Sofia’s Plaza Final Powerpoint
Subject Site Overview Address: 122 Prospect Hill Rd/2 North Rd East Windsor, CT 06088 4 Separate Parcels: Plaza 1 - Retail Plaza 2 - Retail Plaza 3 - Retail/Flex Friendly’s Built in: 1999 Built in: 1981 Built in: 1984 Built in: 1985 GLA: 3,786 SF GLA: 16,290 SF GLA: 36,000 SF GLA: 45,000 SF Total Units: 1 Total Units: 17 Total Units: 12 Total Units: N/A Parking Ratio: 7.92/1,000 Parking Ratio: 7.54/1,000 Parking Ratio: 5.62/1,000 Parking Ratio: 6.15/1,000 SF SF SF SF Total Land Area: 0.16 AC Total Land Area: 4.90 AC Total Land Area: 1.66 AC Total Land Area: 5.88 AC
Strengths ● ADT is very high around SS due to funneling effect of I-91 Good ingress/egress help with bringing drivers into the site ○ ● Plenty of signage ● Diverse tenant mix Low vacancy rate ●
Weaknesses ● Lack of anchor tenants Absence of stores that keep customers at the SS ○ Connecticut river creates natural barrier from affluent population to the west ● ● Signage is plentiful, but has different stores listed on the signs at each ingress Lack of accessible public transportation ●
Opportunities ● Potential casino being built across the street, will bring more people to the area Can fill vacancies with tenants that can keep customers at SS longer ● ● Zoning regulations may enable vast redevelopment opportunities to the property as well as signage; possibly highway signage
Threats: ● Nearby competitors with large anchors will steal away customers, especially those with similar tenant mix Planned construction of casino may not make it through legislation ● ● Possibility for “Atlantic City Effect” - Most business exists inside the casino, leaves the surrounding area out to dry
Maps and Aerial Views
Average Daily Traffic ● DOT: ADT ○ North Road ~18,900 ADT ○ Prospect Hill Rd ~9,600 ADT ● High traffic count because commuters must pass Sofia’s to get to I-91
Linkages - CT river is less than a mile west of the shopping center, this is a geographic barrier - Access from the more affluent west restricted a bit by CT river - Commuters to East Windsor from surrounding towns make up the majority of the linkages
Ingress and Egress Ingress and Egress - 2 Entrances Off of Prospect Hill Road, no stop lights or crosswalks in vicinity of entrances. - One Entrance on route 140, not accessible via stop light and does not have crosswalks
Signage - Prospect Hill Road (Route 5)
Signage - North Road (Route 140)
Signage Pros - Signage is very visible to drivers on both Prospect Hill Road (Route 5) and Bridge St. / North Rd. (Route 140) Cons - Because shopping center is located on a corner, some tenant signs are most likely not able to be seen from the busier streets - Each ingress has different tenants on each sign
Signage Zoning - Unified retail/service centers with five or more tenants are permitted to have a single identity sign, not exceeding 60 square feet in area. - Tenants in a unified retail/service centers can not have freestanding signs - Unified centers located on corner lots are permitted one additional sign, 32 square feet - Because this property qualifies to be included in the Highway Interchangeable Floating Zones, additional signage may be permitted - Possible signage off the highway (bringing a larger customer base to the center)
Zoning Map
Zoning Map
Zoning Business 2 Zone (B-2) - Areas of commercial activity including community retail, business, service, professional offices, and other automotive dependent uses - Can host a great number of Retail, Service, and Office uses - B-2 have tight bulk & area redevelopment guidelines, but because the property qualifies to be under a Highway Interchangeable Floating Zone there are additional development opportunities available for the site
Zoning Highway Interchangeable Floating Zones - Flexible development opportunities for land having high visibility and access to the major intersections of Route 5 with I-91 at Exit 44, and with Route 140 - Wide variety of development opportunities in this zone are available to encourage the economic development and fiscal improvement of the community - For parcels granted the (HIFZ) designation, the bulk and area requirements of the underlying zone shall not apply… e.g. height, lot area, ground floor area requirements
Diverse Group of Companies Over 35 Companies, ranging from: - Restaurants - Energy Companies - Laundromats - Bakeries - Smoke Shops - Nail Salons - Banks - Insurance Companies - Attorneys - Retail - Etc.
