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CED Committee: 8/27/07 Item: b
COMMUNITY & ECONOMIC HARRY S. MAVROGENES DEVELOPMENT COMMITTEE EXECUTIVE DIRECTOR
SEE BELOW AUGUST 10, 2007
SUBJECT: DOWNTOWN BUSINESS STRATEGY: PRESENTATION OVERVIEW
Retail and office developments are key components of Downtown’s revitalization. At the Committee’s meeting on August 27, 2007, Redevelopment Agency staff will make a presentation on how the Agency is working to increase Downtown business vitality through specific recruitment and retention efforts.
Topics to be addressed include:
• Overview of Downtown Retail Strategy • Update on Downtown Office Recruitment Program • Overview of the new Merchant Retention and Sustainability Program • Update on Sign Grant Program • Overview of Sidewalk Café Program
HARRY S. MAVROGENES Executive Director
Downtown San Jose Office And
Retail Strategy Update
Total Square Footage 8,206,918 Total Occupied 6,929,922
Class B&C Vacancy 774,805 Class A Vacancy : 502,191
Remaining Class A spaces are small suites Primary opportunity to impact vacancy rate is to support the occupancy of B and C space
Profile of Prospective Tenant -.-.--
Located in the region Growing company Seeking more amenities and prestige Parking is the perceived issue deterring location Downtown
s-
used to encourage location
Parking incentive packages Start Up &Tech 10 free spaces program New Start Up &Tech 50% discount program Bulk Purchase 25% discount program
Enterprise Zone
Equipment Credits
STI (Special Tenant Improvement Program) Facilitating permits for Tenant Improvements
Incentives used to encourage location
First example is Xactly Corp Look for amendment coming soon
Knowledgeable support to tenant and brokerage community
SQ Feet # Employees Projected To Grow To
McGrath/Power
Hood and Strong
McClatchy Interactive 14,650
--
Complete Sitefinder website and support materials Promote Downtown directly to the target tenant Continued broker outreach
Close to 52,000 sf of newly activated retail space since 3anuary 2007 to date Over 200 new jobs created
BEAUIY SUPPLI'
14 new retailers coming soon - newly signed leases or under construction Close to 60,000 sf of future new and activated retail Qver 300 new jobs expected
I>AY ii'A X SALr)N
owntown Retail Strategy Goals
Create a vibrant retail district with a broad tenant mix Focus on underrepresented tenants
n San Jose Trade Area
Broker and landlord outreach Participate in retail oriented events (i.e. ICSC, ULI, CDA & others) Economic Development Systems consulting services Retail stakeholder events (San Jose Retail Round Up) Data research (i.e. Buxton) Targeted mailings
Residents' feedback
rove Existing Inventory
Many retailers seek quality, new retail space A number of Downtown sites require extensive improvements to meet the needs of these retailers
CIM Tower 88 at Central Place - 32,000 sf (Phase I)and 25,000-tsf (Phase 11) Unreinforced Masonry Projects (Wilcox Block, Porter Stock, Fountain Alley, Bassler-Hayes) - 26,000 sf combined 360 Residences - 11,000 sf City Front Square (Block 8) - 28,000 sf
Mixed-Use Developments
Purpose: To ensure that maximum opportunity and flexibility exists for retail uses that can act~vate the base of new m~xed-use
Guidelines include recommendations for: - Ceiling Heights - Floor Structure
- ServicingITrash
- Sidewalks
Collaborative, multi-department Take retail - ready from concept to results Remove, reduce, shorten time, streamline and facilitate
Temporary Use,
Bl PubliclPrivate
gency, 9,950,4%
Future Retail
= General Plan
Design Guidelines = Building Code
Traffic Planning Grading, drainage Off-site improvements Historic Preservation Guidelines
= State Historic Preservation Code Alcoholic Beverage Code
= Sewer regulations, grease interceptors Health Code Elevator inspections
d ---Visioning Documents
a City Economic Development Strategy Downtown Vision 2000
First 500 Days a Downtown Retail Strategy
Downtown Working Group Small Wonders
Small Business Ambassador Project Advocate
Study: Morton's (circa 1970's Building)
Headquarters' and Architect were out-of-state All project coordinator by projec Change of use Seismic upgrade Elevator inspection failed Alternate exiting plans CUP for Alcohol sales Valet Parking
ant Downtown
Sign Grant Program Sidewalk Cafes Street Vendors Filling the Gaps
11facades completed since June 2006 46 businesses currently in the process of receiving facades An average of up to 20% increase in business reported
Historic Meat Market Building - 142 E. Santa Clara Street
23 New signs added to Downtown and Redevelopment project areas since inception of this program in May 2005 6 New signs to be installed in the next 60 days
Grant Program Survey Results
Survey feed back indicated business increased from 10- 20% for most businesses:
Don Pedro's -Dinner clientele increased 10% Family Life Chiropractic - Walk-in traffic increased Farenheit - LunchIDinner improved 10°/~-150/~ Peggy Sue's - Improved visibility @ evening from CC Park which increased business 10% Pita Pit - Evening clientele increased 10-20%
15 permits approved in FY06-07 3 permits currently pending and outreach planned to over 20 businesses
Street Vendors
5 permits currently approved Over 30 different locations under consideration as future
Phantom Galleries "Who's on First, What's on Second?"
and Private Funding Clean and Safe
Enhancements Accountability
ear PBID Budget (Proposed)
$635,000 in additional City funds
Downtown San Jose Office and
Retail Strategy Update
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