Issuu

Discover

Where Quality is a Way of Life

Come Grow with us.

Discover Lakeland

The beautiful city of Lakeland, TN is quickly becoming one of the most desirable and most prosperous communities in the Memphis Metro area. Over the past five years, Lakeland has strategically invested in and planned for future growth from both a residential and commercial standpoint. In fact, Single Family Building Permits have increased over 400% over the past three years, with an average new home value of $474,000 (2019). Over 895 additional home lots are currently approved and even more exciting developments are in the process. Commercial development is also thriving. In 2018, The Lake District and Lakeland Town Square broke ground. Both are unique upscale mixed-use developments, sure to be a catalyst for growth and opportunity for our City. In addition, breaking ground in 2020 is a new Lakeland Preparatory High School, which promises to complete one of the top performing school systems in Tennessee. Lakeland School System currently ranks #1 in TN for Achievement in grades 3-5 and #2 in TN for Achievement in grades 6-8. The new high school will open in August of 2022 and will include a new varsity gym with capacity for 2000, a performing arts auditorium with a capacity for 800, and a full range of academic, athletic, and fine arts facilities. Lakeland was also awarded a “Most Safe” Crime Rating from Neighborhood Scout and has an overall crime rate that is 49% lower than the national average. These are just a few of a long list of accolades for a flourishing city “Where Quality is a Way of Life”.

Where Quality 1is a Way of Life.

Table of Contents

Discover Lakeland Lakeland Demographic Profile …………………………………. 1 • • • •

Summary ………………………………………………..…………… 3 Property Values ………………………………………………….. 4 Median Household Incomes ………………………………. 5 Comprehensive Demographics (5 &10-mile radius) ... 6

Commercial Development ………………………………………… 13 • • • •

Available commercial Sites & Traffic Counts .....…. 14 The Lake District …………………............................................ 15 Lakeland Town Square ……………………………………… 18 Retail Leakage and Surplus Analysis ………………….. 20

Residential Development ………………...………………….……. 35 Resources ………………………………………...……………………… 39

#1 Best Suburb

Top 10 Best Places to Raise a Family in TN

Top 10 Most Successful Cities in TN

Top 3 Cities for Young Families Top 10 Most Successful Tn Cities

"MOST SAFE" Crime Rating

#6 Best Cites in TN

Lakeland Demographic Profile

 Median Household Income of $102,785, 95% greater than the TN average  Mean Household Income $122,003  15 year income growth rate of 69.8%, second highest in TN  44% of adults are college graduates, twice the typical U.S. city  86.5% rate of home ownership

The People

Most Common Professions The most common job groups, by number of people living in Lakeland, TN are Management Occupations (968), Office and Administrative Occupations (932), and Sales and Related Occupations (667). The below chart illustrates the share breakdown of the primary jobs held by residents of Lakeland. Tota l: 624 k

Management Occupations

Business& Financial Operations Occupations

Law Enforcement Personal Care Workers Including &Service Supervisors Occupations 459"',

Health Diagnosing & 1' 5~====1TreatingPractitioners 1====== &Other Technical Education Instruction,& Occupations

Library Occupations 15

ii.Ul,

2013

2014

2015

2016

2017

Most Common Employment Sectors The most common employment sectors for those living in Lakeland are Health Care (911), Transportation and Warehousing (657), and Manufacturing (629). The chart below shares the breakdown of employment sectors in Lakeland. Tota l: 624k

Health Care & Social Assistance

Professional, Scientific, & Technical Services

:., " · Manufacturing

AJ!mmi,1rative &Suppan&

was1e.,

Managem,nt smite,

l.lllllo

Transportation & Retail Trade Educational Services Warehousing ~

&.86'11,

Other Services, Except Public Administration

115'1

Public Administration

li3 a C'H'i1 D liU )J l!I ID

C m CJ 2013

201◄

2015

2016

Wholesale Trade 411111

9.M.

2017

Demographic Summary

Population - 12,623 Median Age - 38.4 Households - 4270 Median Household Income - $102,785 (95% higher than the TN average) Mean Household Income – $122,003 15 Year Income Growth Rate – 69.8% (second highest in TN) Median Property Value - $249,700 Rate of Home Ownership – 86.5% College Graduates (of those 25 yrs. old +) - 44.4% Graduate Degrees (of those 25% yrs. old +) – 16.2% Married (of those 15 yrs. old +) – 66% Race – 81 % White, 9 % Black or African American, 7.4% Asian Male / Female Ratio – 1:1 Population Density (sq. mile) - 533 Crime Rating – 67% lower than the TN average

Property Values

The following charts display, first the property value growth rate in Lakeland compared to neighbor geographies, and second the housing unit cost distribution as compared to national averages.

Property Value Growth Rate

Housing Unit Cost Distribution

Median Household Income

In 2017, the median household income of the 4270 households in Lakeland grew to $102,785. The following chart displays Lakeland’s median Household Income as compared to parent and neighboring communities, as well as to national averages.

