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Lee S. Sobel, Principal, Director of Public Strategies
Sandy Springs, Georgia October 15, 2015
Market Analysis to Support Sandy Springs’
Comprehensive Plan
AGENDA
• Welcome & Project Approach • Economic and Demographic Trends • Findings and Opportunities by Land Use
– For-Sale Housing – Rental Housing – Office and Industrial – Retail – Hotel
• In Focus: Planning in Five Small Areas – North Springs MARTA Station – Future MARTA Station – Powers Ferry – PCID – Roswell Road
• Questions and Next Steps
ABOUT THE RCLCO TEAM
RCLCO is a land use economics firm delivering real estate strategies, market intelligence, and implementation assistance
Practice Groups Public Strategies Community Development Urban Development Management Consulting Institutional Advisory
Offices Washington, DC Los Angeles Austin Orlando
ABOUT THE RCLCO TEAM
PUBLIC STRATEGIES answers questions concerning real estate, economics, finance and policy for our public sector clients.
Expertise Affordable Housing Corridor Planning Design Economics Downtown Revitalization Economic Development Economic & Fiscal Impact Industrial City Turnaround Metropolitan Growth Strategies Neighborhood Planning Public-Private Partnerships Transit-Oriented Development
OUR GOAL
To ground the comprehensive planning process in the economic realities of the local and regional market.
OUR APPROACH
Economic and Demographic Statistics and Trends - Sandy Springs
Economic and Demographic Statistics and Trends - Atlanta MSA
For-Sale Housing
Rental Housing Hotels Office and
Industrial Retail
Analysis of Land Uses in Sandy Springs
North Springs MARTA Station
Future MARTA Station
Roswell Road PCID Powers
Ferry
Analysis of Small Areas within Sandy Springs
OUR APPROACH
NOW NEXT 20 YEARS
• Who is here? • What land uses are here? • What are strengths, challenges,
opportunities, threats?
• Given demand for each type of real estate, what will this area capture?
• How could the city address strengths, challenges, opportunities, threats?
• What does this area ‘want’ to be?
FOR EACH SMALL AREA, WE ASKED:
NOW NEXT 20 YEARS
• How much is there? • What are the different types? • How is it performing? • What are strengths, challenges,
opportunities, threats?
• How much demand is there for more?
• Where should new supply go? • How could the city address strengths,
challenges, opportunities, threats?
FOR EACH LAND USE, WE ASKED:
ECONOMIC AND DEMOGRAPHIC FINDINGS
SANDY SPRINGS LOCATION
Strengths • Intersection of I-285 and GA-400 form
Atlanta’s “center of gravity” • North/South and East/West access • MARTA rail o For commuters o For business travelers
Challenges • Congestion • Transition from suburban to urban
ATLANTA EMPLOYMENT GROWTH
40,861 36,464
52,630
-150,000
-100,000
-50,000
0
50,000
100,000
150,000
Moody's Historical Avg. Annual Moody's Avg. Projected Growth ARC Region Avg. Projected Growth
Atlanta MSA Non-Agricultural Employment Growth, 1980-2035
Source: Moody's; Atlanta Regional Commission
SANDY SPRINGS EMPLOYMENT
Employment Growth in Sandy Springs, 2015-2035
Source: Atlanta Regional Commission
-1,000
0
1,000
2,000
3,000
4,000
5,000
6,000
Empl
oyee
s Ad
ded
2015-2020 2020-2025 2025-2030 2030-2035
HOUSEHOLD GROWTH
300,000
350,000
400,000
450,000
500,000
550,000
600,000
650,000
Historical ARC Moody's Esri ARC trend Moody's trend Esri trend Historical trend
Source: Moody's, Atlanta Regional Commission, Esri Source: Moody's, Atlanta Regional Commission, Esri
Fulton County Household Projections, 2000-2035
Source: Moody's, Atlanta Regional Commission, Esri
Source: Moody’s, Atlanta Regional Commission, Esri, RCLCO
AGE AND INCOME
4%
17% 21% 22%
18%
12% 7%
