Harlem Development Project
By: Mike • Research Paper • 2,097 Words • December 20, 2009 • 1,253 Views
Essay title: Harlem Development Project
THE HARLEM
RENAISSANCE CENTER
A RETAIL DEVELOPMENT PROJECT
Market Feasibility and Analysis
By: G. W.-L.
TABLE OF CONTENTS
SECTION
PAGE
I. Nature Of Assignment
3
II. Letter Of Transmittal 4
III. Market History/Report 5
Area And Regional Market Trends 5
Executive Summary 5
IV. New York City Market Overview 7
V. Harlem - Neighborhood Overview 11
Neighborhood Description 11
Area Map 11
Land Use 14
Population 16
Employment And Income 18
Owner Vs. Renter Occupied Housing Units 19
Education 21
Transportation 23
VI. Groups Contributing To The Revitalization Of Harlem 24
VII. Existing And Competing Real Estate Harlem Developments 26
VIII. General Overview Of Similar Properties 29
Direct Competitors 32
Customer Sources 32
IX. Proposed Project 33
Project Site 33
Proposed Site Lot Map 34
Proposed Site Aerial View 35
X. Zoning 38
Commercial Districts 38
C4 Districts
39
Current Zoning Map (6a) 40
XI. Highest And Best Use - Evaluation Of Current Property Usage 41
XII. Site Perspective 42
Visibility 42
Access (Pedestrian, Vehicular & Service) & Parking 42
Air Rights / Height Restrictions 43
XIII. Proposed Business Model 44
XIV. Construction Financing, Permanent Financing And Operational Pro-Forma 45
XV. Site Plan (Including Proposed Tenant Make-Up) 46
XVI. Square Footage Plan 47
XVII. Legal Description Of The Premises 48
XVIII. Linkages 49
XIX. Marketing 50
XX. Property Images 53
I. NATURE OF ASSIGNMENT:
The following assignment is a market and feasibility analysis for a proposed retail shopping center to be located in central Harlem, in New York City, New York. This particular assignment assumes that this analysis is being prepared by a developer in order to present it to potential investors or potential lenders.
The proposed project is the construction of a “big box” retail shopping center to be occupied by at least four national retailers, each specializing on the sale of different “life products”, servicing the Harlem neighborhood of New York City. We define “life products” as goods, which service consumers’ basic needs (i.e. shelter, clothing, food, education, entertainment, etc.). The proposed project is to be located on the eastern two thirds of the block bounded by 125th street, Lenox Avenue, 124th Street and 7th Avenue.
Construction of the project will require the purchase and demolition of several small contiguous