REPOSITIONING FOR SUCCESS REPORT
,
MINUTES - CITY COMMISSION MEETING
BOYNTON BEACH. FLORIDA
MAY 2. 1995
B. Presentations
1. Proclamation - Drinking Water Week - May 8 through May 12. 1995
Mayor Taylor read a proclamation declaring May 8 through May 12, 1995 as
Drinking Water Week.
2. Proclamation - Foster Parent Month - May. 1995
Mayor Taylor read a proclamation declaring the month of May, 1995 as Foster
Parent Month.
3. Quantum Park Presentatton regardtng retatl development south of
Gateway Boulevard adjacent to 1-95
*Jim Willard with the law firm of Shutz and Bowman, was present on behalf of
Quantum Associates, the owner and developer of Quantum Park. Paul Smith, the
Project Manager, was also present. Mr. Willard sought the Commission's concep-
tual comment, review and support for a proposal to convert approximately 75
acres of office industrial and research and development land within Quantum Park
to commerical use. He displayed the current master plan and the proposed master
plan. The acreage difference is approximately 75 acres of additional land use
area under the proposed plan for the commercial area which is concentrated at
the southwest quadrant of 1-95 and Gateway Boulevard, just south of Gateway
Boulevard. Part of the proposed DR1 substantial amendment would include adding
to the development three lots consisting of 14 acres which, due to a historical
anomaly, were never incorporated into the approved DR1 master plan, even though
they are platted. That 14 acres would increase the overall acreage of Quantum
Park from 551 to 565.
Mr. Willard also displayed a chart comparing the existing land use with the pro-
posed land use. The existing government/institutional use characterized by the
high school site and the Tri-Rail site will remain the same. The 40 acres of
sand pine preserve will be reta;ned as required by the original DR1 development
order. None of the other land uses will change. Because the proposed commer-
cial area will impact the 14 acre sand pine preserve area south of Gateway
Boulevard, there is a proposal to mitigate for that impact by replacing the 14
acres with 14 acres of a remaining 30 acre area that has already been identified
in the original DR1 as an appropriate good quality sand pine preserve area.
However, it is not currently restricted. The 40 acres of sand pine preserve
originally planned will be maintained.
Mr. Willard displayed a chart of the Boynton Beach Retail Market. He stated
that in October, 1994, an Economic Report was prepared by an economic and market
analyst. They were asked to look at the Boynton Beach retail market and iden-
tify those characteristics that would tend to support or not support additional
retail in this community and what type of retail. The report indicated that
this particular area enjoys a very strong retail situation at the current time.
Forty-eight percent of all retail space in Boynton Beach is quite new and has
been constructed in the last ten years. Eighty-nine percent of it has been
constructed west of 1-95. Boynton Beach currently enjoys a 5.7 percent vacancy
- 9 -
*Shutts & Bowen
MINUTES - CITY COMMISSION MEETING
BOYNTON BEACH, FLORIDA
MAY 2, 1995
rate in retail (according to the 1994 report), which is less than half of the
vacancy rate of Palm Beach County and the Treasure Coast Region in general The
newly constructed space tends to have the lowest vacancy rate. The report also
supported the fact that the addition of new retail space is not necessarily the
cause of adverse impact to older, smaller community and neighborhood centers
Those centers tend to lose tenants and have vacancy problems unrelated to the
construction of new space. Oftentimes it is because of consolidation in the
industry where tenants are taken over by one another and therefore move out of
the older centers. Many of the older centers require rehabilitation and the
owners, for one reason or another, are unwilling to make the capital investment
to rehabilitate them. Also, as the market changes and residential development
patterns impact the area, new people move in, travel patterns change, and other
development situations occur and leave many older centers with vacancies and
locational problems that would exist whether or not any new space was built.
Therefore, new retail space does not necessarily have an adverse impact on
existing or older retail space, especially retail centers of the type being pro-
posed by Quantum Associates. This would be a regional commercial project and
would be different from the Boynton Beach Mall. The Boynton Beach Mall is a
traditional suburban shopping mall characterized by enclosed common areas and
department stores anchoring the Mall with many smaller shops internal to it.
Mr. Willard advised that Quantum Associates is proposing a Sawgrass Mills type
development. Different hallmarks of that type of development include large box
regional national users that do not have enclosed interior common areas. They
are typically stand-alone buildings. They are developed with a common develop-
ment theme characterized by consistent and asethetic control over landscaping,
street furniture, architectural design, and other planning characteristics in
order to have internal hanmony throughout the project. The tenants and users
who make up this type of project, sometimes called a regional power center,
would include category killers such as Home Depot, Best Buy, Circuit City, and
the Sports Authority.