Under 25
25-34 35-44 45-54 55-64 65-74 75 and over
6%
22% 21% 17%
15% 11%
8%
Under 25
25-34 35-44 45-54 55-64 65-74 75 and over
30%
13% 18%
13% 14%
6% 6%
ATLANTA MSA SANDY SPRINGS
AGE
INC
OM
E
26%
13% 15%
12% 12%
6%
15%
Source: Esri Business Analyst
RENTERS AND OWNERS BY AGE AND INCOME
Young Professionals
Mature Professionals Families Empty Nesters Retirees
Young Professionals
Mature Professionals Families Empty Nesters Retirees
18-34, No Kids 35-54, No Kids 18-64, Kids 55-64, No Kids 65+, No Kids 18-34, No Kids 35-54, No Kids 18-64, Kids 55-64, No Kids 65+, No Kids
964 1,751 923 786 775 42 146 160 128 908 6,5822.2% 3.9% 2.1% 1.8% 1.7% 0.1% 0.3% 0.4% 0.3% 2.0% 14.8%
3,046 1,223 1,465 485 1,031 136 448 269 569 1,318 9,9896.9% 2.8% 3.3% 1.1% 2.3% 0.3% 1.0% 0.6% 1.3% 3.0% 22.5%
1,049 973 1,019 84 667 115 327 194 302 480 5,2112.4% 2.2% 2.3% 0.2% 1.5% 0.3% 0.7% 0.4% 0.7% 1.1% 11.7%
724 321 208 126 137 235 428 213 298 499 3,1901.6% 0.7% 0.5% 0.3% 0.3% 0.5% 1.0% 0.5% 0.7% 1.1% 7.2%
403 202 443 0 76 228 404 444 207 338 2,7460.9% 0.5% 1.0% 0.0% 0.2% 0.5% 0.9% 1.0% 0.5% 0.8% 6.2%
881 597 356 304 199 872 1,168 2,062 912 1,397 8,7482.0% 1.3% 0.8% 0.7% 0.4% 2.0% 2.6% 4.6% 2.1% 3.1% 19.7%
37 55 168 142 176 91 413 1,162 610 639 3,4940.1% 0.1% 0.4% 0.3% 0.4% 0.2% 0.9% 2.6% 1.4% 1.4% 7.9%
89 192 61 34 52 17 603 2,024 961 462 4,4940.2% 0.4% 0.1% 0.1% 0.1% 0.0% 1.4% 4.6% 2.2% 1.0% 10.1%
7,193 5,316 4,643 1,961 3,113 1,736 3,937 6,528 3,986 6,041 44,45416.2% 12.0% 10.4% 4.4% 7.0% 3.9% 8.9% 14.7% 9.0% 13.6% 100.0%
TOTAL
TOTAL
$200K-$300K
$300K+
Renters Owners
Hou
seho
ld In
com
e
< $25K
$25K-$50K
$50K-$65K
$65K-$80K
$80K-$100K
$100K-$200K
Source: American Community Survey, 2009-2013
HOUSING STOCK
Owner Occupied
Units 47%
Renter Occupied
Units 53%
Source: American Community Survey, 2009-2013; City of Sandy Springs
Sandy Springs Housing Units by Structure, 2013
Single-Family Homes, Condos,
Townhomes 58%
Apartment Units 42%
Sandy Springs Housing Units by Tenure, 2013
RENTER AND OWNER HOUSEHOLD TYPES
2,565 2,565
476 2,165
548 877
10,372
2,507
-
2,000
4,000
6,000
8,000
10,000
12,000
Married Couples with
Children
Married Couples without
Children
Male Householder, No Spouse, with Children
Female Householder, No Spouse, with Children
Male Householder, No Spouse, No Children
Female Householder, No Spouse, No Children
Single Householder Living Alone
Non-Family Household
with Roomate
4,766
7,432
122 381 191 531
5,419
807
-
2,000
4,000
6,000
8,000
Married Couples with
Children
Married Couples without
Children
Male Householder, No Spouse, with Children
Female Householder, No Spouse, with Children
Male Householder, No Spouse, No Children
Female Householder, No Spouse, No Children
Single Householder Living Alone
Non-Family Household
with Roomate
Renters
Owners
Source: American Community Survey, 2009-2013
LAND USE FINDINGS
FOR-RENT AND FOR-SALE HOUSING
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
Units in Single-Family Structures Units in All Multifamily Structures
Atlanta MSA Residential Permitting Activity, 1990-2014
Source: HUD SOCDS
FOR-RENT AND FOR-SALE HOUSING
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2007 2008 2009 2010 2011 2012 2013 2014
Units in Single-Family Structures Units in All Multifamily Structures
Sandy Springs Residential Permitting Activity, 2007-2014
Source: HUD SOCDS
Spike has resulted in moratorium on new rezoning applications
RENTAL HOUSING
$977
$1,085
$1,421
$900
$1,000
$1,100
$1,200
$1,300
$1,400
$1,500
Atlanta Class A Sandy Springs/Dunwoody Class A Buckhead Class A
Class A Asking Rental Rates, 2000-Q1 2015
Source: CoStar
The newest apartments in the Sandy Springs/Perimeter submarket are earning $1.77/SF to $1.97/SF.
