OTHER MARKETS

Neighborhood & Visitor Trade Areas

Neighborhood Market10 Minute Walk

Equal to a 10 minute walk from the site, the trade area equals a 0.5 mile radius and is illustrated on the map, Trade Area Map. As noted earlier, nearly 4,400 people reside in this area today. This population is much less affluent compared to nearby areas. Today, incomes are $32,179, 37.8% below the metropolitan area’s median household income. The population is much younger (median age of 30.8 vs. metro at 36.1) and has a larger number of children at home (≤ 19 years at 29.8% vs. metro at 25.5%). It also has a significant concentration of Hispanic residents.

The demographics of this walking trade area are such that they will not support any uses, commercial or non-commercial, by themselves. They may in fact prove to be a barrier to attracting potential tenants interested in the other trade areas because the demographics are so different.

VISITOR MARKET - CARDINAL HILL REHABILITATION HOSPITAL

Restating what was discussed earlier –“The hospital was established in 1950 and presently houses 232 beds in 400,000 square feet of space. Reportedly, the hospital has a staff of approximately 600 persons and treats 9,500 patients annually. The average patient stay at the hospital is 1 week. If each patient had an average of 5 visitors over the week stay, that would equal nearly 50,000 visitors annually. Since the hospital draws patients and visitors from the State of Kentucky, and beyond, the need for overnight accommodations may be sufficient to support the consideration of including a hotel as part of the project. The hospital staff, patients and, maybe most importantly, patient visitors represent and very attractive “captive market” that presently has virtually no shopping or other commercial services available locally to satisfy their daily needs.”

While not a trade area in the traditional sense, the hospital population is a very attractive market. This population needs Food service, convenience goods retailers, medical related services, hotels, etc.