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Fort Collins, CO - Mid-town Corridor (Including Foothills Mall)

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Fort Collins, CO - Mid-town Corridor (Including Foothills Mall)

  1. 1. March 10, 2010 Open House MIDTOWN COMMERCIAL REDEVELOPMENT STUDY
  2. 2. Josh Birks Economic Advisor
  3. 3. Development and Lead Urban Designer Lead Economist Department Store Advisor D. Jamie Rusin Daniel R. Guimond Warren W. Wilson
  4. 4. Faneuil Hall Marketplace, Boston
  5. 5. Diverse practice founded in 1967 Located in Berkeley, California Projects across the country and abroad Services include Mixed-Use/ Retail Urban Design and Planning Performing Arts Civic and Community Sports and Recreation Education Sustainable Design
  6. 6. Founded in 1983 Berkeley, Sacramento, Denver Expertise: Real Estate Economics Public Finance Land Use Policy Focus: Redevelopment and Infill Retail and Mixed-use Public-Private Development Mason Corridor Economic Analysis 2007
  7. 7. Study Area
  8. 8. Goals Build on and Reinforce a Great Place - Fort Collins Create a Vibrant District Leverage and Connect Downtown, CSU, and Foothills Mall Improve Existing Assets Capitalize on Opportunities Create New Address and Value with the Mason BRT Be Flexible and Market Ready Build Support and Reach Consensus Deliverables Economic and Land Use Analysis Development Framework and Urban Design Plan Public Financing Package Marketing Package Action Plan
  9. 9. Regional Context
  10. 10. Immediate Context
  11. 11. Foothills Mall
  12. 12. Foothills Mall
  13. 13. -40% -30% -20% -10% 0% 10% 20% 30% 40% Grocery Sales 27% Warehouse Clubs 21% Department Stores -31% Apparel -17% 1 Furniture 1% Eating and Drinking - 20% Building Materials - 9% 9% Total Retail Goods - Change in City-Wide Retail Sales, 2004-2008
  14. 14. Retail Sales Fort Collins Retail Sales Leakage, 2008 Department Stores - 30% Clothing and Accessories - 30% Fort Collins Retail Sales Inflow, 2008 Department Stores - 22% Clothing and Accessories - 23% Warehouse and SuperCenters - 25%
  15. 15. Mid-Town Corridor and City-Wide Sales, 2008 $1,600,000 $1,515,964 $1,400,000 $1,200,000 $1,000,000 $800,000 $629,674 $600,000 $422,339 $400,000 $378,958 $317,897 $287,317 $260,631 $184,452 $200,000 $109,453 $97,769 $77,725 $9,097 $0 Convenience General Shopper's Goods Eating and Building Material Total Retail Goods Merchandise Drinking & Garden Goods Corridor Sales City Sales
  16. 16. Fort Collins Retail Space Fort Collins Total Space: 10.2 Million Sq. Ft. Fort Collins Vacant Space: 790,000 Sq. Ft. 17% 28% 72% 83% Corridor Rest of Fort Collins Corridor Rest of Fort Collins
  17. 17. New Retail Demand Sq. Ft., 2008-2015 300,000 Convenience Goods Shopper's Goods 256,000 250,000 200,000 158,000 147,000 150,000 127,000 119,000 96,000 100,000 72,000 50,000 35,000 42,000 34,000 0 y y el ng re e s s l ds na er al c re in ar it u ki ni ci oo c r/W so o pp ro rin ro e rn St G Sp er A G ct ee Fu D t. g /P e g/ ep in B El lth in t D or t ea Ea Sp H
  18. 18. Mall Scenario Development Programs Store Type Mall Renovation Mall Redevelopment & Expansion & Expansion Department Stores 324,000 316,000 Other Shopper's Goods 400,000 324,000 Eating and Drinking Space 63,000 60,000 Total Retail Space 787,000 700,000 Cinema 40,000 40,000 Total Development 827,000 740,000 Source: ELS; Economic & Planning Systems H:19874-Fort Collins Midtown RedevelopmentModelsDemand Models[19874-SalesFlows-TPI-Supp. Sq. Ft.GMA.xls]Scenarios
