News HighlightsHickory Creek EDC Unveils New Town Center Design Charrette Results - April 2008
Hickory Creek has an excellent opportunity to maximize the commercial potential of the approximately 80 acres surrounding Town Hall and joining it with Cornelius Town Center and Wal-Mart Superstore. The Town Center will be planned as a mixed-use, pedestrian-oriented development where people can “live, work and play”. It will be designed to be congruent with our small town atmosphere and blend in with Hickory Creek’s picturesque surroundings, yet further develop our growing business district. The establishment of a Town Center will also allow Hickory Creek to consider whether any of the facilities identified in the recent Strategic Planning sessions may be placed within the Town Center development as other “public anchors” (in addition to the Town Hall)—providing the benefit of attracting associated retail traffic. Additionally, Hickory Creek’s commitment for preparation of a new Comprehensive Plan and a Parks & Trail System Master Plan provides the Town with an opportunity to master plan approximately 80 acres with a broader look at its potential impact on surrounding properties. The Hickory Creek EDC has selected GSBS Architects to manage this comprehensive planning process and to evaluate the economic potential of what will be Hickory Creek’s greatest economic development opportunity. Two days of planning meetings were held on April 9th and 10th with the landowners and current businesses whose properties fall within the boundaries of the proposed Town Center. The participation from the landowners and business was phenomenal. A Public Hearing/Workshop was then held on April 10th to deliver the results of the planning effort to the citizens, Town Council, EDC Board, Planning and Zoning, and other Town staff. What we saw were landowners and business who wanted to participate in something much bigger than their own parcels would allow. We are very excited about this major step in our town’s growth and evolution. This beautifully designed Town Center will place Hickory Creek at the forefront of development in the Lake Cites area. Interested developers and brokers should contact the EDC for more information at
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Lake Cities Retail Market Opportunities Retail Leakage (GAP) Analysis - February 2008Your Hickory Creek Economic Development Corporation retained The Retail Coach™ to develop a Retail Trade Area Analysis that estimates retail spending potential based upon population, income, and consumer spending patterns. We are then better able to determine the extent to which we are or are not capturing our retail sales potential. Understanding the pattern of retail spending within our retail trade area as it relates to the overall spending patterns of Texas is critical. The Retail Coach’s model analyzes these patterns for all retail sales in the area, including taxable and nontaxable sales, to further determine which retail sectors are exhibiting “retail leakage” and “retail surplus.” Retail leakage occurs when actual sales within our retail trade area are less than its potential sales. Retail surplus occurs when actual sales within our retail trade area are greater than its potential sales. The Lake Cities Retail Trade Area currently has no retail surplus. Using the retail leakage information, we can develop recruitment strategies for specific retail sectors and give retailers a snapshot of the relative strengths and weaknesses of our retail market. Generally, leakage categories signal a demand for a particular retail sector and justify the market potential to retailers and developers. The following are some of the retail sectors that indicate a sales leakage within our Lake Cities Retail Trade Area, as determined by our last Retail Leakage Analysis: Retail Sector Sales Leakage · Eating Places $188,196,500 · General Merchandise Stores $137,404,300 · Home Supply & Auto Stores $ 56,554,240 · Family Clothing Stores $ 7,458,017 · Women’s Clothing Stores $ 6,960,314 · Sporting Goods, Bicycle & Gun Stores $ 5,941,508 · Men & Boys’ Clothing Stores $ 3,983,159 · Retail Bakeries $ 2,852,989 · Children & Infants’ Wear $ 1,377,704 · Women’s Accessory & Specialty Stores $ 1,055,193 Targeting the right retailers and restaurants for our community increases our ability to recruit those which are a “best fit” and helps eliminate wasted time in trying to recruit those whose requirements are unattainable. It takes great time and effort, but in the long run, performing this step correctly increases our odds of retail success. Lake Cities Retail Trade Area Demographics Improvements - February 2008Last year’s latest update to the Lake Cities Retail Trade Area demographics shows a marked improvement in the demographics most relevant to retail growth and stability in the relative youth of the population: 1. Population: + 6,746 2. Avg. Household Income + $2,134 3. Median age: no change 4. I-35E vehicles/day + 17,000 The actual demographic data for 2004 and 2006 is shown below: 2006 Lake Cities Retail Trade Area 1. Population: 106,889 2. Avg. Household Income: $73,464 3. Median Age: 30.06 yrs. 4. I-35E vehicles/day: 125,000 2004 Lake Cities Retail Trade Area 1. Population: 100,143 2. Avg. Household Income: $71,330 3. Avg. Age: 30.03 yrs. 4. I-35E Vehicles/Day: 108,195 Vista Academy of Hickory Creek Scheduled To Open This Fall – June 2007Vista Academy of Hickory Creek is set to open its doors this August. The school serves kindergarten through second grade students and is designed to provide personalized learning centered on research-based instruction. The campus will be located at Cornelius Town Center south of Wal-Mart in Hickory Creek. Vista