retail and mixed use economic development best ......let’s start at the very beginning…a very...

RETAIL AND MIXED USEBEST PRACTICES

Economic Developmentand Trade CommissionMay 13, 2019

5/15/19

1

“RETAIL … WHAT IS IT?

Let’s start at the very beginning…a very very good place to start!

REUSE BY WRITTEN PERMISSION ONLY.

“RETAIL” DEFINITION

re·tail/’rē,tāl/

noun: retail; plural noun: retails1.the sale of goods to the public in relatively small

quantities for use or consumption rather than for resale.

https://en.oxforddictionaries.com/definition/retail


How Does Retail Organize Itself in Today’s World?

https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwip6eOExdjYAhUM0GMKHZ4sAq8QjRwIBw&url=https%3A%2F%2Fcaliforniaclosets.wordpress.com%2F&psig=AOvVaw27Bxxs4JM8hLZzb7jeDAYd&ust=1516056572764801

Let’s start with the basics!

REUSE BY WRITTEN PERMISSION ONLY. REUSE BY WRITTEN PERMISSION ONLY.

5/15/19

2


TYPES: COMMODITY RETAIL

A retailer selling goods and services which are consumed without emotional connection by the consumer and for which the consumer's primary motivation is price and convenience.

Examples include grocery and drug stores, mass merchants such as CostCo, Target or Wal-Mart, office supply stores such as Staples or Office Depot, or electronics, books and music.


5/15/19

3


TYPES: SPECIALTY RETAIL

Retailers selling goods and services which are consumed on a discretionary or emotionally-driven basis using discretionary funds/income, and where experience is a primary motivator in choosing how and where to spend discretionary time.

Examples include fine dining, clothing, luxury hard and soft goods, or electronic, books and music, and even specialty shopping districts.


Retail District Design and Creating a Sense of Place.


ACTIVE SPACE


5/15/19

4

TYPES: ACTIVE RETAIL

Retail where the pedestrian interacts with built/retail space even if he/she doesn’t go in to buy something.

Examples include grocery/drug, specialty, mass merchants (Costco or Target perhaps to a lesser extent), and even a karate studio, art gallery, or real estate agency.


NON-ACTIVE SPACE


TYPES: NON-ACTIVE RETAILRetail where the flow of the retail district is broken so that pedestrians don’t interact with the built environment, or where there are limited hours so that spaces become dark during non-office hours.

Examples include offices, medical facilities, or auto repair. Inactive retail can be caused by poor design!


Retail Channels Explained

https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjopLSAydjYAhUW1mMKHRV_BmwQjRwIBw&url=http%3A%2F%2Fshipearly.com%2Fomnichannel%2F&psig=AOvVaw1sbxczzhu2zOR2ARs7fzhf&ust=1516057559580785


5/15/19

5

RETAIL CHANNELSRetail is now conducted through many channels

Bricks-and-mortar stores

Catalogs

On-line (the “inter-web”)

Mobile devices (phone)

TV Shopping (QVC)

Direct Marketing (tel.)

Subscription (mail order)REUSE BY WRITTEN PERMISSION ONLY. REUSE BY WRITTEN PERMISSION ONLY.

RETAIL AND MIXED-USEuBEST PRACTICES /MISTAKES

Implementation is key!


MIXED-USE AND URBAN DESIGN Common errors and best practices


5/15/19

6

MIXED-USE DEFINITION

Mixed-use development is a type of urban development that blends residential, commercial, cultural, institutional, and/or entertainment uses, where those functions are physically and functionally integrated.Mixed-use can take the form of a single building, a city block, or entire neighborhoods.https://en.wikipedia.org/wiki/Mixed-use_development

https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwirm9D5ztjYAhVM8GMKHZGHB2gQjRwIBw&url=http%3A%2F%2Fwww.gardensgroup.biz%2Fmixed-use-development.html&psig=AOvVaw2IKyxBA4gnhWZ2h1Um8Hd7&ust=1516058839462827


VERTICAL MIXED-USE

http://www.placemakers.com/2013/04/04/mixed-up-on-mixed-use/

Vertically integrated mixed-use projects have different uses over/under each other.

Typically, commercial uses will be located on the ground level with residential uses above. Alternatively, retail uses might be on the ground level with office uses above.


HORIZONTAL MIXED-USE

http://www.placemakers.com/2013/04/04/mixed-up-on-mixed-use/

Horizontally integrated mixed-use projects have different uses next to each other.

Typically, commercial uses will be located the street with residential uses behind. Alternatively, retail and office uses might both have a street presence.


