Executive Summary Surrounded by the most desirable communities in southeastern Florida, the Palm Beach Urban Redevelopment Area (URA) has the potential to redevelop a significant amount of its existing older shopping centers. The 16 square mile area has excellent vehicular access and numerous older shopping centers that are underserving the market. As a result, many of the URA’s residents travel a considerable distance for many of their retail goods and services.
The URA is also bookended by the region’s major highways I-95 and the Florida Turnpike. Almost 89,000 persons earning a median household income of $42,750 presently live within the area’s primary trade area. Over 10% of the trade area households earn over $100,000. The site also enjoys a strong employment base of 41,000 workers, including a regional airport.
As a result, Gibbs Planning Group, Inc. (GPG) finds that approximately 500,000-800,000 square feet of moderately priced community retail space will be supportable within the URA by 2008, potentially yielding $120 million to $200 million in annual sales.
Palm Beach URA, Florida Gibbs Planning Group, Inc. February 8, 2007 (Revised)