Fort Walton Beach Council agenda — 03-23-2010 Special-Soundside Develp. Project — reading text

including the Clerk of Circuit Court, Property Appraiser, Supervisor of Elections, and Tax Collector administer their responsibilities independent of the Board of Commissioners. Conclusion Okaloosa County has experienced a steady growth in population over the past nine years. The dominant feature of the area is Eglin Air Force Base, which acts as an economic anchor. Due to changes implemented by the Base Realignment and Closure Act, Okaloosa County is expected to receive an additional 12, 000 service personnel and dependents by 2011 and approximately 35, 000 total direct and indirect jobs by 2014. These changes are expected to produce further gains for the county and the ancillary industries dependent on the base. Okaloosa County also features a robust sector of technology based companies, such as manufacturers, engineers, and defense subcontractors. The density of tech companies in the area has germinated TecMEN - a coalition of technology companies devoted to growth and advancement of their industry. The Okaloosa County technological industry sector is considered the most prominent in Northwest Florida.. The county' s coastal location is a desirable tourist destination as well as a retirement center; particularly for retired military. Okaloosa County has a variety of residential support services including quality schools. Needs in the area include construction of additional workforce housing to meet the demands of inbound personnel and affiliated workers. Value Tech Realty Services, Inc. www.gotovalue. com Page 36 51-  Sound Side Apartments Fort Walton Beach Neighborhood Analysis Fort Walton Beach Neighborhood Analysis Introduction A neighborhood is an area of similar or complementary land uses, inhabitants, buildings, and business enterprises that are relatively uniform; that is, a neighborhood exhibits a greater degree of commonality than the larger area surrounding it. For the purposes of this report, the neighborhood can be defined using the following census tracts: CENSUS TRACTS 0217. 00 0219. 00 0223. 00 0226. 00 0229. 00 0218. 01 0220. 00 0224.00 0227.00 0218. 02 0221. 00 0225. 00 0228. 00 Access rd The subject property is located on the northwest corner of Carson Drive and Street in the city of Fort Walton Beach. Carson Drive runs nearly 1/ 2 mile north /south through the southeastern sector of the defined neighborhood. First Street travels approximately one mile east /west along the southern border of the neighborhood, providing access to State Road 189 and State Road 85, and paralleling US Highway 98. Hollywood Boulevard spans the entirety of the defined neighborhood at an east /west orientation, also providing access to State Road 189 and State Road 85. Both State Road 189 and State Road 85 service the neighborhood running parallel to each other in a north /south direction; both terminate at Eglin Boulevard near Eglin Village approximately nine miles northeast of the subject property. Value Tech Realty Services, Inc. www.gotovalue. com Page 37 52-  Sound Side Apartments Fort Walton Beach Neighborhood Analysis Community Support Services There are a number of residential service outlets that serve the market area. These establishments provide a network of easily accessible shopping, dining, and social opportunities for residents. in the market. The following illustrates the location of several of the area' s residential services and support facilities within the market. Demographics Population and household data for the defined neighborhood is provided in the following table: POPULATION AND HOUSEHOLDS: FORT WALTON BEACH 2000 2009 Change Change Total Population 52, 778 56,453 3, 675 7. 0% Total Households 22, 377 24,434 2, 057 9. 2% Source: Demographic and Income Profile, STDB, Inc., ESRI Site Analysis The data presented above indicates the neighborhood population increased by 7. 0% from 2000 to 2009 while total households increased by 9. 2% over that same period. The following table shows a population growth projection by age. Value Tech Realty Services, Inc. www.gotovalue. com Page 38 53-  Sound Side Apartments Fort Walton Beach Neighborhood Analysis POPULATION PROJECTION BY AGE Total Number of Residents Age 2000 2009 2014 2009 -2014 Change 0 -4 3, 036 3, 334 3, 451 117 3. 5% 5 -9 3, 196 3, 099 3, 282 183 5. 9% 10 -14 3, 355 3, 043 3, 200 157 5. 2% 15 - 19 3, 708 3, 575 3, 336 239 6. 7% 20 -24 4, 044 4, 030 3, 996 34 0. 8% 25 -34 7, 586 8, 776 9, 129 353 4. 0% 35 -44 9, 033 7,428 7, 782 354 4. 8% 45 -54 6, 645 8, 425 7, 750 675 8. 0% 55 -64 5, 045 6,355 7, 398 1, 043 16. 4% 65 -74 4, 243 4, 392 5, 027 635 14. 5% 75 -84 2, 300 3, 004 3, 217 213 7. 1% 85+ 587 992 1, 124 132 13. 3% Total 52, 778 56, 453 58,692 2, 239 4. 0% Chan a 7. 0% 4. 0% Compounded annual growth rate (2000 to 2014) 0. 8% Compounded annual growth rate (2009 to 2014) 0. 8% Source: Demographic and Income Profile, STDB, Inc., ESRI Site Analysis The projected annual growth is estimated to be 0. 8% from the 2009 to 2014. Senior age cohorts are projected to expand the most between 2009 to 2014. The total population is expected to increase by 4. 0% from the 2009 to 2014. The following table illustrates population totals across all age demographics: 2009 POPULATION BY AGE FORT WALTON BEACH Age Total of Total 0- 19 13, 051 23. 1% 20 -24 4, 030 7. 1% 25 -44 16, 204 28. 7% 45 -54 8, 425 14. 9% 55 -64 6, 355 1 11. 3% 65 -74 4, 392 7. 8% 75 -84 3, 004 5. 3% 85+ 992 1. 8% Total 56, 453 100. 0% Source: Source: Demographic and Income Profile, STDB, Inc., ESRI Site Analysis The neighborhood is dominated by the 25 -44 age group followed by the 0 - 19 age group. Typically, populations with a strong presence of young adults and children indicate a high concentration of families in the neighborhood. Value Tech Realty Services, Inc. www.gotovalue.com Page 39 54-  Sound Side Apartments Fort Walton Beach Neighborhood Analysis The following chart indicates the distribution of the household income levels for 2009. 2009 HOUSEHOLD INCOME FORT WALTON BEACH Household Income Level Number of Total Total: 24,434 100. 0% 15, 000 2, 045 8. 4% 15, 000 - $ 24,999 2, 304 9. 4% 25, 000 - $ 34,999 3, 203 13. 1% 35, 000 - $ 49,999 4,622 18. 9% 50, 000 - $ 74, 999 6, 331 25. 9% 75, 000 - $ 99, 999 2,907 11. 9% 100, 000 - $ 149, 999 2, 069 8. 5% 150, 000 - $ 199, 999 593 2. 4% 200, 000+ 360 1. 5% Source: Demographic and Income Profile, STDB, Inc., ESRI Site Anal sis As indicated in the previous chart, 17. 8% of the population earns less than $ 25, 000 per year, while 49. 8% of households earn less than $ 50, 000. This indicates the market is low to moderate in income: Median income for households by age group is provided in the following: MEDIAN HOUSEHOLD INCOME Median household income in 2009 Fort Walton Beach Total 50, 120 25 32, 350 25 to 34 41, 651 35 to 44 49, 407 45 to 54 57, 877 55 to 64 55, 764 65 to 74 49, 598 74+ 48, 119 Source: Age by Income Profile, STDB, Inc., ESRI Site Analysis As the previous chart illustrates, the highest median incomes are within the 45 to 54