COMPARE…A DIFFERENT VIEW

https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwj3m8uL0djYAhUP9GMKHeVTC8wQjRwIBw&url=http%3A%2F%2Fwww.mfe.govt.nz%2Fpublications%2Ftowns-and-cities%2Furban-design-case-studies-local-government%2Fmixed-use-town-centres&psig=AOvVaw1kd1xrQKlR9RK_F6OkqCko&ust=1516059821428444

Different configurations have different applications:§ An area with scarcity of land may merit a vertical solution§ An area with ample land but a planning climate favoring mixed-use may be a

better solution for a horizontal solution.


5/15/19

7

“Real Estate” Attributes vs. Facility Attributes

https://www.caliper.com/maptitude/sitelocation/default.htm

How do you know when the location is right?


BIG PICTURE CONSIDERATIONSDemographics (residential vs. daytime population, housing growth trends, HH size, income [which measure?], etc).§Housing supply/demand balance.§Major employers/office space; housing/jobs balance.§Educational attainment / higher learning.§Characteristics of existing retail.

Traffic patterns (commute, going to work/home, gravity).Property and sales tax revenues.Spending by retail category.Convention, hotel rooms/occupancy, and tourism.Retailer-specific Information: For example, for a pharmacy, nearby hospitals and doctors, med schools, and pharmacy schools would be relevant.



CIRCULATION PLANNING


5/15/19

8

LOCATING RETAIL DISTRICTS

S

ßMARKET SITE?

WAG

WAG

WAG

WAG

WAG

S

WAG

WAG

SCVS

CVS

WAG

MA

RKET SITE? à


SPACING STORES

WF

WMT

TARCST

CVS

CVS

CVS

RAD

RAD

WAG

WAG

NH

S

S

L

L

WAGß

SITEß

SITE

ßSITE


SPACING STORES

WF

WMT

TARCST

CVS

CVS

CVS

RAD

RAD

WAG

WAG

NH

S

S

L

L

WAG

ßSITE

ßSITE

ßSITE


EXISTING CUSTOMERS / SISTER STORESNEW STORE SITE? à


5/15/19

9

OVERLAPPING CHARACTERISTICS


OVERLAPPING CHARACTERISTICS


CRAZY TO PUT A STATION DIRECTLY ACROSS FROM ANOTHER STATION ???

ßUnion 76

Union 76 àß

Let’s talk about th

is sign for a minute!

19th Avenue, San Francisco, California• No left turns• Median-bound• Lots of traffic (80,000+ ADT)Ø Two trade areas: N/B and S/B !!


LOCATION TYPESRetailers think in terms of equal to or better than alternatives/ competitors.

• True Corner: The store or shopping center is located at the intersection of two streets, ideally with visibility and access to both streets.

• Corner by Access: The store or center has access to two roads, however, it is not located at the intersection. Instead, it "wraps" some other building or use, or is offset from one of the roads.

• Mid Block: The store or shopping center is located in the middle of the block. A driveway, alley or small secondary street is not sufficient to establish a corner.

• Inside: The store or shopping center is located in a trade area and away from established traffic patterns.


5/15/19

10

STORE TYPESRetailers think in terms of equal to or better than alternatives/competitors.

• Mall, Lifestyle Center, Strip Center• Office Building • Downtown or High Street location • Free Standing (includes where the building is shared with one other smaller tenant)

• In Line - part of a shopping center• End Cap - part of a shopping center, but on the end of the center…better access and visibility

• Age, size, prototype, full vs limited operation.


KEY SITE ATTRIBUTESRetailers think in terms of equal to or better than alternatives/competitors.

Parking Quality•Little or no parking available vs full availability of parking•Way finding•Ease of parking compared with alternative destinations

Visibility Quality•Totally obscured vs excellent visibility•Visibility from one vs multiple directions•Visibility compared with alternative destinations

Accessibility Quality•Highly congested vs ease of access•Turning movements (limited vs all directions, multiple streets or just one street)•How accessed – car…public transportation…bike…walking…combination


Store Layout Considerations:

1. Adjacency of merchandise groups.

2. Uses put in back of the store vs front of the store.

3. Gondola/aisle grouping.

4. Back of house.5. Drive-thru

circulation.6. Loading and

back-of-house facilities.


5/15/19

11

Mixed-use Design Best Practices and Lessons Learned

When the location is right, how do you build the right type of space?


MIXED-USE CAN WORK


…BUT SOMETIMES IT DOESN’T!


RETAIL FACILITY ATTRIBUTES – KEY AREAS

Ø Well articulated retail presence:§ Visually differentiated from other uses (massing, transparency, materials)§ Store entrances, parking, and way-finding clearly identified§ The right signage (identity)!

Ø Parking – Access – Visibility !!!

Ø Infrastructure:§ Adequate clear-height§ Service Areas – loading, trash, and storage.§ Ventilation, vent shafts for food service§ Pads for HVAC, refrigeration, and remote equipment


5/15/19

12

M/U BEST PRACTICES – FAÇADE ELEMENTS TO CONSIDERØAppropriate massing of façade

ØDriving vs walking area

ØVisibility

ØStorefront requirements§Entrances§Signage §Transparency§Lighting§Awnings §Finishes

https://placeshakers.wordpress.com/2010/03/09/retales-how-trying-too-hard-messes-up-main-street/


M/U BEST PRACTICES - SIDEWALKSØSidewalk width

ØPlacement of above grade utility poles, trees, signs, etc.

