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13 ATTACHMENT 13
City of Pleasanton
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13 ATTACHMENT 13
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11/29/2016 3:54:28 PM
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CITY CLERK
CITY CLERK - TYPE
AGENDA REPORT
DOCUMENT DATE
10/19/2010
DESTRUCT DATE
15Y
DOCUMENT NO
13 ATTACHMENT 13
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Market Assessment and Fiscal Impact Analysis <br /> of the Pleasanton Gateway Business Park <br /> Report 3/31/10 <br /> Market Implications of the Project <br /> Overall, Pleasanton has a strong and well- diversified retail base. As land is becoming scarce, <br /> Pleasanton's retail is not likely to continue growing at the rate it has in the past. Future success <br /> of the retail sector's performance will be heavily driven by the City's population growth and <br /> ability to continue competing with neighboring jurisdictions by taking full advantage of the <br /> remaining retail opportunities while upgrading existing ones. The market implications of the <br /> proposed retail in the Gateway Project are discussed below. <br /> Safeway Analysis <br /> A 58,000- square -foot to 65,000- square -foot, lifestyle- format Safeway store is proposed as part <br /> of the Project. According to the Pitney Bowes' October 2007 study, seven supermarkets <br /> surveyed in the analysis generate an average annual sales rate of about $600 per square foot. <br /> The proposed Safeway is projected to shift 80 percent of sales from the existing market base. <br /> The fiscal impact analysis presented in the following chapter assumes that the proposed Safeway <br /> will generate $600 per square foot in sales, with 20 percent of the sales as net new. <br /> Other Retail Analysis <br /> The Project is planned to include 71,435 square feet of retail in addition to the Safeway grocery <br /> store. Two drive - through uses proposed as part of the Project include a 4,400 square -foot coffee <br /> shop /restaurant building and a 9,379 square -foot bank. The remainder of retail is planned for <br /> multi- tenant retail shop space. Potential tenants in the Pleasanton Gateway Business Park retail <br /> space could include a number of national and local businesses. National businesses and /or <br /> chains may include restaurants such as Pasta Pomodoro, Chevy's, Elephant Bar, and Rubio's; <br /> pharmacies such as CVS or Walgreens; as well as electronics stores such as Radio Shack, <br /> Verizon, and Game Stop. <br /> Given the City's leakage analysis, tenants in the food stores and restaurant categories would be <br /> the safest uses for targeting underserved consumer demand. These categories are currently <br /> underserved in the City and would result in the least impact on the existing businesses as well as <br /> the highest sales rates. The fiscal impact analysis presented in the next chapter assumes $350 <br /> per square foot in retail sales based on Dollars & Cents Shopping Centers data and $375 per <br /> square foot for a coffee shop /restaurant, with 45 percent of the sales assumed to be net. A new <br /> bank and a coffee shop /restaurant are assumed to be fully leased while other retail is assumed <br /> to have a 5 percent vacancy rate. <br /> It is worth noting that Koll Center, located across Bernal Avenue from the site, has several retail <br /> vacancies; however, it does not offer the same anchor tenant space that would be offered by the <br /> proposed Pleasanton Gateway Business Park. As a result, the retail development proposed for <br /> the site is not likely to directly compete with the retail center across the street and may actually <br /> improve performance by attracting additional customers to the area. <br /> Economic & Planning Systems, Inc. 9 P:u 6000 spa1wwe,santonReponPRimrpt8.doc <br />
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