1. March 10, 2010
Open House
MIDTOWN
COMMERCIAL
REDEVELOPMENT
STUDY

2. Josh Birks
Economic Advisor

3. Development and
Lead Urban Designer Lead Economist Department Store Advisor
D. Jamie Rusin Daniel R. Guimond Warren W. Wilson

4. Faneuil Hall Marketplace, Boston

5. Diverse practice founded in 1967
Located in Berkeley, California
Projects across the country and abroad
Services include
Mixed-Use/ Retail
Urban Design and Planning
Performing Arts
Civic and Community
Sports and Recreation
Education
Sustainable Design

6. Founded in 1983
Berkeley, Sacramento, Denver
Expertise:
Real Estate Economics
Public Finance
Land Use Policy
Focus:
Redevelopment and Infill
Retail and Mixed-use
Public-Private Development
Mason Corridor Economic Analysis
2007

7. Study Area

8. Goals
Build on and Reinforce a Great Place - Fort Collins
Create a Vibrant District
Leverage and Connect Downtown, CSU, and Foothills Mall
Improve Existing Assets
Capitalize on Opportunities
Create New Address and Value with the Mason BRT
Be Flexible and Market Ready
Build Support and Reach Consensus
Deliverables
Economic and Land Use Analysis
Development Framework and Urban Design Plan
Public Financing Package
Marketing Package
Action Plan

9. Regional Context

10. Immediate Context

11. Foothills Mall

12. Foothills Mall

13. -40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
Grocery Sales
27%
Warehouse Clubs
21%
Department Stores
-31%
Apparel
-17%
1
Furniture
1%
Eating and Drinking -
20%
Building Materials -
9%
9%
Total Retail Goods -
Change in City-Wide Retail Sales, 2004-2008

14. Retail Sales
Fort Collins Retail Sales Leakage, 2008
Department Stores - 30%
Clothing and Accessories - 30%
Fort Collins Retail Sales Inflow, 2008
Department Stores - 22%
Clothing and Accessories - 23%
Warehouse and SuperCenters - 25%

15. Mid-Town Corridor and City-Wide Sales, 2008
$1,600,000
$1,515,964
$1,400,000
$1,200,000
$1,000,000
$800,000
$629,674
$600,000
$422,339
$400,000 $378,958
$317,897
$287,317
$260,631
$184,452
$200,000
$109,453
$97,769 $77,725
$9,097
$0
Convenience General Shopper's Goods Eating and Building Material Total Retail
Goods Merchandise Drinking & Garden Goods
Corridor Sales City Sales

16. Fort Collins Retail Space
Fort Collins Total Space: 10.2 Million Sq. Ft. Fort Collins Vacant Space: 790,000 Sq. Ft.
17%
28%
72%
83%
Corridor Rest of Fort Collins Corridor Rest of Fort Collins

17. New Retail Demand Sq. Ft., 2008-2015
300,000
Convenience Goods Shopper's Goods 256,000
250,000
200,000
158,000
147,000
150,000
127,000
119,000
96,000
100,000
72,000
50,000 35,000 42,000
34,000
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18. Mall Scenario Development Programs
Store Type Mall Renovation Mall Redevelopment
& Expansion & Expansion
Department Stores 324,000 316,000
Other Shopper's Goods 400,000 324,000
Eating and Drinking Space 63,000 60,000
Total Retail Space 787,000 700,000
Cinema 40,000 40,000
Total Development 827,000 740,000
Source: ELS; Economic & Planning Systems
H:19874-Fort Collins Midtown RedevelopmentModelsDemand Models[19874-SalesFlows-TPI-Supp. Sq. Ft.GMA.xls]Scenarios

19. Mall Scenarios Retail Demand Capture
Mall Renovation Mall Redevelopment
Demand & Expansion & Expansion
Store Type 2008-2015 Net New Net New
1 1
Sq. Ft. Capture Sq. Ft. Capture
Department Stores 119,000 126,000 106% 118,000 99%
Shopper's Goods 495,000 171,034 35% 94,918 19%
Eating and Drinking 256,000 52,592 21% 49,792 19%
Total Retail Goods 1,561,000 349,626 22% 262,710 17%
Source: ELS; Economic & Planning Systems
H:19874-Fort Collins Midtown RedevelopmentModelsDemand Models[19874-SalesFlows-TPI-Supp. Sq. Ft.GMA.xls]Scenarios

