HyettPalma
703-683-5126
info@hyettpalma.com

Featured Project:
Downtown Murfreesboro, TN

HyettPalma completed a market analysis and enhancement strategy for Downtown Murfreesboro, Tennessee, in conjunction with The Real Estate Services Group. The private and public sectors have implemented the strategy with great success.

Today, Murfreesboro and Rutherford County, in which Murfreesboro is located, are both experiencing explosive growth. This growth is taking the form of significant population growth as well as a considerable increase in retail offerings located outside of Downtown.

In 1999, HyettPalma was asked back to Murfreesboro to help its Downtown — and its Main Street program — deal with this growth. The challenge was to capture the potential provided by a growing population while helping Downtown survive in an exploding sea of commercial centers.

Since the first HyettPalma market analysis and economic enhancement strategy was completed for Downtown Murfreesboro, Tennessee, considerable change has occurred in both Downtown and in Rutherford County. In terms of Downtown, significant improvements have been made by Main Street, the City government, and the private sector over the past several years. The result is that Downtown Murfreesboro is much improved and much healthier today than it was in 1991.

In terms of Rutherford County, changes include substantial growth in population, personal incomes, and retail offerings. And, most of the retail growth in the County has taken the form of national chains entering the market and locating in “big boxes” and power centers (developments including three or more big box retailers).

In conducting research for the recently completed Downtown market analysis and economic enhancement strategy, the following facts were revealed.

• There is an exceptionally high level of confidence in Downtown and its future. This confidence is exhibited by the lending community, the City of Murfreesboro, and the investment community.



• The citizens of Murfreesboro tend to value their Downtown. When describing what they value most about the area they cite Downtown’s “small town feel,” the small stores that provide special products and personal service, and Downtown’s “interesting architecture.”



• Over the past several years, the Downtown enhancement effort has remained strong in Murfreesboro. This can be seen in the sustained work of, and interest in, Main Street: Murfreesboro/Rutherford County, Inc. In addition, interest in Downtown’s enhancement, as a community priority, has remained strong and the support of City Hall has been unflagging.



• The focus of Main Street: Murfreesboro/Rutherford County, Inc.’s efforts since 1991 has been primarily on stimulating physical improvements (by the private sector and by working with the public sector) and on promotions (particularly special events). These efforts have been effective in stimulating awareness in and appreciation of Downtown.



• In 1991, the community expressed a desire to see an arts center open in Downtown Murfreesboro. That has been accomplished. And, by all accounts the community is very pleased and very proud of the Center for the Arts. Today, more so than in 1991, interest is being shown in having more art-related businesses in Downtown (art galleries, artist studios, etc.).



• Downtown Murfreesboro is facing a situation that is very typical of County seats: much of the property in the core of Downtown is occupied by government and government-related professional offices, rather than by retail and other consumer-oriented uses.



• There is great interest in returning a balance of uses to the core of Downtown Murfreesboro. Principally this concern hinges on creating a mixture of uses in the center of Downtown — including retail, art, entertainment, and offices — rather than having this area be solely one of government and professional offices.

Given the above facts, the improved situation in Downtown, and the County’s growth, the future is bright for Downtown Murfreesboro. However, it must be said that the job of enhancing Downtown Murfreesboro is not complete.

To move Downtown Murfreesboro on to the next level of success, Main Street: Murfreesboro/Rutherford County is building on the considerable opportunities facing Downtown and continuing with Downtown’s improvement by:

• Placing program emphasis on economic development and marketing;
• Taking aggressive action to create a clear niche and economic identity for Downtown; and
• Taking bold actions and dealing forcefully with the major issues that are currently facing Downtown and that will, in large part, dictate Downtown’s future success.