Fillmore Business Park Feasibility Study

Compass Blueprint worked with the City of Fillmore to analyze the financial feasibility of a proposed business park proposed to achieve more balanced employment and housing opportunities.

The feasibility of any development hinges upon current market and regulatory circumstances that will critically shape a development.

Goals

• Determine economic feasibility of proposed site plan or baseline
• Develop two variations on development baseline
• Estimate number of jobs using results of economic feasibility analysis
• Estimate net effect on Fillmore’s workforce-housing balance using economic feasibility analysis results

Fillmore is currently a housing-rich city and the business park is expected to substantially improve the City’s jobs-to-housing balance.  The Los Angeles real estate market looks to the Inland Empire and North along Interstate 5 for new industrial space and the demand for office space.  The Southwest Fillmore Business Park is cognizant of this demand and will provide employment opportunities by attracting clean, business park style development. The City will enhance employment opportunities and reduce commuting outside of the City.  Over the course of the project, three pro-forma development scenarios were modeled to include regulations and market conditions.

Results

• Study area comprised 87 acres
• Business Park will enable 1.3M sq. ft. of commercial space
• Scenario One: add over 2,000 jobs and improve the City’s ratio by 42 percent, from 0.70 to 1.20 jobs per housing unit
• Variations compared the effects of additional density and parking costs to the baseline feasibility