BROAD APPROACHES TO Presented by: Michael Zumpino, COMMERCIAL SPACE REVITALIZATION Chairman/CEO, Triad Associates
• LARGE SQUARE FOOT AREAS ARE DIFFICULT TO LEASE OR SUBDIVIDE SUCH AS: • Department Stores COMMON • Bank Buildings • Gas Stations EXAMPLES OF • Auto Dealerships UNDERUTILIZED • Hospitals • THEATERS AND ENTERTAINMENT COMPLEXES COMMERCIAL • VACANT RETAIL SPACE SPACE • Façade and signage in poor condition • Interiors require expensive fit-out • 2 ND & 3 RD 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
• DECADES OF SPRAWLING DEVELOPMENT AND THE OUT-MIGRATION FROM URBAN CENTERS IMPACT COMMERCIAL MARKETS • OVERDEVELOPMENT OF SHOPPING CENTERS APPROACHES TO • INTERNET SHOPPING UNDERUTILIZED • NEGATIVE PERCEPTIONS AND THE LACK OF DESIGN SOLUTIONS CONCERNING: • Safety • Parking • Circulation COMMERCIAL • OTHER PEDESTRIAN/DRIVER IMPEDIMENTS INCLUDING: SPACE • Poor directional signage • Commercial areas not defined/delineated • Lack of a sense of arrival • DOWNTOWNS LACK A PARTICULAR NICHE AND HAVE LIMITED DIVERSITY/ INTENSITY OF USES • LIMITED OR NO PROMOTIONAL ACTIVITIES THE CHALLENGES • 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 3
• ENGAGING STAKEHOLDERS • Business and property owners APPROACHES TO • Local and regional lenders • Non-profits UNDERUTILIZED • Area residents • PREPARING SWOT ANALYSIS COMMERCIAL • BUILD DETAILED DATABASE TO BETTER UNDERSTAND CURRENT SPACE CONDITIONS • DEFINING GAPS/LEAKAGE ANALYSIS • IDENTIFYING PHYSICAL IMPEDIMENTS BUILDING A • Those for which potential remedies • Others must work around FRAMEWORK FOR • DELINIATING A PLANNING “AREA IN NEED OF REHABILITATION” ACTION • FOCUS ON FINDING POTENTIAL NICHES/CREATING IDENTITY • Key historic events • Key architecture • Something locally “famous for”/local notables 4
• BUILD COLLABORATIVE PARTNERSHIPS APPROACHES TO • Improvement Authority UNDERUTILIZED • Local/Regional Chambers • College/University COMMERCIAL • County/Regional development entity such as “SNJDC” SPACE • CREATE A LOCAL POINT OF CONTACT – BUSINESS OMBUDSMAN • ESTABLISH BUSINESS FRIENDLY PROTOCOLS THAT HELP BUILDING A BUSINESSES LOCATE, RELOCATE AND ENHANCE THEIR PROPERTIES FRAMEWORK FOR ACTION (CONT’D) KEEP IN MIND: • Do not work in a vacuum • Avoid predisposition of whys and wherefores 5
• DEVELOP A PROJECT ACTIVITY MATRIX Example APPROACHES TO TIMELINE PARTNERS COSTS RESOURCES UNDERUTILIZED PROGRAMS INITIATIVES COMMERCIAL CAPITAL PROJECTS SPACE • IDENTIFY A MARKET NICHE • MARKET TO NEW RETAIL OR SERVICE ANCHORS AS PER GAP IMPLEMENTING A ANALYSIS • MARKET TO NEW RESIDENTIAL REDEVELOPMENT (2 ND & 3 RD REVITALIZATION Floors above retail) AND DEVELOPMENT TARGETED TO SENIORS AND MILLENNIALS STRATEGY • WHERE BLIGHTED PROPERTIES – CONSIDER ACQUISITION OR ACT IN BEHALF OF OWNER TO CARRY OUT DEVELOPER SOLICITATION 6
• CREATIVE PROTECTS • Food trucks and parklets APPROACHES TO • Credit card/property tax rebate UNDERUTILIZED • Online promotions COMMERCIAL • TAX ABATEMENT • REVOLVING LOAN PROGRAM – PROPERTY & FAÇADE SPACE • 2 ND & 3 RD FLOOR RE-OCCUPANCY – MIXED USE OPPORTUNITIES IMPLEMENTING A • STREETSCAPE DESIGN SOLUTIONS REVITALIZATION • MARKETING TO CHANGE PERCEPTIONS STRATEGY (CONT’D) • HIRE A MANAGER 7
• Reading, PA – Restaurant Row • Tacony, Philadelphia – Hoagie Trail • Extensive/Creative marketing • Middle Township, NJ EXAMPLES OF • Revolving Loan Fund • Tax Abatements APPROACHES & • Habitat ReStore as new anchor tenant of Court House Village OUTCOMES • Wildwood BID – Pacific Avenue • Streetscape • Parklets and dining bump-outs • Food trucks • Center Community Plaza 8
• Woodbury, NJ • Parking lot consolidation as municipal lot • Conversion of Wood Theater into White House Senior Housing and Mini-Mall EXAMPLES OF • Collingswood, NJ – Restaurant Dominance • Gloucester Twp., NJ APPROACHES & • Redevelopment plan to create the nexus between the new 300,000 sqft Premium Outlets to Blackwood Business District by more attractive street scape OUTCOMES that will define the retail and professional uses along the 1.5 mile strip • Vineland, NJ – Business vs. Property Owner Interests and Capabilities (CONT’D) • Highland Park Borough • BYOF (FOOD!) • More to come today: • Voorhees • Brick • Evesham 9 • Woodbury
THANK YOU! TRIAD ASSOCIATES mzumpino@triadincorporated.com (856) 690-9590 www.triadincorporated.com
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