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Development Opportunities <br />Thirty-seven development sites have been identified on the <br />following plans. These sites fall into several categories: <br />1. Developed parcels with vacant buildings <br />2. Vacant parcels <br />3. Developed parcels currently in use which may be <br />appropriate for redevelopment <br />These development sites are an important feature of this <br />market because they offer early opportunities to capitalize on <br />an improving market. As mentioned previously, current market <br />rate rents do not provide high enough returns to encourage <br />new construction. These low returns are the resultof the <br />classic economic law of over supply in the presence of low <br />demand. As the image of the area changes with <br />implementation of this Action Plan, it is anticipated that <br />demand will increase resulting in a market that supports <br />development with appropriate returns. It will be important for <br />Steering Committee members to recognize that early efforts <br />to stimulate the development of these sites will lead to later <br />private market activity that continues the revitalization. <br />Leasing existing space is the quickest way to increase <br />employment within the corridor and to provide additional <br />potential customers for existing businesses. This activity <br />should be the top priority. However, some buildings within the <br />corridor are obsolete for their current use, and will need to be <br />significantly renovated or removed to accommodate new <br />development. Vacant parcels are also key development sites, <br />as these properties currently contribute little to the corridor <br />either in terms of synergy of use with existing businesses or in <br />terms of tax base for the community. Developed parcels <br />which are currently in use are the lowest priority sites. These <br />parcels can and should remain in use for the immediate <br />future. However, given the location of the parcel or the <br />condition of the property, redevelopment options should be <br />considered if adjacent parcels are developed or a particular <br />property owner desires to redevelop the parcel. <br />Each of the 37 development sites is illustrated on the <br />following plans. These plans are divided into a north, middle, <br />and south section for ease of legibility within the report. <br />Following the plans is a table which identifies the location, <br />size, existing use, and recommended future use of each site. <br />The table also identifies how many individual parcels are <br />included within each site. Where several potential uses exist <br />for a site, future uses are listed in order of preference. To <br />provide examples of possible development alternatives, <br />sketches have been prepared for Sites 4, 7, and 16. These <br />sketches provide typical examples of how new development <br />can occur within the corridor. Property owners are not <br />required to develop their properties exactly as illustrated on <br />these sketches. However, it is hoped that these sketches will <br />provide ideas on how each of these sites could be developed <br />in conformance to the objectives of this South Gateway <br />Corridor Action Plan. <br />Blusiness Districts, Inc. <br />South Gateway Commercial Corridor Action Plan <br />28 <br />