Economic Vitality Committee Agenda and Packet 2021 11 18

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SUBJECT: STRATEGIC PLAN ITEM #14 (CONTINUED) DATE: NOVEMBER 18, 2021 PAGE 5 OF RgtiirP! 13. Nv-nslin Skibai -Ba and L01.1isville Employmc-iAby Iidustry Johs 3,UUU ■- ■ Muslin Suhari!a 2,500 Zom U00 1.0m 5GG 1i1LLLLLLLLLL d ¢Cp 4i ' d E a g y Etrcc EN, PianninR54s[errs 919 W. Dillon Road, Former Kohl's Department Store The Kohl's at this site closed in 2019. The building is approximately 86,000 square feet and was occupied as a retail use since its original approval in 1998. The building is owned by Koelbel & Company; in the last year Koelbel has retained a broker to market and attract a new tenant to this site. The owner is willing to lease the entire building or potentially demise it into two smaller spaces; however, this is still a large retail space given demands in the current commercial market. Challenges: Privately -owned with covenant restrictions; few potential tenants require significant amount of commercial space; may be few market gaps in the market area to be filled; and zoning is limited to certain types of commercial uses when demand may be for different land uses or mix of uses. Opportunities: Willingness to demise space could attract multiple smaller tenants; activation of incentives to fill long-term vacancies. 785 E. South Boulder Road, Former Alfalfa's Market The Alfalfa's Market at the intersection of Centennial Drive and South Boulder Road closed in April, 2021. The building has approximately 26,800 square feet and is owned by Longview Equity. Shortly after the Alfalfa's departure, the equity firm hired a broker and have indicated a willingness to lease or sell the property. The most practical effort is to attract another grocer to this space, given the layout and prior investments in the kitchen and plaza. The shared parking arrangement of owners between the Alfalfa's Agenda Packet P. 11