Laserfiche WebLink
112 Cityof <br />Om Louisville <br />COLORADO • SINCE 1878 <br />Department of Planning and Building Safety <br />749 Main Street • Louisville CO 80027 ' 303.335.4592 • www.louisvilleco.gov <br />Date: May 17, 2019 <br />To: Finance Committee <br />From: Rob Zuccaro, Planning and Building Safety Director <br />Re: McCaslin Parcel 0 Redevelopment Study Fiscal Analysis Review <br />SUMMARY: <br />On February 5, 2019, staff presented Council with the final McCaslin Parcel 0 <br />Redevelopment Study. The Study provided several recommendations on City <br />actions that could be taken to foster redevelopment within Parcel 0 that would <br />maximize retail development options and fiscal benefits to the City. The study <br />considered market feasibility, financial feasibility, City fiscal impact and public <br />desires for development of the property as the main factors in the analysis. <br />Three potential redevelopment scenarios were analyzed against these factors: <br />Alternative 1 <br />• Re -tenant existing vacant/underutilized lots and buildings <br />• Includes two retail tenants (70,000 sq. ft.), one office use (35,000 sq. ft.), <br />entertainment or fitness (35,000 sq. ft.), and storage/back office (60,000 <br />sq. ft.) <br />Alternative 2 <br />• Partial redevelopment of two or more of the larger existing lots. May <br />reuse one, but not all existing buildings. <br />• Includes two retail uses (35,000 sq. ft. and 15,000 sq. ft.), one non -retail <br />use such as fitness, recreation or entertainment (35,000 sq. ft.), 120-room <br />hotel, and 245 multi -family residential units. <br />Alternative 3 <br />• Comprehensive redevelopment with land assembly (may be phased over <br />time). <br />• Represents inclusion of existing retail uses and market demand for <br />additional retail (115,000 sq. ft.), one entertainment or fitness use (35,000 <br />sq. ft.), office uses (65,000 sq. ft.), 120-room hotel, and 525 multi -family <br />residential units. <br />All scenarios assumed the same capture of the 10-year forecasted demand for <br />new sales -tax generating commercial development and included other market <br />feasible land uses that could support a desirable retail environment. <br />18 <br />