IN SUMMARY: RENTAL HOUSING
Strengths • Up-and-coming location for new
apartments • Well positioned to attract professional
renters who are priced out of Buckhead • The newer apartments are well-maintained
and attractive • City Springs will be a compelling location
for new rental housing (walkable, live/shop/play)
• Easy commute to Perimeter Center
Challenges • Lack and price of available land • High land costs require developers to build
rental housing at higher densities, which typically requires rezoning
• Resident perception that the city already has its fair share of rental units makes approval of new development politically difficult
• Aging existing stock in certain areas • Moratorium on new rezoning applications could
impact the city’s reputation with developers and reduce the number of units built to meet demand long-term
Long-Term Opportunities: • More rental housing, particularly wrap product until prices support podium or
high-rise construction • Appeal to high-income professional singles, couples, and roommates • Secondary audience of more mature singles and couples and empty nesters
IN SUMMARY: RENTAL HOUSING CONTD.
Potential Future Locations in City • Close to office and retail • Close to MARTA rail and/or major transportation arterials
On average, RCLCO projects demand for 490-700 new rental units per year from 2015 to 2035. This means the potential to add 10,200 to 14,700 new rental units over the next 20 years.
New Product Characteristics • Rental housing built since 2014 is priced
at $1.77/SF to $1.97/SF • Wrap-style construction
2015-2035 2026-2035
Annual Demand Potential 450-700 525-700
Cumulative Demand Potential 5,000-7,800 5,300-6,900
FOR-SALE HOUSING: PRICE BY TYPE
$50,000
$150,000
$250,000
$350,000
$450,000
$550,000
$650,000
$750,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Single Family Detached Townhome Condo
Average Sale Price by Product Type in Sandy Springs, 2005-2014
Source: Fulton County Assessors Office; Brokers and Websites for Actively Selling Communities
However, new product is priced significantly higher than the average:
Average Price for New Premium To All Sales Average Single-Family $864,000 + $200,000 Townhome $448,000 + $100,000 Condo $460,000 + $300,000
FOR-SALE HOUSING: SFD PRICING
Single-Family Detached Home Sales by Price in Sandy Springs, 2005-2014
0
200
400
600
800
1,000
1,200
1,400
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Num
ber o
f Sal
es
$100K-$200K $200K-$400K $400K-$600K $600K-$800K
Source: Fulton County Assessors Office
IN SUMMARY: FOR-SALE HOUSING
Strengths • Top location for Atlanta buyers • Well-maintained, attractive housing stock • Plenty of tree cover and topography • Chattahoochee River scenery • Aging stock of townhomes and
condominiums provides affordable ownership opportunities
• Easy commute for Perimeter Center employees
Challenges • Lack and price of available land • Entry-level and middle income buyers priced
out • Most opportunity for new development is
based upon tearing down existing single-family homes in high-end areas, thus requiring the new home to be even higher priced than the one torn down
Long-Term Opportunities: • More for-sale housing of all types, including in particular:
• Denser townhomes and condominiums in walkable areas like City Center that will attract empty nesters and retirees
• Single-family detached homes built on smaller lots so that they are more affordable to buyers currently priced out of Sandy Springs
IN SUMMARY: FOR-SALE HOUSING CONTD.
