SB Friedman is providing real estate market analysis and guidance for a transportation and land use strategy related to the proposed US 19 Corridor roadway improvements in Pinellas County.
The Florida Department of Transportation (FDOT), Forward Pinellas (the Metropolitan Planning Organization), and Pinellas County have long-range plans to improve transportation operations in the US 19 Corridor, including plans to elevate the mainline highway at major intersections and provide interchanges and frontage roads for local access. To better understand how transportation improvements would impact various stretches of the US 19 Corridor, Pinellas County and Forward Pinellas engaged HDR and SB Friedman to prepare a land use and planning study including an economic, demographic and market analysis. This analysis is separated into three phases by geography, including:
- Phase I in Palm Harbor (analysis initiated by WTL+A);
- Phase II in Largo; and
- Phase III in Tarpon Springs.
While the US 19 Corridor was developed as a conventional suburban auto-oriented thoroughfare, the character and market potential for each section changes from place to place. For each phase, SB Friedman utilized a customized market analysis approach to account for the development potential generated by the new limited-access highway, by:
- Conducting interviews and engaging with key stakeholders;
- Investigating existing demographic, employment and market conditions in the corridor;
- Preparing top-down demand forecasts of the maximum market potential for office, hotel, residential and retail uses; and
- Providing a framework for a targeted redevelopment strategy in the future.
Results: The information gathered in the corridor studies will inform the need for potential future action plans related to transportation, land use, economic and/or community-identified issues and opportunities. SB Friedman presented their analysis for Phase I (Palm Harbor) on December 5, 2017, and is currently conducting their analyses for Phases II and III in Largo and Tarpon Springs.