Vs. Parent and Neighboring Communities

Vs. National Averages

DEMOGRAPHIC COMPREHENSIVE NEW

MARKER

PLACE OF WORK

5 MILES

10 MILES

2019 Businesses

2,207

8,360

2019 Employees

32,552

110,139

2019 Population - Current Year Estimate

84,915

280,306

2024 Population - Five Year Projection

87,477

285,974

2010 Population - Census

79,735

270,243

2000 Population - Census

48,474

207,141

2010-2019 Annual Population Growth Rate

0.68%

0.40%

2019-2024 Annual Population Growth Rate

0.60%

0.40%

84,915

280,306

POPULATION

AGE 2019 Population Age 0-4

5,191

6.1%

16,419

5.9%

Age 5-9

5,689

6.7%

17,681

6.3%

Age 10-14

6,285

7.4%

19,044

6.8%

Age 15-19

5,663

6.7%

17,823

6.4%

Age 20-24

4,576

5.4%

17,099

6.1%

Age 25-29

5,775

6.8%

20,457

7.3%

Age 30-34

6,113

7.2%

19,639

7.0%

Age 35-39

6,696

7.9%

20,393

7.3%

Age 40-44

6,177

7.3%

18,973

6.8%

Age 45-49

6,135

7.2%

19,200

6.8%

Age 50-54

5,646

6.6%

18,535

6.6%

Age 55-59

5,640

6.6%

18,899

6.7%

Age 60-64

4,778

5.6%

16,732

6.0%

Age 65-69

3,977

4.7%

14,036

5.0%

Age 70-74

3,008

3.5%

10,653

3.8%

Age 75-79

1,748

2.1%

6,566

2.3%

Age 80-84

989

1.2%

4,084

1.5%

Age 85 and Older

830

1.0%

4,070

1.5%

2019 Median Age

37.4

37.9

84,915

280,306

GENERATIONS 2019 Population Generation Alpha (Born 2017 or Later)

3,007

3.5%

9,659

3.5%

Generation Z (Born 1999-2016)

20,741 24.4%

64,593 23.0%

Millennials (Born 1981-1998)

20,922 24.6%

70,302 25.1%

Generation X (Born 1965-1980)

19,275 22.7%

60,711 21.7%

Baby Boomers (Born 1946-1964)

16,900 19.9%

58,511 20.9%

Greatest Generations (Born 1945 or Earlier)

4,069

4.8%

16,529

5.9%

©2020 CBRE. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Source: Esri Page 1 ProjectID:543369 6

DEMOGRAPHIC COMPREHENSIVE NEW

MARKER

RACE AND ETHNICITY 2019 Population White Black or African American Asian American Indian or Alaska Native Pacific Islander Other Race Two or More Races Hispanic White Non-Hispanic

5 MILES

10 MILES

84,915 51,611 60.8% 25,351 29.9% 3,553 4.2% 225 0.3% 36 0.0% 2,046 2.4% 2,093 2.5%

280,306 169,109 60.3% 83,880 29.9% 11,360 4.1% 718 0.3% 115 0.0% 8,439 3.0% 6,685 2.4%

4,620 5.4% 49,483 58.3%

17,339 6.2% 161,702 57.7%

EDUCATION 2019 Population 25 and Over Less than 9th Grade 9-12th Grade - No Diploma High School Diploma GED or Alternative Credential Some College - No Degree Associate`s Degree Bachelor`s Degree Graduate or Professional Degree

57,512 740 1,488 9,526 1,075 14,048 5,244 16,532 8,859

1.3% 2.6% 16.6% 1.9% 24.4% 9.1% 28.7% 15.4%

192,241 3,314 7,065 36,714 5,737 45,061 16,140 48,475 29,735

1.7% 3.7% 19.1% 3.0% 23.4% 8.4% 25.2% 15.5%

HOUSEHOLDS 2019 Households - Current Year Estimate 2024 Households - Five Year Projection 2010 Households - Census 2000 Households - Census 2010-2019 Annual Household Growth Rate 2019-2024 Annual Household Growth Rate 2019 Average Household Size

31,270 32,234 29,209 17,907

103,830 106,021 99,888 76,025

0.74% 0.61%

0.42% 0.42%

2.69

2.63

HOUSEHOLD INCOME 2019 Households Under $15,000 $15,000-$24,999 $25,000-$34,999 $35,000-$49,999 $50,000-$74,999 $75,000-$99,999 $100,000-$149,999 $150,000-$199,999 $200,000 and Over 2019 Average Household Income 2024 Average Household Income 2019 Median Household Income 2024 Median Household Income 2019 Per Capita Income 2024 Per Capita Income

31,270 1,126 1,440 1,681 2,837 6,572 4,806 6,912 3,201 2,695 $105,317 $122,890 $83,521 $98,698 $38,775 $45,269

3.6% 4.6% 5.4% 9.1% 21.0% 15.4% 22.1% 10.2% 8.6%

103,818 5,106 5,906 7,100 12,303 22,244 13,891 19,583 8,989 8,696

4.9% 5.7% 6.8% 11.9% 21.4% 13.4% 18.9% 8.7% 8.4%

$100,016 $115,272 $73,784 $85,021 $37,202 $42,890

7 ©2020 CBRE. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Source: Esri Page 2 ProjectID:543369