Mr. Willard stated that Quantum Associates is still in negotiations with Bass
Pro. The Bass Pro project can be accommodated within the proposed 75 acre com-
mercial area south of Gateway Boulevard. Mr. Willard stated that Quantum
Associates intends to pursue this project notwithstanding whether or not Bass
Pro decides to locate in Quantum Park.
Mr. Willard displayed a chart of the economic benefits that would enure to the
City from a retail component of the development of Quantum Park. They included
increased/faster revenues
increased sales tax revenues
increased employment
preservation of industrial/research and development inventory
Mr. Williard displayed a chart of the traffic features as follows
no new impacts
approved trip generation
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.......
MINUTES - CITY COMMISSION MEETING
BOYNTON BEACH, FLORIDA MAY 2, 1995
proposed trip generation
reducued peak-hour impact
increase pass/by capture - fewer trips
careful evaluation of access from south of Gateway Boulevard
He also displayed a chart of the key features/summary as follows
increase economic benefits to City
lot use changes and exchange mechanism
no new traffic impacts
location of sand pine preserve
addition of lots 80, 81 and 82
Mr Willard would like to get approval for the land use changes through the DRI
amendment process. As part of that process, he would like to try to develop
some flexibility within the DRI so that in the event Quantum Associates had
another opportunity to do a project similar to Motorola for instance, they would
not have to do a DRI amendment every time a specific tract or lot was proposed
for development.
Mr. Williard advised that there will not be any new traffic impacts. He
requested the Commission1s support before going through the DRI amendment pro-
cess, since it is an extremely time consuming and expensive.
Commissioner Jaskiewicz could not see how this would not impact the Boynton
Beach Mall. She pointed out that the Mall is relatively new and struggling to
survive. She asked if the Boynton Beach Mall is in favor of this. She was
hoping that if this was developed commercially, it would be tied in with a
sports theme to fit in with the International Fish and Game Museum and Bass Pro.
She also had reservations regarding relocating the sand pine preserve.
Mr. Willard stated that the proposed commercial development in Quantum Park is
going to be a totally different retail product than what is offered at the Mall.
It is not an enclosed regional mall and will not have competitive tenants. He
said there have been articles in the Palm Beach Post quoting the Boynton Beach
Mall Manager as saying that they welcome the competition and do not believe it
would adversely affect the Mall. Mr. Willard stated that Quantum Associates'
consultant believes it would not be in competition with or detract from the
Boynton Beach Mall because of the different product mix. With regard to relo-
cating the sand pine preserve, Mr. Willard advised that this will be addressed
in more detail in a fonmal DRI amendment. He pointed out that the original DRI
approved a sand pine preserve ecological study that located over 55 acres of
available sand pine preserve within the project, 25 or 30 acres of which is
available to mitigate for the relocation of the 14 acres.
In response to Commissioner Rosen, Mr. Willard advised that both IGFA and Bass
Pro, which is anticipated to be about 37 acres (160,000 square feet), could be
accommodated in the proposed plan. Other retailers would make up the balance of
the retail space Mr. Willard stated that this is not an outlet center
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y
MINUTES - CITY COMMISSION MEETING
BOYNTON BEACH. FLORIDA
MAY 2. 1995
,
Commissioner Rosen noticed that much of the area close to 1-95 was taken away
from the industrial, hence, taking away their exposure. Mr. Willard advised
that Quantum Park already has visibility and that the retail users are in far
greater demand for highway visibility than the industrial users He stated that
industrial and office users are destination oriented. Commissioner Rosen asked
why the commercial portion could not be moved inside. Mr. Willard stated that
within the entire 550 acres, this is the only area where you could put together
a 75 acre pod that would be the envelope for commercial development.
In response to Vice Mayor Bradley, Mr. Willard advised that the 25 to 30 acres
is available to replace the 14 acres of sand pine preserve. However, it will
only be replaced with 14 acres. Vice Mayor Bradley expressed concern about the
effectiveness of the sand pine preserve if it is not contiguous. Mr. Willard
stated that perhaps more than 14 acres could be preserved off site.
Vice Mayor Bradley was concerned that this plan would eliminate any large tracts
for industrial research and development. Mr. Willard pointed out that there is
not a contiguous 40 or 50 acre site to repeat another large project anyway. He
advised that one of the problems of marketing Quantum Park over the years has
been because it has inordinately small lots that are already platted. The
Motorola project required the assembling of two of those platted lots.