  19. 19. Mall Scenarios Retail Demand Capture Mall Renovation Mall Redevelopment Demand & Expansion & Expansion Store Type 2008-2015 Net New Net New 1 1 Sq. Ft. Capture Sq. Ft. Capture Department Stores 119,000 126,000 106% 118,000 99% Shopper's Goods 495,000 171,034 35% 94,918 19% Eating and Drinking 256,000 52,592 21% 49,792 19% Total Retail Goods 1,561,000 349,626 22% 262,710 17% Source: ELS; Economic & Planning Systems H:19874-Fort Collins Midtown RedevelopmentModelsDemand Models[19874-SalesFlows-TPI-Supp. Sq. Ft.GMA.xls]Scenarios
  20. 20. Multifamily Housing Demand 2008-2030 Corridor Type City Low High Single Family Attached 3,526 176 353 Multifamily 8,228 1,748 2,983 For Sale 2,057 206 514 For Rent 6,171 1,543 2,468 . Total 11,754 1,925 3,335 Note: Growth based on historic building permit trend of 1,125 units annually since 2000 1 Low and High Capture based on EPS estimates Source: City of Fort Collins; Economic & Planning Systems
  21. 21. Fort Collins Office Demand 2008-2030 8,000,000 7,200,003 7,000,000 5,900,737 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,299,266 1,000,000 400,506 0 2008-2015 2015-2030 Total Space Demand
  22. 22. Opportunity Sites
  23. 23. Opportunity Sites
  24. 24. Opportunity Sites
  25. 25. Opportunity Sites
  26. 26. Mid-Town Corridor Opportunity Sites Potential Current Future Change in Use Sq.Ft./Units Sq.Ft./Units Sq.Ft./Units Residential 0 1,580 1,580 Retail/Service 739,000 681,000 -58,000 Office/Other Comm. 147,000 304,000 157,000 Source: City of Fort Collins; Economic & Planning Systems
  27. 27. Corridor Districts District 1 Transition from CSU to Midtown Limited Access Opportunities on West District 2 ¼ Mile Radius Foothills Mall, Car Dealerships From BRT Good Access and Frontage Road Opportunities on East and West District 3a Retail District Good Access Limited Immediate Opportunities District 3b Gateway and Southern Expansion Good Access Opportunities at South-West
  28. 28. Planning Concepts Public Realm and Block Size Prototype Site A Frontage Road Address Prototype Site B Foothills Mall Westside Address Leverage BRT Prototype Site C
  29. 29. Public Realm and Block Size Break Block Sizes Down
  30. 30. Public Realm and Block Size Break Block Sizes Down Create North-South Mid-Block Public Realm
  31. 31. Public Realm and Block Size Break Block Sizes Down Create North-South Create Mid-Block East-West Public Realm Mid-Block Public Realm
  32. 32. Westside Access and Address BRT Station BRT Station
  33. 33. Frontage Road Address Allows through traffic on College Creates pedestrian friendly retail and housing address
  34. 34. Midtown Opportunities – Pedestrian Friendly
  35. 35. Midtown Opportunities - New Neighborhoods
  36. 36. Midtown Opportunities – New Neighborhoods
  37. 37. Midtown Opportunities – Amenities and Place
  38. 38. Prototype Site A
  39. 39. Prototype Site A
  40. 40. Prototype Site A
  41. 41. Prototype Site A
  42. 42. Prototype Site A
  43. 43. Prototype Site A Drake Road Station
  44. 44. Prototype Site B Swallow Road Station
  45. 45. Prototype Site B Swallow Road Station
  46. 46. Prototype Site B Swallow Road Station
  47. 47. Prototype Site B Swallow Road Station
  48. 48. Prototype Site B Swallow Road Station
  49. 49. Prototype Site B
  50. 50. Prototype Site C Harmony Road Station
  51. 51. Prototype Site C Harmony Road Station
  52. 52. Prototype Site C Harmony Road Station
  53. 53. Prototype Site C Harmony Road Station
  54. 54. Prototype Site C Harmony Road Station
  55. 55. Prototype Site C Harmony Road Station
  56. 56. Foothills Mall - Significant consolidation in the mall and department store industries. - Vast majority of malls and department stores owned by large, publicly traded companies. - These companies seek growth and those assets which generate the strongest growth. - Mall business is capital intensive and capital is in short supply today. - Capital is needed for leasing, ongoing maintenance and, of course, major renovations and expansions.
