City Council Agenda and Packet 2018 04 03

Home Browse Search

SUBJECT: D/D/A MCCASLIN AREA REDEVELOPMENT WORKPLAN DATE: APRIL 3, 2018 PAGE2OF4 Investments, LLC, the current owner of the property, to construct a King Soopers Marketplace on the property. The parties were negotiating a Development Agreement to facilitate the King Soopers redevelopment until the project was put on hold in 2017. Currently, there is no timeframe for the project to recommence. DISCUSSION: Staff has had multiple discussions with interested parties (businesses, property owners, developers, etc.) about redeveloping the property. Much of the feedback received by staff has been that consideration should be given to allowing other land uses for the property than those allowed by the zoning or polices of the McCaslin Small Area Plan and Comprehensive Plan. The current uses limit the ability for redevelopment and earning a reasonable return from a reinvestment in the property. Allowing interested properties to think beyond retail only uses may help spur redevelopment of the property in a way more likely supported by market realities. In preparation for a tentatively scheduled July discussion, staff is requesting Council input towards information staff should provide for the meeting. Below are four potential options for Council information prior to the July meeting. Staff provides pros and cons after each option. Option 1: Market Study for McCaslin Corridor Staff could hire an independent consultant to conduct comprehensive analysis of market supported land uses for the property that could have the largest net positive fiscal impact for the City. This study would provide information on market opportunities and weaknesses, regional trends and influences, and competitiveness within the McCaslin corridor. Follow up steps could include changing Comprehensive Plan policy and/or ordinances to reflect desired lands uses that are also supported by the market study. Pros Cons: Receive a third party review of the market conditions outside of the interests of land owners or developers, which may not always match community goals. Provide a data driven understanding of the opportunities and challenges for the area's retail and commercial development. Understand regional influences on market supported uses though demographic and development projections, trends, and anticipated vacancy/absorption rates. Market desired uses may not coincide with community desires for the area, creating conflict for such uses. No funding has been budgeted for a Market Study and Council would need to allocate resources COUNCIL COMMUNICATION