COMMERCIAL SPACE REVITALIZATION Chairman/CEO, Triad Associates - - PowerPoint PPT Presentation

BROAD APPROACHES TO COMMERCIAL SPACE REVITALIZATION

Presented by: Michael Zumpino, Chairman/CEO, Triad Associates

COMMON EXAMPLES OF UNDERUTILIZED COMMERCIAL SPACE

• LARGE SQUARE FOOT AREAS ARE DIFFICULT TO LEASE OR

SUBDIVIDE SUCH AS:

• Department Stores
• Bank Buildings
• Gas Stations
• Auto Dealerships
• Hospitals
• THEATERS AND ENTERTAINMENT COMPLEXES
• VACANT RETAIL SPACE
• Façade and signage in poor condition
• Interiors require expensive fit-out
• 2ND & 3RD FLOORS ABOVE RETAIL IN DOWNTOWNS
• CONTIGUOUS BUT PRIVATELY OWNED PARKING LOTS IN REAR

OF OFFICE/RETAIL

ALL ARE PREVALENT IN DIVERSE SETTINGS: Urban Centers/Downtowns Small Business Districts Highway “Strip” Commercial Shopping Centers

2

APPROACHES TO UNDERUTILIZED COMMERCIAL SPACE THE CHALLENGES

• DECADES OF SPRAWLING DEVELOPMENT AND THE OUT-MIGRATION FROM

URBAN CENTERS IMPACT COMMERCIAL MARKETS

• OVERDEVELOPMENT OF SHOPPING CENTERS
• INTERNET SHOPPING
• NEGATIVE PERCEPTIONS AND THE LACK OF DESIGN SOLUTIONS

CONCERNING:

• OTHER PEDESTRIAN/DRIVER IMPEDIMENTS INCLUDING:
• DOWNTOWNS LACK A PARTICULAR NICHE AND HAVE LIMITED DIVERSITY/

INTENSITY OF USES

• LIMITED OR NO PROMOTIONAL ACTIVITIES
• Shopper incentives / online promotions
• Events
• BUSINESS/PROFESSIONAL TENANTS VS. PROPERTY OWNER NEEDS,

INTERESTS, CAPABILITIES

• UNWELCOMING BUSINESS ENVIRONEMNT
• Permit Process // Navigating development review
• LACK OF INTERNAL MANAGEMENT
• Poor directional signage
• Commercial areas not defined/delineated
• Lack of a sense of arrival
• Safety
• Parking
• Circulation

3

APPROACHES TO UNDERUTILIZED COMMERCIAL SPACE

BUILDING A FRAMEWORK FOR ACTION

• ENGAGING STAKEHOLDERS
• Business and property owners
• Local and regional lenders
• Non-profits
• Area residents
• PREPARING SWOT ANALYSIS
• BUILD DETAILED DATABASE TO BETTER UNDERSTAND CURRENT

CONDITIONS

• DEFINING GAPS/LEAKAGE ANALYSIS
• IDENTIFYING PHYSICAL IMPEDIMENTS
• Those for which potential remedies
• Others must work around
• DELINIATING A PLANNING “AREA IN NEED OF REHABILITATION”
• FOCUS ON FINDING POTENTIAL NICHES/CREATING IDENTITY
• Key historic events
• Key architecture
• Something locally “famous for”/local notables

4

APPROACHES TO UNDERUTILIZED COMMERCIAL SPACE

BUILDING A FRAMEWORK FOR ACTION (CONT’D)

• BUILD COLLABORATIVE PARTNERSHIPS
• Improvement Authority
• Local/Regional Chambers
• College/University
• County/Regional development entity such as “SNJDC”
• CREATE A LOCAL POINT OF CONTACT – BUSINESS

OMBUDSMAN

• ESTABLISH BUSINESS FRIENDLY PROTOCOLS THAT HELP

BUSINESSES LOCATE, RELOCATE AND ENHANCE THEIR PROPERTIES KEEP IN MIND:

• Do not work in a vacuum
• Avoid predisposition of whys and wherefores

5

APPROACHES TO UNDERUTILIZED COMMERCIAL SPACE

IMPLEMENTING A REVITALIZATION STRATEGY

• DEVELOP A PROJECT ACTIVITY MATRIX

Example

• IDENTIFY A MARKET NICHE
• MARKET TO NEW RETAIL OR SERVICE ANCHORS AS PER GAP

ANALYSIS

• MARKET TO NEW RESIDENTIAL REDEVELOPMENT (2ND & 3RD

Floors above retail) AND DEVELOPMENT TARGETED TO SENIORS AND MILLENNIALS

• WHERE BLIGHTED PROPERTIES – CONSIDER ACQUISITION OR ACT

IN BEHALF OF OWNER TO CARRY OUT DEVELOPER SOLICITATION

TIMELINE PARTNERS COSTS RESOURCES PROGRAMS INITIATIVES CAPITAL PROJECTS

6

APPROACHES TO UNDERUTILIZED COMMERCIAL SPACE

IMPLEMENTING A REVITALIZATION STRATEGY (CONT’D)

• CREATIVE PROTECTS
• Food trucks and parklets
• Credit card/property tax rebate
• Online promotions
• TAX ABATEMENT
• REVOLVING LOAN PROGRAM – PROPERTY & FAÇADE
• 2ND & 3RD FLOOR RE-OCCUPANCY – MIXED USE

OPPORTUNITIES

• STREETSCAPE DESIGN SOLUTIONS
• MARKETING TO CHANGE PERCEPTIONS
• HIRE A MANAGER

7

EXAMPLES OF APPROACHES & OUTCOMES

• Reading, PA – Restaurant Row
• Tacony, Philadelphia – Hoagie Trail
• Extensive/Creative marketing
• Middle Township, NJ
• Revolving Loan Fund
• Tax Abatements
• Habitat ReStore as new anchor tenant of Court House

Village

• Wildwood BID – Pacific Avenue
• Streetscape
• Parklets and dining bump-outs
• Food trucks
• Center Community Plaza

8

EXAMPLES OF APPROACHES & OUTCOMES

(CONT’D)

• Collingswood, NJ – Restaurant Dominance
• Gloucester Twp., NJ
• Redevelopment plan to create the nexus between the new 300,000 sqft

Premium Outlets to Blackwood Business District by more attractive street scape that will define the retail and professional uses along the 1.5 mile strip

• Vineland, NJ – Business vs. Property Owner Interests and Capabilities
• Highland Park Borough
• BYOF (FOOD!)
• More to come today:
• Voorhees
• Brick
• Evesham
• Woodbury
• Woodbury, NJ
• Parking lot consolidation as municipal lot
• Conversion of Wood Theater into White

House Senior Housing and Mini-Mall

9

TRIAD ASSOCIATES

mzumpino@triadincorporated.com (856) 690-9590 www.triadincorporated.com

THANK YOU!