City Council Study Session Agenda and Packet 2019 08 13

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1. Introduction and Summary of Findings The City of Louisville retained Economic & Planning Systems (EPS) and Trestle Strategy Group (Trestle) to complete a development study focused on revitalization and development options for a portion of the McCaslin Subarea referred to as the McCaslin Parcel 0 Study Area (Study Area). The purpose of the Study was to determine the market potential and financial feasibility for retail and commercial development uses that can contribute to the retail vibrancy of the corridor and the fiscal health of the city. In addition, the City structured a process that included property owner, tenant, and public input into the recommended findings to identify alignment and build support for revitalization of the area. Background The McCaslin Subarea is a primary retail destination providing services to residents of Louisville and the surrounding communities, as well as an important sales tax generator that contributes to the fiscal health of the City of Louisville. There are a number traditional retail anchors within the corridor including Home Depot, Lowe's, Kohl's, and Safeway. There is also a concentration of restaurant, entertainment, employment, and hospitality uses that contribute to the overall market draw of the corridor. The McCaslin Parcel 0 Study Area includes a total of 44.6 acres and 11 parcels as shown in Figure 1. The largest parcel in the Study Area is a former Sam's Club membership warehouse store that has been vacant and/or occupied by non -sales tax generating uses since it closed in 2010. Redevelopment options for this property are limited by changes within the retail industry, shifting market conditions within the trade area, outdated infrastructure, and private covenants restricting some potential uses. Kohl's announced that it will also leave the area when its lease expires in the fall of 2019 further exacerbating the revitalization challenges for the area. The McCaslin Parcel 0 Redevelopment Study is an effort to identify opportunities for the McCaslin commercial area to encourage retail vibrancy, commercial health, and a desirable place for the community to gather. The City's goals for the Study are to: • Understand the McCaslin area's potential for retail and commercial development and supportive uses that could foster new investment and development; • Review the rules and regulations upon properties in the area that may be limiting its full potential for redevelopment; 183049-Final Report_2-1-19.docx 1