20. Multifamily Housing Demand 2008-2030
Corridor
Type City Low High
Single Family Attached 3,526 176 353
Multifamily 8,228 1,748 2,983
For Sale 2,057 206 514
For Rent 6,171 1,543 2,468
.
Total 11,754 1,925 3,335
Note: Growth based on historic building permit trend of 1,125 units annually since 2000
1
Low and High Capture based on EPS estimates
Source: City of Fort Collins; Economic & Planning Systems

21. Fort Collins Office Demand 2008-2030
8,000,000 7,200,003
7,000,000
5,900,737
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000 1,299,266
1,000,000 400,506
0
2008-2015 2015-2030
Total Space Demand

22. Opportunity Sites

23. Opportunity Sites

24. Opportunity Sites

25. Opportunity Sites

26. Mid-Town Corridor Opportunity Sites Potential
Current Future Change in
Use Sq.Ft./Units Sq.Ft./Units Sq.Ft./Units
Residential 0 1,580 1,580
Retail/Service 739,000 681,000 -58,000
Office/Other Comm. 147,000 304,000 157,000
Source: City of Fort Collins; Economic & Planning Systems

27. Corridor Districts
District 1
Transition from CSU to Midtown
Limited Access
Opportunities on West
District 2
¼ Mile Radius Foothills Mall, Car Dealerships
From BRT Good Access and Frontage Road
Opportunities on East and West
District 3a
Retail District
Good Access
Limited Immediate Opportunities
District 3b
Gateway and Southern Expansion
Good Access
Opportunities at South-West

28. Planning Concepts
Public Realm and Block Size
Prototype Site A
Frontage Road Address
Prototype Site B
Foothills Mall
Westside Address
Leverage BRT
Prototype Site C

29. Public Realm and Block Size
Break Block
Sizes Down

30. Public Realm and Block Size
Break Block
Sizes Down
Create
North-South
Mid-Block
Public Realm

31. Public Realm and Block Size
Break Block
Sizes Down
Create
North-South
Create
Mid-Block
East-West
Public Realm
Mid-Block
Public Realm

32. Westside Access and Address
BRT Station
BRT Station

33. Frontage Road Address
Allows through
traffic on College
Creates
pedestrian friendly
retail and housing
address

34. Midtown Opportunities – Pedestrian Friendly

35. Midtown Opportunities - New Neighborhoods

36. Midtown Opportunities – New Neighborhoods

37. Midtown Opportunities – Amenities and Place

38. Prototype Site A

39. Prototype Site A

40. Prototype Site A

41. Prototype Site A

42. Prototype Site A

43. Prototype Site A
Drake Road Station

44. Prototype Site B
Swallow Road Station

45. Prototype Site B
Swallow Road Station

46. Prototype Site B
Swallow Road Station

47. Prototype Site B
Swallow Road Station

48. Prototype Site B
Swallow Road Station

49. Prototype Site B

50. Prototype Site C
Harmony Road Station

51. Prototype Site C
Harmony Road Station

52. Prototype Site C
Harmony Road Station

53. Prototype Site C
Harmony Road Station

54. Prototype Site C
Harmony Road Station

55. Prototype Site C
Harmony Road Station

56. Foothills Mall
- Significant consolidation in the mall and department store industries.
- Vast majority of malls and department stores owned by large, publicly traded
companies.
- These companies seek growth and those assets which generate the strongest
growth.
- Mall business is capital intensive and capital is in short supply today.
- Capital is needed for leasing, ongoing maintenance and, of course, major
renovations and expansions.

57. Foothills Mall
- Scale is important for a mall -- must be large enough to compete effectively --
achieve critical mass.
- Most markets of Fort Collins size support two traditional department stores --
Macy's and one of Dillard, Belk or Bon Ton.
- Foothills has adequate size but only one traditional store and a large portion of
its space in suboptimal configuration -- vacant JC Penney, Mervyn's and
associated mall.
- A third anchor and a reconfiguration is needed to secure its long term
competitive position.