DEMOGRAPHIC COMPREHENSIVE NEW

MARKER 5 MILES

TRAVEL TIME 2013-2017 Work Away From Home 16+

10 MILES

42,825

Under 5 Minutes

133,188

438

1.0%

1,794

1.4%

5-9 Minutes

2,649

6.2%

9,437

7.1%

10-14 Minutes

4,238

9.9%

14,260 10.7%

15-19 Minutes

5,383 12.6%

20,493 15.4%

20-24 Minutes

6,423 15.0%

23,327 17.5%

25-29 Minutes

4,062

13,078

30-34 Minutes

9,341 21.8%

35-39 Minutes

2,312

5.4%

5,649

4.2%

40-44 Minutes

2,279

5.3%

5,610

4.2%

45-59 Minutes

4,032

9.4%

9,525

7.2%

60-89 Minutes

1,241

2.9%

2,749

2.1%

426

1.0%

1,270

1.0%

23,420 90 623 3,281 4,504 4,085 3,479 3,791 1,541 1,505 259 112 19 133

0.4% 2.7% 14.0% 19.2% 17.4% 14.9% 16.2% 6.6% 6.4% 1.1% 0.5% 0.1% 0.6%

73,983 774 4,372 14,178 12,581 10,282 8,649 11,220 5,422 4,382 1,018 580 113 413

1.0% 5.9% 19.2% 17.0% 13.9% 11.7% 15.2% 7.3% 5.9% 1.4% 0.8% 0.2% 0.6%

Over 90 Minutes

9.5%

9.8%

25,996 19.5%

HOUSING VALUE 2019 Owner Occupied Housing Units Under $50,000 $50,000-$99,999 $100,000-$149,999 $150,000-$199,999 $200,000-$249,999 $250,000-$299,999 $300,000-$399,999 $400,000-$499,999 $500,000-$749,999 $750,000-$999,999 $1,000,000-$1,499,999 $1,500,000-$1,999,999 $2,000,000 and Over 2019 Median Value of Owner Occ. Housing Units 2019 Average Value of Owner Occ. Housing Units

$239,327 $289,608

$224,737 $281,973

31,906

106,764

HOUSING UNITS 2013-2017 Housing Units 1 Unit -Detached

25,359 79.5%

1 Unit -Attached

947

3.0%

2 Units

298

3-4 Units

878

5-9 Units 10-19 Units

80,357 75.3% 4,125

3.9%

0.9%

901

0.8%

2.8%

3,428

3.2%

1,700

5.3%

7,328

6.9%

2,034

6.4%

5,994

5.6%

20-49 Units

312

1.0%

1,408

1.3%

50 and Over

249

0.8%

1,781

1.7%

Mobile Home

116

0.4%

1,394

1.3%

0.0%

Other Units

DEMOGRAPHIC COMPREHENSIVE NEW

MARKER 5 MILES

HISPANIC ORIGIN 2019 Hispanic Population

10 MILES

4,620

Hispanic: White

17,339

2,129 46.1%

Hispanic: Black or African American

7,406 42.7%

183

4.0%

576

3.3%

Hispanic: Asian

1.0%

134

0.8%

Hispanic: American Indian or Alaska Native

0.6%

0.4%

0.2%

0.1%

Hispanic: Pacific Islander Hispanic: Other Race

1,912 41.4%

Hispanic: Two or More Races

315

6.8%

8,030 46.3% 1,095

6.3%

GENDER 2019 Population

84,915

280,306

Males

40,981 48.3%

136,053 48.5%

Females

43,934 51.7%

144,253 51.5%

MARITAL STATUS 2019 Population 15+

67,750

227,161

Never Married

20,396 30.1%

73,242 32.2%

Married

38,229 56.4%

120,741 53.2%

Widowed

3,028

4.5%

11,011

4.8%

Divorced

6,097

9.0%

22,167

9.8%

EMPLOYMENT STATUS 2019 Civilian Population 16+ in Labor Force

50,159

2019 Employed Civilian Population 16+

157,573

48,920 97.5%

2019 Unemployed Population 16+

1,239

2.5%

152,706 96.9% 4,867

3.1%

CLASS OF WORKER 2019 Employed Civilian Population 16+

48,920

White Collar

152,706

32,650 66.7%

102,457 67.1%

Services

8,200 16.8%

24,571 16.1%

Blue Collar

8,069 16.5%

25,676 16.8%

DAYTIME POPULATION 2019 Daytime Population

70,085

247,244

Daytime Workers

33,551 47.9%

122,670 49.6%

Daytime Residents

36,534 52.1%

124,574 50.4%

DEMOGRAPHIC COMPREHENSIVE NEW

MARKER 5 MILES

OCCUPATION 2019 Employed Civilian Population 16+

10 MILES

48,920

152,706

Management

5,375 11.0%

Business and Financial

3,101

6.3%

9,142

6.0%

Computer and Mathematical

1,458

3.0%

4,462

2.9%

Architecture and Engineering

850

1.7%

2,280

1.5%

Life, Physical and Social Science

619

1.3%

1,460

1.0%

Community and Social Service

729

1.5%

2,729

1.8%

Legal Education, Training and Library Arts, Design and Entertainment, Sports and Media Healthcare Practitioner and Technical Healthcare Support

