Cox Creek Parkway Project

Executive Summary

There's no doubt that Florence's economy has reliance upon Cox Creek Parkway. It has a large majority of the retail businesses. Not only do they generate revenue, but they also attract people from neighboring areas. This produces a cyclic situation in which the increase in people causes an increase in growth. Economic growth is not an autonomous aspect of the society. For example, it is reliant upon the transportation network. The traffic is the life-support of economic system. Many businesses thrive on of the impulsive stops of people driving by. The most evident is in the food industry. Florence has one of the highest rates in the country for people dining out, and because of this the number of establishments is astounding. The common thread that holds all of these factors together is location. Florence is located in the middle of a triangle composed of Memphis, Nashville, and Birmingham. This ideal location provides for the promotion and stability of the economic system and growth.

Research Topic and Study Area

I set out to analyze the economic condition of the corridor of Cox Creek Parkway between Helton Drive and Florence Boulevard. This is one of Florence's arterial roads and has had significant impact upon the city. Even though it is a relatively recent addition to the area, its importance has become a necessity in the city's viability. In my research, the focus was on determining the predominant economic development and why it is abundant in this sector. After in depth research, the most probable conclusion was drawn, and the findings presented.

Methodology

In contemplation of the method of which to approach the research on my topic, several options arose. With the acquired knowledge of questionnaires that the class provided, this became an option as a means of gathering information. However, it was ruled out with the belief that this method would not be the most beneficial to the research in trying to evaluate the current economic condition of the Cox Creek corridor. The decision was made to start a general search for information concerning the city. With this, I consulted the Shoals Chamber of Congress website. The first things that were read brought to my attention that this was written to attract people, so suspicion arose as to the legitimacy of the information. But there were solid facts that correlated with information I found in other locations.

The next step that was taken was to speak with the City Planning office. The first visit was extremely beneficial in obtaining the Comprehensive Plan loaned to me for a weekend. While in my possession, I copied those portions that would aid me in my work. This seemed as though it could provide all of the information that might be desired. Honestly, I thought that the research section of my project was complete. Unfortunately, there were some gaps that needed to be filled. One of which concerned the current zoning. The Comprehensive Plan was constructed in 1995, therefore making the zoning maps included outdated. So, another trip to the Planning office was in order. Although, Mr. Muse was unable to speak with me at that time, the secretary and I had a conversation discussing my questions, and she gave me many helpful tidbits. It was three days and several phone calls later before the zoning maps were actually obtained, as luck would have it, they too were from 1995. They did help to support statements concerning the commercial/retail sector.

One last source was used to produce data. This was a referral to Pounders & Associates real estate appraisal office. Here, facts were obtained concerning the property value of Cox Creek Parkway. Everyone at this office was very helpful and friendly and provided me with all of the information I was looking for and even more. With the plethora of information that had been collected to this point, the time then came to organize it into logical order and create a Power Point presentation.

Findings

Findings quickly revealed the main answer to my research question, why is this area growing. Everything is based on location. First consider the location of Florence within the region. It is located in the center of a triangle composed of Memphis, Nashville, and Birmingham. At respective distances of 150 miles west, 135 miles north, and 120 miles south. It can be thought of as a peripheral city to anyone of these. People living in Florence can easily drive to one of these larger cities to acquire those goods and services that are not readily available here.

Not only does Florence serve its citizens, but it also supports and provides for a great many others in the region. Its market spans at least 4 neighboring counties in Alabama, Colbert, Franklin, Limestone, and Lawrence two Tennessee counties, Wayne and Lawrence, and also Tishimingo County Mississippi. From personal experiences, I know that it reaches farther than this. I would include Marion and Winston Counties in Alabama as well. Outsiders come for various reasons, including shopping, working, and dining.

Now that I knew why people were coming to Florence, the next step was try to discover why they are drawn to Cox Creek Parkway. This was answered in an overview of the history of the corridor. The road was constructed in 1970 as a bypass for tractor-trailers to navigate quickly around the city. Soon a man from New Jersey realized the potential of the land, had the area rezoned, and completed construction of the Regency Square Mall by 1978. Not only did this increase the amount of people traveling to the area, but it also raised the interest of other businesses. They recognized the importance of locating in close proximity to the mall in order to draw from its customers. It wasn't long until shopping centers were being constructed lining Cox Creek Parkway.

