RES 01063 - Laserfiche WebLink

Site Analysis Ymir site at 5075 Hc~/ard R~ad ~s originally developed as the Pedro's restaurant in the mid 1980's. As you have explained to me, the original operator had a few years of success, but that success was qu~sti~abiz due to the minors o~i]legal activities, sun, ounding the business. The restaurant has since h~i $m~al operators with none of them able to sustain a viable business for any extended period of tia~. The site has now been vacant for nearly three year;. Th~s hiscot~ is not surpr~ because the site is a difficult retail site. The main issues with the site are its size, the lack of freeway visibility, and the lack of left turn access. The site is an odd size. In a sense it is really too large to be small and too small to be large. At apllroximately 2.7 acres ami a building size of 16,400 SF, it is too large for a stand alone restaurant. Th~ retail model for a stand alone restaurant building tends to be 6,000 to 7,000 square feet on I to 1.5 acre sil~s. For crumple, The Hurry Hunter and Mexico IAndo restaurants are in this si:e range as are a lot of the restaurants at Hacienda Crossings. This size range gives restaurant operators the right balance of enough seating capacio' to make their kitchens efficient but not so much as to have empty seats. Your site and building are simply too large for the market. While being too large for a stand alone restaurant, the site is too small for most other types of retail. The current rerafl models for both neighborhood commercial and service commercia{ require larger sites. The land area needed for a neighborhood commercial center anchored by a modem gsocety store is 4 to 5 acres or more. The site for the new Safeway store in Dublin for example is on five and a half acres. Likewise, a service commercial center needs several anchors to make them viable and to make thera attractive for the smaller retail stores, and as a result they tend to be 8 to 10 acres in size. C3areway Square and The Crossroads on Hopyard and Stonetidge are good examples, and they sit on 9 and I0 acres and have 88,000 and 125,000 square feet of space, respectively. The mixed use service and neighborhood commercial project mentioned earlier, The Shops at Waterford, will be developed on 18 acres. The site is abo too much of a "destination" type location due to its lack of freeway visibility. Today's retailer requires and needs the visibility provided by freeway sites in order to achieve the sales volumes they need to be profitable. The more recent retail projects in the area, Metro 580 (WalMart), Hacienda Crossings. and Home DepotX, CompUSA, are all freeway projects. A site without freeway visibility can make it in today's market, but it needs to be able to offer the same type of synergy from a cluster of well known, brand name anchor retailers that one sees at the freeway centers. Again, your site is too small to accomplish this. The lack of freeway visibility essentially leaves the site as a service or neighborhood commercial site, and I have already discussed how the site's size does not work with today's model for these types of centers. Also, 1 believe there is already enough service commercial in the immediate area. and the marker has essentially confirmed this as we have seen planned retail sites developed as office space at 5050 Hop~rd Road and at the Thoratec~PeoplaSoft buildings on Stoneridge Drive. Theoretically, the site could work as a small strip center, but the shops that fill this type of space could not afford the