PLAN OVERVIEW Gathering extensive community and stakeholder perspectives and feedback has been a core goal during the development of this plan. Substantial efforts were made by City leaders and staff to communicate both the opportunities for such feedback, as well as the results of analyses and potential solutions as they were developed. Interviews, focus groups, workshops, public meetings, and feedback sessions were well-attended and had active participation. Online feedback mechanisms including surveys also resulted in substantial stakeholder participation, and special efforts were made to obtain feedback from the real estate and business investment communities to ensure the private sector concurred the plan was market driven and feasible. The goal was to create a shared vision from a broad base of stakeholders. By creating consensus around a shared vision , the plan helps clarify community hopes and expectations and reduces risks for investors and developers. By identifying key opportunity sites , the team was able to craft redevelopment scenarios for each site that when developed will contribute substantially to the city’s tax base as well as brand the city as a target for private investment. The plan recognizes that different areas or districts of east Sunrise have their own unique characteristics and opportunities. The "districts" were identified based on unique physical attributes - including location and land use patterns - and focus on market perceptions. They are not related to any existing districts related to voting or elected officials. Potential improvements to mobility and infrastructure, and programs and plans that enhance the city infrastructure and quality of life in east Sunrise form the foundation for this plan. Finally, the implementation matrix will help the city stay focused on key recommendations while providing a long term guide to follow. The matrix and the continued focus on east Sunrise will attract other civic partners, provide a general but flexible timeline, and create clearer roles and responsibilities to accelerate progress. This focus on effective implementation will help brand the city to attract outside investment more quickly and accomplish the shared vision.
MARKET OVERVIEW To arrive at realistic market driven recommendations, an analysis was conducted of the five key drivers of Economic Development; Land, Labor, Markets, Capital, and Regulation. Below is a summary overview of the real estate market, existing workforce, prominent industries, and regulatory environment. LAND • The retail market showed the highest potential for new development and the most activity in the existing market. Over the past 5 years, Triple Net (NNN) rents have nearly doubled and vacancy rates have significantly dropped. • The office market showed the least potential for new development and the least activity in the existing market. Since 2012 rents within the immediate area have decreased and vacancy rates have increased. • Additional industrial space with light industrial/flex uses (i.e. art gallery or micro-brewery) is ideal for the community. east Sunrise has a small amount of industrial space; existing space in the market is 100% absorbed. • There is opportunity to introduce additional multifamily product and density to the area; apartment and townhome design would complement the scale of the community. LABOR • Strong workforce clusters in retail and transportation/utilities exist. • Strong employment clusters in construction, wholesale trade, transportation/utilities, arts/accommodation/food & beverage, and other services exist. MARKETS • There is a potential customer base that can be captured from the high traffic volume on the major corridors. • A diverse mix of international restaurants along University Drive creates opportunity for a brand that highlights the clustering of culinary offerings. • Low Consumer Spending Index and retail leakage to other areas is occurring. CAPITAL • Bank deposits in east Sunrise have grown at an average of 6.1% annually since 2013. This indicates a healthy and stable local economy. • There’s a need for better coordination and promotion amongst the 700+ merchants and businesses to capitalize on the availability of so many establishments. REGULATION • The existing regulatory environment presents an opportunity to modify certain land use and zoning regulations that would encourage growth and facilitate development in east Sunrise. Conversely zoning allows for uses that are not compatible with
the vision of the community therefore zoning in progress may be considered. • Work to ensure permitting process is not difficult, expensive, and lengthy.
3 | EAST SUNRISE IMPROVEMENTS MASTER PLAN
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