ØExterior patio and sidewalk dining

ØIncorporation of parklets/features

http://www.fourthstreet.com


M/U BEST PRACTICES – SITE PLANNING AND RETAIL LAYOUTØRetail anchor vs shop space dimensions.

ØColumn, sheer wall, vertical penetration/transportation placement, transparency.

ØStorage, mechanical and utility room placement.

ØImmovable objects (vaults, secondary egress).

ØPatio considerations.

ØSidewalk considerations.

ØDrive-thru considerations.REUSE BY WRITTEN PERMISSION ONLY.

SMALLER RETAIL LAYOUT IN PODIUM

5,900 SF Retail

3,400 SF Retail

Retail Pkg In à Retail Pkg Outà

ßPe

dA

cces

sà

Retail Sign Band à


5/15/19

13

M/U BEST PRACTICES – LAYOUT

ØColumn, sheer wall, vertical penetration/transportation placement, transparency

ØStorage, mechanical, utility room placement ØImmovable objects (public areas, vaults, secondary egress)


M/U BEST PRACTICES – LAYOUT

ØLocation was determined to be equal to competitors’ locations.

ØClearly layout changes were made compared to a prototypical store.

ØIn this area, every competitor also needed to make accommodations in order to lay out their stores.

ØBasic operating criteria: Merchandise and customers could be accommodated.REUSE BY WRITTEN PERMISSION ONLY.

M/U BEST PRACTICES - BACK OF HOUSEØFunctional loading dock and truck path of travel.ØService path-of-travel from the loading dock to the rear of each tenant space. ØService corridors should be a functional width (for pallet jack).ØProvide metal service door at the rear of each tenant space ØTrash/recycling areas appropriately sized and amenitized for common use and in close proximity to service access.

Tenant 114,000SF

Tenant 217,000SF


ë Retail - Parking - Resi î

ëë Retail Parkingë Residential Parking

VERTICAL TRANSPORTATION

ØSeparation of uses.

ØUses moving through incompatible uses.

ØStairs, elevators.

ØVent shafts!

ØWay-finding = intuitive!

ØSecurity/safety.REUSE BY WRITTEN PERMISSION ONLY.

5/15/19

14

M/U BEST PRACTICES - CORNERSØCorners at the ground level, especially adjacent to thoroughfares and at intersections, should be reserved for retail uses

ØPlacement of columns and other vertical elements (e.g. stairs, elevators) need to be deliberate!

ØAll the guidelines for façades stated above should be observed

ØDimensions of corner spacehttp://www.socketsite.com/archives/2016/12/controversial-west-berkeley-development-closer-to-reality.html


M/U BEST PRACTICES - PARKINGØProvide adequate, convenient parking appropriate to the context.

ØParking design for competing projects…surface, structure, below-grade?

ØConvenience or destination tenants?

ØMitigate if/as appropriate.


M/U BEST PRACTICES - PARKINGØ“Old-school” still matters (again)!

ØProvide adequate, convenient parking appropriate for retail uses.§Stall size§Aisle width§Driveways

ØNote parking ratios for different uses (retail, restaurant, office, residential).

90° 2-way ì

ë 60° 2-way

ë 60° 1-way ì

í Storefront/head-in î


8’6” clear

10’0” clear

Wide Entry

Defined Entrance

ØMaking structured parking work.

M/U BEST PRACTICES - PARKING


5/15/19

15

M/U BEST PRACTICES - ACCESSØ“Old-school” site attributes still matter!

ØTurning movements

ØSight lines

Signal andíU-turn OK

RIRO/LIî

All turns


M/U BEST PRACTICES - ACCESSØCustomer (ped and car) vs. service access

ØCode requirements such as ADA


ØVertical transportation where required

ØSeparation of commercial from residential uses

M/U BEST PRACTICES - ACCESS


M/U BEST PRACTICES – SHELL SPECSØProvide an exposed concrete or gravel floor

ØLocation, spacing and specifications for demising walls

ØLive load capacity per square foot

ØSpecifications for flatness and depressions


5/15/19

16

M/U BEST PRACTICES - HEIGHTØAdequacy of clear/finish ceiling height (slab to bottom of ceiling structure)

ØAbility to distribute HVAC, sprinklers, lights, and other above-ceiling MEP systems

ØAppropriateness of a variance?

http://www.dailyherald.com/news/20170427/district-205-taking-new-look-at-programming-facilities


M/U BEST PRACTICES – UTILITIES AND BUILDING SYSTEMS

ØAdequate sizing of master utility service for the entire project

ØEvaluate tenant requirements vs. project driven utility requirements

ØConnection points for individual spaces

ØTitle 24/ASHRAE standards

ØRemote Equipment

ØMechanical

ØElectrical

ØPlumbing

ØSewer/grease

ØOn-site treatment and retention/gray water.