Potential Future Locations in City • Close to the Chattahoochee River, land permitting • Within existing single-family neighborhoods
On average, RCLCO projects demand for 390-560 new for-sale units per year from 2015 to 2035. This means the potential to add 8,200 to 11,800 new for-sale units over the next 20 years.
New Product Characteristics There are a range of products and price points on offer in the market today:
Typical Price Typical Size (SF)
Condos $200K-$450K 800-1,800
Townhomes $300K-$450K 1,700-2,500
Entry Level/Small Lot Detached
$350K-$600K 1,850-3,500
Move-Up Detached
$600K-$950K 2,800-4,800
Luxury Detached $1.2M+ 4,000+
2015-2025 2026-2035
Annual Demand Potential
350-575 425-550
Cumulative Demand Potential
4,000-6,300 4,200-5,500
OFFICE
$16.00
$18.00
$20.00
$22.00
$24.00
$26.00
$28.00
$30.00
$32.00
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 1Q 2015 2Q 2015
Aver
age
Ren
t ($/
SF, F
ull S
ervi
ce)
Central Perimeter (Includes Sandy Springs) Upper Buckhead
Lower Buckhead Midtown
Downtown Atlanta Market
Office Rental Rates by Submarket, 2005-2015
Source: CoStar
IN SUMMARY: OFFICE
Strengths • Strong reputation in the market as the location of large company headquarters and the majority of
the office space in Perimeter Center • Strong outlook for Sandy Springs' largest office-using industries (business/professional services,
education and medical) • Planned infrastructure projects are expected to mitigate congestion near I-285 • Plenty of high-end, executive housing to attract business owners
Challenges • Limited space remains for campus style development and/or new development • Existing campus style developments are not particularly walkable, which limits the potential impact
of MARTA stations nearby • Providing housing for all income levels will be important for the long-term health of the PCID and
the office market overall
Long-Term Opportunities: • Continue to retain and expand business, insurance, and health/biotech tenants • Continue to densify Perimeter Center • Employers value transit access: pursue walkable TOD around MARTA stations
IN SUMMARY: OFFICE CONTD.
Potential Future Locations in City • PCID • Near MARTA rail stations • Powers Ferry • Medical center
On average, RCLCO projects demand for 200,000-360,000 SF of new office space per year from 2015 to 2035. This means the potential to add 4.2 million to 7.6 million SF of new office space over the next 20 years.
New Product Characteristics • Rents vary depending on the type of
office and the desirability of the location • Top Perimeter properties exceed $30/SF
gross (North Park, Concourse) • New office will likely be high rise and
dense • Could also be demand for locally-serving
office in mixed-use town centers that would be lower density
2015-2025 2026-2035
Annual Demand Potential (SF)
220,000-390,000 180,000-330,000
Cumulative Demand Potential (SF)
2.4M-4.3M 1.8M-3.3M
IN SUMMARY: INDUSTRIAL
Strengths • The industrial property in Sandy Springs is
100% occupied and has been since 2012
Challenges • Lack of existing industrial space makes it
difficult to attract new industrial users or for residents to accept more industrial uses
• Land values and rents are too high for industrial development
Long-Term Opportunities: • Industrial development should not be a priority for Sandy Springs
0
10
20
30
40
50
60
70
80
$60
$65
$70
$75
$80
$85
$90
$95
$100
$105
$110
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Occ
upan
cy (%
)
ADR
($)
ADR ($)
Occupancy (%)
HOTEL
Source: Smith Travel Research
Average Daily Rate and Occupancy for Perimeter Center/Roswell
Submarket, 2000-2014
Hotel Revenue ADR =
Rooms Booked
IN SUMMARY: HOTEL
Strengths • Perimeter Center generates significant
demand from business travelers • Hospitals also generate hotel demand • The same quality of life that attracts
businesses and residents is attractive to hotel guests
• Seen as a safe alternative, with good access, to downtown Atlanta for groups
• Well occupied
Challenges • Individual leisure travelers who visit Atlanta'
s major tourist attractions are not likely to stay in Sandy Springs, given the number of hotel options in downtown and Midtown
• Sandy Springs does not have significant meeting/convention space
Long-Term Opportunities: • Increase supply to:
• Meet demand from additional business travelers • Larger and newer meeting/event spaces will better serve corporate users
and other groups
IN SUMMARY: HOTEL CONTD.
