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Retail Mixed Use Market Study Update 1 January 6, 2010 Just across 1 -580 from Hacienda, at the southwest corner of Hacienda Drive and Martinelli Way, a new 305,000 square foot high -end lifestyle center, anchored by a Whole Foods grocery, has received Planning Department Stage 1 and 2 permits from the City of Dublin. The Green at Park Place Retail Center will feature a central public space and is intended to be the first piece in a larger vision of a transit village around the East Dublin BART Station. Five different mixed use projects, including an expansion of the CarrAmerica Corporate Center in Hacienda, are proposed for development near Hacienda. Four of these, West Dublin BART Hotel and Retail, Avalon II at Dublin Station, Rosewood Campus Expansion and BART Property (West Dublin BART in Pleasanton) are primarily hotel, office or apartment projects with supporting retail space of 25,000 square feet or less. Grafton Plaza Mixed Use Development which is proposed to consist of 496,000 square feet of development, including 235 housing units, likely has a more significant retail component (details were not available). The total retail pipeline in the vicinity of Hacienda's Primary Trade Area is upwards of 800,000 square feet. The extent and format of proposed development is in response to the major household growth in Dublin north of Hacienda, general growth in Dublin and Pleasanton, locational proximity to 1 -580 and the socioeconomic characteristics of area households. While these projects, if developed, will capture some amount of Primary Trade Area spending, they are almost all in Dublin and will be less appealing to Pleasanton residents. Strategic Economics believes that the extent of new generation retail north of I -580 should be seen as evidence of the strength of demand for mixed use and lifestyle format retail. While these Dublin projects have not yet been built, so their success cannot be measured, these proposals attest to the promise of such retail in Hacienda, as well. In addition to projects located within the Primary Trade Area, a new commercial development - Pleasanton Gateway - is planned for the corner of Bernal Ave and Valley Avenue, about 4 miles south of the Dublin/Pleasanton BART station. Pleasanton Gateway is expected to contain over 130,000 square feet of new retail space, including a Safeway, a pharmacy, a bank and additional restaurants and retail businesses. This project further demonstrates the demand for new retail in the vicinity of Hacienda. 40