Target Market for Future Residents and Tenants Demand for infill retail goods and services will be driven by several market sources, including residents, employees of the area, and visitors. Each of these groups have their own motivations for consumer spending but will likely be drawn to the immediate area because of a visit to one of the anchoring big-box tenants. As such, target tenants for infill retail additions to the Renaissance Square catalytic development opportunity will likely be focused on complimentary uses to the anchors, including fast casual food and dining options. A small amount of professional office space that co-locates with retail could also be attracted to the area, primarily focusing on tenants that are seeking convenient locations to their customer base. The residential target market is likely to include primarily young singles and couples, as well as a limited number of older lifestyle renters who are seeking to downsize from family homes. Easy accessibility to employment, services, and entertainment will be important. Community amenities will include both on-site options, as well as community-serving options that are part of the Renaissance Square site.
Current Market Considerations The East Berry corridor hosts more than 1.3 million square feet of retail space. As previously noted, there is very little available retail space today with the current vacancy rate estimated at less than 1.0%; however, price points will be a challenge for infill development that is likely to have more complex ownership structures to ready sites for development. There are currently limited modern office offerings along the corridor with only 88,000 total square feet. Lease rates are estimated at less than $10 per square foot. Multifamily development as part of Renaissance Square could incorporate surface parking and more suburban garden- style product that could reduce development costs. Overall, multifamily along East Berry Street has a lower vacancy rate when compared to the Fort Worth Metroplex at 6.1%. However, price points are also lower, averaging less than $900 per month, which will present a barrier to entry for new construction in the short-term even garden-style.
Renaissance Square, ACH Child and Family Services, and Uplift Mighty Preparatory
186 | East Berry Corridor Study
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