East 39th Street Commercial Corridor Plan by Chris Devins

chrisdevins

Street Commercial Corridor Plan is a comprehensive commercial real estate development plan that envisions the future of the East 39th Street Commercial
Corridor and the surrounding 2 mile trade area in Chicago, based on current demographic, real estate market, zoning, land use, political and commercial business data. For more visit Chris Devins Creative on the web. https;//chrisdevinscreative.com

SPENDING POTENTIAL IN PRIMARY AND SECONDARY MARKET AREAS

If one looks just at the number of households

and their median income, the retail

spending potential in the half mile trade

area looks weak, however a closer look at

ESRI Community Analyst data reveals that

26% of households in that area earn more

than $50,000 per year and that 14% have

a Masters Degree or higher level education.

By 2015, 33% of the area’s residents

are expected to earn $50,000 or more per

year. Overall, the 2010 median household

income of $19,740 is expected to rise

to $25,631 in 2015, a 33% rise. In 2015,

18% of the households within the primary

trade area will make between $25,000

and $49,000 per year. All numbers are in

inflation adjusted 2009 dollars. Attracting

residents from all of these income groups

to 39th street will be important to the corridor’s

future success.

Fifteen percent of the half mile trade

area’s 5107 housing units are owner occupied,

85% are renter occupied. Of the

area’s 5107 households, 55% or 2809 are

families. This indicates a stability that

counters the high number of renters. The

median age of 31.9 is projected to rise only

slightly to 32.3 in 2015, which means a

young population whose incomes will most

likely rise in the future and will be able to

support more local development.

The shopper of 2015 will be a more affluent,

more educated version of the 2010

shopper, and a homeowner. With 1 to

3 bedroom condos in 3 to 6-flat buildings,

townhomes and single family homes

priced between $179,000 - $389,000,

Oakwood Shores will bring residents from

Key Stats 2010

a mix of incomes together. As homeowners

and wage earners they will expect a corridor

with amenities that provide for their

daily needs and aspirations.

.5 Miles: 39th & KING

DR. 1 Mile 3 Mile Chicago

Households 5,107 16,464 259,055 1,063,047

Population 13,315 45,557 100,011 2,824,064

Population Density 15,585 ******* ******* 17092

Median Age 31.9 29.1 31.3 32.8

Household Average Income $36,404 $38,563 $54,875 $53,226

Median Household Income $19,740 $21,616 $38,281 $46,781

% African American

Population 97.0% 90.9% 52.0% 34.1%

% Hispanic Population 1.4% 1.6% 19.3% 27.4%

Total Retail Expenditure $39,196,449 $132,490,370 $863,438,169 $73,688,472,212

Apparel and Services $4,909,201 $16,677,424 $145,185,540 $10,683,254,151

Alcoholic Beverages $1,746,470 $5,858,897 $50,385,774 $324,104,319

Restaurants $9,236,654 $31,264,151 $270,615,913 $6,844,158,150

Grocery Stores $13,383,950 $76,366,875 $381,457,722 $19,920,782,603

Table 1 Demographic Data Source: ESRI Community Analyst In inflation adjusted 2009 dollars.

Key Stats 2015

.5 Miles: 39th & KING

DR. 1 Mile 3 Mile

Households 5,051 16,556 260,271

Population 13,193 45,985 100,808

Population Density

15,023

Median Age 32.3 29.2 31.4

Household Average Income $43,127 $45,861 $66,195

Median Household Income $25,631 $27,274 $48,445

% African American

Population 96.4% 90.3% 51.1%

% Hispanic Population 1.9% 2.0% 20.5%

Table 2 Demographic Data Source: ESRI Community Analyst

In adjusted 2009 dollars.

10