16,692 10.9%

380

0.8%

1,486

1.0%

3,146

6.4%

9,662

6.3%

543

1.1%

1,956

1.3%

3,914

8.0%

12,004

7.9%

958

2.0%

2,953

1.9%

Protective Service

1,824

3.7%

4,396

2.9%

Food Preparation and Serving Related

2,549

5.2%

8,457

5.5%

Building and Grounds Cleaning and Maintenance

1,203

2.5%

3,558

2.3%

Personal Care and Service

1,666

3.4%

5,207

3.4%

Sales and Related

5,771 11.8%

18,568 12.2%

Office and Administrative Support

6,764 13.8%

22,016 14.4%

Farming and Fishing and Forestry

0.1%

250

0.2%

Construction and Extraction

1,356

2.8%

5,262

3.4%

Installation, Maintenance and Repair

1,655

3.4%

5,222

3.4%

Production

1,984

4.1%

6,427

4.2%

Transportation and Material Moving

3,031

6.2%

8,515

5.6%

COMMUTE 2013-2017 Workers 16 and Older

44,617

Drove Alone

138,439

38,994 87.4%

Carpooled

120,719 87.2%

2,978

6.7%

9,559

6.9%

0.2%

154

0.1%

Streetcar

0.0%

Subway

0.0%

Railroad

0.1%

Ferryboat

0.0%

Bus

Taxicab

0.0%

0.2%

210

0.2%

Bicycle

0.0%

0.1%

Walked

240

0.5%

955

0.7%

417

0.9%

1,421

1.0%

1,793

4.0%

5,251

3.8%

Motorcycle

Other Means Work at Home

DEMOGRAPHIC COMPREHENSIVE NEW

MARKER 5 MILES

INDUSTRY 2019 Employed Civilian Population 16+

10 MILES

48,920

152,706

Agriculture, Forestry, Fishing, and Hunting

0.0%

346

0.2%

Mining, Quarrying, and Oil and Gas Extraction

0.0%

Construction

1,921

3.9%

7,351

4.8%

Manufacturing

5,125 10.5%

14,628

9.6%

Wholesale Trade

2,132

6,207

4.1%

Retail Trade

5,080 10.4%

17,042 11.2%

Transportation and Warehousing

5,728 11.7%

15,650 10.2%

Utilities Information Finance and Insurance Real Estate and Rental and Leasing Professional, Scientific, and Technical Services Management of Companies and Enterprises