Vice Mayor Bradley asked if the International Game and Fish Museum would be
included in the 160,000 square feet for Bass Pro. Mr. Willard advised that the
museum will take up an additional five to seven acres.
With regard to the increase in employment, Vice Mayor Bradley pointed out that
there is a vast difference between the job base that supports a research and
development company versus retail. He stated that some studies have shown that
the salary base is almost double. Mr. Willard stated that the tradeoff is one
of absorption. He believed that because of the competition among the commerce
parks and other business parks throughout southeast Florida, it will be an
inordinately and an unacceptably long time before Quantum Park can be built out
with solely that type of user. He stated that a large retail component could be
done within a very short time frame and would give the owner time to wait for
the office and industrial development to take place.
Vice Mayor Bradley would like as little retail acreage as possible and was not
sure if he was comfortable with 134 acres.
Vice Mayor Bradley pointed out that there are many hoops to go through to get
approval, such as the County, Treasure Coast Regional Planning Council, and DCA.
He asked Mr Willard where he thinks he stands at this point. Mr. Willard
stated that this is a substantial amendment to a DRI. However, he did not anti-
cipate there would be a major problem with regard to the issue of traffic
because Quantum Associates intends to stay within the vested trips for con-
currency and DRI purposes. All the infrastructure is already in place and it is
a developed site. Therefore, although it is a substantial amendment in terms of
the land use change and in tenms of an environmental impact, he believed it
could be done within nine to twelve months.
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MINUTES - CITY COMMISSION MEETING
BOYNTON BEACH, FLORIDA
MAY 2, 1995
*See insert below.
Mayor Pro Tern Matson pointed out that Quantum Park is the only vestige in the
City that is able to accommodate light manufacturing, research and design. She
believed the economy is on an upswing and that several projects will be knocking
on the City's door. She expressed concerned about the sand pine preserve being
scattered in several locations. She advised that she received several calls
from residents of Dos Lagos and Sky1ake, who were concerned about what would
wind up behind their developments. Mayor Pro Tem Matson said she had some
discussion with the Mall and they have no problem with a flea market type of
setup. However, she felt a million square feet is in direct competition with
the regional Mall. She pointed out that the regional Mall has had some dif-
ficulty keeping its anchors. She also pointed out that in an outlet, there are
typically stores like a Canon Towels and the Gap, which sell the same items that
are sold at the Mall. She felt this also would be in competition with our revi-
talization of the downtown area and pointed out that there is a lot of empty
retail east of 1-95. She also pointed out that we have an overabundance of
retail coming on line on Congress Avenue (the Winchester properties). Mayor Pro
Tern Matson stated that we have to be very careful what we put across from resi-
dences. She stated that if we do not have another place to put light industry
or a light manufacturing company, we are going to have to consider putting it
across from Hunter1s Run. She did not feel that a big company such as Krafts or
Scott Paper would want to locate next to a Sawgrass Mills type of outlet. She
stated that Quantum Corporate Park has a beautiful image and she would like to
keep it that way. She pointed out that there is no other area in the City like
Quantum. She again reiterated that the economy is starting to improve and she
would like to see research, design, light industry and light manufacturing in
Quantum.
Mr. Willard stated that the initial conception of Quantum Park as essentially a
single purpose project that focused on office and industrial users was poorly
conceived. He thinks the amount of money and the economics of Quantum Park over
the last ten years bears that out. He stated that it is not the intention of
Quantum Associates to eliminate the industrial office nor the capacity of the
park. They just want to exchange some of it for the commercial development
opportunity. They have no intention of building a flea market. Mr. Willard
stated that the product type is different and will not be a Boynton Beach Mall
and will not compete with the revitalization of downtown. He stated that the
downtown redevelopment plan is not going to attract the types of users that are
proposed for this property. In fact, the additional tax base and sales tax
revenues that could be generated in a short period of time from a retail project
within Quantum Park would provide the City the opportunity to redirect those
funds to the revitalization of downtown. Mr. Willard stated that Quantum
Associates would like to expand the project into more of a multiple use project
other than the vast majority of industrial and offices uses which were origi-
nally envisioned and reposition Quantum Park for success.
