Ranch marketing study provides way forward for business development

There is always room for improvement, even for a thriving business hub like Lakewood Ranch that has 1,349 businesses, 13,731 jobs and 10 million-square-feet of commercial space.

The Lakewood Ranch Business Alliance and developer Schroeder-Manatee Ranch recently collaborated on a marketing study to help identify areas needing attention.

Unveiled at the Lakewood Ranch Business Alliance meeting late last month, when Rex Jensen, CEO of SMR, presented his annual State of the Ranch address, the new marketing tool, packed with key statistics and demographics, is being used to attract new businesses to the area.

For example, the study could help in the recruitment of businesses and research groups for the biotech industrial district called CORE – Collaboration Opportunities for Research and Exploration – that SMR is developing on 305 acres between State Road 70 and Rangeland Parkway.

CORE is located within walking distance of the Lake Erie College of Osteopathic Medicine where doctors, pharmacists and dentists are trained, as well as Manatee Technical College’s East Campus. Already located within the CORE district are Intercoastal Medical Group and The Sheridan at Lakewood Ranch, an assisted living and memory care facility. Also, Tidewell Hospice recently broke ground for a 12-bed facility expected to open there in 2018.

“Our first intention was to get a better understanding of the number of businesses within Lakewood Ranch, the nature of what they do, and if we are starting to have some centers of economic activity,” said Laura Cole, SMR vice president of marketing. “We knew that we had insurance companies, and we certainly have technology and education. The study lets us understand a little better what we have here.”

Heather Kasten, executive director of the Lakewood Ranch Business Alliance, said the study revealed some eye-catching details about Ranch residents, including that their average age is 45, they have an average household income of $117,229, and 80 percent of them are college educated.

“Lakewood Ranch is a young, hip, vibrant community,” Kasten said.

Now that there is a better understanding of Lakewood Ranch, it helps in the effort to reach out to similar businesses, and to businesses that are ancillary to them, Cole said.

“Everyone is looking for quality, talented people. We can help sell them on the employment opportunities and the lifestyle,” Kasten said.

The study may also help SMR shape some of its housing products to be more responsive to business needs, including providing more workforce housing, Cole said.

An outgrowth of the study is a new hire/new home relocation assistance program for businesses registered with the Lakewood Ranch Information Center. Under the program, SMR will provide tours and overviews, as well as $1,000 to offset employee relocation expenses. For more information, call 941-812-1605.

Lisa Barnott, spokeswoman for SMR, called the marketing study long overdue.

“It’s an awesome piece. I think we’ll be able to make strides now that we are all moving in the same direction,” Barnott said.

This story was originally published April 7, 2017 at 12:27 PM with the headline "Ranch marketing study provides way forward for business development."