4.4%

214

0.4%

921

0.6%

683

1.4%

2,177

1.4%

1,858

3.8%

6,856

4.5%

944

1.9%

3,092

2.0%

2,376

4.9%

8,449

5.5%

0.2%

261

0.2%

Admin. and Support and Waste Mgmt. Services

1,873

3.8%

5,877

3.8%

Educational Services

3,580

7.3%

12,078

7.9%

Health Care and Social Assistance

8,104 16.6%

23,957 15.7%

Arts, Entertainment and Recreation

556

1.1%

2,030

1.3%

Accommodation and Food Services

3,195

6.5%

10,351

6.8%

Other Services, Except Public Administration

2,441

5.0%

7,850

5.1%

Public Administration

2,997

6.1%

7,571

5.0%

VEHICLES 2013-2017 Households

30,164

No Vehicles

375

100,100 1.2%

2,779

2.8%

1 Vehicles

8,931 29.6%

31,018 31.0%

2 Vehicles

12,974 43.0%

42,503 42.5%

3 Vehicles

5,380 17.8%

16,512 16.5%

4 Vehicles

1,857

6.2%

5,533

5.5%

648

2.1%

1,754

1.8%

Over 5 Vehicles

DEMOGRAPHIC COMPREHENSIVE NEW

MARKER 5 MILES

YEAR BUILT 2013-2017 Housing Units

10 MILES

31,906

Built Later than 2010

1,466

106,764 4.6%

3,088

2.9%

Built 2000-2009

10,651 33.4%

25,235 23.6%

Built 1990-1999

10,990 34.4%

30,326 28.4%

Built 1980-1989

4,743 14.9%

20,447 19.2%

Built 1970-1979

1,972

6.2%

17,468 16.4%

Built 1960-1969

448

1.4%

4,745

4.4%

Built 1950-1959

590

1.9%

2,859

2.7%

Built 1940-1949

195

0.6%

864

0.8%

Built Before 1939

218

0.7%

840

0.8%

2013-2017 Median Year Built

1997

1992

HOUSING UNITS 2019 Housing Units

32,405

2019 Vacant Housing Units

1,135

109,457 3.5%

5,627

5.1%

2019 Occupied Housing Units

31,270 96.5%

103,830 94.9%

2019 Owner Occupied Housing Units

23,420 72.3%

73,996 67.6%

2019 Renter Occupied Housing Units

7,850 24.2%

29,834 27.3%

HOUSEHOLD SIZE 2010 Households

29,209

99,888

1 Person Household

6,102 20.9%

23,085 23.1%

2 Person Household

9,367 32.1%

32,554 32.6%

3 Person Household

5,625 19.3%

18,264 18.3%

4 Person Household

4,904 16.8%

15,487 15.5%

5 Person Household

2,107

7.2%

6,846

6.9%

6 Person Household

740

2.5%

2,366

2.4%

7 or More Person Household

364

1.2%

1,285

1.3%

2010 Average Household Size

2.71

2.64

2019 Average Household Size

2.69

2.63

79,444

262,896

LANGUAGE 2013-2017 Pop. 5+ by Language Spoken at Home Only English

72,300 91.0%

237,379 90.3%

Spanish

2,282

2.9%

10,892

4.1%

Other Indo-European Language

1,046

1.3%

4,108

1.6%

Asian-Pacific Island Language

2,864

3.6%

6,342

2.4%

950

1.2%

4,174

1.6%

Other Language

Commercial Development

 Two upscale Mixed-use developments currently under construction; The Lake District and Lakeland Town Square  Prime commercial sites available, www.lakelandtn.gov/sites  Over $114 million in estimated retail opportunity - Buxton  Lakeland & Shelby County offering tax increment financing (TIF) incentives for qualifying developments  Lakeland is designated as a TN Adventure Tourism District, offering tax credits to qualifying businesses

Available Commercial Sites

wnsville

Old Bro

0 ay 7

hw Hig

Memphis-Arlingto

n Rd

Bru n s

w ic k Rd

Garner Lake

Ca Rd

65,819 AADT

1 in = 0.5 miles

I 40 Vacant Commercial Properties

Hou

63,661 AADT

st o nL ev R ee

Disclaimer: The City of Lakeland makes no warranties either expressed or implied, concerning the accuracy, completeness, reliability, legality, or suitability of this data for any use other than display. This disclaimer applies to both isolated and aggregate uses of the information. The City of Lakeland assumes no liability for the use or misuse of the information contained in these maps and all warranties of any kind, express or implied, including but not limited to the implied warranties of merchantability, fitness for a particular purpose, freedom from contamination by computer viruses and non-infringement of proprietary rights are disclaimed. Please contact the City of Lakeland if you discover any discrepancies with this data.

H:\LakelandGIS\Projects\Archive\ArcMap\Zoning\EDC_VacantCommProperties2.mxd, 2/14/2020

The Lake District The Lake District is an upscale 161 acre mixed-use community surrounding a 10-acre lake and waterways. Designed as an urban village, The Lake District is a walkable community with elegant water features, tree-lined parks, and inspiring architecture giving the village a glamorous charm. Special attention is given to public spaces, while parking structures eliminate extensive surface parking. Every element combines to create a community with urban amenities and a vibrant street life.

The Lake District Phase One of The Lake District is planned to open Fall of 2020. Confirmed tenants include: The Stock Market grocery store, Osaka Japanese Restaurant, Germantown Wines and Liquor, Hollywood Feed, BrickHouse Fitness, Gloss Nail Bar, Elite Total Health, Gould’s Salon and Spa, Starbucks, Malco Theater, AT&T, Frida’s Mexican Restaurant, and Society Wine Bar. New announcements are being made weekly.

The Residential District will include three lot sizes with home prices starting in the upper $300s. There will be several, custom-built architectural styles to choose from that will make homes at The Lake District unique, and a select group of custom builders to choose from. For more information visit www.TheLakeDistrict.us Maggie Gallagher - Director of Development (Retail and Commercial) Maggie@TheLakeDistrict.us 901.229.9690 Billy Rodgers (Residential) Billy@TheLakeDistrict.us 901.569.2274

Lakeland Town Square

Lakeland Town Square is another upscale mixed-use development under construction at the intersection of Highway 70 and Seed Tick Rd. Phase one of the $48.9 million project is expected to be finished in early 2022. The first phase of the 42-acre development will include 18,000 SF of ground floor retail space, 250 residential townhomes, a clubhouse, and a community pool. The product has a town center type concept with a midtown-type feel. The mixed-use development will include boutique retail shopping, 5 +/- outparcels, and high-end townhomes with garages, all nestled in the beautiful wooded hills of Lakeland. The completed project will offer over 50,000 square feet of retail space. For Commercial and Retail leasing and sales contact: Carson Claybrook cclaybrook@commadv.com 901.252.6483