Mayor Taylor thinks it is clear that everybody would like to see Bass Pro and
IGFA locate in Boynton Beach. If they do, approximately 42 acres would accom-
modate them both Mayor Taylor welcomed this type of retail because it does not
conflict with anything else. However, he was concerned about 75 acres being
- 13 -
*In 1991, Deutsch Ireland and Quantum Simon asked if the Commission would con-
sider turning Quantum Corporate Park into a special taxing district and a
Community Development District. That was a very expensive task and it involved
a long and arduous decision. We bent over backwards and did everything we could
to make it a success, then the economy suddenly spiraled.
r
-.
MINUTES - CITY COMMISSION MEETING
BOYNTON BEACH, FLORIDA
MAY 2, 1995
converted to retail, which is almost double what it would take to accommodate
Bass Pro. He pointed out that if Bass Pro did not locate here, then there would
be 75 acres of just solid retail. Mayor Taylor felt that Sawgrass is an outlet
discount mall and he did not see any stand-alone buildings. He felt this propo-
sal would be in competition with the mall. Mayor Taylor pointed out that the
proposal does not show that some of the industrial space is already taken
Therefore, the available industrial space is considerably less Mayor Taylor
noticed that the proposal shows a rerouting of the highway and railroad tracks
He asked if this addresses the concerns of Bass Pro. ~r. Willard advised that
the proposal is consistent with Bass Pro. He stated that the spur could
possibly be eliminated. Mayor Taylor expressed concern that the proposed relo-
cation of the sand pine preserve is not contiguous to water.
Mr Willard said Bass Pro knows they are unique, are extremely hard negotiators,
and are looking at other sites. The dollars being discussed with Bass Pro are
consistent with the type of prices for the high school property and the Tri-Rail
property. It is a giveaway deal, which is typical in the development business
if you are trying to create an attraction and an anchor tenant that will attract
business, consumers, shoppers and traffic. The Simon group is willing to make
that deal at extremely low dollars with Bass Pro and incur the expense of relo-
cating roadways, sewer and water lines, etc., in order to get Bass Pro here.
However, there is no money in it. The additional retail space would provide the
economic opportunity to make the Bass Pro deal.
Mayor Taylor understood that Bass Pro has the leverage. However, he did not
want to approve this proposal only to have the Simon Group not care whether or
not Bass Pro comes in. He was open to the right kind of retail. Mr. Willard
stated that the DR! amendment is required to do the Bass Pro deal because of the
change of the land uses and the impact on the preservation area. When doing the
substantial DRI amendment, he would like to accommodate the addition of the
three lots, the relocation of the preserve, and the identification and combina-
tion of additional retail space in conjunction with that. However, he stated
that the Simon Group cannot wait forever for Bass Pro. Therefore, they feel it
is important to commence this process because it is extremely expensive and time
consuming. He pointed out that at any time during the process, the Commission
has the opportunity to take another look at it before giving final approval.
However, he believed that once the process is commenced, as additional infor-
mation is provided to the Commission, the Simon Group will make a compelling
case to support the additional retail development of a special and unique
character, regardless of whether Bass Pro is a component of the project or not
Mayor Taylor thanked Mr. Willard for his presentation and declared a recess at
8 03 p.m The meeting resumed at 8 11 p.m.
- 14 -
..
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~--
Board of County Commissioners
Ken L. Foster, Chairman
Burt Aaronson, Vice Chairman
Karen T Marcus
Carol A. Roberts
Warren H. Newell
Mary McCarty
Maude Ford Lee
County Administrator
Robert Weisman
Department of Engineering
and Public Works
May 3, 1995
Ms Tambri Hayden
Planning & Zoning Department
100 E Boynton Beach Boulevard
POBox 310
Boynton Beach, FL 33425-0310
RE QUANTUM CORPORATE PARK
Dear Ms Hayden
In May 2nd issue of the Palm Beach Post, there was an article about the
possibility of 1,000,000 square feet of retail space in Quantum Corporate Park
The Palm beach County Traffic Division is concerned about the potential traffic
impacts of this change
I assume that the change will require a substantial deviation review of the DRI,
and we would be involved at that time Regardless, we would like to be involved
in the traffic discussions early on Please keep us informed of any future
traffic discussion
As always, thank you for your cooperation
Sincerely,
OFFICE OF THE COUNTY ENGINEER
09-~ :Jt,~
Dan Weisberg, P E- ;I
Senior Registered Civil Engineer
cc G~~rgs T W~hh, ~ E , Ccu~~y ~rg~r~~~
Edwin A Jack, P E , Deputy County Engineer
Charles R Walker, Jr , P E , Di-,'ector - Traffic Division
File TPS - Mun - Traffic Study Review
h \traffic\diw\boyn40
~
An Equal Opportunit\ AtlirmJti\l' Action Emplo\ t'r
@ printed on recycled paper
Box 21229 West Palm Beach, Florida 33416-1229 (407) 684-4000
T ahle of Contents
I ExecutTve Summary
11 Exhlb.ts
Current Master Plan
Proposed. l\1aster Plan
Land Use ComparIson
Boynton Beach Ret~ui l\:larket
Economnc BenefIts
TraffIc Features
Sand. Pme Preserve
Key Features/Summary
Appenchces
Ao EconomIc AnalysIs, Quantum AssocIates, AprIl 1995
B Boynton Beach Reicul Market Construc6on Trends and ~cancy Rates,
F lshkmd. & Assocnates, October 1994
C Prehmmary TraffIc AnalYSIS, Approved!Proposed., Kum.ley-Hom and.
