Client: City of Greeley (CO) and Weld Economic Development Action Partnership
The City of Greeley and the Greeley/Weld EDAP retained GG+A to conduct a market reconnaissance of Greeley (CO). The analysis focused on downtown Greeley and the western Greeley opportunity area referred to as Elk Lakes/Gateway area. GG+A’s research and analysis was directed toward providing an information base for a successful planning and implementation program to revitalize downtown and encourage beneficial, tax-generating development in western Greeley. The research included an assessment of the strengths and weaknesses of the retailing base of Greeley, through an analysis of retail sales trends and a comparison of sales to estimated expenditure potential of Greeley residents and that of residents of nearby communities.
The research also included an identification of the strengths and weaknesses of the downtown as a location for retail uses, the geographic origins of households that the downtown serves as well as other sources of demand for goods and service providers in the downtown. GG+A estimated the demands that are now responded in the downtown and forecast other potential demands. GG+A estimated the supply of space in and near downtown. GG+A identified the relationship between the demand for and supply of retail space. GG+A completed a similar market analysis for the western Greeley opportunity area in order to reach judgments about the relative intensity of competition for the sales dollars of consumers and the potential for the market to be able to support a new, larger-sized retail development(s).
GG+A modeled the real estate economics of serving the demands found to apply to the western Greeley opportunity area. Based on the results of the market reconnaissance and real estate economic analysis, and workshops with members of EDAP and its retail task force, representatives of the Downtown Development Authority, Greeley municipal staff and civic leaders, GG+A identified strategic action priorities, business targets and policies for the downtown and western Greeley opportunity areas. The 400,000-square-foot Greeley Marketplace retail development on Highway 34, developed by Regency Centers, was a direct result of GG+A’s work.