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FAIRDALE SHOPPES ADDITION for ST ARBUCKS COFFEE COMPANY Fairdale Shoppes is a 47,885 square foot strip style shopping center on a 3.9 acre site. It was built in 1974, and acquired by Fairdale Investors in 1982. The center currently consists of two separate masonry buildings, surrounded by surface parking areas containing 228 parking spaces. A substantial investment has recently been made in re- tenanting the center with such complimentary lifestyle tenants as Stroud's Linens, Totally Organized, Pier One Imports and Calico Comers. Fairdale Shoppes is owned by a limited partnership. The general partner has played an active part in the operation of Fairdale Shoppes for more than fifteen years. In addition to owning a retail store in this development, he has been actively involved in the ownership of retail real estate for more than 20 years. A free standing 250 square foot bank building containing an automated teller machine formerly stood on the southerly portion of the site. As ATMs began to proliferate in grocery stores, shopping malls and office buildings, the former bank building fell into disuse, and ceased to be profitable. It was decided at that time to redevelop that part of the site. Starbucks Coffee Company, an international chain of specialty coffee shops, has expressed an interest in the site for a free-standing coffee shop. Starbucks has a reputation of a first class retailer portraying an up-scale, design-oriented image. Their emphasis is upon providing unique coffee drinks from around the world along with accompanying pastries baked fresh locally every day. Coffee making merchandise and other paraphenalia are also displayed and offered for sale in the store. There are usually no more than four employees on duty at any time, and it is not unusual for Starbucks employees to be on a first name basis with regular customers. The proposed store is approximately 1600 square feet and is to be constructed of materials compatible with the existing buildings on the site. The major material of the exterior walls will be a dark brick to match the existing buildings. Other elements on the proposed building are to be clad in stucco to match the accent areas of the original structures. At the south end of the building, an outdoor patio is planned. The construction of the new building will not affect the existing traffic patterns on the site. There will be a net loss of four parking spaces on the site, but this is not seen as a problem, because of two factors. First, the existing parking on this part of the site is under-used. At the busiest shopping times, much of this parking remains vacant, one of the reasons the area is being redeveloped. Secondly, the peak hours of business for Starbucks occur at times when the other retail uses are at low points, i.e. early morning and late evening hours.