Market Analysis and Feasibility Study Servioces

The Vendor is required to provide to conduct an updated Market Analysis and Feasibility Study for a potential new convention center or multipurpose convening facility in downtown city.
- Market dynamics, competing facility inventories, hotel supply, demographic conditions, and industry trends have all evolved materially since that analysis was conducted.
- Several contextual changes have occurred that are directly relevant to this study:
•    Completion and opening of the commuter rail line connecting and cities along the way, materially improving regional accessibility;
•    Continued growth of the offshore wind energy and marine tech sector, with city serving as a regional hub for manufacturing, logistics, and workforce training;
•    Ongoing downtown revitalization including new hotel development, creation of new housing units through new construction and adaptive reuse, and expanded food and hospitality offerings;
•    Post-pandemic recovery and transformation of the convention and meetings industry, including changes to event size preferences, hybrid meeting formats, booking lead times, and the competitive landscape of venues throughout the region;
•    Potential new, reconfigured, or closed competing and comparable facilities in the regional market.
- Demographics and Socioeconomics
•    Updated population, household income, age, employment, and business data for county, and the 30-, 90-, and 180-minute drive-time market areas; 
•    Assessment of notable demographic and economic trends since 2019, including the impact of south coast rail on regional connectivity and shifts in the local business and industry base;
•    Updated assessment of key industry sectors with particular relevance to convention and meeting demand, including marine and fisheries, offshore wind energy, marine tech, healthcare, life sciences, and higher education.
- Hotel inventory
•    Updated inventory of hotels in the county area, including any new properties opened, closed, or significantly renovated since 2019;
•    Identification of any hotel projects under development or proposed as of the study date;
•    Assessment of the adequacy of the existing and planned hotel supply relative to the needs of a potential convention or conference facility, including the availability and suitability of a potential headquarters hotel.
- Local event facility inventory
•    Updated inventory of flat-floor meeting and event facilities in county and the immediate vicinity, with current sellable square footage and key operational characteristics;
•    Identification of any significant changes to existing venues since 2019, including closures, expansions, and renovations;
•    Assessment of overall adequacy and gaps in the current local event facility supply relative to identified demand.
- Downtown and waterfront amenities
•    Updated summary of downtown dining, retail, hospitality, and tourism assets and how they have changed since 2019;
•    Assessment of changes in walkability, transit access, infrastructure, and overall destination quality, including the effect of south coast rail;
•    Description of significant development projects completed, under construction, or permitted in the downtown and waterfront areas.