Impact Analysis

GULFSTREAM HOTEL DEVELOPMENT IMPACT ANALYSIS

JS&A was recently retained by the City of Lake Worth Beach to assess the fiscal, economic, and community impacts of the redevelopment proposal for the historic Gulfstream hotel, located at 1 Lake Avenue. The Gulfstream Hotel development will renovate this historic structure into 90 hotel units and a ground-floor restaurant/bar upon completion. JS&A analysis findings were used to help educate stakeholders about the specific merits of the development and build project understanding and support.

Client

City of Lake Worth Beach

 

Service

Economic Impact Assessment

Fiscal Impact Assessment

Community Benefits Analysis

CRA Impact, Contribution, and ROI 

Location

Lake Worth Beach, FL

 

The analysis quantified jobs, salaries and wages, business revenues, and direct local, county, and state tax revenues generated during both construction and stabilized operations, while also assessing the role of the CRA in providing financial support, alignment with its mission, and return on investment. The study found the hotel would generate approximately 37,800 annual room nights and attract about 18,000 unique visitors, resulting in an estimated $7.4 million in annual guest spending on dining, shopping, and entertainment that nearby downtown businesses are well positioned to capture. The project aligns with City goals to enhance downtown vitality, density, walkability, and mixed-use development, includes a $5 million commitment to sourcing goods and services locally, and will restore and reactivate the historic Gulfstream Hotel—vacant since 2005—into a full-service hotel and mixed-use development. Together, these improvements are expected to strengthen pedestrian activity and safety, eliminate a long-standing blighted property, and serve as a catalyst for future residential and commercial investment in Downtown Lake Worth Beach.

Project Scope

Economic Impact Analysis

Fiscal Impact Analysis

Community Impact Analysis

CRA Impact and ROI

Public-Private Partnership Implications and Recommendations