Conner Walker cwalker@commadv.com 901.362.9862

For Residential leasing contact: Candice Lindsey Candice.lindsey@multi-south.com

05 of 47

Retail Leakage and Surplus Analysis The Retail Leakage and Surplus Analysis examines the quantitative aspect of the community's retail opportunities. It is a guide to understanding retail opportunities but it is not an analysis that indicates unconditional opportunities. The analysis is sometimes called "a gap analysis" or "a supply and demand analysis" and can aid in the following: - Indicating how well the retail needs of local residents are being met - Uncovering unmet demand and possible opportunities - Understanding the strengths and weaknesses of the local retail sector - Measuring the difference between estimated and potential retail sales Understanding Retail Leakage Retail leakage means that residents are spending more for products than local businesses capture. Retail sales leakage suggests that there is unmet demand in the trade area and that the community can support additional store space for that type of business. However, retail leakage does not necessarily translate into opportunity. For example, there could be a strong competitor in a neighboring community that dominates the market for that type of product or store. Understanding Retail Surplus A retail surplus means that the community's trade area is capturing the local market plus attracting non-local shoppers. A retail surplus does not necessarily mean that the community cannot support additional business. Many communities have developed strong clusters of stores that have broad geographic appeal. Examples of these types of retailers include: sporting goods stores, home furnishing stores, restaurants, and other specialty operations that become destination retailers and draw customers from outside the trade area. Examining the quantitative aspects (Leakage/Surplus) is only part of the evaluation of community's retail opportunities. Before any conclusions can be drawn about potential business expansion or recruitment opportunities, qualitative considerations such as trade area psychographics and buying habits must be analyzed in context of other market factors. Interpreting Leakage Index 1.0 = equilibrium, meaning that demand and sales in the area being analyzed are in balance. .80 = demand exceeds sales by 20%, meaning that consumers are leaving the area being analyzed. 1.2 = sales exceed demand by 20%, meaning that consumers are coming from outside the area being analyzed.

All estimates, projections or forecasts in this model are subject to errors, including statistical error, error due to the subjective nature of some data, error due to changes in demographics, error based on lagging competitor information or growth data, and error due to factors that are not included in the model. The user assumes all risk of reliance on this information.

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Retail Leakage and Surplus Analysis

Lakeland

Leakage/Surplus Index by Major Store Type The quantitative comparison of retail leakage and surplus in the twelve major store types shown in the chart and table below provides an initial measure of market opportunities. Combining this analysis with the knowledge of the local retail situation will take the process of identifying retail possibilities one step further. Figure 1 provides the leakage/surplus indices and following is the sales potential and estimated sales for major store types.

Figure 1. Leakage/Surplus Index and Estimated and Potential Sales by Major Store Types

Store Type

Potential

Estimated Sales

Surplus/Leakage

Motor Vehicle Parts & Dealers Furniture & Home Furnishing Stores Electronics & Appliance Stores Building Material, Garden Equip. & Supplies Food & Beverage Stores Health & Personal Care Stores Clothing & Clothing Accessories Stores Sporting Goods, Hobby, Book, & Music Stores General Merchandise Stores Miscellaneous Store Retailers Foodservice & Drinking Places

52,890,121 5,241,136 4,591,913 16,523,168 28,558,173 14,178,115 8,261,474 3,386,701 27,672,371 5,438,669 30,635,052

25,516,105 461,261 2,771,880 2,539,961 13,785,189 4,045,947 520,144 501,805 19,856,095 2,234,705 10,701,436

0.5 0.1 0.6 0.2 0.5 0.3 0.1 0.1 0.7 0.4 0.3

197,376,892

82,934,529

0.4

Total

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Retail Leakage and Surplus Analysis

Lakeland

Sub-Categories of Motor Vehicle Parts & Dealers

Store Type

Potential

Estimated Sales

Surplus/Leakage

Automotive Dealers Other Motor Vehicle Dealers Automotive Parts, Accessories, & Tire Stores

45,727,797 3,648,270 3,514,054

21,822,137 864,364 2,829,605

0.5 0.2 0.8

52,890,121

25,516,105

0.5

Total Motor Vehicle Parts & Dealers

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Retail Leakage and Surplus Analysis

Lakeland

Sub-Categories of Furniture & Home Furnishing Stores

Store Type Furniture Stores Home Furnishing Stores

Total Furniture & Home Furnishing Stores

Potential

Estimated Sales

Surplus/Leakage

2,805,087 2,436,049

4,391 456,871

0.0 0.2

5,241,136

461,261

0.1

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Retail Leakage and Surplus Analysis

Lakeland

Sub-Categories of Electronics & Appliance Stores

Store Type Household appliance stores Electronics Stores

Total Electronics & Appliance Stores

Potential

Estimated Sales

Surplus/Leakage

711,444 3,880,469

3,448 2,768,432

0.0 0.7

4,591,913

2,771,880

0.6

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Retail Leakage and Surplus Analysis

Lakeland

Sub-Categories of Building Material, Garden Equip. & Supplies

Store Type Home Centers Paint and Wallpaper Stores Hardware Stores Other Building Material Dealers Outdoor Power Equipment Stores Nursery, Garden Center, & Farm Supply Stores

Total Building Material, Garden Equip. & Supplies

Potential

Estimated Sales

Surplus/Leakage

8,000,460 485,596 1,178,251 4,561,892 355,793 1,941,175

1,606,550 0 89,779 25,789 1,618 816,225

0.2 0.0 0.1 0.0 0.0 0.4

16,523,168

2,539,961

0.2

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Retail Leakage and Surplus Analysis

