Agenda - Planning Commission - 02/02/2017 - Special

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As the first priority, hire a leasing and management professional to set up the leasing agency and direct its activities. This needs to be someone who can dynamically "sell" your street and neighborhood, and has a sophisticated under- standing not only of retail leasing but also of shopping center management and public/private partnerships. The leasing professional should be part of the street's planning and design team, so she/he not only understands the long- term vision of the project but also helps to shape it. Develop a comprehensive leasing plan that is flexible and builds on the strengths and competitive advantages that the street and neighborhood already have. Recognize that the plan will need to be adjusted constantly to reflect changing market conditions. Context matters. Tailor the Leasing strategy to your community and its posi- tion in the regional retail hierarchy. Understand the characteristics of your mar- ket and location, know your customer and competition, and evaluate nearby retail streets and tenants to guide tenant recruitment. Recognize what your street is now and what it can become, and market the space realistically with an eye to the future. Cookie -cutter stores are not attrac- tions in and of themselves, but they do Lend legitimacy to the Location in the eyes of other retailers, and they have advertising clout that helps one -of -a -kind stores. Lead the leasing effort with destination- and neighborhood -appropriate retailers. This will lay the foundation for more intense commercial activity as the street matures. Initiate the Leasing program along one or two blocks that have the greatest potential. Creating a successful retail nucleus to build around will give momen- tum to the project, stimulate the interest of other retailers, and form a criticaL mass that becomes a recognizable retail destination for neighborhood shoppers. Besides coordinating the leasing program, the leasing and management pro- fessional should provide technical assistance to existing and prospective retail- ers. Financial assistance may also be desirable for facade improvement, building improvements to achieve code compliance, new signage, and the Like. She or he should also coordinate maintaining the streetscape and making needed repairs if there is no business improvement district in place. Shopping centers carefully choose ten- ants based on many factors, and neigh- borhood streets must do the same. Tenants should: Fit into the street's agreed -upon vision and leasing strategy; Fill gaps in the street's retail mix or reinforce specialized tenant concentra- tions; Sell merchandise aimed at the street's targeted customer markets; Project the right image, aesthetic, and lifestyle orientation; Fit within the physical limitations of the available space; Be well managed and creditworthy; and Be able to afford the rent! 15