Potential Future Locations in City • Office and medical cores (PCID, Powers Ferry) • Mixed-use centers and areas
On average, RCLCO projects demand for 410 new hotel rooms per year from 2015 to 2035. This means the potential to add 8,600 new hotel rooms over the next 20 years.
New Product Characteristics • Rates vary widely by hotel chain • The new Homewood Suites’ standard
rate is $150-200/night • Most new construction in Atlanta and
nationally is upper midscale and upscale hotel brands (e.g., Residence Inn, Hilton Garden Inn, Hampton Inn)
2015-2025 2026-2035
Annual Demand Potential 390 430
Cumulative Demand Potential 4,300 4,300
RETAIL
4.7% 6.2%
6.8%
12.9%
15.5%
17.6%
15.0%
9.9% 10.4%
6.7% 7.0% 6.6%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 1Q 2015
2Q 2015
Vaca
ncy
Rat
e
SF o
f Ret
ail
Occupied SF Vacant SF Vacancy Rate
Occupied and Vacant Retail Space (All Types), Sandy Springs, 2005-2015
Source: CoStar
RETAIL
Neighborhood Retail 37%
Community Retail 52%
Lifestyle Retail 11%
Sandy Springs Retail Supply by Gross Leasable Area, July 2015
Source: CoStar
Example: The Prado Example: Sandy Springs Plaza
Example: North River Shopping Center
IN SUMMARY: RETAIL
Strengths • High income population fuels the demand
for additional retail • Roswell Road has strong traffic counts • City Springs will help anchor and provide a
sense of place to the Roswell Road retail corridor that is currently lacking
• Several older shopping centers on Roswell Road are good candidates for redevelopment
Challenges • Through-commuters on Roswell Road do
not stop to shop but contribute to the congestion
• Challenging to compete with Perimeter Mall retail
• Some struggling shopping centers along Roswell Road are held in trusts, which makes them more difficult to rehab or redevelop
Long-Term Opportunity: • More neighborhood and community retail • Maintain and support “mom and pop” retailers • Unlikely that retailers in the mall area will expand or relocate to Sandy Springs,
although a mixed-use “town center” development may attract a few
IN SUMMARY: RETAIL CONTD.
Potential Future Locations in City • Redevelopment of older underperforming shopping centers on Roswell Road • City Center • Powers Ferry • At or close to MARTA rail (transit-oriented development) On average, RCLCO projects demand for 35,000-50,000 SF of new retail per year from 2015 to 2035. This means the potential to add 735,000 to 1,050,000 SF of new retail over the next 20 years.
New Product Characteristics • The newest centers in the market lease
for an average of $25-$32/SF NNN • Average lease rates are approx. $18/SF
NNN • Strip centers and mixed-use town centers • Walkable with strong sense of place
2015-2025 2026-2035
Annual Demand Potential (SF)
32,000-51,000 38,000-49,000
Cumulative Demand Potential (SF)
320,000-560,000 380,000-490,000
IN FOCUS: SMALL AREA PLANS
SMALL PLANNING AREAS
NORTH SPRINGS MARTA STATION AREA
Apartments
Small Office
Apartments
Bus station/ Kiss 'N Ride parking lot
Small Area Sandy Springs Capture of Sandy
Springs # % # % Population 1,856 98,184 1.9% Households 929 44,454 2.1% # Owners 93 10% 19,824 45% 0.5% # Renters 835 90% 24,630 55% 3.4%
Employment* 1,031 108,740 0.9%
Small Area Sandy Springs Difference Median Age 29.8 36.3 -6.5 Avg HH Size 1.97 2.21 -0.2 Med HH Income $64,442 $65,913 -$1,471 Avg HH Income $91,681 $110,308 -$18,627 Med Home Value $229,167 $545,579 -$316,412 Avg Home Value $306,842 $608,038 -$301,196
Small Area Sandy Springs Capture Office Space 157,387 SF 26,487,711 SF 1% Retail Space 2,760 SF 6,567,389 SF 0% Multifamily Units 1,166 22,935 5% Hotel Rooms 0 2,865 0%
NORTH SPRINGS MARTA STATION AREA