Lakeland

Sub-Categories of Food & Beverage Stores

Store Type

Potential

Estimated Sales

Surplus/Leakage

Supermarkets and Other Grocery (except Convenience) Stores Convenience Stores Specialty Food Stores Beer, Wine, & Liquor Stores

24,780,244 1,163,031 951,032 1,663,868

13,728,642 48,980 6,430 1,137

0.6 0.0 0.0 0.0

28,558,173

13,785,189

0.5

Total Food & Beverage Stores

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Retail Leakage and Surplus Analysis

Lakeland

Sub-Categories of Health & Personal Care Stores

Store Type

Potential

Estimated Sales

Surplus/Leakage

Pharmacies and Drug Stores Cosmetics, Beauty Supplies and Perfume Stores Optical Goods Stores Other Health and Personal Care Stores

11,656,359 925,338 578,417 1,018,001

3,457,197 41,578 518,260 28,912

0.3 0.0 0.9 0.0

14,178,115

4,045,947

0.3

Total Health & Personal Care Stores

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Retail Leakage and Surplus Analysis

Lakeland

Sub-Categories of Clothing & Clothing Accessories Stores

Store Type Mens Clothing Stores Womens Clothing Stores Childrens and Infants Clothing Stores Family Clothing Stores Clothing Accessories Stores Other Clothing Stores Shoe Stores Jewelry Stores Luggage & Leather Goods Stores

Total Clothing & Clothing Accessories Stores

Potential

Estimated Sales

Surplus/Leakage

236,562 1,265,879 361,857 3,251,012 333,369 462,934 1,203,591 1,025,154 121,115

67 12,829 437 493,712 249 81 12,366 404 0

0.0 0.0 0.0 0.2 0.0 0.0 0.0 0.0 0.0

8,261,474

520,144

0.1

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Retail Leakage and Surplus Analysis

Lakeland

Sub-Categories of Sporting Goods, Hobby, Book, & Music Stores

Store Type Sporting Goods Stores Hobby, Toy, and Game Stores Sewing, Needlework, and Piece Goods Stores Musical Instrument and Supplies Stores Book Stores News Dealers and Newsstands

Total Sporting Goods, Hobby, Book, & Music Stores

Potential

Estimated Sales

Surplus/Leakage

1,691,080 777,083 100,275 202,890 476,621 138,752

499,787 370 1,538 0 110 0

0.3 0.0 0.0 0.0 0.0 0.0

3,386,701

501,805

0.1

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Retail Leakage and Surplus Analysis

Lakeland

Sub-Categories of General Merchandise Stores

Store Type

Potential

Estimated Sales

Surplus/Leakage

Department Stores Warehouse Clubs & Superstores All Other General Merchandise Stores

5,705,079 18,903,018 3,064,274

501,555 19,201,480 153,060

0.1 1.0 0.0

Total General Merchandise Stores

27,672,371

19,856,095

0.7

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Retail Leakage and Surplus Analysis

Lakeland

Sub-Categories of Miscellaneous Store Retailers

Store Type Florists Office Supplies and Stationery Stores Gift, Novelty, and Souvenir Stores Used Merchandise Stores Other Miscellaneous Store Retailers

Total Miscellaneous Store Retailers

Potential

Estimated Sales

Surplus/Leakage

293,401 572,672 660,840 818,865 3,092,892

92,993 84 180,824 38,559 1,922,245

0.3 0.0 0.3 0.0 0.6

5,438,669

2,234,705

0.4

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Retail Leakage and Surplus Analysis

Lakeland

Sub-Categories of Foodservice & Drinking Places

Store Type

Potential

Estimated Sales

Surplus/Leakage

Special Food Services Drinking Places (Alcoholic Beverages) Restaurants and Other Eating Places

2,871,682 1,095,558 26,667,813

90,743 1,609 10,609,084

0.0 0.0 0.4

30,635,052

10,701,436

0.3

Total Foodservice & Drinking Places

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Retail Leakage and Surplus Analysis

Lakeland

Sources and Methodology The primary data sources used in the construction of the database include: - Current Year CAPE (Census Area Projections & Estimates) Consumer Expenditure Estimates - Census of Retail Trade, Merchandise Line Sales - Census Bureau Monthly Retail Trade The Census of Retail Trade presents a table known as the Merchandise Line summary, which relates approximately 120 merchandise lines (e.g. hardware) to each of the store types. For each merchandise line, the distribution of sales by store type can be computed, yielding a conversion table which apportions merchandise line sales by store type.

The CAPE (Census Area Projections & Estimates) Consumer Expenditure database was re-computed to these merchandise lines by aggregating both whole and partial categories, yielding, at the block group level, a series of merchandise line estimates which are consistent with the CAPE Consumer Expenditure database. These two components were then combined in order to derive estimated potential by store type. The results were then compared to current retail trade statistics to ensure consistency and completeness.

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Residential Development

 400% increase in single family permits over the past three years  Average new home value of $474,000 in 2019, including an alltime record amount of new home construction  895 additional single-family lots currently approved  Lakeland School System (LSS) ranks in the top 1% of public school systems in TN  A crime rating 67% lower than the TN avg.

