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

SWOT ANALYSIS

11,200 cars per day at the center

of the corridor.

• Poor Streetscaping: Broken

sidewalks, lack of a cohesive corridor

“look”.

• Hand painted signs: These

signs give the corridor an unprofessional

look.

• Low Population Density: Loss

of population with CHA project

removal of 3200 units in Wells,

the immediate trade area.

• High Retail Float: $54M in

Total Retail Trade and Food and

Drink leakage in the half-mile

trade area (more demand than

supply).

• Low Commercial Rents: Rents

in the $16 to $23 per sq ft range

attract lower quality commercial

tenants. This could also be

strength, helping to attract commercial

tenants.

Opportunities

• Infill Development: Vacant

lots provide an opportunity to

“fill in” the area with development

that stabilizes the neighborhood

and increases population

density.

• Improved Transit: There is

an opportunity to increase the

frequency of bus trips on the #39

bus route and link the area’s existing

CTA and Metra Lines with

bus service.

• Development of Key Intersections:

To identify which intersections

are best positioned for the

future and to suggest appropriate

usage mixes.

Threats

• Near-Term Low Population

Density: Loss of 200,000 Chicago

residents in the past decade,

most of them African-American.

• Nearby Competition: From

35th and 43rd retail strips,

and from the Lake Meadows

Shopping Center, which offers

500,000 square feet of retail.

• Ecommerce: More and more

products are being purchased on

the Internet, calling into question

the need for more retail.

• Oversaturation of Retail

Market: As cited above, over 1

Billion square feet of retail has

been developed in the US since

the year 2000.

As stated earlier, by examining the corridor’s

strengths/weaknesses and opportunities/threats

in a SWOT analysis,

it is possible to ascertain its “competitive

advantage”, its market position and

come up with an appropriate “Vision”.

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