Revitalization Commission Agenda and Packet 2019 08 12

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Revitalization Commission Minutes July 15, 2019 Page 2 of 5 Business Matters of Commission  Project Updates i. Parcel O Planning and Building Safety Director Rob Zuccaro said staff has been working with property owners on with a General Development Plan (GDP) amendment for parts of Parcel O in Centennial Valley. He provided a history of Parcel O saying this parcel includes the former Sam’s Club property and Kohl’s. There are height and setback zoning requirements. The development started back in 1980s. There have been 8 amendments to the GDP since 1983. There is roughly 200K sf of vacant or underutilized commercial space (Sam’s club and Kohl’s). Market consultants were hired to do a redevelopment study. They tried to see where market, resident, fiscal desires intersected. Consultants found we should expect for new retail development 150K new retail in entire trade area. Louisville should expect 30K sf – may be bumped up to 70K sf with creative zoning. The consultants tested several possible redevelopment scenarios against market feasibility, financial feasibility, community support and fiscal impact to the City: Re-tenant buildings Partial redevelopment Major redevelopment The preferred scenario was partial redevelopment and the report made several recommendations for the City to consider. The GDP amendment implements many of the elements of the partial redevelopment scenario. The GDP has retail concurrency with new residential development where every 12 units requires 1000 sf of retail/restaurant and 4000 sf of other commercial uses. A traffic study has also been done. The traffic study shows that residential distributes traffic at different times and there is no significant impacts to traffic when compared to existing development. Ownership – Sam’s Club under contract with Ascent. Koebel owns Kohl’s. The City will need to work with the property owners on the GDP amendment, as they will need to sign-off on the proposal. There is a lot of competition to capture retail considering other regional developments underway.