Superintendent Alan Wimberley said, "Our schools provide opportunities for early elementary children to learn in an environment that allows students to increase their knowledge at grade level, teaches them how to become independent learners, and connects them with real-world experiences that make learning fun and exciting. The school is much like a private school with a belief in parent involvement and learning style instruction." Vista Academy is a public school, authorized through the state to provide free education. The school is accredited by the State of Texas and the Southern Association of Colleges and Schools (SACS). Vista is part of a large public school district, Responsive Education Solutions, recently accredited with SACS. Dr. Mark Elgart, President of SACS, congratulated and commended the district for its "historic achievement as one of the first 200 school systems in the United States to be awarded District Accreditation as a Quality School System." Responsive Education Solutions also founded and operates the Center for Strategic Learning Systems in Denton. The Center is internationally recognized by the International Learning Style Network. Vista Academy of Hickory Creek will be located at 800 Point Vista. The campus will feature an indoor playground, reading oasis and classrooms for 200 students. The school is designed to stay small in order to provide more focused attention for each child. Registration has recently opened for kindergarten, first and second grade students. Those interested may call (940) 597-0707 for registration information, visit the district website at www.vista-academies.com, or go by the school office at 800 Point Vista in Hickory Creek. Economic Development Gaining Momentum – May 2007Fortunately, we have in Hickory Creek a Mayor and Town Council with vision, an Economic Development Corporation board that is determined and works together, and a citizenry that is involved and energized. Because of this, economic development has been quickly gaining momentum over the past few months. We've accomplished much by engaging new brokers, landowners and developers in new marketing strategy discussions. In the near future, we feel our efforts will be rewarded with hotels, restaurants and commercial businesses coming to our town. Lake Cities Chamber of Commerce – Hickory Creek Economic Development
I recently had the pleasure of representing Hickory Creek at the Lake Cities Chamber of Commerce luncheon. My presentation gave an overview of our current economic development and future opportunities. Hickory Creek's new town hall, the medical center on FM 2181, and the recently opened Texas Land & Cattle Company were reviewed. Our aggressive focus on recruiting prospects for Cornelius Town Center and buyers for the Eckerd building were also highlighted, as well as identifying the respective brokers for those properties. Our Lake Cities Retail Trade Area (RTA) and its demographics were also reviewed. Lake Cities Retail Trade Area
A Retail Trade Area is defined as the largest distance consumers are willing to travel to purchase goods and services and is usually shown as a 10 minute drive-time. It will always be irregularly shaped because of the layout of road systems, differences in speed limits on roads and freeways and physical geography such as lakes, rivers or freeways that can be barriers to development. It should be obvious, even to the novice, that it is much more advantageous for us to market our community as a Retail Trade Area of a 100,000+ relatively young, affluent population versus only within the town boundaries containing 2,400 people. The true market for most retailers and commercial businesses draws from a much larger area than just within Hickory Creek. We want to bring those potential sales dollars into our town. We are working with key brokers, developers and landowners and educating them in the effective marketing of our area utilizing these strong Retail Trade Area demographics. Another related and powerful tool we use to our marketing advantage is called the Retail Leakage (or Gap) Analysis. Retail Leakage (Gap) Analysis
It is critical to understand the pattern of retail spending within a community as it relates to the spending patterns of the larger surrounding area. A retail sales surplus indicates that the community pulls consumers and retail dollars in from outside that community. Alternatively, when local demand for specific retail products or sectors is going unmet, consumers are going outside the community to shop and thereby create a retail sales leakage. In other words, sales dollars are leaving our community. A simple example of this is an examination of our Retail Trade Area “Eating Places” retail sector. 2006 data shows that Retail Trade Area sales potential to be over $203,000,000 annually. We have approximately $15,500,000 actual sales in our area. The difference between the two numbers is +$187,500,000, a retail sales surplus and a strong economic justification for additional restaurants. Your Economic Development Corporation board approved an update to the Retail Trade Area Analysis for 2006. In that update, there will be a Targeted Retail Outlook Guide for “Eating Places” that we will use to recruit more restaurants. Recent Economic Development Activity
My recent report to the Economic Development Corporation summarized the retail activity we have started in a relatively short period of time:
- Hotels: Owner/operator is interested in opening one upper mid-tier international hotel flag with one or two restaurants on frontage of property. Two owner/operators are interested in immediately building two high mid-tier hotel flags with one or two restaurants on frontage of property. Projected opening – Q1 2008.
