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2011.09.12 EDA Packet
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2011.09.12 EDA Packet
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Commissions
Meeting Date
9/12/2011
Document Type
Agenda/Packets
Commission Name
EDA
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EXECUTIVE SUMMARY= <br /> Retail Market Recommendations <br /> Downtown Hugo currently has about 132,500 square feet of retail space. Our calculations <br /> show that the Downtown can support'about 40,500 square feet of additional retail space, be- <br /> tween 2005 and 2010, and up to 105,000 square feet of additional retail between 2010 and <br /> 2015. We estimate that two-thirds of the new demand will be for neighborhood retail serv- <br /> ing the local population base. <br /> The types of stores that will be successful in the Downtown will be those that are able to <br /> market their unique Downtown location as an experience that cannot be found at shopping <br /> centers(the most likely store type will be specialty retailers). It will be more difficult for the <br /> Downtown to attract retailers of shopping goods, which typically require either a larger size <br /> store than can be accommodated in the Downtown (such as a discount merchandise store) or <br /> which require a greater number of stores in a small area carrying similar items for which <br /> customers can comparison shop (such as apparel). <br /> Based on the lease rates at new competitive shopping centers in the Market Area and sur- <br /> rounding communities, we find that new space in Downtown Hugo must be priced lower <br /> than higher-profile sites closer to Interstate 35E. Therefore, we believe net lease rates of <br /> $13.00 to $15.00 per square foot should be attractive to many of the potential retail tenants. <br /> Currently, many of the Downtown's current retail tenants own their buildings outright or are <br /> paying very low rents and would not be able to afford net rents of$13.00 or more. It will be <br /> important for the Downtown to retain some lower priced space, since the Downtown would <br /> not be able to support its full potential entirely with space priced at$13.00 per square foot or <br /> more. <br /> Redevelopment of existing commercial properties may require a public/private partnership. <br /> The rents necessary to make redevelopment economically feasible would be higher than <br /> what potential retail and office tenants could or would be willing to pay initially. Public as- <br /> sistance to help reduce the cost of redevelopment to the private sector will almost certainly <br /> be necessary for the commercial portion of the redevelopment to be successful in the next <br /> five years. <br /> Due to the increasing traffic counts and the realignment of County Road 8, we recommend <br /> the first phase of Hugo's Downtown retail development to be located closest to the Highway <br /> 61 and County Road 8 intersection. Furthermore, this intersection would result in the least <br /> amount of acquisition costs and would not displace any of the existing Downtown tenants. <br /> Office Market Recommendations <br /> There are no actively marketing office buildings in Hugo at this time. However, the recently <br /> completed Victor Gardens Shops includes a mix of medical office and a daycare center. <br /> Victor Gardens Shops net rents average $18.00 per square foot. <br /> MAXFIELD RESEARCH INC. 5 <br />
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