Revitalization Commission Minutes 2008 10 13 SP Joint Meeting City Council

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City Council Special Meeting Minutes October 13, 2008 Page 6 of 7 The development issues are as follows: Site does not feel connected with downtown; excellent site for retail; small, but could be utilized for mixed use development, with ground floor retail and a mix of office and retail on the upper level; would require property assembly; would require financial participation with the current owner/developer to make a redevelopment happen; would require relocation of existing tenants that may be difficult or find a similar space for the current price; improvement to the intersection at Hwy 42 and Pine will greatly affect this site and the current retail market is slow. Council and Commission discussion and questions centered on the site's attributes; the possibility of the City helping relocate a tenant; the parcel size; access in and out of the center; the Gateway into the City and public/private partnerships. SUMMARY OF SITE FINDING Council and Commission discussed potential property inclusions in the review process, including the parcel between the American Legion building and Sunnyside housing units and the commercial site on Walnut. Discussion also included the incorporation of small scale neighborhood centers, restaurants and shops within the redevelopment area; the potential for development within the FasTrack area and areas that can be independently developed without FasTracks involvement. MIXED USE DEVELOPMENT CASE STUDY Ms. Utter reviewed a series of scenarios for a mixed use development case study. The project involved a 43,000 SF, three-story structure, which included office, a hotel, retail and parking. The development analysis for maximum uses, presented a scenario, which outlined the project, the development costs, land cost, development of retail, office and hotel and below and above grade parking. The scenario also included hard and soft development costs, the projected revenue and the value of the property. It was noted the development must be able to attract tenants in order to be profitable. Discussion: A City of Boulder urban renewal project, which developed retail, parking, and a hotel, and the amount of retail rents collected for those properties. NEXT STEPS AND CLOSING REMARKS The Council was asked to direct the consultants on their vision for the urban renewal project. The next steps for the consultants will be to speculate on the renewal development and outline strategies on how the City should proceed.