The Regional Economy
Monterey is located at the center of a Monterey Bay
regional economy which is poised for growth. The recent closure of Fort Ord has provided
the infrastructure and land resources to accommodate sustained economic growth. Monterey's
tourist- based economy remains strong and healthy. The Monterey Bay economy of the future
will be based on educational and research activities with special emphasis on marine
biology and the environmental sciences. The establishment of a new Monterey Bay State
University is already making an important impact on the regional economy. The development
of a new "Think and Do" center by the University of California at Fort Ord will
also create new opportunities for economic growth through partnerships with companies
wishing to locate in a research-based environment.
Monterey has recently been recognized as the "Language Capital of the World". Key
components of Monterey's language skilled labor force include The Monterey Institute of
International Studies and the Defense Language Institute. The Monterey Institute of
International Studies not only provides language training, but a wide variety of
graduate-level courses in international trade. A T & T's Language Translation Services
are also based at Ryan Ranch in Monterey. Monterey is thus the ideal location for
companies seeking to enter or expand into the global marketplace. Other institutions
involved in promoting Monterey as the Language Capital of the World include California
State University at Monterey Bay, Monterey Peninsula College, CTB McGraw Hill, and the
Naval Post Graduate School.
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Tourism
Monterey remains one of the premiere tourist destinations
in the United States, attracting an estimated four million visitors to the Monterey
Peninsula annually. The tourism component of the Monterey economy remains strong and will
continue to grow. The diverse attractions and resources of the Monterey Peninsula include:
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The opening of the Monterey Bay Aquarium's new Outer Bay
Exhibit in March, 1996 attracted more than 2.4 million people to Monterey in 1996.
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The designation of Monterey Bay as a national Marine
Sanctuary ensures preservation of the natural marine environment while accommodating new
ecotourism, research and educational opportunities for economic growth. An underwater park
has also been proposed to preserve and protect the underwater environment.
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Monterey has become a major dive destination for scuba
divers from throughout the United States.
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Monterey remains one of the most historic cities in
California, and perhaps ranks second only to Williamsburg, Virginia, in the number and
diversity of its historic buildings. These historic buildings are an increasingly popular
tourist attraction. Monterey's "Path of History" walking tour provides an
opportunity to learn about California's early history, and visit these historic buildings.
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Commercial
Retail Opportunities
Numerous opportunities for retail businesses exist in one
of several commercial business districts in Monterey.
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Cannery Row remains a major tourist
attraction and an area of opportunity for new small businesses. While the Monterey Bay
Aquarium is the prime attraction, numerous restaurants, art galleries, gift stores, and a
new Antiques Mall have created a wide variety of shopping opportunities. Numerous
activities and special events tied to the historic Cannery Row Area and the legacy of John
Steinbeck will continue to attract visitors to Cannery Row for many years to come.
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Del Monte Center is Monterey's traditional
regional shopping center with more than 90 businesses offering a wide variety of goods and
services. Recent additions to the Center include Starbucks Coffee, Gymboree, and Fresh
Choice Restaurant. Del Monte Center has recently been taken over by new owners who are
anxious to work with local business owners. The new owners are also in the process of
upgrading and expanding the Center.
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Downtown Monterey has experienced an
economic renaissance which has fostered the growth and expansion of many new businesses.
The Old Monterey Market Place is one of the largest in the United States,
attracting thousands of tourists and residents alike to Downtown Monterey every Tuesday
afternoon. Monterey is a California Main Street City with an active business association
to market and promote Downtown Monterey. Numerous activities and events are held in the
Downtown on an ongoing basis. Old Monterey's historic buildings are an emerging
attraction, and a delight to those who wish to learn more about Monterey's historic past.
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Heritage Harbor on Monterey's Downtown
Waterfront provides some unique opportunities for professional or service-based businesses
seeking relatively low cost space in a prime location. Heald College has established its
Monterey Campus at Heritage Harbor. Also, Fresh Cream, one of Monterey's best restaurants
is located at Heritage Harbor.
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New Monterey is an emerging commercial area
experiencing solid economic growth with an eclectic mix of new businesses. New Monterey
includes Lighthouse Avenue, and is located 3 blocks up the hill from Cannery Row. In 1995,
New Monterey businesses established a business improvement district to more effectively
market and promote New Monterey. Lighthouse Avenue serves as the primary Transportation
link to Pacific Grove. New Monterey serves a healthy economic mix of both residents and
tourists.
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North Fremont in Monterey is located east
of Highway 1, adjacent to the Monterey Fairgrounds. North Fremont is a high traffic area,
and an excellent location for service or retail businesses which depend on high
traffic and excellent access to the regional market. North Fremont serves a large number
of tourists who attend a wide variety of activities and events at the Monterey
Fairgrounds.
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Industrial
Development Opportunities
With its diverse educational resources, and as "Language Capital of the World,"
Monterey is an excellent location for companies which are technologically advanced, and
operate in a dynamic international environment. As a possible location for corporate
offices and/or manufacturing operations, Monterey has the following advantages: Proximity
to Silicon Valley and complementary high tech businesses; a language-skilled workforce;
transportation accessibility; available sites; and a high quality of life.
Industrial development opportunities in Monterey are
primarily available at Ryan Ranch and on Garden Road in Monterey.
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Ryan Ranch is a high quality industrial park designed to
meet the needs of hi tech companies seeking an attractive and productive environment. Ryan
Ranch is located on Highway 68, near the Monterey Airport with excellent access to major
freeways. A fiber optic ring enables businesses at Ryan Ranch to take advantage of new
technological and communication tools, and access to the information highway. In 1996 the
City of Monterey assisted the location and expansion of the Slautterback Corporation, and
the Lansmont Corporation to Ryan Ranch through the issuance of industrial development
bonds. Key businesses at Ryan Ranch include Pro-Log Corporation, Phoenix Publishing
Systems, Federal Express, UPS, Sierra Instruments and the Monterey Herald.
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Garden Road is an older
industrial area adjacent to the Monterey Airport with several high
quality office buildings in an attractive environment. Garden Road provides a supply of office and industrial space with excellent access at a
reasonable price.
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