09/24/1996 Minutes - Laserfiche WebLink

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t s i - .i under lease to Forest City, wko is negotiating with a prospective tenant. He stated that changes in the retail industry are not new, they recently gutted the middle portion of Plaza South in order to construct Best Buy, and this is the trend in today's market. He explained the.existing plazas cannot accommodate the new type retail, and they would not have the square footage to accomnaodate Home Depot. The retail development proposed tonight will enhance the existing retail and will be a benefit for retail in the entire area since critical mass is important to retailing. North Olmsted i's an important location for retail and their two plazas and this parcel are the best retail location in the city. Mr. Richardson had presented a brochure, `Brookplace Center", (included in file) which he explained in detail. Office versus retail, 500,000 square feet of office or 260, 000 square feet of retail could be developed on this parcel. The city's Master Plan stated (page 9), that Nortli Olmsted's regional shopping center will be growing larger than it is today and North Olmsted must continue to attract major anchors especially in light of the new regional center which is under construction. According to an Office Market Survey in 1995 by the Victor S. Voinovich Coinpany there is 500,000 square feet of office vacancy in the west suburban market of which North Olmsted is a part. At the present absorption rate, it will take over 20 years to fill the current vacancies, and this does not include any new construction. North Olmsted's Master Plan estimates that the current office development represents 1/3 ofthe west suburban market or 170,000 square feet ofvacancies. This plan recommends 15 sites or 152.5 acres for future office development (including Parcel E). This would exceed the 25 year projected potential by nearly five times and shows that there is an ample supply of land available to meet North Olmsted's market potential and goals without restricting Parcel E to this use. No absorption of office space has averaged 16,000 square feet per year, and using this absorption rate, it would take at least 20 to 25 years to achieve full occupancy of Great Northern Corporate Center, and the full development of the undeveloped land. Parcel "E" has become an inferior location for office development since Wal-Mart has been constructed on the south side ofBrookpark Road. Usually offices are concentrated together, and office and retail do not mix. There is no likelihood of office development on Pareel E in the foreseeable future, since in major office locations, offices are concentrated in one continuous office environment with little or no disruption from retail or multi-family. Fully developed, this land will have a real estate value of approximately $20,000,000 and income tax would be a minimum of $625,000 annually. The city will lose 625,000 per year if this land remains vacant. Mr. Richardson introduced Mr. Wentzell, of DKS traffic consultants, who explained the traffic study (included in file). He advised that they met with the city engineering department to verify what areas were to be concentrated on, and with the Ohio Department of Transportation (O.D.O.T.) who has given approval ofthe drive opposite the Wal-Mart Drive across the street, and identified the potential for a right turn drive on Brookpark Road. Their findings have been reviewed by O.D.O.T. and the city. The main drive will be opposite Wal-Mart's drive and a secondary access, right turn only in and out, will be located between the main drive aud Columbia Road. There was a map of the proposed, site and adjacent roads with key intersections at Columbia Road, the access to the Wal-Mart site, Great Northem Boulevard, and, going south on Great Northern, the access into the shopping center and second access into Wal-Mart with surveys being taken at the Wal-Mart store to estimate the proposed traffic generation for a 231,000 square foot.retail development along with traffic generation figures for a possible office 444,960 square feet development. The report concluded that in ,the morning peak hours there would be quite a bit more traffic for office than for a retail development wluch would not be open; the eveuing peak hours would be almost the same; and the Saturday peak hour for a retail development.would be considerably higher. Chart (F) compared traffic counts at the five main intersections as they would be with no development and as they would be with the proposed retail: the existing traffic indicates that the.week day evening peak hour (5:00 to 6:00 p.m.) is the higher traffic volume. The study also estimates the 1998 traffic figures using a 3% growth rate and added 6% for other growth in the area, and adding the estimated traffic for both an office development and for tlus retail development. Comparing the weekday peak hour there is little difference between an office and a 5