Cedar Park (TX) Convention & Visitor’s Bureau – Multi-Purpose Center Feasibility Analysis

ChallengeCedar Park, a fast-growing suburb of Austin, lacked adequate meeting facilities to accommodate the needs of businesses, community organizations, and residents. As a result, business meetings, weddings, family reunions, special events, even the Chamber’s annual banquet, were often held at hotels and meeting facilities in Austin, Round Rock, or other neighboring communities. TIP Strategies, Inc. (TIP), in association with TAG International, LLP (TAG), was engaged by the City of Cedar Park, on behalf of the Cedar Park Chamber and the Cedar Park Convention and Visitors’ Bureau, to study the feasibility of constructing a multi-purpose center. The objective of the study was to provide a framework for future discussion.

ApproachTo help determine if sufficient market demand existed to support an events center in Cedar Park, the team prepared an assessment of the local market, including population growth, income levels, and employment trends. This analysis was supplemented by interviews with potential users and convention centers in the area, as well as an overview of the meeting industry in major metropolitan areas in Texas. In addition, the team interviewed five benchmark facilities in the state to gather information on the size and configuration of the facility, capacity and average attendance, community goals in connection with its construction, and operating information where available.

OutcomeBased on market conditions and the benchmarking results, the team created three scenarios for the construction of a meeting/convention center in Cedar Park. The scenarios provided a range of options, from pure meeting space to a major events center to construction of a scalable center that could be expanded as needed. In addition, the report provided preliminary information on land costs and financing considerations and provided a sample operating pro-forma for each scenario.

TIP Contact Tom Stellman
512.343.9113
tom@tipstrategies.com

Photo credit Matthew Rutledge

Photo credit Matthew Rutledge