|Local Revitalization Areas|
|Citywide Marketing Study|
In 2011, The City of Mount Vernon, through it consultation with HR&A Associates, released a citywide demographic, market and development study. The study identified market niches and existing specialized businesses in Mount Vernon for expansion, and explored 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.
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 download the full report, click here.