Northport / Main Avenue Development Site Standard Market Summary

The Standard Market Summary is the intermediate level of market analysis that Market + Main performs. This project was conducted for a development site located in a small downtown district near an underutilized riverfront in Alabama. The work was done for a private developer that was considering residential development and looking for a legacy project. The proximity to the redeveloping riverfront, along with the site's adjacency to a nationally regarded folk art facility, were key attributes.

For the analysis, a temperature gauge was taken on the market dynamics of the competitive area, including Tuscaloosa, just across the Black Warrior River. A highlighted summary of the greater market area was conducted, and then a detailed analysis of the project site's positioning was done. It became evident through the analysis that a target market would have to be attracted as the gaps in the marketplace were discovered. Target market characteristics were then identified and profiled, including relocation growth and potential alumni retirees related to the University of Alabama.

The site assessment included recommendations about the appropriate scale and mix of uses for the project site, including details on target market preferences and desired amenities. Short-term and long-term considerations were included, focusing on phasing as development momentum was beginning on the riverfront. The final recommendation was for a mixed use development, primarily residential to include key amenities of street-level retail, rooftop terrace, and an orientation towards the adjacent Kentuck Art Center.