Reversing economic decline with strategic investments
into the Northern Shenandoah Business Park
The Northern Shenandoah Business Park represents a significant opportunity for new industrial and business development for the Town of Strasburg, VA, yet it has remained mostly undeveloped. Strasburg retained the team of Camoin Associates, Pennoni, and LPDA to create an action plan that provides a clear, step-by-step strategy for investing in the Park to accelerate its development.
- Real estate market analysis
- Economic base assessment
- Targeted industry opportunity analysis
- Facilitated a process addressing challenging topics such as infrastructure investments and land annexation
- Regional competitive positioning
- Financial feasibility analysis
- Economic and fiscal impact analysis
- Marketing and communications strategy
- Development strategy recommendations
Our work helped Town leaders understand that without investments in water, sewer, and roads, the park will remain undeveloped. Preparing the park for development will require complex coordination and management that only the Town can lead. The necessary infrastructure costs total around $5 million. This is a BIG number; BUT, the Town can pay for it through:
- Re-Investment: The Town currently receives about $200,000 annually in tax revenue from the park following the annexation.
- Partnerships: There are opportunities to create public-private partnerships with current property owners and future developers to recover initial costs.
- Tax Revenue: Future tax revenue will cover the outlays.
The risk is not zero, BUT, Strasburg is in a great position in a growing regional economy. The return on the Town’s investment would come in the form of job creation and tax revenue. According to the financial analysis, development of the park could generate 2,400 to 2,800 new jobs and $620,000 to $1 million in average annual net tax revenue for Strasburg.