Current Residential Developments

Highway 385 Salem Lake Estates

Windsor Grove

Jaybird Brunswick Road Brunswick Hills

Veranda Woods Lakeland Ivy Heights Winstead Creek Evergreen Farms Manor

hw Hig

Creekside Evergreen Manor Hills

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Kensington Manor

Ca na

Chapel Heights

Rd Oakwood Grove The Grove

Estates at Oakwood Grove

e tat ers Int

Oakwood Cool Springs

Woodbridge

Plantation Hills

Garner Lake

Long Landing

Lakeland Estates

Windward Slopes

1 in = 0.8 miles

East Shores

Herons Ridge

The The Pointe Preserve

Residential Development

Club Walk Stonebridge

Stonebridge Kimberly Trace

Fletcher Trace Townhomes Som erset at Lakeland

Stonebridge

Clubview

Plantation Fairways

Fairway Meadows Canada Woods Eagle Creek

Bentbrooke Hills

Canada Trace

Woodland Park

Plantation Oaks

Sterling Place

Stonebridge Seventh Fairway

Highw ay

H:\LakelandGIS\Projects\Archive\ArcMap\Development\Subdivisions8.5x11.mxd, 2/14/2020

Lakeland Meadows 367 lots Ol d

le nsv il B r ow

Evergreen 141 lots Winstead Farms (Area 2, Ph 2) 15 lots

Evergreen Rd

Pending Developments

Evergreen Manor 32 lots

Winstead Farms (Lot A) - 25 lots

Ca n

Kensington Manor 111 lots

a ad

Winstead Farms (Area 1 & 2, Ph 1) 12 lots

Lakeland y 70 hwa Commons Hig 150 lots

Equestria 119 lots

Arcadia 126 lots

-A mphis Me

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Oakwood Grove 156 lots

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The Estates at Chambers Chapel 95 lots

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Ch am

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Garner Lake

to ng rli

Heron's Ridge Section C & D 109 lots

Water's Edge 55 lots

1 in = 0.5 miles

Development Type

Mo nroe Rd

Mixed Use

Residential

Cob bR

Lake District 805 lots

Expired

Pl i es Dav

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Disclaimer: The City of Lakeland makes no warranties either expressed or implied, concerning the accuracy, completeness, reliability, legality, or suitability of this data for any use other than display. This disclaimer applies to both isolated and aggregate uses of the information. The City of Lakeland assumes no liability for the use or misuse of the information contained in these maps and all warranties of any kind, express or implied, including but not limited to the implied warranties of merchantability, fitness for a particular purpose, freedom from contamination by computer viruses and non-infringement of proprietary rights are disclaimed. Please contact the GIS Manager if you discover any discrepancies with this data. H:\LakelandGIS\Projects\Planning\Pending Developments.mxd, Date: 2/5/2019

Lakeland Parks

IH Park – This 65 acre park consists of rolling hills, a five acre fishing lake, “The LAMP” amphitheater, multiple pavilions, over 20 picnic facilities, and IH Clubhouse, a large multipurpose clubhouse. There are 2.8 miles of walking/jogging trails, along with 6+ miles of biking and hiking trails through the wooded areas. The clubhouse is available by reservation for private parties and functions. 4523 Canada Rd., 901.867.2717 Lakeland Senior Center – Lakeland welcomes all area seniors for various activities at the Senior Center, located on the grounds of IH Park. Windward Slopes Park – This 11 acre park features a 1/3 mile paved walking trail, water misters, a pavilion, two tennis courts, a ball wall, and restrooms. 9822 Beverle Rivera Drive. City Hall Park – This park has a pavilion with picnic tables, grills, restrooms, drinking fountains, multi-purpose fields, a paved jogging trail, and a playground. Oak Ridge Park – This 15 acre park includes a covered pavilion, parking, and an entrance to paved walking/biking trails. 4215 Heron’s Landing Zadie E. Kuehl Memorial Park – This three acre park offers a 1/5 mile paved jogging trail, pavilion, drinking fountain, and playground. 3065 Yukon Dr. Cool Springs Park – Cool Springs Park is a passive public park that includes both dirt and paved trails through a beautiful wooded area. Cool Springs Blvd. Lakeland Dog Park - 5 acre park behind the Lakeland Pet Hospital on Canada R. Coming Soon - 100-acre Lakeland Athletic Complex offering multipurpose fields, concession stands, a boat dock, splash pads, and multiple trails.

Resources

Shane Horn – City Manager shorn@lakelandtn.org 901.867.5405

Emily Harrell – City Engineer eharrell@Lakelandtn.org 901.867.5418

Dexter Muller – Economic Development dextermuller@comcast.net 901.275.4803

Brittney Buchanan – Chamber of Commerce brittney@mylakelandchamber.org 901.867.6141

Lakeland City Hall 10001 Hwy 70, Lakeland, TN 38002 www.lakelandtn.gov www.discoverlakelandtn.com www.lakelandcurrents.com www.mylakelandchamber.org