In an effort to reevaluate the neighborhood and bring a fresh look to the block, the Grand Street Business Improvement District (BID) is taking a new approach to rediscovering the business strip.
Last week, the Grand Street BID contracted Larisa Ortiz Associates (LOA), a commercial district advising consultant, to assess the district’s commercial and business properties, meet with stakeholders and merchants, and focus on the district’s customer base.
Following the study, LOA will provide the BID with a list of potential businesses to better assess future retail.
“We are excited to move ahead with our first in-depth retail market study,” said Artineh Haven, executive director of the Grand Street BID. “This study will help position the BID to make a market-informed case for businesses interested in locating or expanding along Grand Street.”
Since founding the Jackson Heights-based consulting firm in 2008, LOA has been involved with clients such as the City of Newark, the Ridgewood-Bushwick Senior Center Citizens Council, the City of Elizabeth, NJ, the Chinatown Partnership, and Steinway Astoria Partnership.
“BIDs have long played a powerful role in supporting economic development initiatives,” said LOA principal Larisa Ortiz. “By commissioning a market study, the BID is providing valuable information that will help encourage investment by the kinds of businesses most likely to succeed.
The report should be complete by the end of September.
“We are looking forward to understanding the true market potential of Grand Street in a way that will help us improve the business mix along the street,” said Fred J. Moehring, chair of the BID's board of directors. “The study will also give us the tools and information we need to present Grand Street to all interested parties in the best possible light.”