Laserfiche WebLink
24 <br /> SECTION VI <br />RETAIL MARKET RESEARCH <br /> <br /> <br /> <br />Related Bristol at 3600 South Bristol Street September 2023 <br />Draft Market Study Report <br /> <br />www.FinanceDTA.com <br />As shown in Figure 12, the current retail market in the 2-Mile Zone is robust, with an overall occupancy rate of 98.3%. The selected data includes <br />more than 2 million SF of retail space with only 32,000 SF available, which is indicative of a strong market. While all of the retail within the Specific <br />Plan area will be demolished, the phasing of the residential construction will permit some current tenants to relocate as space becomes available. <br />This should allow the Project to have move-in ready tenants that will relocate as soon as space becomes available. Therefore, DTA has concluded <br />that the Project will not endure typical absorption issues with the proposed square footage of retail space. Additional square footage of retail <br />space would have diminishing returns as a result of a longer absorption period and higher vacancy. Further, additional retail space could offset <br />other building area dedicated to residential or parking, which reduces the potential customer base for the businesses occupying the retail space <br />and the viability of the residential portion of the project. With the current conceptual site plan, additional retail space may require multilevel (i.e., <br />second floor space) due to ground-level space being already committed to the current uses. <br />Figure 12: Rent per Bedroom Count <br /> <br /> <br />Exhibit 10 <br />  <br />  <br />City Council 22 – 547 9/17/2024