AssocIates, Inc., AprIl 1995
Qu.anJum P .ark
ReposItIoning For Success
EXECUTIVE SUMMARY
Quantum Park IS a 550+ acre Development of RegIOnal Impact (DR!) In the City
of Boynton Beach, Palm Beach County, Flonda. Quantum Associates, owner of
Quantum Park, IS seeking a change to the current Development Order that wIll enable
the project to respond to the Increased market demand for commercial development in
the south Palm Beach County regIOn.
The Quantum Park project, as approved, conSIsts of mdustrial, research &
development, commercIal, office, and governmentaVinStItutIOnal land uses Among
Quantum Park's major users are a Pubhx DIstnbution Center, Canada Dry DistributIOn
Center, Tn-County Commuter RaIl Authority, Motorola, and a future high school site
owned by the Palm Beach County School Board.
The proposed changes to Quantum Park will enable the project to respond to
economic changes In the City of Boynton Beach and southern Palm Beach County The
population of the CIty of Boynton Beach increased from 35,624 to 46,284, or 30%,
between 1980 and 1990 Another 2,866 reSIdents moved to the City between 1990 and
1994, bnngmg the 1994 populatIOn to 49,150 Along with the population growth has
come an Increase In salanes and employment, resulting in an Increased demand for goods
and servIces Between 1979 and 1989, per capita Income In the City of Boynton Beach
increased by 129%
The pattern of development of the Boynton Beach retail market over the past
decade reflects this increase in dIsposable Income and demand for additional goods and
services The city's first regIonal shopping center, Boynton Beach Mall, opened in 1985
and currently enjoys full occupancy The overall Boynton Beach retail market, both
large and small centers, has a 5 7% vacancy rate, which is lower than the Palm Beach
County and regIOnal retail markets
Retail development In the City has followed the reSIdential development In moving
west. Over 89% of all retail space In the city IS located west of 1-95 and 48% of all the
retail space in the city has been bUIlt Since 1985 A recent report by Fishkind and
Associates has concluded that, whIle these newly constructed centers have the lowest
vacancy rates, they do not negatively impact older centers Furthermore, centers of a
regIonal nature do not negatIvely Impact smaller neighborhood and community centers
because of the dIfferent types of goods and services they offer
Dunng the 1990s the demand for industrial space has dropped and the demand
for commerCIal space Increased ThIS trend IS expected to continue Into the foreseeable
future, not only In Boynton Beach and Palm Beach County, but throughout the state
of Flonda. Quantum AssoCIates IS proud of the fact that dunng the most recent penod "1
I
of Job-reductIOn In the manufactunng sector of Palm Beach County, Motorola chose )
Quantum Park as the locatIon for Its new faCIlIty Quantum Park IS the premIer I
Industnal location In the City of Boynton Beach and will continue to attract the I
maJonty, If not all, of the Industnal employment created wlthm the CIty for the
remainder of the decade Even after the proposed increase in commercial area withm
Quantum Park, mdustnaVR&D acreage wIll stIll be available to accommodate new
mdustnal use opportunities for the foreseeable future. ~
Quantum AssoCIates needs to respond to the increasing demand for commerCIal
space and decreasmg demand for Industrial space m the area by changIng the approved
land use desIgnation of strategically located parcels within Quantum Park. The
proposed change Includes an Increase m commercial space from 59 acres to 134 acres,
and a reductIon In Industnal, research & development, and office space from 298 acres
to 237 acres A suffiCIent amount of land for industrial, research & development and
office Will stIll be avaIlable These land use changes are not expected to negatively Impact
the road network surrounding the project. Prelimmary analyses have concluded that the
proposed changes Will reduce the tnp generation from 64,136 daily trips to 62,996 dally
trips The peak-hour Impact is also expected to be reduced, whIle passlby capture will
be mcreased
On May 2, 1995, a presentatIOn WIll be made to the Boynton Beach City
CommiSSIOn outlIning the proposed amendments to the Quantum Park Development
Order Because of the time and expense reqUIred for DRI amendments, an indication
of conceptual support for the changes IS desired prior to submittal of the formal
applIcation to the CIty, Treasure Coast Regional Planning Council and Flonda
Department of Community Mfalrs Should the City CommIssion be generally
supportive of thIS proposal, Quantum AsSOCIates Will immediately commence the formal
DRI amendment process
Information and data set forth in this report is preliminary and apprmamate m
nature VenficatIOn of all data will occur during the DRI amendment process
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Appendices
AppenJix A
ECONOMIC IMPACT
OF
PROPOSED COMMERCIAL DEVELOPMENT
WITHIN
QUANTUM PARK
Prepared By'
QUANTUM ASSOCIA TES
115 West Washington Street
Indianapolis, Indiana 46204
(317) 263-7936
April, 1995
ECONOMIC IMPACT OF PROPOSED COMMERCIAL DEVELOPMENT WITHIN
QUANTUM PARK
Executive Summarv.
