As Hamburg village officials decide how to build on the successful redevelopment of Main and Buffalo streets, they will be considering a market analysis to identify areas for economic growth.
Assets in the village include a populace that is wealthier than its neighbors, well-educated and with substantial disposable income, according to the new study.
But the village is nearly built out, so the focus should be on the redevelopment of underutilized land, according to the market analysis of the village by Peter J. Smith & Co., a municipal planning firm. Members of the firm discussed the results Monday night with the Village Board.
The report analyzed industrial, residential, commercial and retail markets. It found:
• The village has virtually no industrial sites available.
• There is nearly full occupancy in retail areas, except where owners are asking well above market rates.
• Spending patterns show there is a market for higher-end products and boutiques.
• There are few large noncommercial buildings available, and there should be more diversity in housing options.
The median income in the village is $63,000, compared with $59,000 in the Town of Hamburg, said Dan Leonard of Peter J. Smith. But because there are not enough retail offerings in the village, there is a “leakage” of about $15 million, meaning that village residents spend $15 million outside the village.
Eve Holberg, also of the planning firm, said there are four areas the village should concentrate on: the industrial West End, on and around Evans Street; Lake Street; Eighteen Mile Creek near South Buffalo Street; and the village gateway off the Thruway on Camp Road.
“It’s nothing that we have not thought of before,” Trustee Paul Gaughan said.
The market analysis is the first step in implementing the new comprehensive plan, but it needs to be taken to the next level, the planners said.
“There is a lot of potential for growth,” Leonard said. “It’s not going to naturally happen, because we don’t have the space for it.”
“This cannot sit on the back shelf,” Mayor Thomas J. Moses Sr. said of the report.