Request for Proposals
Citywide Economic Market Assessment
City of Westminster
Submittal Deadline: 10/18/2012
The City of Westminster is embarking on an update of its Comprehensive Plan. The first phase of this project includes an analysis of existing and future economic market conditions for the city. The Citywide Economic Market Assessment will provide direction for land use and economic policy development through the 2025 horizon of the Plan. The City is seeking professionals who are familiar with the local and regional Front Range and Denver Metropolitan economic climate and who have prepared similar market assessments.
The Citywide Economic Market Assessment will provide critical direction for the City of Westminster as it makes the transition from outward expansion on vacant land to a city that is almost entirely built-out. Opportunities for growth over the next 20 years will comprise the few vacant areas of land remaining in the city and redevelopment of key sites and focus areas. At the same time, the city is growing its economic base with a focus on high-tech, primary employers like Avaya, Ball Corporation and Trimble, all of which have a major presence in the city. Building on the city’s existing base, and intensifying employment in the city by capitalizing on the expanding bio-medical and high-tech industries of the Front Range, is a key economic strategy for the city. Additionally, maintaining a key role within the regional retail market area is also an important goal of the city. The City of Westminster has intentionally positioned and repositioned itself over the years to maintain a super-regional retail presence along US 36 and I-25.
The analysis will summarize economic and real estate market information about the city and should include future projections by land use based on reasonably foreseeable trends. A primary focus of the analysis will be on the City of Westminster’s ability to capture high quality employment uses, particularly along the US 36 corridor where high-tech uses have begun to cluster. Other locations and opportunities should also be examined including the city’s major redevelopment site, Westminster Center (http://www.westminstercenter.us); along the I-25 corridor; and other focus areas that may be identified at the outset of the analysis. Additional issues to be addressed include the likely future demand for retail by type; demand for residential units by type; as well as feasibility of various land uses and mixes for specific focus areas. Ideally, an outcome of the analysis would be a description of the ideal mix of commercial land uses at build out that would support the city’s population and serve the surrounding market area.
Minimum Scope of Services
At a minimum, the analysis should include:
• Overview of Population and Demographics, with emphasis on employed residents to jobs ratio, commuter patterns, and worker demographics. This portion of the analysis should examine existing and projected population and employed residents in the city. Basic worker demographics such as commute patterns and education should also be included.
• Employment Trends and Demand Forecasts, with emphasis on identifying key traded business clusters and potential locations for growth within the city. This analysis will examine the breakdown of employment by industry and regional/local growth trends. Employment growth by industry for the city should be correlated to demand for specific use types (Class A office, office warehouse, industrial/warehouse space, etc.) with associated building square feet.
• Retail and Other Commercial Trends, including analysis of taxable sales (data for which can be provided by the city) and market capture by retail category. Identification of the city’s existing and potential future retail role in the surrounding market area is desired, as well as analysis of the strengths and weaknesses in the city’s retail sector. Hotel demand and oversupply should also be examined.
• Housing Trends, providing an outlook on future demand by unit type. Recent trends in property values, foreclosures and vacancy rates, and sales prices should inform this analysis, along with projected housing increase in the region and Front Range. Specific shifts in unit types in relation to demographic trends should also be addressed, particularly in relation to the city’s existing housing inventory and planned development to determine whether the city is moving toward an appropriate mix of housing.
• Identification of Issues and Implications, to be considered during policy development and land use planning for the Comprehensive Plan.
The above analyses and demand forecasts should take into account existing inventory (in square feet) and vacancies by use type in the city. In order to streamline the analysis, the City of Westminster will provide the following data to the Consultant:
• ESRI Community Analyst for population and demographic data;
• GIS layers for Existing Land Use and Non-residential building square footage and housing inventory;
• CoStar for business data; and
• Proposed projects
Additionally, the City has recently completed analysis on business sectors and growth in the city, a report for which was prepared for and presented to City Council on August 27, 2012. This report is attached (Exhibit C) to this RFP and should serve as background information towards the overall project understanding.
The final deliverable will be a cohesive report that will serve as a basis for identification of key issues and implications for economic growth and land use decisions. Each of the analysis subtopics listed above will be discussed in depth and illustrated with tables or charts as appropriate. A draft of the report will be submitted for City review followed by a final document. Ten (10) copies of the Economic Market Assessment should be provided to the City upon completion, which is currently anticipated to be January 10, 2013, with a draft document available in early December. Additionally, an electronic copy of the document should be provided in Adobe pdf format for unlimited reproduction by the City.
The maximum budget for the Project should not exceed $30,000.