ØLife Safety

ØPhone/DataREUSE BY WRITTEN PERMISSION ONLY.

M/U BEST PRACTICES - LIGHTINGØCommon area and exterior lighting plan. § Wayfinding/path-of travel§ Gathering spaces / define place§ Mood

https://www.ggp.com/properties/property-details/bayside-marketplace.html


M/U BEST PRACTICES - SIGNAGEØDevelop a master sign program identifying tenant identification, project, and way-finding signage.

ØProvide an adequately sized sign band for each tenant.

ØProvide high visibility, adequately sized project signage.

ØProvide adequate way-finding signage.


5/15/19

17

SIGNAGE

ØStore/IdentityØInformationalØWayfinding


REVIEW - RETAIL FACILITY ATTRIBUTES IN A MIXED-USE PROJECT

Ø Well articulated retail presence§ Visually differentiated from other uses§ Parking and way-finding clearly identified

Ø Signage (retailer identity)

Ø Parking – Access – Visibility

Ø Adequate clear-height in podium

Ø Infrastructure:§ Ventilation, vent shafts for food service§ Pads for HVAC, refrigeration, and remote equipment

Ø Service Areas – loading, trash, and storageREUSE BY WRITTEN PERMISSION ONLY.


(RED)

(PURPLE)


5/15/19

18

ANCHOR TENANT ATTRIBUTES(EXAMPLE: GROCERY OR DRUG STORE)

Ø Well defined pedestrian and vehicle entries

Ø Appropriate parking for the building’s urban context

Ø Safe and comfortable environment

Ø Adequate and safe-feeling garage § Higher garage ceiling clear height § Upgrade garage lighting

Ø Clear building/tenant and way-finding signage


ADAPTIVE REUSE OF A LARGE PODIUM SPACE

ß BEFORE

AFTER àßNote parking signage

Note lightened entrance à

ß Signage definesentrance


“RETAIL 101”:RETAIL ECONOMICS

How retailers make their decisions.


“Build it and they will come” . . .


5/15/19

19


REMEMBER FACTORS CONTRIBUTING TO MARKET SHARE

The following factors contribute to sales projections:

ØNumber of stores “we” have.

ØNumber of competitors and number of stores each competitor has.

ØReal estate quality: “Ours” vs. “Theirs.”

ØFacility quality: “Ours” vs. “Theirs.”

ØSales” “Ours” vs. competitor’s (for example, a grocery store will evaluate sales, gross profit, and wages by department: FS, bakery, butcher, dairy, produce, florist, HBA, OTC, Rx, etc).


RETAILER ECONOMICS –SOURCES OF SALES:Big PictureResidential Population (existing and growth)Daytime Population (existing and growth)

Transient Population (existing and growth)

CompetitorsSister Stores

Recapture Leakage


EXISTING CUSTOMERS / SISTER STORESNEW STORE SITE? à


5/15/19

20

RETAILER ECONOMICS –SOURCES OF SALES:Big PictureResidential Population (existing and growth)Daytime Population (existing and growth)

Transient Population (existing and growth)

CompetitorsSister Stores

Recapture Leakage

Site SpecificGrowth and infill areas are different.

Follow the housing. What are expectations of future growth? Need to project absorption.Follow the traffic (gravity side of the trade area)

Competition (direct vs. indirect)

Does the areaʼs demographic profile match your customers?

Site attributes: Do parking, visibility, access, contribute to

convenience? Does the street presence and façade work well?


RETAILER ECONOMICS –SOURCES OF SALES:

Big PictureSite Specific

Remember:NEW STORE DECISIONS ARE DRIVEN BY DEMAND !!!


PUTTING THE PIECES TOGETHER


HOW SALES ESTIMATES ARE DONE:Tools used: Gravity flow models, housing growth studies, demos, field research, sister store sales, competitors sales, rules-of-thumb, etc.

Who does them? Field operations, senior management, research department (MR or FP&A), outside consultants.


5/15/19

21

HOW SALES ESTIMATES ARE DONE:Tools used: Gravity flow models, housing growth studies, demos, field research, sister store sales, competitors sales, rules-of-thumb, etc.

Who does them? Field operations, senior management, research department (MR or FP&A), outside consultants.

Factor in: Sources of sales, possibility of being out-positioned, impact of site attributes, exclusives and use restrictions, opening/operating covenants.

…and: “Equal to or better than” adjustments (off-corner, visibility, parking, access, signage, other facility compromises, etc).