- Cornelius Center: Several “dollar stores” are interested but we must overcome perceived location issues. A day spa, sports-themed restaurant, national chain restaurant, charter school, business office, nationally franchised children’s inflatable party/entertainment center, furniture rental business, costumes business, and a frozen confectionary store and children’s birthday-themed center are all potential tenants.
- Eckerd Building: Investor received acceptable price. Two retail tenant prospects that will fully lease all square footage. Working through existing deed restrictions that prevent many uses of the property. Prospect interested in purchasing building for children’s music/performing arts center. Business Retention
The Hickory Creek Economic Development Corporation board recently authorized me to begin discussions with our existing businesses that are being impacted by the I-35E widening. We would like to explore options to retain them in Hickory Creek. More on this in next month’s issue. -Barry Steele - Economic Development Consultant Business Retention Discussions Begin – April 2007Last month, as we closed the discussion of our Retail Trade Area, I mentioned that The Hickory Creek Economic Development Corporation Board recently authorized me to begin business retention discussions with our existing businesses that are being impacted by the I-35E widening. Since then, I have begun those discussions. Consequently, in this month’s issue, I would like to discuss the importance of existing business retention and expansion as an important part of a community’s economic development strategy. Many communities focus primarily on new businesses recruitment. While it is important to attract new business, it is equally or perhaps more important to work with existing businesses to ensure they stay within our community and assisting them in competing more effectively and expanding more easily. According to studies conducted by the International Economic Development Council and U.S. Chamber of Commerce, up to 80% of the economic growth for an average American community results from the creation and expansion of locally owned and operated businesses. You can see it makes little sense to concentrate solely on the 20% of economic development from new business recruitment when up to 80% of potential growth already exists at home. One of the reasons I am now meeting with our existing businesses along the I-35E corridor is to apprise them of the impending road construction and consequential impact of the I-35E expansion project. All of the businesses, from FM 2181 to the current southbound entrance ramp by the old Town Hall, are shown to be condemned on the existing TxDOT schematics. However, there is opportunity in every situation. The Lake Lewisville Toll Bridge is anticipated to be finished much earlier than forecasted due to aggressive contractor financial incentives for early completion. According to the latest North Texas Tollway Authority information, up to 40,000 vehicles per day are expected to travel though the Swisher Road/FM 2181 intersection. Many of these vehicles will be driving through our town, especially when the FM 2181 widening begins. This project and other potential infrastructure improvements are great news for our restaurants along I-35E and other businesses in our commercial area; more vehicles mean more potential customers. An improving business environment is incentive for them to stay in Hickory Creek when the TxDOT right-of-way take begins and eventual condemnation occurs. I have been informing these businesses of their various options for relocation to available commercial properties within our town. Many of these options allow them to remain around their current location or even improve their access after the new I-35E boundaries are constructed. There is no better time to secure a new site location in Hickory Creek than right now. There are also good reasons for working with existing businesses that relate to new business recruitment. An effective business retention and expansion effort gives credence to a business recruitment program because existing businesses are the best sources for finding out if a community or region is a good place to locate and conduct business. Satisfied businesses in the community can be our best advertisement in attracting new business to the area. One of the ways that new business prospects evaluate a community for investment is by talking to the business owners already there. Local businesses can be cheerleaders or detractors, depending on the relationship that we have built with them through our ongoing business retention efforts. When a community shows concern for its existing businesses, its reputation as a place to do business is enhanced. This sends a strong positive message to prospective new businesses about the community’s business climate and its commitment to helping companies. All of these factors are important, but no matter what the reasoning, it is important to remember that to maintain a healthy economic base, a community needs to support its existing businesses and encourage their growth. Your town leaders are ensuring that we do just that. -Barry Steele - Economic Development Consultant Texas Land & Cattle Open for Business – March 2007The Lake Cities Chamber of Commerce hosted the ribbon cutting ceremony for Texas Land and Cattle on Wednesday, January 24, 2007. Mayor John Smith, Councilman Richard Baker and town employees were present for the grand opening. Texas Land and Cattle is open for lunch and dinner seven days a week. The hours of operation are Sunday-Thursday, 11:00 a.m. to 10:00 p.m., and Friday-Saturday, 11:00 a.m. to 11:00 p.m. The managers are Jason Hicks, Ryan Barnard, Amanda