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Executive Summary
The Martin Luther King (MLK) Boulevard (62nd
Street) and 54th Street Commercial Corridors
Market Study is intended to serve as an economic
primer for subsequent corridor and "gateway"
master plans. The data and findings from this
study will hopefully provide an understanding of
the local market that should inform subsequent
planning initiatives, while potentially serving
as the economic underpinnings for future
planning considerations and decisions.
The market study begins with an assessment of
the physical conditions and existing land uses
along MLK Boulevard and 54th Street. Field
surveys determined that both commercial
corridors lack the physical and aesthetic
qualities necessary to attract a heightened
level of business investment and customer
growth. While a working public infrastructure
exists along both corridors, much of the
infrastructure is insufficient or poorly
designed. Public infrastructure conditions are
exacerbated by private property conditions along
the two corridors and a patchwork land use
pattern. Numerous vacant lots at key locations
further diminish the streetscapes and contribute
to a general sense of instability. A public
infrastructure strategy would help connect
dissimilar elements and provide a structure or
framework that can be supported and enhanced by
incremental development.
A demographic analysis of the MLK Boulevard and
54th Street trade area indicates that the
neighborhoods that serve the commercial
corridors are among the poorest in the city.
Both the median and per capita incomes of the
trade area are far below the City and Miami-Dade
County. The trade area experienced a 6 percent
loss in population between 1990-2000, a period
in which the city showed a modest overall
increase in its population. The trade area is
predominantly comprised of Black/African
American populations with neighborhood
concentrations typically between 80 - 90
percent.
The combination of low household income and low
population density has a significant effect on
the trade area's "Total Expenditure Potential."
The market study analyzed the demand for those
retail categories - convenience goods and
personal services - that provide the majority of
businesses in the trade area. The demand and
competition analysis determined that a
significant negative gap exists between the
trade area's consumer demand and the area's
annual sales from convenience goods and personal
services. While this critical finding suggests
limited potential for new retail development
within these categories, the study recognizes a
potential unmet demand for "entertainment" and
"shoppers goods" retail opportunities for
cultural and ethnic businesses. The development
of a Community Business District (CoBD) that
largely depends on the patronage of surrounding
neighborhoods can offer a combination of
comparison and convenience shopping that is a
mix of everyday goods and services along with
niche entertainment and shoppers goods that
cater to local culture and ethnicity.
This study was completed in March 2004 and is
currently under review for further action.
Download the full
study
(Requires Adobe Acrobat Reader to view. File
size: 3.59 MB)
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