The proposed commercial development of a portion of Quantum Park (the
"Project") will increase the currently vested retail square footage from
459,000 gross leasable area ("GLA ) to approximately 1,000,000 GLA, and
will provide many economic incentives to the City of Boynton Beach and the
surrounding areas. The Project will produce approximately 2,500 permanent
jobs and will create approximately 1,000 construction jobs Assuming
development by year end 1997, the Project will add approximately $335
Million in new sales to Boynton Beach on a yearly basis by 1998 and
approximately $426 Million in retail sales per year by the year 2001 The
sales will generate much needed sales taxes to the City of Boynton Beach in
the amount of $1 675 Million in 1998 and $2.13 Million in 2001 The Project
will also provide approximately $39 Million of estimated assessed valuation
for ad valorem real estate taxes and strengthens and broadens the ad valorem
tax base for the City of Boynton Beach and Palm Beach County The Project
will absorb approximately 100 acres of commercial land area within a 3 year
time frame as compared to an approximate 20 year absorption time frame if
the land use remained industriallR&D
1 Enhanced Emolovment Oooortunities.
The Project will create a significant number of jobs in Boynton Beach These
jobs, both permanent and construction related, will benefit the citizens of
Boynton Beach directly and indirectly Job creation and job base growth are
positive factors in establishing, strengthening and accelerating the economic
base of Boynton Beach
The Project will provide approximately 2,461 permanent jobs upon full
development and full occupancy (1998) by the users which will be located
within the Project. This includes both projected full-time and part-time jobs
which will be created solely by the Project. In addition, the Project will create
approximately 1,044 construction related jobs during the construction of the
Project, not including any construction related jobs which will be created by
any subsequent additions, renovations or remodeling of the Project.
p:quBnecon.rpt
2
2. Absorotion Of Land/Sufficient Suoolv For Other Uses.
Absorption of the land within Quantum Park as a direct result of the Project
will be accelerated Approximately 100 acres will be absorbed within 3 years
as a direct result of the construction and development of the Project, and in
addition, a significant amount of real property located within the Park will be
developed as an indirect result of the construction and development of the
Project. In contrast, the land located within Quantum Park is currently being
absorbed at a rate of approximately 5 acres per year based on actual sales
over the last 7 years
The more rapid absorption of commercial property provides many benefits to
the City of Boynton Beach, Palm Beach County and the surrounding area It
provides attractions for the citizens of Boynton Beach and other communities
and eliminates negative perceptions which are created as a result of the
current underdeveloped status of Quantum Park
Even with the development of the Project, Quantum Park will still have
sufficient land available for industrial, office, research and development and
other types of land uses. After development of the Project, Quantum Park
will contain approximately 237 acres which are available for development and
use as office, industrial and research and development. Given the current
absorption rate of 5 acres per year, this supply will last 47 years
3. Sales Within The Proiect Provide Needed Revenues,
The Project will contain businesses which are currently not located in
Quantum Park and will produce approximately $335 Million in sales in 1997,
growing to $426 Million by 2000 Based upon these estimates, Boynton
Beach will receive approximately $1 675 Million of sales tax revenues in
1998, increasing to $2.13 Million of sales tax revenues in 2001 These
estimates are based upon the City's portion of projected sales tax revenues
generated from the Project. Because of the industrial/warehouse nature of the
current business uses within Quantum Park, very little, if any, sales tax is
currently generated for the benefit of the City
4 The Proiect Will Enhance and Strengthen The Real Estate Tax Base In
The Citv of Bovnton Beach.
