10/19/2005 Council Packet - Laserfiche WebLink

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• • • Mr. Greg Hayes Shingobee Builders August 10, 2005 Page 7 goods and services to households nearby will serve the existing resident base which has indicated they are currently underserved in this area in addition to future households that will reside in the area. Retail Demand Our analysis of consumer expenditures revealed that households in the Lino Lakes Draw Area current spend $832.8 million on retail goods and services, excluding education, health care and shelter - related expenses. Based on total household expenditures and an average per square foot retail sales of $280 for neighborhood goods and services, results in a need for nearly 3.0 million square feet of retail space. Our calculations exclude Blaine from the analysis, although retail space in Blaine currently serves a portion of households in Lino Lakes. Thus, there is currently a high proportion of retail leakage from Lino Lakes. Our estimates reveal that there is current market support for approximately 300,000 square feet of retail at this time that will double over the next five years. Households in Lino Lakes are currently spending their retail dollars both inside of and outside of Lino Lakes, more outside of the community as there is a lack of retail outlets to support all of the demand. During both formal and informal surveys, households have indicated a desire for additional sit - down restaurants and other types of neighborhood retail goods to increase the variety of choices nearby. The proposed commercial space for the Village of Hardwood Creek development, 600,000 square feet will be supported over time as the population grows and as retail outlets are established and customers gradually shift their buying patterns to outlets closer to home. The strong projected household growth for Lino Lakes and the immediate surrounding communities will attract new retailers to the area who see an opportunity to satisfy the growing demand for goods and services in the community. MAXFIELD RESEARCH INC.