Date post: | 25-Dec-2014 |
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Erie County, PA Erie County, PA
Regional Market OverviewRegional Market Overview
BayviewBayview Heights Development OpportunitiesHeights Development Opportunities
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Regional Market OverviewRegional Market OverviewErie County, PAErie County, PA
• Erie County, PA is centered in the “Foundry region”*
– Manufacturing = 15% of employment (GE, Lord, Zurn, etc.), defining a target project rental market
– Stable population & workforce
– Lower wages limit family asset creation, increasing the rental market
– Strong desire for green buffer zones, architectural quality, & the opportunity for well-designed developments
• There is strong community appreciation & loyalty
– Erie: 4th largest city in Pennsylvania with a stable economy including: higher education, industrial, medical, tourism, service, retail and technology
– 84% of residents want to remain in Erie County for life
– Large numbers of expatriates are beginning to return to:
• Raise families
• Retire, many early
• Care for ailing elderly parents
* Map developed from work of Joel Garreau in 9 Nations of North America
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Northwest PennsylvaniaNorthwest PennsylvaniaA State Within ItselfA State Within Itself
• Pennsylvania acts as four separate states
– North & south are divided by I-80
– Each regional economy is fairly independent
– Erie has historically been the “capital” of NW PA,
attracting residents, job seekers, and shoppers
from the surrounding counties
– Erie & NW PA attract outdoor enthusiasts
• Lack of metropolitan traffic density adds
to the region’s charm
– NW PA remain a lovely place to live and visit
– Urban traffic congestion in Erie is rare
– Everything is only 10-20 minutes away
• Regional geographic, political and
economic isolation have slowed Erie’s
build-out, leaving development
opportunities– It is bounded by lake & borders (county, state
and international) to the west and east/north
– Erie County’s 40 mile shoreline provides Pennsylvania’s only access to the Great Lakes
– Presque Isle State Park provides 7 miles of free beaches & a complete eco-system
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Local & Visitor TrafficLocal & Visitor TrafficRegional Retail Magnet & VisitationRegional Retail Magnet & Visitation
• The main streets of Erie County are Interstate 90 & Interstate 79
– They feed local & regional traffic, interstate commerce & Canadian visitation
– * I-79 provides direct access to the development property
• The center of the region is I-90 & Peach St. (PA Route 19)
– It provides the only retail magnet within 60+ miles
– 50% to 70% of residents from surrounding communities shop there bi-weekly
– Millcreek Mall is the 4th largest in the U.S.
• Many from the Pittsburgh area return to Lake Erie, Edinboro & other small lakes for their annual vacations
– They provide the opportunity to market to for vacation & retirement
• Erie is a highly desirable retirement community
– Many of the 200,000+ former residents intend to return to retire
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http://VanAmburgGroup.com
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Regional Resident AttractionsRegional Resident AttractionsRegional Assets & AmenitiesRegional Assets & Amenities
• Retail, golf, nature trails, and other amenities match your target customer groups’ recreational and shopping patterns & desires
– * All Erie County amenities are within a 5-20 minute drive of the development property
– * Chautauqua Institution’s world decision maker residents & world-class programs are within 35 minutes
– * 6 full service fitness centers within 10-15 minutes
– * Nearest hospital within 5 minutes, 3 within 15 minutes
– * Nearest emergency care center within 5 minutes
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http://VanAmburgGroup.com
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Canadian Tourist TrafficCanadian Tourist TrafficAlong Interstate CorridorAlong Interstate Corridor
• The development property is ideally
located for visibility, awareness and
inexpensive communications with
future customers from Canada
– A high % of Ontario visitors to PA &
southeastern states drive through Erie
County to reach their destination• 1/2 of all Canadian travel of one+ nights was
generated from the province of Ontario,
home to one-third of Canada's population
• 9.1 million people from Ontario visited the
U.S. in 1998 with New York, Florida,
Michigan, and Pennsylvania receiving half of
them.
• 97% of Ontario travelers to PA drive rather
than fly
• Canadians spend an average of 2.4 nights in
the U.S.
– Many Canadians shop in Erie County• No clothing taxes or GST (goods & services
tax) in PA
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Niagara Falls TrafficNiagara Falls TrafficAlong Interstate CorridorAlong Interstate Corridor
• The development property is ideally
located for visibility, awareness and
inexpensive communications with future
customers from the larger region
– Niagara Falls receives 20+ million visitors
every year• Niagara Parks, Canada visitors spend $2.5 billion
annually
• About 10 million come from the U.S., & about 5
million drive through Erie County to get there
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http://VanAmburgGroup.com
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Who We AreWho We Are
North American Marketing & Research Consultancy Since 1977
Working since 2003 with sister corporation MutualGravity, Inc., a web-based communications software development firm
We build brilliant real-time communication solutions
for organizations committed to a better world
•$4 billion in new business for our 3000 clients in 165 industries over 30+ years
•Research & feasibility studies, customer satisfaction, marketing, loyalty programs, websites, eLetters,
marketing communications & campaigns
•Helping your organization transition to the new economy
Our work has been featured by America’s media
www.VanAmburgGroup.com
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http://VanAmburgGroup.com