S T A T E, INC. Cp DIVARIS REAL ESTATE. INC. Question 4: Specialty Merchandise Categories Needing more Square Footage in Downtown Iowa City Top Ten Categories 1. Movie Theater 2. Bakery /Doughnuts 3. Women's Apparel 4. Organic /Gourmet Grocer 5. Shoes 6. Bowling Alley 7. Electronics (Computer, Software) 8. National Restaurants 9. Men's Apparel 10. Health & Beauty C- DIVARIS R E A L ESTATE, INC. Total Sample 59.3% 47.1% 43.9% 41.5% 38.9% 28.1% 25.6% 25.0% 23.4% 20.4% In Downtown Iowa City C- DIVARIS REAL ESTATE. INC. Total Sample 33.2% 42.1% 37.5% 15.6% 37.5% 27.7% 29.6% 45.3% 20.0% r UI Iowa City /Johnson Retailer or Restaurant UI Students Faculty /Staff County Residents Urban Outfitters 50.1% 25.7% 30.2% The Cheesecake Factory 46.5% 42.1% 40.2% Apple Store 39.6% 35.5% 39.0% Forever 21 36.0°% 9.7% 9.1% P.F. Chang's 36.0% 36.4% 32.2% Sephora 34.1% 26.8% 25.7% J. Crew 26.0% 30.6% 31.0% Pottery Barn 23.6% 54.9% 49.2% Eddie Bauer 11.9% 24.0% 20.8% C- DIVARIS REAL ESTATE. INC. Total Sample 33.2% 42.1% 37.5% 15.6% 37.5% 27.7% 29.6% 45.3% 20.0% r Question 6: What other Retailers, Restaurant and Service would you like to see in Downtown Iowa City? (Total Direct Responses) Top Ten Merchandise Cateeory Quick Service Restaurants Only Local Retailers, Restaurants Women's & Men's Fashions Groceries Home Furnishings Big Box Stores Entertainment Fast Food Dept. Store Cards /Gifts Total Direct Responses 565 364 363 337 265 228 209 198 193 96 Retailer Strategy for Downtown Iowa City 1. Foremost Strategy: Do No Harm to Existing Downtown Retailers & Restaurants 2. Maintain predominantly locally owned retail and restaurants; 3. Encourage local entrepreneurs to open stores in merchandise categories identified as voids; 4. Encourage local entrepreneurs to become franchises for national franchises; 5. Add a small number of national retailers that fit comfortably in other college towns; 6. Encourage ethnic restaurant entrepreneurs to expand the local ethnic offerings. C- DIVARIS REAL ESTATE. INC. Potential Retailers by Merchandise Categories for Downtown Iowa City Voids for Local Retailer Entrepreneurs to Fill Accessories Family Oriented Restaurants PMMerchandise Beauty, Cosmetics Fast Food Brew Pub Furniture Cafeteria Grocery Store Camera Store Home Furnishings Card Store /Gifts Jewelry Children Shoes Local Drug Store Coffee Shop Men's & Women's Fashions Computer Software Minature Golf Diner Office Supplies Ethnic Restaurants Shoes - Women's & Men's Thai Specialty Food Turkish Tea Room Eastern European Korean Japanese C- DIVARIS REAL ESTATE. INC. Compatible National Retailers or Franchises American Apparel H & M Fashions Aveda Spa Jamba Juice BJ's Restaurant & Brewery New Balance California Pizza Kitchen Panera Bread Caribou Coffee Pei Wei Asian Diner Famous Dave's BBQ Urban Outfitters Five Guys Burgers & Fries Iowa Restaurants Augusta Restaurant (Oxford) Lincoln Cafe (Mt. Vernon) Spaghetti Works (Des Moines) Tuscan Moon (Kalona) Merchandise Category Minimum 5F Maximum SF Accessories / Jewelry 29000 49000 Bath & Beauty 69000 139000 Big Box 229000 679000 Cards / Gifts 19500 59500 Children's / Teen's Apparel 29500 99000 Men's & Women's Apparel 179500 389000 Electronics 49000 79000 Entertainment 359000 709000 Home Furnishings 79000 179000 Restaurants & Eateries 109500 259000 Shoes 59000 109000 Total Square Feet: 1139000 2659500 MDr VA I R E A L ESTATE, INC. Mixed -Use Buildings Game Day Condos Retirement Homes & Condos Private Dormitories University Related Retirement Home Hotel(s) C63i=- M- DIVARIS R F A I F S T A T F. IN C Riverfront Crossings District Mixed -Use Buildings I Lyi mt W, 51,000 Football Vistors per game 77,725 Baby Boomer Alumni & other Baby Boomer Retirees 5,400 UI out -of -state students (AHI $117,000) Age 65+ alumni, Iowa Residents (UI Hospital asset) UI Hospital Outpatients, UI Sports & Conference Visitors UI Students' Family & Friends RFD Residents' need for office space, UI demand Size & Number Market Determination Market Determination Market Determination (UI decision) Market Determination Market Determination Market Determination Section 2: Commitment Letters The following pages contain commitment letter forms for various civic leaders in your community. Each civic leader should sign the form appropriate to their role. Scanned copies of each signed commitment letter should be submitted with the Application. Commitment Letter FOR MAYOR, CITY COUNCIL *, CITY MANAGER AND PUBLIC HEALTH DEPARTMENT By signing below, I agree to be an actively engaged leader in the Blue Zones Project. I am committed to transforming my community into a place where some of the healthiest, happiest and most productive people live. I believe that becoming 'a Blue Zones Community will positively engage and impact my community. I agree to commit to the following Roles and Responsibilities: • Champion the effort to become a Blue Zones Community and make it a top priority of the community /my organization. • Support the Blue Zones Community leadership team with stakeholders from across the community who will create and implement plans that will deliver sustainable environmental changes designed to support healthy behaviors. • Review work from the Blue Zones Community leadership team and take action on recommended policies designed to support healthy behaviors. • Participate in Blue Zones Community programs to deliver sustainable environmental changes that support healthy behaviors. (Signature) (Print Name) (Title /Position) (Date) (Organization) *75% of City Council members should sign this Commitment Letter