Economic Vitality Committee Agenda and Packet 2021 10 22

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SUBJECT: STRATEGIC PLAN ITEM #14 DATE: OCTOBER 22, 2021 PAGE 4 OF 5 800 Main Street, Former Wildwood Guitars In 2019, Wildwood Guitars moved from its long-time Main Street location to 321 S. Taylor Avenue in the Colorado Technology Center (CTC). Wildwood Guitars had operated at this location for 35 years. The owner of the business also owns the Main Street building, which is approximately 5,000 square feet. The Wildwood Guitar business continues to be highly successful and indeed already outgrown its new space in CTC. In staff's conversations with the owners, there has been a desire to retain ownership of this space, though multiple offers to purchase and potentially develop it have been received. The building could not easily be leased to another user without significant tenant improvements, which then generally would lock in a new user rather than facilitate future redevelopment. Challenges: Privately -owned; and balance of desire for tenant/activation vs. time and cost of redevelopment. Opportunities: Located within the Highway 42 Urban Renewal Area; locally owned by long-term business operator; and continued interest for downtown commercial space. 1303 & 1501 Empire Road, Former Louisville Glass and Current Avid4 Adventure 1303 Empire Road was the prior location of Louisville Glass, which is now located at 465 S. Pierce Avenue; that business moved in 2018. It appears the building is approximately 4,500 square feet. 1501 Empire Road is the former City Services facility, which moved to its current location at 104th Street a number of years ago. In 2015, the City of Louisville retained ownership of the building and started leasing it to tenants. The original tenant was Human Movement; the newest lease was signed with Avid4 Adventure in 2020. The City leases 20,104 square feet at 1501 Empire under an "as is" condition. The building will likely require City investment in the future as the property has been allowed to deteriorate in a number of ways. Staff has not previously been engaged with the owners of the Louisville Glass building. Challenges: One property is privately -owned; prior industrial uses in the building likely require complete demolition for redevelopment; currently zoned for industrial uses; and visibility is low and properties are between RV Dump Site and Waste Water Treatment Plant. Opportunities: One property is owned and controlled by the City of Louisville; adjacent to downtown; and potential area for City -sponsored business incubator. Although not necessarily of interest because of existing or persistent vacancies, there are other properties that are underutilized or are likely to be targeted for redevelopment at some point in the future, including: • Pine Street Plaza, • Grain Elevator Site, Agenda Packet P. 27