Oesterling and Aruturo Gonzales. The staff began training in early January. Vice President Mike Rangel, Managing Partner Chris Schultz, and General Manager Roy Herrin assembled an incredible staff that works together like a well-oiled machine. Word has gotten out quickly thanks to Marketing Coordinator Mackensie Kirkpatrick of this new business open in our community that offers an enjoyable dining experience close to home. Since the grand opening, there has been a constant flow of customers, both locally and abroad, coming to try the many fabulous items on the menu. The Town of Hickory Creek is proud to have Texas Land and Cattle in our town. Welcome Texas Springs Pools – January 2007Welcome Texas Springs Pools, a new business in Hickory Creek. There have been too many years where the pool business was focused on the number of pools built each year. At Texas Springs Pools, the goal is not to increase the number of pools built but to make each and every customer satisfied with their backyard environment. Whether creating a serene landscape to relax after a long day at work or an area to entertain friends and family, Texas Springs Pools has the designers who have been creating for cumulatively 30 years. Come by their one-of-a-kind showroom at 637 S. Denton Drive in Hickory Creek to see what they can create for you. Barry Steele as Economic Development Consultant – December 2006Both the Economic Development Corporation and the Hickory Creek Town Council unanimously approved the hiring of Barry Steele as a consultant to assist the Economic Development Corporation in promoting and marketing the Town of Hickory Creek. Mr. Steele comes to us highly recommended with extensive credentials and experience after being employed as Director of Economic Development by the City of Corinth. He also brings with him a multitude of relationships and accomplishments in our market trade area that will provide the potential for him to make immediate progress in bringing businesses to our town. “Our focus will not only be on bringing new businesses in but in taking care of our existing businesses. Everybody wins when these existing businesses thrive,” stated Mr. Steele. Since the retail trade area study is completed, Mr. Steele recommends proceeding with an updated leakage analysis that will identify specific business that are underserved in our area. Leakage is defined as markets where customers living in the Lake Cities area must drive to Denton or Lewisville to get that particular service. The cost of the leakage analysis would be shared by Lake Dallas and Corinth, each contributing $2,000 of the $6,000 fee. Mr. Steele also recommends an interactive website that features an up-to-date digital aerial zoning map with detailed information for all available commercial properties. The internet is known to be both the most efficient and least expensive way to market commercial properties. "Our demographics are incredibly solid with a young and affluent population,” said Mr. Steele. What this town needs is someone trained in the business of economic development and aggressively focused on our behalf. Mr. Steele looks forward to working with us as our liaison to our land owners, existing businesses, developers and potential new businesses. His responsibilities will compliment the work of Dannenbaum Engineering, who is working on our streets and town infrastructure. Both the Town Council and the Economic Development Corporation is optimistic about the progress we will make in the near future with the assistance of Barry Steele as our Economic Development Consultant. Arledge Suzuki Dealership Coming To Hickory Creek – December 2006The Hickory Creek Town Council voted unanimously to approve the special use permit that will allow Richard and Peggy Arledge to proceed with plans to establish a certified Suzuki Dealership on the property where Marine Quest was previously located. “The Suzuki dealership will not have a paint and body shop and will close around 8:00 p.m. Peggy and I will be involved at the dealership to ensure it is not only a successful family business but a good neighbor to the community,” Richard explained. The new dealership will bring twenty to thirty new employees to the town and approximately $73,000 Unit Price Tax Valuation (UPTV) tax in addition to property tax. Arledge Suzuki will be opening in January 2007. Hiring interviews will begin December 15th. Please call (972) 231-8211 for an appointment. The Town of Hickory Creek Welcomes New Businesses to the Community – December 2006Around the Clock Fitness has opened at 1037 Hickory Creek Boulevard in front of Wal-Mart. This fitness center is a 24-hour personal key club with all new equipment to begin sculpting your new body in time for the new year. Until this club opened, residents had to drive out of the Lake Cities to work out. Now the ability to work out any time, day or night, is only a few blocks away. For a limited time, the club is offering 67% off the usual enrollment fee. For information, call (940) 497-4300. Teddy Bear’s Picnic, a sweet shop and gift basket business, is open Tuesday through Friday, 6:30 a.m. to 4:00 p.m. and Saturday 6:30 a.m. to noon. Owner Sharon Selph is delighted to bring delicious treats to Hickory Creek. She offers homemade cinnamon rolls and coffee for early risers. Although cookies are her specialty, she also has an appetizing selection of cakes and pies. Her own recipe for gourmet popcorn is available in decorative tins for the holidays. If you are having trouble finding the perfect gift, Sharon reminds you that all of her treats can be added to gift baskets. For information, call (940) 497-0398 or drop by at 635 South Denton Drive.
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