Strengths: • Transit already in place • Green, secluded, attractive for residential • Access to GA-400 • Adjacent to PCID Challenges: • All low rise development currently and it does not
relate well to the MARTA station, therefore land may be underutilized
• Limited pedestrian crossings • Current residents may not want additional
development/activity • Could distract/detract from PCID infill opportunities Opportunities: • Availability of undeveloped land • Addition of more office and/or retail to create more
of an activity node or extend PCID activity north • Creation of a mixed-use “town center”
FUTURE MARTA STATION AREA
Schools
Apts
Industrial
Apts
Office
Retail
Small Area Sandy Springs Capture of Sandy
Springs # % # % Population 2,117 98,184 2.2% Households 997 44,454 2.2% # Owners 253 25% 19,824 45% 1.3% # Renters 744 75% 24,630 55% 3.0%
Employment* 4,294 108,740 3.9%
Small Area Sandy Springs Difference Median Age 33.6 36.3 -2.7 Avg HH Size 2.11 2.21 -0.1 Med HH Income $64,721 $65,913 -$1,192 Avg HH Income $83,547 $110,308 -$26,761 Med Home Value $337,500 $545,579 -$208,079 Avg Home Value $430,118 $608,038 -$177,920
Small Area Sandy Springs Capture Office Space 882,007 SF 26,487,711 SF 3% Retail Space 3,827 SF 6,567,389 SF 0% Industrial Space 100,000 SF 180,384 SF 55% Multifamily Units 796 22,935 3% Hotel Rooms 0 2,865 0%
FUTURE MARTA STATION AREA
Strengths: • Access to GA-400 and Roswell Road • Would provide transit access for more residents • Surrounded by multiple different types of land uses Challenges: • There is limited opportunity for synergy between
the industrial uses and the proposed MARTA station
• Established single-family neighborhoods around the MARTA station limit the amount of TOD catalyzed by the new station
Opportunities: • Undeveloped land on Northridge Rd • Investment in placemaking around MARTA station • Could spur redevelopment of existing rental units
POWERS FERRY
Office
Retail
Office
School
Trail connection
Small Area Sandy Springs Capture of Sandy
Springs # % # % Population 253 98,184 0.3% Households 86 44,454 0.2% # Owners 82 95% 19,824 45% 0.4% # Renters 4 5% 24,630 55% 0.0%
Employment* 5,699 108,740 5.2%
Small Area Sandy Springs Difference Median Age 51.8 36.3 15.5 Avg HH Size 2.96 2.21 0.8 Med HH Income $143,447 $65,913 $77,534 Avg HH Income $212,763 $110,308 $102,455 Med Home Value $1,000,001 $545,579 $454,422 Avg Home Value $1,008,133 $608,038 $400,095
Small Area Sandy Springs Capture Office Space 3,104,879 SF 26,487,711 SF 12% Retail Space 152,494 SF 6,567,389 SF 2% Multifamily Units 0 22,935 0% Hotel Rooms 296 2,865 10%
POWERS FERRY
Strengths: • Affluent resident base • Significant employment node • Direct access to I-285 • Tightly defined area Challenges: • Land dominated by very low density office • High office vacancy (22%) • Poor pedestrian access to the river trail
(must drive and park) • Competing with both PCID and
Cumberland/Galleria for office and retail Opportunities: • Infill development around offices or
redevelopment of underutilized office campuses while preserving open space
• Better connection with and celebration of the river as part of area’s identity
PERIMETER CENTER IMPROVEMENT DISTRICT
Medical Apts, Retail, Townhomes
Office
Office, Hotel Apts
Apts, Condo, Hotel
Retail, Apts
Office
Office Apts, Town-homes
Apts
Small Area Sandy Springs Capture of Sandy
Springs # % # % Population 4,152 98,184 4.2% Households 2,260 44,454 5.1% # Owners 998 44% 19,824 45% 5.0% # Renters 1,263 56% 24,630 55% 5.1%
Employment* 48,164 108,740 44.3%
