In Q2 2017, the City of Springdale and the Springdale Chamber of Commerce hosted the 13th Annual Springdale ‘State of the City’ presentation and luncheon. Over 100 people attended, including representatives from Springdale businesses, the commercial real estate community, Princeton City Schools, regional economic development organizations, and elected officials. Mayor Doyle Webster and Economic Development Director Christine Russell gave a 2016 economic update and presented upcoming projects for 2017.
Here is a summary of the key takeaways from the event:
• The overall 2016 payroll in the City was approximately $836 million – a 16% increase over 2015.
• The City’s economy (by payroll) is about 55% office, 18% retail, 14% service/government, and 13% industrial.
• Office – The addition of Macy’s Corporate Services and The Plus Group in 2016 were big wins for the City. In 2017, Springdale is looking forward to the renovation of 100 Tri-County Parkway, which will become the new home of Ascendum Solutions, and the consolidation and expansion of Cincinnati Bell Technology Solutions into 25 Merchant Street.
• Industrial – Springdale mirrors the Cincinnati region with a historically low industrial vacancy rate. P&G’s lease of 250,000 square feet of warehouse in Progress Park was a significant contributor to that. However, unlike much of Hamilton County, Springdale has industrial land available and is looking forward to development at Northwest Boulevard/Pictoria Drive, and the former GE Employee Athletic Association Park property.
• Retail – The redevelopment of Tri-County Mall began with new outlot stores in 2015 and 2016, and will continue with the exterior renovation of the mall building in 2017 and 2018.
The event concluded with a panel discussion featuring Mike Jones, representing Ascendum Solutions, and Steve Holter, representing Cincinnati Bell Technology Solutions. They each talked about new office locations, why they decided to invest in Springdale, and the latest trends in office design.