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| 2302 E. Atlantic Blvd., 2nd Floor Pompano Beach, FL 33062 | 954.695.0754

Palm Bay Market Analysis

October 21st, 2015

Agency

City of Palm Bay
Purchasing & Contracts Division

Services Provided

Economic Development
Market Analysis

Address

City Hall
2nd Floor, Suite 200
120 Malabar Road
Palm Bay, FL 32907

Performance Period

2015

Palm Bay Market Analysis

Issue

Palm Bay, Florida is the largest city in Brevard County and as it grew west of Interstate-95, the eastern part of the community suffered from a lack of development, leaving the area with an undefined image or brand. In need of a strategy to stimulate growth, the Bayfront Community Redevelopment Agency (BCRA) applied for and won a Competitive Florida grant from the Florida Department of Economic Opportunity. The City used the grant to hire RMA to perform a scope of work that included market analysis, public input, and development of an economic development strategy and action plan.

RMA found that Palm Bay’s Leading Assets included:

  • A Fortune 500 company, Harris Corporation, expanding their base in the area
  • Unique scenic views along the US1 corridor along the Indian River Lagoon, creating a bluff-like environment that is unique and rare in the state
  • Public investment in enhancing the Turkey Creek Sanctuary area; beautifying the park, adding piers, picnic areas and a small public beach, with additional potential for eco-tourism and further development
  • The Pelican Harbor Marina, with access to the Intercoastal Waterway and Indian River Lagoon, that will be the catalyst for future development

Strategy

RMA utilized their BusinessFlareTM approach to conduct numerous studies and identify the current influences on the five drivers of investment and economic development (land, labor, capital, markets, and regulation), and then further identified how the city and BCRA could realistically influence those drivers.

Outcome

With Palm Bay’s quality market potential in mind, the economic development strategy and action plan included defining the brand potential for the district. RMA participated in meetings, collected data, and analyzed the information as it pertained to the area’s visitor experience. The process led to the development of a strategic brand message and the basis for a future marketing campaign, laying the foundation for a definitive brand and image for the area.

Overall, the partnership between the Bayfront CRA, the City of Palm Bay, the Florida Department of Economic Opportunity, and Redevelopment Management Associates resulted in the successful development of a realistic, achievable, community-driven plan for revitalization of the Bayfront.

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