Business Retention and Development Committee Agenda and Packet 2013 07 01

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BUSINESS RETENTION AND DEVELOPMENT COMMITTEE SUBJECT: EARLY RESULTS FROM ULI TECHNICAL ASSISTANCE PANEL DATE: JULY 1, 2013 PRESENTED BY: AARON DEJONG, ECONOMIC DEVELOPMENT INTRODUCTION: The Urban Land Institute (ULI) was hired by the City to conduct a Technical Assistance Panel (TAP) to provide a multi-disciplinary review of the economic challenges and opportunities for the Centennial Valley neighborhood. The TAP conducted interviews and public meetings on June 11-12 and held a final presentation the evening of June 12th. A formal report is being prepared by ULI in the coming weeks, but it is never too early to discuss the main components of their findings. DISCUSSION: The TAP identified the following assets and challenges for the Centennial Valley area: Assets: • Highway access and future BRT • Strong demographics • Open space • Location • Mountain views • Quality of life • Opportunity at Sam’s Club and BRT station Challenges • Sense of place • Retail signs • Setbacks and orientation • Landscaping • Connectivity • Identity • Restrictive and inconsistent regulations • Restrictive zoning west side of McCaslin • Traffic speeds The real estate trend in retail locations is moving away from the large super-block structure which is Centennial Valley. Retailers are looking for locations with hard corners (corner locations with each street being busy), smaller footprints, and mix of uses near or within the location. It is unknown how long this trend will hold. The committee highlighted the power of allowing more residential within the area. Residential can play two roles in helping transform Centennial Valley. First, residential is a driver and catalyst for retail and office uses. Second, allowing residential as part of redevelopment projects can make them financially feasible, as single use redevelopments are harder to mitigate risk and finance.