In analyzing the zoning maps (along with personal knowledge of the area), I found that a large percent of the land was zoned as commercial, and from reading the Comprehensive Plan I also learned that it was mainly retail. Florence is a "retail hub" in the region. Twenty-one percent of total jobs in the city are within the retail industry, and by 2015 this number is expected to increase to 25 percent. Additional jobs may seem like a positive mark for the city, however this is not necessarily true. These jobs are low paying and require a low-skilled labor force. Florence needs to be trying to attract higher more technical jobs to help boost the economy.
Realizing the importance and emphasis placed on locating a business on Cox Creek Parkway, I was curious as to how much this might cost an individual or business. In speaking to an appraiser at Pounders & Associates, I received the shocking figures. An acre of property presently costs approximately $500,000. This is a steady increase from the 1992 figure of $350,000 and the 1982 amount of $200,000. The most amazing factor is that this is strictly due to location, not a unique quality of the land itself. This is evident by the fact that previous to the mall being built an acre, which was agricultural land, could be purchased for the price of $1,500. These numbers can be a little overwhelming, but they aren't even stable along the entire stretch of highway. At the intersection of Cox Creek Pkwy. and Florence Blvd., the busiest intersection in northwest Alabama, a parcel of land can cost $650,000. At the opposite end of the corridor I noticed a 14.72 acres that were for sale adjacent to Martin's. After speaking to an agent at Neese Realty, the sale price of $975,000 was given. These outrageous figures are the perfect example of the important role that location can play.

The final phenomenon that I examined was the abundance of restaurants. Florence has more than any other place I've been relative to size. I assumed that there had to be a reasonable explanation for this. In a sense there is. While speaking to those in the City Planning office they informed me that for two years is in a row Florence was sixth in the nation for the percentage of people that dine out. This is regardless of other variables such as unemployment. It would be expected that as the unemployment rate raises that the number of people eating out would decline, but this is not the case. It remains at a high level.

It seems as though there is a revolving cycle of growth occurring. The road was developed bringing more traffic; the mall was built attracting more people; other businesses desire to locate near the mall to feed off of its business; thus even more people are coming; and eventually the transportation system will have to be expanded and improved. This is an area where growth is rampant and doesn't show signs of stopping in the near future.

Conclusion

Cox Creek is an arterial road that is growing at a fast pace. Even though it was constructed less than thirty-five years ago, it is the most economically beneficial corridor to the city of Florence. Property along this highway is highly sought after and consequently sold at unrealistic prices. There are no signs that point to the ceasing of development along the Cox Creek Parkway. Within the last two years we have seen the addition of the enormous Target\Best Buy Shopping Center and multiple restaurants. As long as Florence is able to attract the customers and investors, it will continue to thrive.

Bibliography

Comprehensive Plan. City of Florence, AL. LDR International, Inc. 1996.
Economic Development in the Shoals. Shoals Chamber of Commerce -Florence AL
USA. Retrieved 12 April 2002 from www.shoalschamber.com
Pounders & Associates. Real Estate Appraisal. Florence, AL. 25 April 2002.

