Revitalization Commission Minutes 2008 10 13 SP Joint Meeting City Council

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City Council Special Meeting Minutes October 13, 2008 Page 3 of 7 LOUISVILLE PLAZA The Louisville Plaza is located at the northeast corner of Hwy 42 and South Boulder Road, is 17.95 acres with 201,866 SF of retail. The stores include King Soopers, Big O tires, Burger King; Hobby Lobby; Big Lots; and In-line space. The property's attributes include an excellent retail corner; high income area; high traffic counts; grocery anchored retail center; high percentage of occupancy in the center and adequate retail parking. King Soopers would like to expand. The property challenges include the following: King Sooper's lease is up for renewal in November of 2008; Low density residential surrounding the area; Tenanting and visual appearance does not reflect premium image; multiple ownerships with differing interests; varying lease terms with tenants; property size is limited and not able to expand; Hobby Lobby and Big Lots do not utilize the entire space and the Owner is considering a redevelopment effort for the purpose of reselling the shopping center. The development issues with the property include the following: Property use should remain retail; it is an excellent retail site but under utilized; the challenge to upgrade the property to reflect a quality neighborhood retail center; recent financial events have slowed the retail market; King Soopers wishes to expand to the western portion of the site and move Big Lots and Hobby Lobby to the east. Possible outcomes: Owner retains site and redevelops site for King Soopers Expansion; Owner retains site, King Soopers vacates the site; Redevelopment could be an option through sale of the center seems more likely; development assistance may be requested to recruit a new anchor tenant; Owner sells the property to new owner with unknown objectives; Development assistance may be requested by new owner. Council and Commission discussion and questions centered on the redevelopment of the site to upgrade and modernize the look of the structures. NORTH END The North End is located at South Boulder Road and east of Plaza Drive. It is 6.4 acres in size and is owned by Mike Markel. The zoning is PCZD, (Planned Community Zoning District), and P-C (Planned-Commercial). There is approximately 60,000 SF of retail with an assumed parking ratio of 5/1000. The property attributes include the following; green field site; master planned for interior connections to subdivision; neighborhood retail/service appeal; access along South Boulder Road; single owner; and high traffic counts. The property challenges are the small site; mid block location; access is limited to right-in and right-out, or access from Louisville Plaza and limited home building to the north