Economic Vitality Committee Agenda and Packet 2021 11 18

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SUBJECT: STRATEGIC PLAN ITEM #14 (CONTINUED) DATE: NOVEMBER 18, 2021 PAGE 6 OF building, the in -line strip, 511 E. South Boulder Road, and the Village Square Shopping Center is prohibitive for some grocers (especially national chains). The site, however, has good visibility and access, is located on a highly trafficked corridor, and has close proximity to potential customers. Both the City and the Louisville Revitalization Commission made significant investments in the development of the building and the Alfalfa's Market operation over an approximately five year period. Challenges: Privately -owned for investment purposes; reputation and lack of success for prior tenant; and large space for all but certain types of retailers. Opportunities: Building is within the Highway 42 Urban Renewal Area; and broker is actively working on the space and interacts with the City. 1164 W. Dillon Road, Current Regal Cinebarre Theater Regal still owns and operates the movie theater at this location, which is situated on approximately 11 acres and is highly visible from US 36 and the McCaslin Boulevard corridor. Although Regal has been entertaining offers on the site for some time, the efforts to sell the property became more aggressive with the impacts of the COVID-19 pandemic. The theater has only recently re -opened; the building is also dealing with some maintenance issues. A key component of this site is that Regal currently holds the lease with RTD for the bus rapid transit station and 172 parking spaces. Regal received a number of property offers, and it is staff's understanding that the majority of the interest has been for multi -family and potentially some limited mixed -use on the site. Residential is currently not a use permitted by right, but the McCaslin Boulevard Small Area Plan does identify this area as an opportunity for Transit Oriented Development. A developer has the site under contract with Regal and is exploring multi -family and commercial development that would allow the continued operation of the RTD bus operation. Challenges: Privately -owned by company that is struggling economically; current policy and zoning would not facilitate change in use or redevelopment that is desired by the market; large site not easily re -tenanted in current form; and lacks good access from McCaslin Boulevard. Opportunities: Highly visible property; site is suitable size for redevelopment; and Small Area Plan shows opportunity for right -in, right -out access to McCaslin Boulevard. Follow -Up from October 22, 2021 EVC Meeting: Committee members noted they perceived there had been some shift in community opinion around the opportunity for additional housing, which could benefit the redevelopment of this property. But it was suggested that more dialogue would be needed about zoning changes as well as the larger community purpose that could be served by such a significant change in the use of this property. Agenda Packet P. 12