Appendix

A. Florence Map illustrating relative location
B. Zoning Map of Florence

	Cox Creek Parkway Project

	Executive Summary There's no doubt that Florence's economy has reliance upon Cox Creek Parkway. It has a large majority of the retail businesses. Not only do they generate revenue, but they also attract people from neighboring areas. This produces a cyclic situation in which the increase in people causes an increase in growth. Economic growth is not an autonomous aspect of the society. For example, it is reliant upon the transportation network. The traffic is the life-support of economic system. Many businesses thrive on of the impulsive stops of people driving by. The most evident is in the food industry. Florence has one of the highest rates in the country for people dining out, and because of this the number of establishments is astounding. The common thread that holds all of these factors together is location. Florence is located in the middle of a triangle composed of Memphis, Nashville, and Birmingham. This ideal location provides for the promotion and stability of the economic system and growth. Research Topic and Study Area I set out to analyze the economic condition of the corridor of Cox Creek Parkway between Helton Drive and Florence Boulevard. This is one of Florence's arterial roads and has had significant impact upon the city. Even though it is a relatively recent addition to the area, its importance has become a necessity in the city's viability. In my research, the focus was on determining the predominant economic development and why it is abundant in this sector. After in depth research, the most probable conclusion was drawn, and the findings presented. Methodology In contemplation of the method of which to approach the research on my topic, several options arose. With the acquired knowledge of questionnaires that the class provided, this became an option as a means of gathering information. However, it was ruled out with the belief that this method would not be the most beneficial to the research in trying to evaluate the current economic condition of the Cox Creek corridor. The decision was made to start a general search for information concerning the city. With this, I consulted the Shoals Chamber of Congress website. The first things that were read brought to my attention that this was written to attract people, so suspicion arose as to the legitimacy of the information. But there were solid facts that correlated with information I found in other locations. The next step that was taken was to speak with the City Planning office. The first visit was extremely beneficial in obtaining the Comprehensive Plan loaned to me for a weekend. While in my possession, I copied those portions that would aid me in my work. This seemed as though it could provide all of the information that might be desired. Honestly, I thought that the research section of my project was complete. Unfortunately, there were some gaps that needed to be filled. One of which concerned the current zoning. The Comprehensive Plan was constructed in 1995, therefore making the zoning maps included outdated. So, another trip to the Planning office was in order. Although, Mr. Muse was unable to speak with me at that time, the secretary and I had a conversation discussing my questions, and she gave me many helpful tidbits. It was three days and several phone calls later before the zoning maps were actually obtained, as luck would have it, they too were from 1995. They did help to support statements concerning the commercial/retail sector. One last source was used to produce data. This was a referral to Pounders & Associates real estate appraisal office. Here, facts were obtained concerning the property value of Cox Creek Parkway. Everyone at this office was very helpful and friendly and provided me with all of the information I was looking for and even more. With the plethora of information that had been collected to this point, the time then came to organize it into logical order and create a Power Point presentation. Findings Findings quickly revealed the main answer to my research question, why is this area growing. Everything is based on location. First consider the location of Florence within the region. It is located in the center of a triangle composed of Memphis, Nashville, and Birmingham. At respective distances of 150 miles west, 135 miles north, and 120 miles south. It can be thought of as a peripheral city to anyone of these. People living in Florence can easily drive to one of these larger cities to acquire those goods and services that are not readily available here. Not only does Florence serve its citizens, but it also supports and provides for a great many others in the region. Its market spans at least 4 neighboring counties in Alabama, Colbert, Franklin, Limestone, and Lawrence two Tennessee counties, Wayne and Lawrence, and also Tishimingo County Mississippi. From personal experiences, I know that it reaches farther than this. I would include Marion and Winston Counties in Alabama as well. Outsiders come for various reasons, including shopping, working, and dining. Now that I knew why people were coming to Florence, the next step was try to discover why they are drawn to Cox Creek Parkway. This was answered in an overview of the history of the corridor. The road was constructed in 1970 as a bypass for tractor-trailers to navigate quickly around the city. Soon a man from New Jersey realized the potential of the land, had the area rezoned, and completed construction of the Regency Square Mall by 1978. Not only did this increase the amount of people traveling to the area, but it also raised the interest of other businesses. They recognized the importance of locating in close proximity to the mall in order to draw from its customers. It wasn't long until shopping centers were being constructed lining Cox Creek Parkway. In analyzing the zoning maps (along with personal knowledge of the area), I found that a large percent of the land was zoned as commercial, and from reading the Comprehensive Plan I also learned that it was mainly retail. Florence is a "retail hub" in the region. Twenty-one percent of total jobs in the city are within the retail industry, and by 2015 this number is expected to increase to 25 percent. Additional jobs may seem like a positive mark for the city, however this is not necessarily true. These jobs are low paying and require a low-skilled labor force. Florence needs to be trying to attract higher more technical jobs to help boost the economy. Realizing the importance and emphasis placed on locating a business on Cox Creek Parkway, I was curious as to how much this might cost an individual or business. In speaking to an appraiser at Pounders & Associates, I received the shocking figures. An acre of property presently costs approximately $500,000. This is a steady increase from the 1992 figure of $350,000 and the 1982 amount of $200,000. The most amazing factor is that this is strictly due to location, not a unique quality of the land itself. This is evident by the fact that previous to the mall being built an acre, which was agricultural land, could be purchased for the price of $1,500. These numbers can be a little overwhelming, but they aren't even stable along the entire stretch of highway. At the intersection of Cox Creek Pkwy. and Florence Blvd., the busiest intersection in northwest Alabama, a parcel of land can cost $650,000. At the opposite end of the corridor I noticed a 14.72 acres that were for sale adjacent to Martin's. After speaking to an agent at Neese Realty, the sale price of $975,000 was given. These outrageous figures are the perfect example of the important role that location can play. The final phenomenon that I examined was the abundance of restaurants. Florence has more than any other place I've been relative to size. I assumed that there had to be a reasonable explanation for this. In a sense there is. While speaking to those in the City Planning office they informed me that for two years is in a row Florence was sixth in the nation for the percentage of people that dine out. This is regardless of other variables such as unemployment. It would be expected that as the unemployment rate raises that the number of people eating out would decline, but this is not the case. It remains at a high level. It seems as though there is a revolving cycle of growth occurring. The road was developed bringing more traffic; the mall was built attracting more people; other businesses desire to locate near the mall to feed off of its business; thus even more people are coming; and eventually the transportation system will have to be expanded and improved. This is an area where growth is rampant and doesn't show signs of stopping in the near future. Conclusion Cox Creek is an arterial road that is growing at a fast pace. Even though it was constructed less than thirty-five years ago, it is the most economically beneficial corridor to the city of Florence. Property along this highway is highly sought after and consequently sold at unrealistic prices. There are no signs that point to the ceasing of development along the Cox Creek Parkway. Within the last two years we have seen the addition of the enormous Target\Best Buy Shopping Center and multiple restaurants. As long as Florence is able to attract the customers and investors, it will continue to thrive. Bibliography Comprehensive Plan. City of Florence, AL. LDR International, Inc. 1996. Economic Development in the Shoals. Shoals Chamber of Commerce -Florence AL USA. Retrieved 12 April 2002 from www.shoalschamber.com Pounders & Associates. Real Estate Appraisal. Florence, AL. 25 April 2002. Appendix A. Florence Map illustrating relative location B. Zoning Map of Florence

		Home