title of presentation - fremont

ThinkFremont California

City of FremontOffice of Economic Development

General Plan Workshop November 6, 2010

The Local Economy


2030 General Plan Economic Development ElementDevelopment of Economic Development

Policy Framework:Optional ElementComplements other General Plan PoliciesGuides future ED decisions to ensure City’s regional competitivenessPolicies based on sound economic analysisDeveloped with input from Economic Development Advisory Commission (EDAC)


ED Element Policy Goals

Goal 1: Dynamic local economyGoal 2: Vibrant shopping areasGoal 3: Diverse mix of industrial and technology usesGoal 4: Promoting international tradeGoal 5: SustainabilityGoal 6: Promoting Fremont


Retail Market Profile

Almost 6 million s.f. of existing retail.12 major shopping centers account for 80% of sales and 70% of s.f.Largest concentration in the Central Business District, Pacific Commons, The Hub, Mowry East/Mowry Landing, Irvington, I-

880/Stevenson, and Auto Mall Parkway/I-680These top seven clusters have almost 4 million s.f. of retail

ThinkFremont CaliforniaExisting Competitive Supply


Retail HighlightsPacific Commons Area 5 –

new Target, movie theater, restaurants

Nordstrom Rack, Any Mountain to open soon

Fremont Times Square Shopping Center completed

Plans for Midtownproject moving forward


Expanding & New Retail Businesses

Nordstrom RackAny MountainMarket BroilerTarget

5 Guys BurgersHyundai DealerMarina Foods

http://www.fiveguys.com/index.aspx


Retail Market Study Projections

Despite economic downturn, demand for high- end retail in a lifestyle center format still exists in

the long termPopulation has high incomes and preferences for a walkable ‘urban’

shopping experience

Strengthening existing retail nodes requires ‘pruning’

retail outside of nodes

Retail development in the South Fremont/Warm Springs Study Area should focus on community serving retail to prevent competition with existing nodes


Industrial Market ProfileVacant industrial land contracted significantly over last twenty years

From over 2,000 acres to 600 acresSome developed with industrial uses, other converted to other land uses (retail, storage)About 5.6 million square feet of vacant industrial space

Majority is R&D space; significant obsolescence


Venture Capital InvestmentIn 2008 and 2009, the East Bay received roughly 6% of all VC in the nation

Fremont received 1/3 of all East Bay investment in 2008 and 1/2 of the East Bay investment in 2009

Relative to clean tech sectors in other East Bay Area cities, Fremont’s clean tech sector received the most investment in both 2008 and 2009


Industrial HighlightsTesla Motors will partner with Toyota to operate

in the former NUMMI plant after it shut down last year, which will help revitalize the area and generate needed employment.

Significant growth and investment in Clean/Green Technology sectors: Deeya Energy, Purfresh, Solaria, Solyndra, and Tesla

New Solyndra facility (at 901 Page Avenue) largest commercial real estate deal in Silicon Valley


TeslaSolyndraSoraaWestern DigitalXyratex

RPOStart Up FarmsSolariaGreenvolts

Expanding & New Industrial Businesses


Industrial Market Projections

Incremental industrial growth will occupy existing buildings but also require new specialized buildingsOngoing research into possibility for a “transformational industrial opportunity”

in

South FremontIf retaining and expanding industrial jobs is a priority, portion of Warm Springs industrial area needed for industry

i.e., Ardenwood and Baylands not alone sufficient


Office Market Profile

Fremont has a modest office inventory:Cluster of financial services/health services in the CBDSmaller office spaces in community centers and in industrial areas

Fremont office space represents:6 percent of City’s non-retail/government workspace8 percent of total I-80/880 inventory

The south I-80/880 corridor has not developed recognition as an “office address”


Office Market ProjectionsMid-Town will capture majority of new Class A office development because of:

Proximity to existing CBD office development and medical clusterPlanned mixed-use environment with retail/ entertainment uses

Vacant/under-utilized office/industrial space in community centers and industrial area will attract office users seeking more affordable spaceIndustrial nature and competitive locations will hinder Warm Springs TOD office development potential


Top 25 Sales Tax Producers

3ParDataAlom TechnologiesAuto WestAuto West HondaBruker InstrumentsCircle K 76Claridge’s BMWCostco WholesaleFletcher Jones Motorcars Fremont ToyotaFry’s ElectronicsHome DepotIndustrial Electric ManufacturingLowe’s Magnussen Lexus

Office DepotPJ’s ConstructionPremier NissanSafewaySaturn of Fremont/Fremont ChevroletSave Mart SupermarketsSiemens MeteringSolyndraSysco Food ServicesTargetWal-Mart StoresWestern Digital

*(as of Q1 2010)


Office of Economic Development-What's Our Role?

Business expansion and retentionBusiness attractionMarketing the City of FremontData AnalysisOmbudsmen –

helping businesses

through ‘the process’


Local Stimulus Efforts

Fremont offers incentive programs to help attract new businesses:

Reduction of Development Impact Fees by 10% and 25%

Clean Tech Tax ExemptionLocal Business Purchasing PreferenceParticipation in the Statewide Community

Infrastructure Programs (SCIP)ARRA Recovery Zone Facility Bonds


Shop Fremont! Campaign

New outdoor streetlight banners

Window decals for local retailers

and restaurants

Free paper shopping bags in two sizes for local merchants

Web banner advertising


Shop & Dine Locally Coupon Program

Over 100 coupons posted

Free service to all Fremont businesses

www.ShopFremont.biz

ThinkFremont CaliforniaTargeted Business Recruitment

http://www.mccormickandschmicks.com/

http://www.microcenter.com/index.html

http://www.nestlecafe.com/Home.aspx

http://www.wholefoodsmarket.com/

http://www.homegoods.com/index.asp

http://www.anymountain.net/


Recent Assisted BusinessesSolyndraSolariaTeslaTranscontinentalRETCCrossing AutomationMentor GraphicsDale Hardware


Future InitiativesEfforts to reuse and revitalize the South Fremont/Warm Springs neighborhood.

Continuation of our recruitment and expansion strategy focused on emerging fields such as clean technology and life science firms.

Participation in the Northern Silicon Valley Partnership and other regional alliances.

Continue efforts to attract retailers and businesses that are missing in Fremont and prevent ‘leakage’.

Expand outreach efforts for small businesses.


Thank you!Christina Briggs

Economic Development Manager [email protected]

www.ThinkFremont.com

title of presentation - fremont

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