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<br />District Market Analysis <br /> <br />Appropriate Types of Retail <br /> <br />. <br /> <br />As seen in our projected demand tables, those retailers attracted to the study area will <br />most likely be neighborhood retailers. Types of retail that would be appropriate for <br />the the study area are listed in Table 4 along with the median size (square feet) for <br />each type of store. The store types represent stores with the greatest potential to <br />locate in the study area. It should be noted, however, that the study area is not likely <br />to attract all of these potential retailers. Some retailers may choose not to locate in <br />the study area because of competing stores that may be developed in nearby Retail <br />Market Area shopping centers or storefronts or because similar retailers that already <br />exist in the study area. <br /> <br />Retail Lease Rates <br /> <br />. <br /> <br />Based on the lease rates at new competitive shopping centers in the Market Area and <br />surrounding communities, we find that retail space in the study area should be priced <br />lower than higher-profile sites closer to the commercial district north of the study <br />area and near Rosedale Center. With the right mix of retailers and a reconfiguration <br />of the property, we believe Arden Plaza could increase lease rates to about $17.00 per <br />square fool. <br /> <br />. <br /> <br />Redevelopment of existing cOllllnercial properties such as Arden Plaza may require a <br />public/private partnership. The rents necessary to make redevelopment feasible <br />would be higher than what potential retail and office tenants could or would be <br />willing to pay initially. Public assistance to help reduce the cost of redevelopment to <br />the private sector could be necessary for the commercial portion of the redevelopment <br />to be successful in the next five years. <br /> <br />3-6 <br /> <br />The New Lake Johanna Boulevard <br />