Market Analysis for Long Branch Pier and Ferry Terminal in New Jersey

Market Analysis and Programming: Long Branch Pier

Project

Market Analysis and Programming: Long Branch Pier

Location

Long Branch, NJ

Client

City of Long Branch, NJ

AKRF’s Economic and Real Estate Advisory Services group helped the City of Long Branch identify commercially viable uses for a planned pier and ferry terminal.

The City intends to redevelop a pier that was destroyed in the late 1980s to complement a very successful mixed-use development project recently attract to the waterfront. The commercial uses for the pier are not only expected to generate new tax revenues to the City but also to support the issuance of bonds to construct the pier.

The scope of work included:

  • Establishing a three-tiered trade area to identify potential customers
  • Quantifying the expenditure potential and describing consumption preferences of customers to identify the most suitable and successful mix of uses on the pier
  • Conducting market supply and demand analysis
  • Recommending size and location of proposed uses, including restaurants, retail stores, and entertainment and cultural venues
  • Preparing pro forma reports that tested the financial feasibility of development options

Economics Overview