  57. 57. Foothills Mall - Scale is important for a mall -- must be large enough to compete effectively -- achieve critical mass. - Most markets of Fort Collins size support two traditional department stores -- Macy's and one of Dillard, Belk or Bon Ton. - Foothills has adequate size but only one traditional store and a large portion of its space in suboptimal configuration -- vacant JC Penney, Mervyn's and associated mall. - A third anchor and a reconfiguration is needed to secure its long term competitive position.
  58. 58. Foothills Mall - Dillard is an anchor prospect with acknowledged interest in the Fort Collins market. - Renovation and expansion concepts developed for Foothills respond to the market, address its repositioning and recognize the need for Macy's and Sears' approvals. - The redevelopment concepts contemplate a multi-phase, incremental approach to redevelopment. - Risk would be mitigated by securing anchor and other retailer approvals and commitments as early in the process as possible.
  59. 59. Foothills Mall
  60. 60. Foothills Mall
  61. 61. Foothills Mall
  62. 62. Foothills Mall Retain Demolish Small, Short and Single Level
  63. 63. Foothills Mall Add Street Shops Remove ‘Back-Mall’ New Mall to New Anchor Renovate and Expand Mall South-East Remains Underutilized
  64. 64. Foothills Mall New Food Court New Cinema New Department Store Renovate and Expand Mall Sufficient Critical Mass at South-East
  65. 65. Foothills Mall Renovate and Expand Mall
  66. 66. Foothills Mall Improve New Access Street Shops New Food Court New Cinema New over Restaurants Retail New Department Renovate and Expand Mall Store
  67. 67. BEFORE Renovate and Expand Mall
  68. 68. AFTER BEFORE Renovate and Expand Mall
  69. 69. BEFORE Renovate and Expand Mall
  70. 70. AFTER BEFORE Renovate and Expand Mall
  71. 71. Foothills Mall Renovate and Expand Mall
  72. 72. Foothills Mall Future Concepts for Discussion
  73. 73. Foothills Mall Future Concepts for Discussion
  74. 74. Public Realm and Block Size
  75. 75. Foothills Mall What Else?
  76. 76. Foothills Mall Relocate Macy’s Tear Down North Mall Then Build Here Build First – Keep Open Air – Connect Streets North Mall Open
  77. 77. Foothills Mall Open Air – Connect Streets
  78. 78. New Cinema Foothills Mall Relocate Macy’s New Street Shops New Restaurants New Department Open Air – Connect Streets Store Anchor
  79. 79. Foothills Mall Open Air – Connect Streets
  80. 80. Foothills Mall Future Concepts for Discussion
  81. 81. Public Realm and Block Size
  82. 82. Outdoor Shopping
  83. 83. Foothills Mall Redevelopment Comparison Half-measures and small steps may not save the mall. Both design concepts are significant enough to reposition Foothills Mall to endure. The renovation and expansion concept for the mall is less expensive. The open air concept is more expensive and perhaps riskier. One concept combines indoor and outdoor shopping, the other is completely outdoors – there are pros and cons to each. Both concepts are extensive, complex, and require phasing over several years - the cost of redevelopment cannot be covered by increased revenue alone. A public-private partnership, including some public investment, will be needed to make redevelopment of Foothills Mall feasible. Redevelopment will be fluid and dynamic - the City, the Mall Owner, Sears, Macy’s, future Anchors, and ongoing economic conditions are all factors. Flexibility is called for to achieve a positive result - either design concept can yield a dramatic success.
  84. 84. Next Steps Evaluate Mall Redevelopment Feasibility Test Public Financing Options Draft Recommendations Continue Stakeholder Contact Conduct Council Work Session Deliverables Economic and Land Use Analysis Development Framework and Urban Design Plan Public Financing Strategy Development/Disposition Options Implementation Action Plan
  85. 85. Possible Action Plan Items Complete Detailed Design Studies Form Merchant and Property Owner Organizations Continue Communication with Foothills Mall Owner, Tenants, and Current and Future Anchors Continue Communication with Corridor Property Owners Move Foothills Mall Redevelopment Forward in Iterative Rounds of Design and Analysis Incorporate Midtown Study into Comprehensive Plan Update Amend the Transportation Master Plan Amend the TOD Overlay Zoning Designate Urban Renewal Plan Area for Tax Increment Financing (TIF) Evaluate the Formation of Business or General Improvement Districts

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