Miami Street Commercial Corridor Action Plan 2000

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Challenges The challenge to change comes from aspects of an area that dissatisfy. These challenges can be divided into: ► Weaknesses, factors that are very difficult to change and often must be accepted into the plan; ► Threats, factors that will become weaknesses if action is not taken; ► Opportunities, readily accomplished changes that will quickly improve the area. Weaknesses 1. Because institutional uses (St. Matthews Cathedral and the cemetery) occupy a large area in the center of the corridor, there is such a significant break in the commercial development that the corridor splits into two difficult to connect commercial districts. 2. Miami Street lacks modern retail space that could attract a national, high volume anchor like a drug store to the area. It is difficult to create an attractive location because relatively small parcels make assembling enough land for economical new construction difficult. Threats 1. With high land assembly costs already making new development difficult, the market for repair and replacement of buildings is further hampered by rents too low to recover construction cost. This gap between cost of construction and rents will only be closed when stores do a higher volume and therefore can afford to pay more for space. 2. Although interviews revealed concern about criminal activity in and near the corridor, they also revealed quick enforcement response. If business activity increases in the area criminal activity will decrease, however, if enforcement lags and criminal activity increases, customers will fear the area and the business climate will suffer. 3. With today's strong economy and the challenges inherent in operating an independent store or restaurant, many retiring owners of family businesses have difficulty locating a successor. This is particularly true in corridors where the business environment is in need of revitalization. The owners of a number of Miami Street's key businesses are at or nearing retirement age and do not have successors available. 4. Vacant buildings, whether just waiting approvals of financing or permits or truly uninhabitable, create an image of decline. Unfortunately key properties at the northern gateway to Miami Street are vacant and threaten the whole area's image. 5. At the beginning of this study, Miami Street lacked a business organization able to undertake the private responsibilities for partnering in the revitalization of the area. During the study an organization began to form but, as discussions at the October Strategy Workshop revealed, there is still no strong leadership identified for that group. 6. Absentee landlords often have the least incentive to properly maintain their investment. It is also difficult for the Miami Street Commercial Corridor Revitalization Action Plan December 2000 Page 8