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Narrative <br />Proposed Redevelopment <br />NWC Grey Fox Road & Lexington Ave. <br />2.50 acres: Guided Commercial 2040 Land Use Plan Developed <br />by: Launch Properties, LLC. (“Master Developer”) <br /> <br />Introduction <br />Launch Properties, Inc. is excited to bring forward a revised retail redevelopment proposal for <br />consideration for the current industrial-use property at the NWC corner of Grey Fox Road and <br />Lexington Avenue. <br />Historical Background and Setting <br />The Subject Property consists of two parcels totaling 2.5 acres of land with parcel identification <br />numbers 273023410001 (3737 Lexington Avenue North, 1.49 acres) and 273023410004 (1133 <br />Grey Fox Road, 1.01 acres). The owner of both parcels is Store Master Funding III. The current <br />tenant is Pace Industries. <br /> <br />The Subject Property is developed with one 67,750-square foot, two story manufacturing <br />building and is surrounded by asphalt parking and drive areas. The Subject Property was <br />vacant prior to its development in 1964. <br /> <br />Currently, the site is adjacent to retail uses on its north and south sides. Arby’s (adjacent to <br />the north) and Cub Foods (adjacent to the south). The property is rectangular with the short side <br />fronting Lexington Avenue (approximately 250 feet) while the length of the property faces Grey <br />Fox Road (approximately 435 feet). <br /> Attachment C