Small Area Sandy Springs Difference Median Age 38.3 36.3 2.0 Avg HH Size 1.77 2.21 -0.4 Med HHIncome $75,625 $65,913 $9,712 Avg HH Income $98,047 $110,308 -$12,261 Med Home Value $333,446 $545,579 -$212,133 Avg Home Value $405,506 $608,038 -$202,532
Small Area Sandy Springs Capture Office Space 17,189,303 SF 26,487,711 SF 65% Retail Space 1,099,944 SF 6,567,389 SF 17% Multifamily Units 2,685 22,935 12% Hotel Rooms 1,883 2,865 66%
PERIMETER CENTER IMPROVEMENT DISTRICT
Strengths: • City’s most valuable office, retail, hotel, and multifamily location • Strong area identity • Regional employment core • Adjacent to regional shopping destination • MARTA rail station Challenges: • No large undeveloped parcels remain • Congestion could drive away tenants and residents • Mobility of office tenants • Remaining relevant as an office destination with a large amount
of campus-style development Opportunities: • Better access and walkability to MARTA would make it a more
attractive commute option • Continued evolution of PCID as a world-class office destination • Addition of more residential to create a truly mixed-use
environment, including housing to attract a younger demographic
ROSWELL ROAD - NORTH
Small Area Sandy Springs Capture of Sandy
Springs # % # % Population 7,561 98,184 7.7% Households 3,891 44,454 8.8% # Owners 1,206 31% 19,824 45% 6.1% # Renters 2,685 69% 24,630 55% 10.9%
Employment* 6,972 108,740 6.4%
Small Area Sandy Springs Difference Median Age 34.4 36.3 -1.9 Avg HH Size 1.92 2.21 -0.3 Med HH Income $51,331 $65,913 -$14,582 Avg HH Income $71,295 $110,308 -$39,013 Med Home Value $339,877 $545,579 -$205,702 Avg Home Value $388,993 $608,038 -$219,045
Small Area Sandy Springs Capture Office Space 1,725,070 SF 26,487,711 SF 7% Retail Space 1,554,603 SF 6,567,389 SF 24% Industrial Space 59,375 SF 180,384 SF 33% Multifamily Units 3,260 22,935 14% Hotel Rooms 0 2,865 0%
ROSWELL ROAD - NORTH
Strengths: • Primary north/south corridor besides GA-400 • Wide range of land uses Challenges: • Limited street grid and GA-400 congestion worsens traffic • Aging stock of retail spaces and apartment complexes • Competes with the mall area for retailers • Poor pedestrian environment • Not receiving much investment currently • Long stretches of a single use (i.e., multifamily or retail) • Buildings set far back from road • Difficulty attracting new retailers Opportunities: • Redevelopment of aging apartments and shopping centers • Coalescence of community support for redevelopment • Better serve the retail needs of the more affluent
neighborhoods in/near the small area (e.g., Huntcliff and Grogan’s Bluff)
ROSWELL ROAD - SOUTH
Small Area Sandy Springs Capture of Sandy
Springs # % # % Population 8,422 98,184 8.6% Households 3,142 44,454 7.1% # Owners 919 29% 19,824 45% 4.6% # Renters 2,223 71% 24,630 55% 9.0%
Employment* 2,656 108,740 2.4%
Small Area Sandy Springs Difference Median Age 30.2 36.3 -6.0 Avg HH Size 2.72 2.21 0.5 Med HH Income $48,334 $65,913 -$17,579 Avg HH Income $83,244 $110,308 -$27,064 Med Home Value $542,380 $545,579 -$3,199 Avg Home Value $580,305 $608,038 -$27,733
Small Area Sandy Springs Capture Office Space 480,451 SF 26,487,711 SF 2% Retail Space 1,098,349 SF 6,567,389 SF 17% Multifamily Units 3,523 22,935 15% Hotel Rooms 0 2,865 0%
ROSWELL ROAD - SOUTH
Strengths: • Primary north/south corridor besides GA-
400 • Attracting more developer interest than
North Roswell Road (e.g., Gateway Sandy Springs)
• Adjacent to Buckhead • Multiple land uses Challenges: • Limited street grid and GA-400 congestion
worsens traffic • Competes with the mall area for retailers • Fairly developed – may be hard to find
land to continue redevelopment efforts Opportunities: • Redevelopment of aging apartments and
shopping centers