Resident/DaytimeArea 1 16,915/29,042Area 2 10,266/ 3,411Area 3 3,178/ 2,582Area 4 21,007/72,617

Areas 1-3 Pop: 30,359Areas 1-3 Day: 35,035

Total Pop: 51,366Total Daytime: 107,652

Future Housing: 7,167du

Per Capita Inc. $43,446


DRUG STORE QUICK ANALYSIS1. Assumption: 10 Rx/pp/yr (this is the US avg.)2. Today: 30,359 pop in Areas 1-33. Calculate: 303,590 Rx/yr or 5,838 Rx/wk4. Subtract competitors: 3,050 Rx/wk5. Yields available prescriptions: 2,788 Rx/wk

Other Information to think about:A. # Persons / HHB. Per-capita Income ($43,466/year)C. Median Age (41.5 years)


5/15/19

22

PLANNING ISSUESuPUBLIC VS. PRIVATE SECTOR

Balancing competing interests.


PLANNING QUESTIONS WE’RE ADDRESSING

Ø There are implications for those who design public policy:§ Rise of e-commerce has made retail planning more complex.§ E-commerce will impact urban places.



5/15/19

23




Ø Need to look for solutions that:§ mitigate negative impacts, and § take advantage of opportunities.




Ø Need to look for solutions that:§ mitigate negative impacts, and § take advantage of opportunities.

Ø Retail is NOT dead, however…§ it is undergoing a period of reorganization§ it is changing because of social commerce § it is changing because of evolving retail platforms


THRIVING RETAIL DISTRICTSØ To attract retailers, projects need to differentiate themselves.


5/15/19

24

THRIVING RETAIL DISTRICTSØ To attract retailers, projects need to differentiate themselves.Ø To attract customers, projects need to differentiate themselves.


SOCIAL/RETAIL ENGINEERINGØAre our expectations about vibrant areas realistic?



ØThe most vibrant areas are the most organic. Examples: Pearl District (Portland), Ballard (Seattle), SF retail streets, College Ave (Berkeley/Oakland), Willow Neighborhood (Phoenix), Bucktown (Chicago), Healdsburg and Sonoma Square.



ØThe most vibrant areas are the most organic. Examples: Pearl District (Portland), Ballard (Seattle), SF retail streets, College Ave (Berkeley/Oakland), Willow Neighborhood (Phoenix), Bucktown(Chicago), Healdsburg and Sonoma Square.

ØEncourage natural retail evolution and do not force retail where it does not meet basic retail criteria. REUSE BY WRITTEN PERMISSION ONLY.

5/15/19

25

THRIVING RETAIL DISTRICTSØ Create a Vision - Public/private partnerships, specific plans.Ø Think Big - Corridors, city blocks, aggregate parcels.Ø Create connections.Ø Create pedestrian friendly environments.Ø Encourage active building facades & outdoor uses.


THRIVING RETAIL DISTRICTS

Ø Manage for change.Ø Be an Advocate – Every revitalization effort needs a champion.Ø Stand Firm – Know when to say no.


THRIVING RETAIL DISTRICTS

Ø Manage for change.Ø Be an Advocate – Every revitalization effort needs a champion.Ø Stand Firm – Know when to say no.

Ø and … be extremely lucky! (…in an opportunity meets preparation kind of way)


CONCLUDING THOUGHTS Thought he’d never get here!


5/15/19

26

LUCK IS NOT A STRATEGYIn the real estate industry, competitive strategies tend to focus on ways to perfect imperfect markets, products and/or services.

Words and phrases such as “build it and they will come” exemplify expectations whilst highlighting strategic insanity.

Roman philosopher and statesman Seneca said: “Luck is what happens when preparation meets opportunity.”


DUH!


THE END Whew!


CONTACT INFORMATION

GREENSFELDER COMMERCIAL REAL ESTATE LLCDAVID S. GREENSFELDER, MANAGING PRINCIPAL510.708.8927 TEL | [email protected]

DEVELOPMENT AND CONSULTING● RETAIL ● HOUSING● LAND USE ● ECONOMICS


§ S T R A T E G Y A N D P L A N N I N G § M A R K E T A N D L O C A T I O N I N T E L L I G E N C E § D E V E L O P M E N T M A N A G E M E N T

G R E E N S F E L D E R C O M M E R C I A L R E A L E S T A T E L L C D A V I D S . G R E E N S F E L D E R , M A N A G I N G P R I N C I P A L 5 1 0 . 7 0 8 . 8 9 2 7 | D A V I D @ G R E E N S F E L D E R . N E T

A B O U T G R E E N S F E L D E R C O M M E R C I A L R E A L E S T A T E

Bay Area-based Greensfelder Real Estate Strategy provides strategic planning, market analytics and location intelligence, and real estate development services to occupiers, communities, financial institutions and investors. Always focused on practical solutions and implementation, Greensfelder has particular expertise in retail resilience including repositioning regional malls, and providing fee development services to pre-IPO emerging companies. Significant assignments include developing comprehensive retail and economic development strategies for cities such as updating San Jose, California's Citywide and Downtown Retail Strategies, market evaluation and strategy for retailers and institutional owners including crafting a Bronzeville (Chicago, IL) retail positioning and feasibility analysis and the Vallco Fashion Mall redevelopment (Cupertino, California), and development services including mixed-use project implementation, land-use and entitlement strategy, and project economics.

