What is a property inventory?
A property inventory is a study to understand the existing state of properties including condition, vacancy, and marketability. Envision Montgomery 2040 revealed a need to specifically better understand the future of commercial properties. The retail market is shifting and many properties are becoming vacant or have declined. The inventory will help address some of these issues by determining alternative redevelopment opportunities that are better suited for properties.
The following topics can be included in a property inventory:
- Occupancy status (vacant vs. occupied)
- Availability (for lease, for sale)
- Size (square footage)
- Structural information (damages, recent repairs, renovations)
Existing Land Use Map
The City prepared a series of Retail Market Analysis reports for multiple areas in Montgomery. An executive summary is available for review along with three regional reports. These look at how much additional retail and restaurant is feasible in each area. Other challenges that were addressed include:
- Existing and planned retail market
- Potential retail types and trades
- Current population and demographic characteristics of the Southside
- Current and future costs of retail uses in the area
- Addition retail space the area can accommodate