New York Avenue Corridor Strategy Adopted Report New York Avenue Corridor Strategy Adopted Report | Page 80

OPPORTUNITY SITE MARKET TEST
In order to determine the financial impacts of
these Opportunity Sites, a market “test” was
completed to ensure that recommended land use
types would be supportable in the Trade Area. A
reasonable capture rate for the Trade Area de-
mand is 5%-10%. As shown, the total number
of residential units and retail/restaurant/service
commercial square feet suggested for the Op-
portunity Sites appears to represent a reason-
able market capture of Trade Area demands.
Market Test
Opportunity
Concept % of
Area Units
Total
Opportunity
Program Units
Concept Development
Original Trade Area Total Trade
Program
and Square Feet
Programs 10-Year Demand
and Demand
Square Feet
Opportunity Concept Development
Programs
Opportunity Concept A
e
Abram at New York Avenue
Live/Work Units
Live/Work
10 Units
6,937
Loft Living
Loft Living
0
10,939
Retail/Restaurant/Service Commercial
Retail/Restaurant/Service
54,000
Commercial
1,375,149
Opportunity Concept B
nue Live/Work Units
Park Row at New York Avenue Live/Work
68 Units
6,937
Loft Living
Loft Living
142
10,939
Ground Floor Flex Square Feet*
Ground
86,600
Floor Flex Square Feet* --
Retail/Restaurant Square Feet
Retail/Restaurant
27,000
Square Feet 1,375,149
Library/Recreation Center
Library/Recreation
71,000
Center
--
Opportunity Concept C
ue Senior Cottages Pioneer at New York Avenue Senior Cottages
12
6,937
)
Senior Living (International Marketplace)
Senior 123
Living
10,939
Retail/Restaurant Square Feet
Retail/Restaurant
13,000
Square Feet 1,375,149
s
Total Opportunity Concepts
Live/Work or Senior Cottages
Live/Work
90 or Senior Cottages 6,937
Loft Living
Loft Living
265
10,939
Retail/Restaurant Square Feet
Retail/Restaurant
94,000
Square Feet 1,375,149
office, residential or other.
* Could be retail, service, office, residential or other.
m and Jacobs Inc.
Source: RickerǀCunningham and Jacobs Inc.
Opportunity
Opportunity
Concept
Concept
% of % of
Amended
Trade Trade
Area Area
Area
10-Year
Original
Trade Area Trade Trade
Demand
Demand
10-Year Demand Demand
Amended Trade
Area 10-Year
Demand Opportunity
Concept % of
Trade Area
Demand
0.1%
10
0.0%
0
54,000
3.9% 4,179 6,937
5,971 10,939
913,395
1,375,149 0.2% 0.1%
0.0% 0.0%
5.9% 3.9% 4,179
5,971
913,395 0.2%
0.0%
5.9%
1.0%
68
1.3%
142
86,600
--
27,000
2.0%
71,000
-- 4,179 6,937
5,971 10,939
-- --
913,395
1,375,149
-- -- 1.6% 1.0%
2.4% 1.3%
-- --
3.0% 2.0%
-- -- 4,179
5,971
--
913,395
-- 1.6%
2.4%
--
3.0%
--
0.2%
12
1.1%
123
13,000
0.9% 4,179 6,937
5,971 10,939
913,395
1,375,149 0.3% 0.2%
2.1% 1.1%
1.4% 0.9% 4,179
5,971
913,395 0.3%
2.1%
1.4%
1.3%
90
2.4%
265
94,000
6.8% 4,179 6,937
5,971 10,939
913,395
1,375,149 2.2% 1.3%
4.4% 2.4%
10.3% 6.8% 4,179
5,971
913,395 2.2%
4.4%
10.3%
Figure 5.21 Market Test
ARLINGTON, TEXAS
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