A B O U T D A V I D G R E E N S F E L D E R David Greensfelder, founder and Managing Principal, always focuses on real world, implementable real estate strategies and solutions for commercial (retail and office) and mixed-use projects. He has driven more than 350 projects spanning over 7 million SF with a finish market value estimated at over $1.25 billion. David is a specialist in retail resiliency, understanding retail opportunities by differentiating between commodity and specialty retail, and analyzing the impacts of competing retail channels on bricks-and-mortar storefronts. David recently authored the Retail and Last Mile narrative in ULI-pwc’s 2019 Emerging Trends in Real Estate where he discussed how influencers, platforms, an evolving landlord-tenant relationship, and a new equilibrium between retail and other product types is reshaping the retail landscape, and how the “last mile” is the least understood and biggest force impacting all product types. David has managed the corporate real estate function for Fortune 500 companies such as Longs Drugs, and start-up and emerging companies such as solar firm Sungevity and Community Foods Market. David has implemented preferred development programs for Fortune 10 companies such as CVS/health as well as multi-channel start-ups. Skilled at managing organizational dynamics, and community and public meetings, David knows how to navigate organizational dynamics, how to diffuse opposition, and values transparency and open communication. David frequently lectures at UC Berkeley’s Fisher Center for Real Estate and Urban Economics and MRED+D programs, the Haas Graduate School of Business, at USC’s Lusk Center for Real Estate Development, and at ULI and ICSC education programs. He is a Director of Satellite Affordable Housing Associates and the Center for Creative Land Recycling, is an active ULI member (Urban Revitalization Council, Advisory Services, Education programs, UrbanPlan and UP4PO steering committee), and ICSC’s P3 National Steering Committee. David graduated from Pitzer College (The Claremont Colleges) with a degree in Business Economics, and the SciARC Foundation Program.

§ S T R A T E G Y A N D P L A N N I N G § M A R K E T A N D L O C A T I O N I N T E L L I G E N C E § D E V E L O P M E N T M A N A G E M E N T

G R E E N S F E L D E R C O M M E R C I A L R E A L E S T A T E L L C D A V I D S . G R E E N S F E L D E R , M A N A G I N G P R I N C I P A L

( 5 1 0 ) 7 0 8 - 8 9 2 7 | D A V I D @ G R E E N S F E L D E R . N E T

QUALIFICATIONS, SIGNIFICANT PROJECTS, AND CLIENTS

ABOUT GREENSFELDER COMMERCIAL REAL ESTATE Bay Area-based Greensfelder Real Estate Strategy provides strategic planning, market analytics and location intelligence, and real estate development services to occupiers, communities, financial institutions and investors. Always focused on practical solutions and implementation, Greensfelder has particular expertise in retail resilience including repositioning regional malls, and providing fee development services to pre-IPO emerging companies. Significant assignments include developing comprehensive retail and economic development strategies for cities such as updating San Jose, California's Citywide and Downtown Retail Strategies, market evaluation and strategy for retailers and institutional owners including crafting the Vallco Fashion Mall redevelopment in Cupertino, California, and development services including mixed-use project implementation, land-use and entitlement strategy, and project economics. PRIMARY CONSULTING TOPICS ♦ Mixed-use Best Practices for Retail (Integrating Commercial Uses in Mixed-Use Environments) ♦ Retail Resilience and Sustainability ♦ Transformative Retail Planning and Strategy for Public Agencies ♦ Owner’s Representative (Program Management and Fee Development Services) – for Retail and

Office Projects Including Location Intelligence, Due Diligence and Risk Assessments, and Development Services

♦ Positioning/Repositioning and Strategy for Projects That Once Worked but Now Don’t (Repositioning decaying regional malls)

♦ Multichannel and Omnichannel Retail and Impacts on Bricks-and-Mortar Retail ♦ Emerging Trends, Market Analysis, Market Entry, Location Intelligence ♦ Economic Development Strategy ♦ Thriving Downtown Districts ♦ Commodity and Specialty Retail Analysis ♦ Litigation Support and Expert Witness Services SELECTED PROJECTS AND AWARDS ♦ ULI/PwC Emerging Trends 2019, Author, Retail and Last Mile Distribution Trends Sections ♦ Anchor Retail Tenant Negotiation of Business and Lease Terms (new stores and repositioning) ♦ Boulder, CO Citywide Retail Study ♦ Burlingame Owners’ Assn. Rep: Shopping Center Remodel (Scope-of-Work, Budget, and Planning) ♦ Capitola, CA Competitiveness in Changing Retail Landscape and Regional Mall Reuse Analysis ♦ Chicago (South Side), Illinois, Trade Area Definition and Retail Sales Potential Analysis ♦ City of Brentwood, CA General Plan Update/Amendment ♦ Cupertino, CA General Plan Amendment and Retail Market/Focus Sites Feasibility Study