Individual Sales in 2015 (Source: Loopnet) Company Est Local Keylynx $1,327,000 SUBWAY $346,000 Sales Technologies Inc Copy Shoppe $291,000 Paraco Gas $30,709,000 Great $786,000 Polish $277,000 Expressions Sprint Store $4,816,000 Delicatessen Dental Ctr Friendlys $4,100,000 H&R Block $212,000 Smoker's $665,000 Discount World Simply $3,440,000 Curry Family $191,000 Wireless Chiropractic Adecco Staffing $626,000 Sanditz $1,477,000 Hollyberry $103,000 Tartsinis Law $568,000 Travel Office LLC Management American $66,000 Kenpo Karate State Farm $558,000 Dunkin' $1,413,000 LLC Donuts Dance Kraze $363,000 Dance Studio
East Windsor Economic Overview East Windsor Connecticut United States Median Household Income $51,092 $71,346 $57,616 Unemployment Rate 6.2% 4.2% 4.9% High School Graduates 72% 72% 82% Sales Tax 6.35% 6.35% 8.45% (avg) Pop/Sq Mile 432 742 94 Household size 2.44 2.52 2.58
Demand Side
Market Defining Story What is the product? - 4 Separate parcels containing a large store mix. All small in line tenants, no anchor tenants Who are the customers? - Tenants: Businesses in need of retail space in a middle class town - Consumers: More of a blue collar presence than the rest of CT, Middle class buying power Where are the Customers? - Commuters coming in and out of town through major roads such as route 140 and North Rd. - Commuters from East Windsor, South Windsor, Enfield, Windsor Locks
What do Tenants care about in East Windsor? Location - Commuter traffic coming to and from I-91 brings a lot of daily traffic through the area Visibility - Want customers to see their store as they drive on major roads - Quality locations for signage
What do Customers care about in East Windsor? Store Mix - Gives customers the ability to access multiple types of stores (restaurants, offices and retail) Ease of access - Easy parking - Multiple entrances and exits due to busy area Affordability - Stores are reasonable and customers can afford what they are buying
East Windsor Population Statistics Population - 2010: 11,162 - 2014: 11,353 - 2020: 12,542 1 mile 3 mile 5 Mile Population near SS: 1,571 26,891 64,230 Households: 642 10,703 25,288 Median HH Income: $67,775 $72,990 $74,746
East Windsor Labor Force Statistics from Department of Labor as of December 2016
Commuters Total commuters coming into town = 3854 Total residents commuting out of town = 2831
Area Employment (Largest employment type per # of employees within 5 miles of center are highlighted in orange)
Top Employers in East Windsor 2 companies in the 250-499 employee range 11 companies in the 100-249 employee range
Employment Map Almost all of the top employers with over 100 employees in the area fall are in close proximity to subject site
Casino? Possibility of developing lot across from subject site; approved by town, waiting for state legislature Subject Site 200,000 SF in total 100,000 SF of gaming 100,000 DF of retail and entertainment 3,000 parking spaces New opportunity could increased traffic and customer base
Retail Sales Per Household
Source: CoStar ( In Thousands)
Stores by Industry Apparel N/A Entertainment/Hobbies ● Sprint, Simply Wireless, Sanditz Travel Mgmt, Smoker’s Discount World, Dance Kraze Studio, American Kenpo Karate Food/Alcohol ● Sofia’s Package Store, Friendly’s, Subway, It’s a Grind Coffee House, Polish Delicatessen Household Maintenance ● Carpet Gallery, Laundromat, Paraco Gas Transportation N/A Health Care ● Great Expressions Dental, Curry Family Chiropractic Education ● Copy Shoppe
Housing Breakdown
Housing Breakdown ● There are four apartment complexes within a 6 minute drive of the shopping center One more within 9 minutes ○ ● Rents range from $871-$1,705 per month ● Not practically accessible without a car Countryside Apartments and Crossroads of Enfield ● do not provide Washer/Dryer on site
Housing Breakdown ● Two hotels within .4 miles of the shopping center ● One more within a 4 minute drive Despite being so ● close, cars are needed to access the property because there are no crosswalks
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