Market and Financial Feasibility Study - SkyRise Miami
In 2015, CSL was engaged by Berkowitz Development Group, Inc. to conduct a market and financial feasibility study related to the development and operations of SkyRise Miami (“SkyRise”), a planned 1,000-foot high entertainment destination located adjacent to Bayside Marketplace in downtown Miami, Florida.
As a means of assessing demand for proposed observation decks, attractions, admission packages, and amenities, CSL analyzed the characteristics of the local and regional market, conducted an evaluation of the South Florida tourism industry, interviewed various civic leaders and other project stakeholders, assessed existing and planned sports and entertainment facilities/attractions in the local and regional area to determine their potential impact on the operations of SkyRise, analyzed the physical, operational, and financial characteristics of comparable attractions located throughout the world in order to provide a benchmark from which to assess the potential operations of SkyRise, and completed approximately 400 intercept surveys with residents and tourists at various locations within Miami-Dade and Broward Counties in order to understand interest in various potential attractions and related admission packages at the facility.
Potential attractions included as part of the survey included:
|General Observation Deck||VIP Observation Deck|
|Ferris Wheel||Flying Theater|
|Bungee Jump||Freefall Ride|
|Virtual Reality Experience||Boat Cruise|
|Other Potential Attractions|
Data obtained from the survey was utilized to make recommendations regarding the long-term demand and marketability for the various attractions, admission pricing, amenity packaging, conference and event demand, and other operational and building program characteristics. This information was then used to develop financial operating projections and cost/benefit analyses for project stakeholders over a 30-year period.