♦ CVS/CareMark Integration Analysis for Long’s Drug Stores Acquisition ♦ CVS/CareMark San Francisco Bay Area New Market Entry Analysis, Strategy, and Implementation ♦ Development Financial Modeling Templates for Multi-family Developer ♦ Foster City, CA Commercial Real Estate Market Analysis and Opportunity Site Review ♦ Fremont, CA Land Use Conversion Study for Irvington District ♦ Kansas City, MO/KS MSA Retail Market Evaluation Investment Potential Analysis ♦ Kansas City, Missouri, ULI Advisory Services Panel – North Loop Highway Reuse ♦ Long Island (NY) Mixed-use: Planning, budget and schedule, entitlements, anchor tenant leasing. ♦ McKees Rocks, Pennsylvania, ULI Advisory Services Panel – Rebuilding McKees Rocks and Esplen ♦ Mixed-use/Affordable Housing Projects – Analyze Potential for Commercial Components (various) ♦ Morgan City-Berwick, Louisiana, ULI Advisory Services Panel – Community and retail resiliency ♦ MTC/ABAG SB375 Implementation Retail Expert Panel ♦ Oakland, Broadway Valdez Specific Plan – Peer Review of SP’s Retail Elements ♦ Provo, UT Retail Repositioning Strategy ♦ San Jose, CA Citywide, North San Jose, and Downtown Retail Strategies ♦ Santa Clara, CA Retail Market Assessment and Downtown Revitalization Plan ♦ Sungevity Out-of-state Site Location and New Facility Development (winner of the Kansas City CSI’s

Excellence in Design Award, 2016), and Corporate HQ Redesign and Remodel ♦ ULI/PwC’s Emerging Trends 2019: Retail Subject Matter Expert and Author ♦ Vancouver, WA Commercial Corridors Strategy ♦ WestGate San Leandro Shopping Center Repositioning Study ♦ West Oakland “Food Desert” Market Study, and Development Services for a new Supermarket EDUCATION AND SPEAKING ENGAGEMENTS ♦ UC Berkeley Haas Graduate School of Business ♦ UC Berkeley Graduate College of

Environmental Design and MRED+D ♦ USC Lusk Center for Real Estate Studies ♦ ULI School of Professional Development ♦ ULI UrbanPlan Program ♦ ULI UrbanPlan for Public Officials Instructor ♦ International Downtown Association ♦ Urbanism Next Conference ♦ Non-Profit Housing Association of Northern

California (NPH) ♦ National League of Cities ♦ California League of Cities ♦ AIA/SF ♦ Local Government Commission ♦ Silicon Valley Economic Development

Alliance (SVEDA)/Joint Venture Silicon Valley ♦ Bay Area Planning Director’s Association

♦ KB Home Community Advisory Board ♦ Bay Planning Coalition ♦ Connect Silicon Valley ♦ Oakland Chamber of Commerce Retail

Advisory Committee (ORAC) ♦ Northern California Apartment Summit ♦ California Building Conference ♦ ICSC Programs: Northern California Alliance

Program (chair/speaker/ moderator), San Francisco IDEX (chair/speaker/moderator), Monterey IDEX (speaker/moderator), ReCon (moderator), Bay Area Local Programs (chair), Los Angeles Local Programs (speaker), University of Shopping Centers (faculty)

♦ Cities of Capitola/Capitola Chamber of Commerce, Hercules, Merced, Morgan Hill, and Suisun City

RECENT PRESENTATIONS AT PROFESSIONAL CONFERENCES ♦ Retail and Mixed-use Best Practices (ULI Professional Development Program and Webinar) ♦ Goodbye, Main Street? (SPUR SF) ♦ How Technology is Affecting Retail and Urban Real Estate Development ♦ Potential Impact of Emergent Technologies on Freight Related Land-Uses in Urban Areas ♦ Planning for Retail in an On-line World ♦ Urban Planning and Place-making for Dynamic Communities (APA approved for AICP CM credits) ♦ San Jose’s Approach to Retail Restructuring ♦ The Changing Nature of Retail and Its Impacts on Local Governments ♦ The ABC’s of the XYZ Generations: The Essential Guide to Understanding, Communicating and

Marketing to Demographic Alphabet Soup ♦ The Urban Core: Analysis of Development, Investment & Financing Opportunities in San Francisco ♦ The New Normal…How Retailers Think: A Public Sector Primer on the Retailer Decision Process ♦ Omni-channel Marketing: A Seamless Approach to Retailing Across Channels, from Social Media to

