Revitalization Commission Agenda and Packet 2014 06 30

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Subject: 550 S McCaslin Boulevard Conditions Survey Preliminary Results Date: June 26, 2014 Overview Of the 11 factors considered for the declaration of a blighted area, as defined by State Statute, four are apparent at the 550 S McCaslin Boulevard property, defined as the single 13-acre parcel located a address. These factors are: Faulty Lot Layout in Relation to Size, Adequacy, Accessibility, or Usefulness Deterioration of Site or Other Improvements Defective or Unusual Conditions of Title Rendering the Title Non-marketable The existence of health, safety, or welfare factors requiring high levels of municipal services or substantial physical underutilization or vacancy of sites, buildings, or other improvements This list is similar to the list created by Louisville City staff for communication to City Council on May 6. It represents existing conditions that meet, in the consultants professional opinion, the standards set forth in Colo. Rev. Stat. § 31-25-101 et seq. to consider the 550 S McCaslin property a blighted area. The Conditions Survey Report therefore recommends to Louisville City Council that such a determination be made. Study Findings The following text is taken from the draft Conditions Survey Report, discussing the 4 blight conditions found at the 550 S McCaslin property: Faulty Lot Layout in Relation to Size, Adequacy, Accessibility, or Usefulness The real property parcel covering the Survey Area is the result of an initial subdivision that precisely corresponds to the parcels originally intended use containing a large discount membership warehouse and associated internal roads and parking facilities. The size of the retail structure127,000 square feetis considerable, even for large format retail. A typical supermarket is less than half that size; even a modern, full-featured home improvement store is usually 20% smaller. This severely shortens the list of possible tenants for property that could fully utilize it. Adaptive reuse options including subdividing the retail building in order to create a more appropriately-sized retail spaces for potential future tenants are not feasible due to the orientation of the building. As the building stands, it is narrow and deep with respect to the front entrance, rather than shallow and wide, so any resulting spaces after partitioning the building are too narrow and deep to be suitable for efficient store layout. The cost of dividing and partitioning the building is also considerable, and would require higher rents to future tenants to offset these costs.