Laserfiche WebLink
OPPORTUNITIES AND CHALLENGES <br />Opportunities <br />• Good location in strong retail area <br />• Significant daytime population <br />(employment) and it is growing <br />• Potential to expand convenience <br />oriented retail uses - grocery, <br />drug, liquor etc. <br />• Potential to attract other <br />complementary commercial uses - <br />fitness, medical/office, and <br />entertainment <br />Challenges <br />• The Centennial Valley GDP <br />restrictions <br />• "Parcel O" CCRs <br />• Limited trade area growth and <br />growth in surrounding cities <br />• Limited inventory of potential <br />retailers to re -fill the empty box <br />• Outdated site development plan <br />• Risk in City process and <br />entitlements <br />Visibility and access are limited <br />DEVELOPMENT SCENARIO FRAMING <br />Evaluation criteria based on project goals: <br />— Market Reality <br />• Retail opportunities and feasibility <br />• Alternative use opportunities and feasibility <br />— Community Values <br />• What uses and densities will create places to benefit the surrounding neighborhoods <br />• Interested users may not match with desired community character <br />— Strong Fiscal Performance <br />• Creates sustaining revenue for the community <br />Adjust development components among scenarios <br />- Types of uses <br />- Amount of each use (land area, sq. ft., FAR) <br />- Regulatory environment <br />- Public investment <br />QUESTIONS <br />1. What questions/data points must be answered/considered? <br />2. What uses are worth considering with the scenarios? <br />3. Council input into possible development scenarios? <br />DEVELOPMENT SCENARIO FRAMING <br />Options worth considering? <br />- Alternative anchor(s) <br />• Major drivers of visitation which can support retail growth <br />• Likely not retail <br />• May require some level of redevelopment to accommodate new anchor <br />— Existing building re -use <br />• May need more than one user <br />• Example users include fitness center, entertainment center (large arcade, virtual reality), <br />showroom, flexible office space, mini -storage <br />— Mixed -use redevelopment <br />• Diversify mix to drive more visitors and bolster existing retail <br />• Office, hotel and multifamily residential uses could drive more traffic <br />• Difficult to make redevelopment feasible, especially with structured parking, without housing <br />DISCUSSION <br />NEXT STEPS <br />• October to November - Continue public engagement <br />• End of October - Complete market study <br />• November - Formulate development scenarios <br />• November 13. - City Council Check -in <br />4 <br />