Market Analysis

PURPOSE

Vogt Strategic Insights conducted a Market Analysis for the City of Powell in order to determine where the City should focus its development efforts with its limited resources.

The purpose of this real estate market study and strategic recommendations analysis is to evaluate housing characteristics and economic/employment trends impacting Powell. This analysis projects the future housing and commercial/retail needs of Powell based on current and anticipated demographic, economic, and housing trends.

 

KEY FINDINGS

Housing:

Powell is relatively built-out. There is less potential for new homes without annexing additional land.

Powell lacks sufficient housing options which limits its ability to attract and retain households throughout their life cycle.

Powell should offer a variety of for-sale housing options, providing a healthy continuum of housing.

Demographic support exists for the construction of up to 800 conventional market-rate apartments to be developed in Powell over the next 5 years, which will help to diversify the housing market.

Commercial:

Downtown Powell needs more mixed-used development. The creation of a DORA and parking management will benefit this area.

The zone along Grace Drive will benefit from redevelopment, including a neighborhood market.

Improving connectivity between Grace Drive, downtown, and West Olentangy will increase access to businesses.

The undeveloped land to the north of Sawmill Parkway and Home Road is expected to accommodate a population increase of 35% by the year 2040.

The proximity of Sawmill Parkway and Hampton Drive to the interstate may attract interest for office development, especially if developed in conjunction with a compact retail strip center with shared parking.

The Sawmill and Seldom Seen zone is extremely vulnerable due to poor visibility and its auto-dependent layout.

MARKET ANALYSIS DOCUMENTS