The City of Mount Vernon, through it consultation with HR&A Associates, has released a citywide demographic, market and development study. The study identifies market niches and existing specialized businesses in Mount Vernon for expansion, and explores ways to enhance those niches, while attracting new businesses into the City. The study also included a gap (leakage) analysis on a regional scale, examining where local residents are going to shop. Additionally, the City’s demographics, infrastructure and socio-economic factors were evaluated to provide data for commercial enterprises to perform cost-benefit analysis related to their potential for growth and development in Mount Vernon.
“I am pleased the results of this study both highlight and validate that Mount Vernon has the physical and social attributes to support the further growth of its economic base in a way that reflects smart growth patterns and will benefit the lives of its residents and visitors.” said Mount Vernon Mayor Clinton I. Young, Jr.
Key findings of the study emphasize the City of Mount Vernon’s significant assets that appeal to developers and investors such as:
- Higher household incomes than similar urban areas in the New York region
- Significant local market demand as one of the most densely populated cities in the United States
- Three Metro-North Stations and the multiple opportunities for Transit Oriented Development within their vicinity.
The study determined that while 40% of Mount Vernon resident and worker spending currently occurs outside of the city (representing a $205 million untapped retail potential each year) increasing local spending opportunity would be achievable by the City’s pursuit of the following:
- Bolstering the identity of Downtown Mount Vernon
- Fostering Transit Oriented Development opportunities
- Enhancing the City’s economic development capacity
- Creating a Downtown Business Improvement District
To view the report, download here:
Printed copies of the report are available for viewing at the offices of the City’s Department of Planning and Community Development and the City Clerk (both located in Mount Vernon City Hall) in addition to the Mount Vernon Public Library, located at 28 South First Avenue.
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