The Project will upon completion contain approximately 1,000,000 square
feet of GLA and, based upon this estimate, the Project will have a estimated
valuation of approximately $39 Million Based upon the current tax rate, this
will generate approximately an additional $1 Million in real estate tax revenues
to Palm Beach County In contrast, the real estate taxes that will be
p:quBnecon.rpt
3
generated from office, industrial or research and development in the Project
would be considerably less and, based upon the current marketing conditions
the absorption of the land within the Project for these uses would take a
much longer time period as discussed in Section 2 of this Report.
p:quanecon.rpt
4
Appendix B
BOYNTON BEACH RETAIL MARKET
CONSTRUCTION TRENDS AND VACANCY RATES
Prepared For'
Quantum Associates
Prepared By'
Fishkind & Associates, Inc.
12424 Research Parkway, Suite 275
Orlando, Florida 32826
(407) 382-3256
October 1994
Table Of Contents
Section Title Page
Section 1 Boynton Beach Community Overview 1
Section 2 Retail Construction Trends .2
Section 3 Retail Vacancy Rates by Center Type 3
Section 4 Conclusion 5
The Boynton Beach Retail Market
Construction Trends and Vacancy Rates
1.0 Boynton Beach Community Overview
Population in Boynton Beach has grown to 49,150 persons as of 1994
ThiS is an increase of 31,035 persons since 1970, when population was
only 18,115 As population has increased the variety and type of retail
demand has also Increased Incomes have expanded as the economy of
the metropolitan area has grown The location of Motorola's industrial
facility has been an important economic event for the area increasing real
estate values and the demand for new housing The development of the
Boynton Beach Mall, nearby Motorola, has reinforced the regional
attractiveness of Boynton Beach The addition of the Gateway Boulevard
interchange at 1-95 better accommodates some of this regional traffic and
is a reflection of the shift in regional travel patterns.
Most of this regional type activity has taken place west of Interstate 95
Growth and development has shifted west over time as the beach areas
have built out and become more congested Development in the western
areas of the city will be the focus of future growth
Population in Boynton Beach
50
40
III
~ 30
ca
III
::l
.B 20
.-
1970
1980
1990
1994
Year
U.S. Census Bureau and Flshklnd & Associates, Inc.
2.0 Retail Construction Trends
There are over 36 million square feet of retail space currently existing in
25 shopping centers in Boynton Beach Of this space, 52 percent was
constructed in 1985 or earlier and the remaining 48 percent was built post
1985 Of all the existing space, 12 percent is found in neighborhood
centers, 50 percent in community centers and 38 percent in regional
space.
Most space has been built west of 1-95 Of existing centers, 89 percent of
space IS located in the west, with the remaining 11 percent located east of
1-95 Most new construction is anticipated to continue to occur in the west.
Currently under construction and slated to open by early 1995 is the
220,000 square foot Fountains of Boynton Beach, located at Jog Road
and Boynton Beach Blvd
The average annual pace of retail construction has increased sharply over
the past four decades Interestingly, the average annual pace of
construction of regional retail space was nonexistent earlier in the history
of the city, but skyrocketed with the construction of Boynton Beach Mall in
1985 and its expansion in 1989 The arrival of the Boynton Beach Mall
has changed the character and pace of retail construction in Boynton
Beach, by accommodating regional shopping demand previously met
elsewhere.
Annual Average Construction
By Center Type
Community Neighborhood Regional
Built 1960-70 15 5 0
1971.80 20 5 0
1981-90 123 30 140
1991-93 89 19 0
. Built 1960-70. 1971-80. 1981.90. 1991-93
Flshklnd & Associates. Inc.
2
3.0 Retail Vacancy Rates by Center Type
In recent years retailing in Florida has been subject to 1) consolidations in
the industry, 2) downturns in the national economy and 3) a slowdown in
spending due to population growth downturn and demographic changes.
