Revitalization Commission Minutes 2008 10 13 SP Joint Meeting City Council

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City Council Special Meeting Minutes October 13, 2008 Page 2 of 7 approaching site evaluations and analyzing the redevelopment opportunities in the renewal area and to get a better idea on how developers look at property. The consultants would also present a development scenario, which illustrates what type of development works and what doesn't. This is also an opportunity to look at the roles Councilors and Commissioners can play in the redevelopment opportunities in Louisville and what type of action steps can be taken. He introduced Marilee Utter, Citiventure, who has a broad background in redevelopment projects with an emphasis in transit oriented development and Becky Hogan, EDge Consulting Services, who is currently the City's economic development consultant. Both Hogan and Utter have background in real estate. EXPLANATION OF THE PROCESS AND SITE REVIEW Ms. Utter and Ms. Hogan would outline the various areas within the redevelopment area and request feedback from Council. In November they will bring back additional information on the development area based on Council input and in December the group will discuss redevelopment proposals of those areas. Ms. Hogan and Ms. Utter presented an overview of what a developer would see, with respect to redevelopment possibilities of commercial property within the renewal area. VILLAGE SQUARE SHOPPING CENTER The Village Square Shopping Center, located at South Boulder Road and Centennial Drive, is 12.25 acres in size. The zoning is CC-Commercial Community. Safeway is looking for more profits or may look to relocate to another municipality. The In-line stores within Village Square Shopping Center are currently listed for sale. The property challenges include multiple ownerships; old buildings; mid-block retail site; surrounding residential high income, but low density; current layout makes tenanting difficult to appeal to a higher end tenant; historic turnover with the in-line tenants and limited interest in redevelopment on a large scale by the existing ownership. The development issues with the property include an aging retail center, with ample room for retail, residential and other commercial uses. It would be difficult to accomplish without land assemblage of all the property owners. Council and Commission discussion and questions centered on opportunities for a mixed use development in the Village Square Shopping Center; the grocery anchor; the possibility of an organic grocery store and the in-line development.