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SUBJECT MARKET AREA AND ANALYSIS Miami, Fort Lauderdale Florida MSA
Neighborhood is defined as follows: A group of complementary land uses; a congruous grouping of inhabitants, buildings, or business enterprises.
The following paragraphs provide an overview of the immediate area. The subject is located in an office warehouse condominium complex located on
the north side of Johnson Street, just west of the intersection SW 208th Avenue and East of US 27. Johnson Street is an east west street located
about a half mile north of Pines Boulevard. This location is in Pembroke Pines.
Major Traffic Arteries
The major highways in the area are I-75, I-595, I-95, and the Palmetto Expressway. I-75 is a north south interstate highway that is located about 5
miles to the east of the subject. This highway connects to I-595 to the north and to the Palmetto Expressway to the south. I-95 is a north south
highway closer to the coast line, about 15 miles to the east of the subject.
The area is developed in a gird development system with the major thoroughfares built in a north south and east west grid. The major east west
thoroughfare in the area is State Route 820/Pines Boulevard. This road runs about a half mile south of the subject in an east west direction. It runs
from the Atlantic coast inland to the Everglades to the west. The major north south thoroughfare in the area is US 27. This road is essentially the
western boundary of development in the area. West of this road is mostly Everglades. This road runs to the north to Everglades Parkway. US 27 is
located about a half mile to the west of the subject.
Overall, the location of the subject is considered to have excellent access and visibility on a macro and micro level.
Land Uses and Development
Land uses and development in the immediate area consists of commercial development: office, industrial, residential development: single family and
multi-family development; and institutional land uses: parks, churches, schools, etc. There is retail development along State Route 820 to the south.
Much of the surrounding area is newer development. The surrounding area is about 80% developed. The aerial that follows shows the location of the
subject and the surrounding development.
To the immediate north of the subject is single family development. The area is a large planned development community. One of the developments is
known as Hidden Lake.
To the immediate south of the subject is a residential condominium development called Malibu Bay. Further south on Pines Boulevard is commercial
To the immediate east of the subject is the Somerset Academy. Further to the east is Price Park and residential development known as The
To the west is West Broward High School and several office/flex properties.
Chapel Trail is a gated, lakefront community in Pembroke Pines. Chapel Trail features Mediterranean-style homes with curved S-tile roofs. Many
Chapel Trail homes also provide lake views, vaulted ceilings, Roman tubs, stainless steel appliances, ceramic floors, and hurricane shutters. Chapel
Trail has a pool and clubhouse. Homes for sale in Chapel Trail start at $175,000.
The subject’s development and the office flex properties in the immediate area are somewhat unique to the area. There are very few other office/flex
properties in the immediate area or Pembroke Pines in general. One would have to go as far as Weston or Davie to find comparable properties. A
new ordinance was passed not allowing the newer condominium units to be built out to over 27% office finish. Some of the 1st office/flex
condominiums were built-out to higher levels of finish prior to this ordinance.
Growth and New Development
The area has undergone significant growth since the 1990s through the mid 2000s. The city’s rapid population growth in the mid- to late-1990s was
part of the effect of Hurricane Andrew in 1992. Thousands of southern Miami-Dade County residents moved northward to Broward County, many to
Pembroke Pines. The resulting boom ranked the City of Pembroke Pines third in a list of "Fastest Growing Cities" in the United States in 1999. The
city's population has grown from (1990 pop. 65,452) to an estimated population of 146,828.
Single family development statistics for the 1, 3, and 5 mile radius is found on the chart on the following page. The map below shows the radii.
The population in the 1, 3, and 5 mile radii are 6,820, 35,306, and 97,123 respectively. The area is expected to grow 0%, 0.4%, and 0.9% per year
respectively over the next five years. Owner occupied homes comprise 84.3%, 86.6%, and 82.6% of the total homes in the respective radii. Median
household income in the 1, 3, and 5 mile radii are $76,223, $113.539, and $124,957 respectively indicating the area is a reasonably affluent location.
The median home values are $167,687, $235,778, and $243,372 respectively. The average year built (based on 2000 census data) of the structures
is estimated at 1994, 1994, and 1996. It is noted that there is significant newer development in the area and when the 2010 census is available it will
show a higher percentage of homes built more recently.
In conclusion, the subject location is in a desirable and reasonably affluent area with close proximity to several significant corridors and highways.
This location has seen significant growth over the past decade. At present, the area is about 80% developed. A church with good leadership could
have success in this location as there are ample residential and commercial development to support such a use. A commercial use is also indicated
as financially feasible.
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