58. Foothills Mall
- Dillard is an anchor prospect with acknowledged interest in the Fort Collins
market.
- Renovation and expansion concepts developed for Foothills respond to the
market, address its repositioning and recognize the need for Macy's and Sears'
approvals.
- The redevelopment concepts contemplate a multi-phase, incremental approach
to redevelopment.
- Risk would be mitigated by securing anchor and other retailer approvals and
commitments as early in the process as possible.

59. Foothills Mall

60. Foothills Mall

61. Foothills Mall

62. Foothills Mall
Retain
Demolish
Small, Short
and Single
Level

63. Foothills Mall
Add Street Shops
Remove ‘Back-Mall’
New Mall to New Anchor
Renovate and Expand Mall
South-East Remains Underutilized

64. Foothills Mall
New Food Court
New Cinema
New Department Store
Renovate and Expand Mall
Sufficient Critical Mass at South-East

65. Foothills Mall
Renovate and Expand Mall

66. Foothills Mall
Improve New
Access Street
Shops
New
Food
Court
New
Cinema
New
over
Restaurants
Retail
New Department
Renovate and Expand Mall Store

67. BEFORE
Renovate and
Expand Mall

68. AFTER
BEFORE
Renovate and
Expand Mall

69. BEFORE
Renovate and
Expand Mall

70. AFTER
BEFORE
Renovate and
Expand Mall

71. Foothills Mall
Renovate and Expand Mall

72. Foothills Mall
Future Concepts for Discussion

73. Foothills Mall
Future Concepts for Discussion

74. Public Realm and Block Size

75. Foothills Mall
What Else?

76. Foothills Mall
Relocate
Macy’s
Tear Down North Mall
Then Build Here
Build First – Keep
Open Air – Connect Streets North Mall Open

77. Foothills Mall
Open Air – Connect Streets

78. New Cinema Foothills Mall
Relocate
Macy’s
New Street
Shops
New
Restaurants
New Department
Open Air – Connect Streets Store Anchor

79. Foothills Mall
Open Air – Connect Streets

80. Foothills Mall
Future Concepts for Discussion

81. Public Realm and Block Size

82. Outdoor Shopping

83. Foothills Mall
Redevelopment Comparison
Half-measures and small steps may not save the mall.
Both design concepts are significant enough to reposition Foothills Mall to endure.
The renovation and expansion concept for the mall is less expensive.
The open air concept is more expensive and perhaps riskier.
One concept combines indoor and outdoor shopping, the other is completely
outdoors – there are pros and cons to each.
Both concepts are extensive, complex, and require phasing over several years - the
cost of redevelopment cannot be covered by increased revenue alone.
A public-private partnership, including some public investment, will be needed to
make redevelopment of Foothills Mall feasible.
Redevelopment will be fluid and dynamic - the City, the Mall Owner, Sears, Macy’s,
future Anchors, and ongoing economic conditions are all factors.
Flexibility is called for to achieve a positive result - either design concept can yield a
dramatic success.

84. Next Steps
Evaluate Mall Redevelopment Feasibility
Test Public Financing Options
Draft Recommendations
Continue Stakeholder Contact
Conduct Council Work Session
Deliverables
Economic and Land Use Analysis
Development Framework and Urban Design Plan
Public Financing Strategy
Development/Disposition Options
Implementation Action Plan

85. Possible Action Plan Items
Complete Detailed Design Studies
Form Merchant and Property Owner Organizations
Continue Communication with Foothills Mall Owner,
Tenants, and Current and Future Anchors
Continue Communication with Corridor Property Owners
Move Foothills Mall Redevelopment Forward in Iterative
Rounds of Design and Analysis
Incorporate Midtown Study into Comprehensive Plan
Update
Amend the Transportation Master Plan
Amend the TOD Overlay Zoning
Designate Urban Renewal Plan Area for Tax Increment
Financing (TIF)
Evaluate the Formation of Business or General
Improvement Districts