Market Overview
Peninsula Crossing Geography
At approximately 950 square miles, Sussex County, Delaware is
geographically one of the largest counties in the eastern U.S.
Essentially square in shape, it spans approximately 30 miles north to
south, and 30 miles east to west. The Town of Millsboro, the municipality
in which Peninsula Crossing is located, is approximately 11 miles
south of Georgetown, Delaware, on U.S. 113. Georgetown was intentionally
located at the geographic center of Sussex County when founded and
established as the Sussex County Seat of Government in 1791.
Waterways
The most notable geographic components of Sussex County, Delaware are
its significant bodies of tidal water, specifically the Atlantic Ocean,
the Delaware Bay, the Rehoboth Bay, and the Indian River. Millsboro,
Delaware is established at the western end of the Indian River, and is the
westernmost point of entry for all of the waterways listed above.
Roadways
Established as a strategic port for regional farmers and millworks,
today Millsboro is considered the starting point of the Delaware ocean and
bay resorts. 19th and 20th century
commercial opportunities encouraged all county roadways to connect to
Millsboro. When the first system of U.S. highways was established, U.S.
113 connected Dover, Delaware at the north with Pocomoke City, Maryland at
the south. Millsboro, located on U.S. 113, is approximately 40 miles from
each. Three of Sussex County’s busiest east-west roadways, Del. 24, Del.
26, and Del. 20 intersect with U.S. 113 from both the east and the west
within 3 miles of Peninsula Crossing. Del. 20 and 24 are within 1
mile. Millsboro’s location on U.S. 113, Del. 24 and in close proximity to
Del. 20 and 26 positions it to be easily reached from most of the Delmarva
Peninsula major population centers, but more significantly, by resort
visitors from surrounding sales tax states traveling to and from the
resort region.
Peninsula Crossing Demographics
Due to its positioning as a regional power
center, Peninsula Crossing will attract consumers of various age
and income levels. With regional housing market trends established over
the last five to seven years expected to continue indefinitely, average
Peninsula Crossing shoppers will be middle-aged with higher than
average incomes. While native and long-standing Delmarva Peninsula
residents will frequent the center, the greatest number of consumers will
consist of those who have arrived over the last ten years, and who will
continue to arrive in ever-increasing numbers as year-round residents for
the foreseeable future. Since retail consumers support and require
consumer-oriented businesses and professions, small and medium sized
businesses will be developed and flourish in the area proportionate to
population growth. These businesses will
attract and support employees and associates having younger families, but
the average consumer age should remain in the active adult/retiree
bracket.
In summary, the mix of shoppers at Peninsula Crossing will consist
of:
1. Year-round
residents of all ages living within thirty miles in all directions (except
from the north which will likely be limited to twenty miles due to Dover,
Delaware shopping opportunities).
2. Seasonal
and weekend resort visitors traveling from the surrounding sales tax states
of Virginia, Maryland, Pennsylvania, and New Jersey. More than six
million shoppers visit the Tanger Outlets on Rt. 1 in Rehoboth each
year.
Northern Delaware residents visiting the area will figure in the retail
mix, but not to the extent of shoppers from surrounding states charging
sales tax. For perspective, Pennsylvania or New Jersey residents purchasing
electronics, business, or household goods for $2000 at Peninsula Crossing
will save $120, while Maryland and Virginia residents will save $100 simply
for stopping at Peninsula Crossing to make their purchases on the way to or
from their weekend home or vacation residence. Just as importantly,
consumers traveling twenty five (25) minutes from Salisbury or Ocean City,
Maryland will realize the same savings.
Established geographic, demographic, and economic factors exist
to ensure an extraordinary opportunity for all Peninsula Crossing
retailers today. But the most compelling aspect of Peninsula Crossing as a
regional power center is found in its location in the heart of one of the
fastest growing housing markets in the U.S. As the Delmarva Peninsula
continues to accommodate the thousands of new households arriving each year,
a trend expected to continue for the foreseeable future, Peninsula
Crossing will become their shopping center of choice. |