Bricks & Mortar ♦ AIA/SF Strategic Growth Symposium – Economic Outlook. ♦ Rediscovering Main Streets and Strategies for a Thriving Downtown. ♦ Factors Affecting the Viability of Retail in Mixed-use Projects. ♦ Planting Your Vision in the Ground: Getting Good Projects to Pencil Out. ♦ Retail Site Selection Decisions – The Inside Story. ♦ Exploring the Feasibility of a Merger, the AHA/Satellite Experience. ♦ Maximizing Retail During Changing Times – A Post Redevelopment Primer. ♦ Building Livable Communities: From the Vision to the Ground – Making Smart Growth Pencil Out. ♦ SB375 and One Bay Area Plan Implementation and Implications. OTHER PROFESSIONAL AFFILIATIONS AND INVOLVEMENT ♦ Urban Land Institute (full member):

§ UrbanPlan and UrbanPlan for Public Officials Steering Committees, UrbanPlan for Public Officials Instructor, Urban Plan classroom volunteer, school champion

§ Advisory Services (national panels) § Education – Mixed-use and Retail Best Practices Instructor § Urban Revitalization Product Council

♦ International Council of Shopping Centers (member): § P3 National Steering Committee § Past State Retail Chair, and co-founder and Past Chair N. Calif. Alliance Program § Northern California Program Committee (1994-present); past Program Committee Chair

♦ Satellite Affordable Housing Associates: Board of Directors, Development Committee (Past Chair), Audit Committee, Past Board Vice President and Executive Committee, Past Finance Committee, AHA/Satellite Merger Feasibility Committee

♦ Center for Creative Land Use Recycling: Board of Directors, Finance Committee ♦ Oakland Retail Advisory Committee and Oakland Land Use Committee, Founding Member ♦ Bay Area Council Member Representative / Legislative Retreats ♦ Shopping Center World Editorial Advisory Board

REPRESENTATIVE CLIENT LIST ♦ AlterG, Inc. ♦ ABAG/MTC ♦ BAE Urban Economics ♦ Black Equities ♦ Borel Private Bank & Trust Company ♦ Boston Private Bank & Trust Company ♦ Bridge Housing ♦ Burlingame Plaza Owners’ Association ♦ CallisonRTKL ♦ City of Albany ♦ City of Boulder, Colorado ♦ City of Capitola ♦ City of Chicago, IL Planning and Urban

Design Division, Department of Housing and Economic Development (pro-bono)

♦ City of Cupertino ♦ City of Dublin ♦ City of Foster City ♦ City of Fremont ♦ City of Kansas City, MO (ULI, pro-bono) ♦ City of McKees Rocks, PA (ULI, pro-bono) ♦ City of Milpitas ♦ Cities of Morgan City and Berwick, LA (ULI) ♦ City of Morgan Hill ♦ City of Oakland ♦ City of Pacifica ♦ City of Redwood City ♦ City of San Carlos ♦ City of San Jose ♦ City of San Ramon ♦ City of Santa Clara ♦ City of Vancouver, Washington ♦ CVS/Health Corporation ♦ Draper & Kramer ♦ First Carbon Solutions

♦ Fountainhead Development ♦ The Irvine Company ♦ Halo Top Creamery ♦ Kamehameha Schools (Bishop Estate) ♦ LandMark Retail Group ♦ Leland Consulting Group ♦ MIG ♦ PG&E ♦ People’s Community Market ♦ The Prado Group ♦ Pulte Homes ♦ Raintree Partners ♦ Ramco Gershenson ♦ Retailers (confidential) ♦ Scanlan Kemper Bard ♦ Scannell Properties ♦ Silicon Valley – “big 5” technology company ♦ Site Works ♦ Strategic Economics ♦ SummerHill Apartment Communities ♦ Sungevity, Inc. ♦ Urban Land Institute ♦ Uniqlo (Fast Retailing) ♦ Warmington Homes ♦ Wrightwood Capital ♦ Family Offices: Various ♦ Hedge Funds: Angelo Gordon, Bain &

Company, Boston Consulting, DB Zwirn, Harris Assoc., HIG Capital, Karsch Capital, KDI Capital Partners, QVT Financial LP, SAC Capital, Scout Capital, Sheffield Mgt, Sigma Capital Mgt, Teton Capital, Wellington Mgt, and Whale Rock Capital Mgt LLC

CONTACT INFORMATION ♦ David Greensfelder, Founder and Managing Principal ♦ Telephone: (510) 708-8927 | Facsimile: (510) 900-1590 ♦ Email: [email protected] ♦ Web: www.greensfelder.net ♦ LinkedIn: www.linkedin.com/in/davidgreensfelder

retail and mixed use economic development best ......let’s start at the very beginning…a very...

Documents