Gwinnett Place An Economic Powerhouse For The County
Gwinnett Place is less than 1% of Gwinnett County’s land area, but it plays a much greater role in Gwinnett’s overall economy. As the county’s main employment and commercial activity center, Gwinnett Place has evolved beyond its dependence on its eponymous mall into a dynamic area for residents and commuters alike.
The Gwinnett Place Community Improvement District conducted a report to examine the current economic and fiscal impact of the area, as well as highlight room to grow in a Georgia CID quickly becoming known as a hub for live-work-play.
Gwinnett Place is the home to a significant share of Gwinnett County’s commercial real estate inventory and is the largest concentration of commercial space in the county. The market value of an average acre is $728K, twice that of the county average of $315K.
The longtime presence of the Gwinnett Place Mall solidified the CID as a retail-centric destination. Of Gwinnett Place’s 13.3M SF of commercial development, 7.8M SF is retail, equivalent to 13% of the county’s total retail space. The growing workforce in industries outside of retail has led to growth across other asset classes. Gwinnett Place contains 10% of the county’s office space and 23% of its Class-A office space.
As the area continues to attract residents, multifamily has also been on the rise. There are 5,301 multifamily units across 15 complexes, 9% of the county’s multifamily inventory.
Real estate values total $1.7B, and the CID sees continued opportunity for commercial real estate activity in the area.
Job growth and employment
Gwinnett Place is a major employment center in Gwinnett County. The employment base represents over 1,900 companies with a combined payroll of $1.3B. Workers have an average salary of $53K, and the area boasts an estimated 24,500 jobs, or 7% of employment in the county.
The Gwinnett Place area is one of the most racially, ethnically and culturally diverse areas within one of the nation’s most diverse counties. Young workers and families have flocked to Gwinnett Place. Approximately 32,000 millennials live within three miles of the area, and, based on 2017 data, residents are 25% white only, 29% Hispanic/Latino, 30% African-American and 26% Asian.
The Gwinnett Place area is not only demographically diverse but also hosts a wide employment base. The CID contains 6% of the county’s professional and scientific jobs, 13% of its finance and insurance jobs and 24% of its retail jobs.
Hospitality and retail revenue
Cultural events like the Seoul of the South tour have helped drive tourism into Gwinnett County. Gwinnett Place has become a hub for hospitality, with 18 properties.
The hotels book an estimated 542,000 room nights annually, which corresponds to total room sales of $59M.
Increased visitors to Gwinnett Place have also driven retail sales. The Gwinnett Place area has over 170 restaurants and bars that sell an estimated $60M in food and beverages each year.
The diverse population has had an impact on retail. Residents and visitors can sample global cuisines, from bánh mì to macarons.
Beyond the private sector, Gwinnett Place has been a major driver of indirect economic output for the county and state. This year, the Gwinnett Place area will generate an estimated $86M of public revenues from taxes, licenses and permits, of which $32M will go to Gwinnett County, nearly $20M to Gwinnett County Schools and $35M to the State of Georgia. The revenue raised has a direct impact on local improvement. For every $1 worth of county services received, the Gwinnett Place area generates $2.80 in local revenues back to Gwinnett County and Gwinnett schools.
The total economic output of businesses in the Gwinnett Place area in 2017 was $9.5B. Already a successful area for generating revenue and with various private and public sector redevelopment plans moving forward, these numbers serve to highlight Gwinnett Place’s potential for continued economic growth.
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