Revitalization Commission Minutes 2008 10 13 SP Joint Meeting City Council

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City Council Special Meeting Minutes October 13, 2008 Page 5 of 7 Sausage Company, Aggregate Industries Batch Plant and miscellaneous small businesses. The property attributes are as follows: It is adjacent to potential commuter rail stop scheduled for substantial improvements to the area including pedestrian connections to downtown; traffics counts are high; the current zoning allows mixed use to include: retail, office, residential and it is in an urban renewal area. The property challenges are as follows: the uncertainty of commuter rail; if commuter rail does come, the rail will require up to 500+ parking spaces; mid- block location along the Hwy 42 corridor is difficult for retail; open space/parks on other side of Hwy 42 limits to single sided retail only; limited access until signalized at Short Street; multiple property ownerships with different objectives; current zoning limits density around rail station and the noise from freight rail. The development issues include an excellent site for mixed use development for neighborhood retail, office and residential; do not have a station area development plan as counterpoint to RTD surface parking plan; uncertainty of commuter rail, will require a two pronged approach; new development could compromise future land development opportunity; retail potential is likely to be limited to neighborhood retail on the site; current retail market is slow; what other civic uses could anchor redevelopment and help re-brand this area; and development in the area is likely going to need apublic/private partnership with the City, RTD, Developers and possibly land owners. Council and Commission discussion and questions centered on the uncertainty of FasTracks; public and private partnership to develop the area, an overall parking plan; the design guidelines; interested developers; assimilation of properties; planning with RTD in mind; and the downtown underpass. PINE STREET PLAZA The Pine Street Plaza is located on the southwest corner of Hwy 42 and Pine Street and is 2.77 acres or 120,687 SF. The owners are Amterre, American Legion Post 111, City of Louisville and Umberto's and the zoning is CC (Community Commercial). The anchor tenants are Mile High Appliance, American Legion Hall, auto dealer and small miscellaneous businesses. The property attributes include the following: It is at the main intersection (gateway) to downtown Louisville from Hwy 42, the traffic counts are high, and it is in the urban renewal area. The property challenges are as follows: The site is small; multiple ownerships with different interests; long-term lease with current tenants; access issues in and out of the site; traffic backups currently occur from Hwy 42 to Pine Street and could get worse with greater rail use; located in an existing flood plan and the proximity to rail could create noise and vibration.