business research essay

Introduction / Executive Summary:

Onyx and East is a real estate development company founded and headquartered in Indianapolis with an emerging market in Florida, specifically Tampa and St. Petersburg. Onyx and East provide luxury townhouses, with an emphasis on “their close proximity to the best dining, shopping, and cultural landmarks of our communities” (Onyx and East, n.d., n.p). Onyx and East follow a city planning trend called New Urbanism. According to Brown and Bonifay (2001), New Urbanism encompasses densely populated neighborhoods with easy access to shopping, open spaces, and mass transit. In addition to their New Urbanism principles, Onyx and East use a personal style quiz on their website, to help new owners tailor their homes to their preferences. Though Onyx and East present unique opportunities for their members, they look to differentiate themselves and increase their market share in the Tampa, St. Petersburg market. In this proposal, I will outline a way for Onyx and East to diversify their target market, strengthen their Florida market share, while maintaining their mission to, “build cool places in urban areas” (Onyx and East, n.d., n.p.).

Current Issue Facing Onyx and East:

The most pressing issues that threaten Onyx and East is a small customer base and stiff competition from a local competitor, Icon Residential. Condominiums are not the first choice of homebuyers. According to Zillow (2016), only 13% of homebuyers considered Condominiums. From that small interest, 5% of properties bought were condominiums nationwide. This preference for other home types constricts Onyx and East number of potential buyers significantly. Add to this Onyx and East develop luxury condominiums out of the price range for a typical Tampa resident, whose average salary is $47,471 (Waddell). Competing for this relatively small market is another luxury condominium builder, Icon Residential, who, “own over 600 residential and commercial properties located throughout Tampa Bay” (Icon Residential, n.d., n.p.). Icon Residential have six luxury apartment complexes in Florida, with three of them located in the Tampa area (Icon Residential n.d.).

Direction to Address Current Issue:

To diversify Onyx and East’s client base, they must utilize students of the University of South Florida by creating a luxury apartment complex near campus for students to rent. According to Bunch (2019), “colleges with the most off-campus housing per student tend to be concentrated in Florida” (n.p.). USF is a model of this southern trend, and the vast majority live in off campus

housing. A luxury apartment near campus would become a prime off-campus housing location for USF students. Onyx and East would be able to fulfill their mission of building with community and walkability in mind easily at a college campus. Locations near campus are appealing to university students, allowing students to walk to classes and other entertainment. Onyx and East could also hold a wide array of events to bring the diverse University of South Florida students together. Whether its yoga classes once a week or a barbeque on game day, students will grow closer together by participating in Onyx and East sponsored events.