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Economic Development Market Feasibility Study: City of North Port, FL

April 30, 2021 Alexandra Tranmer

The Challenge 

Nestled in Southwest Florida, the booming City of North Port accounted for 20% of Sarasota County’s population growth in the last decade but just 2.5% of job growth. Nearly 90% of the city’s workforce commutes out to other locations for work, representing a significant loss of business and spending potential for North Port. While Southwest Florida demonstrates growing demand in commercial and industrial markets, North Port is unable to capture this investment due to lack of shovel ready sites, despite vast swaths of land that are well situated for commercial and industrial facilities.  

The Solution

Camoin’s team used real estate market and demographic analysis to help inform development scenarios for five priority sites around the city. A fiscal benefit analysis was conducted on each of the priority development areas to estimate the amount of revenue that could be generated for the City upon full buildout of each site. The analysis found that for every $1 the city invests in utility infrastructure, the return to the city is up to $290 in taxable assessed value.

The Impact 

The combination of thorough data analysis, engagement with community leaders, and 1-1 discussions with City Commissioners positioned the plan to succeed. The City Commission unanimously adopted the Plan and sanctioned the City Manager to further solidify funding options for infrastructure build out. The plan was the catalyst for conversations among City staff and the public about the future of North Port. These conversations will continue through a range of public forums and Camoin will remain engaged with the city to refine their marketing message and materials to solidify its competitive factors in the Southwest Florida region.      

Media coverage of the Commission meeting can be found here.

 

Photo by ThisisEngineering RAEng on Unsplash