The result, as reported by CB Commercial at the 1994 International
Conference of Shopping Center Developers held in August, is vacancy of
13 percent statewide over the past two years, in centers larger than
30,000 square feet. In the Treasure Coast region, which includes Palm
Beach, Martin, St. Lucie and Okeechobee counties, vacancy rates are
reported to be 16 6 percent, with no improvement over the past year
In the most recent survey, conducted by Fishkind & Associates, Inc. in
September, 1994, vacancy rates in Boynton Beach were 5 6 percent, in
centers larger than 30,000 square feet. In all centers in Boynton Beach,
including those under 30,000 square feet, overall vacancy is 57 percent.
This local vacancy rate is sharply lower than vacancies in the surrounding
region and throughout the rest of Florida.
Comparative Retail Vacancy Rates
Florida Boynton Beach Tr..aure Coa.t Broward
CB Commercial and Flshklnd & Associates, Inc.
When vacancies are examined by type of retail center and by age there
are some important distinctions and observations to be made. For
community and neighborhood type centers constructed prior to 1986,
vacancy rates are consistent with the State and regional averages. In
newly built space constructed in 1986 or later, vacancy in community
centers is 7 1 percent and 70 percent in neighborhood centers. This is
almost half the vacancy rate of older centers and overall retail vacancy
conditions. There is no vacancy reported at the Boynton Beach Mall The
highly successful lease-up at the Mall keeps overall vacancy rates down
The result is, when looking at vacancy by center by type, overall vacancy
is lower than in the state or region and newly constructed space has the
lowest vacancy rates.
3
Boynton Beach Retail Vacancy Rates
By Center Type by Year Constructed
Neighborhood
13%
7%
Regional
0%
0%
Community
Built 1960-85 13%
Built 1986-93 7%
. Built 1960-85 III Built 1986-93
Flshklnd & Associates. Inc.
While older space has higher vacancy rates, new space does not cause
vacancy in older retail locations. On average, older retail locations in
Boynton Beach are experiencing vacancy rates that are consistent with
average vacancy rates throughout the Region and State. Much of the
vacancy in older centers is as a result of industry consolidations and this
vacancy would have occurred regardless of whether new space was
constructed Such consolidations include closures of Grand Union, Sun
Supermarkets, and Freddy's. These types of consolidations will continue
to occur, for example in some underperforming K-Mart locations.
As shopping centers age, the tenant mix must be updated and replaced
with more modern and current retailers. To the degree this is not done,
vacancy in some centers will rise, again regardless of new construction
To the degree these centers have access, visibility or locational problems,
it will be harder to attract this new tenant mix. As centers remain vacant,
maintenance spending declines and traffic falls impacting other existing
tenants, causing a further increase in vacancy In this way the vacancy
cycle feeds upon itself until there is a rehabilitation and reconstruction
effort undertaken Those centers in Boynton Beach with the highest
vacancy rates are generally older centers, in need of investment and
rehabilitation, often with access, visibility or locational problems or
impacted by consolidations Vacancy in these centers will not be
impacted one way or the other by the construction of additional retail
space in Boynton Beach
Finally, while some vacancy exists in neighborhood and community
centers, the direction and demand for new space is regional in nature
(based on annual average construction pace) Regional type shopping will
typically not affect community and neighborhood type shopping needs and
so demand for neighborhood and community shopping will not be diluted
by increased regional shopping in the city
4
4 0 Conclusion
Population growth has caused a sharp increase in retail space demand in
the City of Boynton Beach Retail construction has increased sharply in
response, adding almost as much space in the past eight years as In the
previous twenty-five.
As Boynton Beach has grown, it has become a more regional destination
with the location of the Motorola industrial facility and the Boynton Beach
Mall The development of nearby commercial/industrial areas and
opening of the Gateway Blvd interchange at 1-95 positions Boynton Beach
to continue to meet a growing regional demand
The development of additional regional retail shopping areas will not
impact vacancy rates among existing retail centers in Boynton Beach At
present, there is no vacancy at the regional Boynton Beach Mall and the
overall vacancy rate among all centers in the City is 5 7 percent, less than
half the average rate either regionally or statewide. Where vacancy does
exist, it is due in large measure to physical ageing and center
maintenance problems, industry consolidations and center characteristics
such as poor access, visibility or location
The development of additional regional retail shopping areas is consistent
with the changing patterns of local area demand and will bring additional
revenues to the City of Boynton Beach It is possible some of these
additional revenues may be used to assist in physical rehabilitation of
older retail centers in the City, helping to sustain the integrity of older and
important areas of the City and further enhancing property values and the
municipal tax base.
Boynton Beach Retail Vacancy Rates
By Center Type
10%
9%
0%
Community Neighborhood Regional TOTAL
Flshklnd & Associates. Inc.
5
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