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Retail Mixed Use Market Study Update 1 January 6, 2010 in relation to the BART Station. Retail centers with two sides create a sense of enclosure and encourage shoppers to wander between businesses more easily. In addition, the development is separated from the Dublin/Pleasanton BART station by a large, unfriendly parking lot, which discourages commuters from crossing the lot to visit Avalon Dublin Station. Despite these challenges, the brokers who participated in the site visit believe this project has the potential to succeed in the long term, once the adjacent vacant lots are fully developed. The Shops at Waterford The Shops at Waterford contain 125,000 square r „ 6: . - feet of retail space and 390 residential units. A S ► hybrid of the horizontal and vertical mixed use A • J development types, Waterford is anchored by a ``, t °w 0 0 0 Safeway and a Wells Fargo, and includes some - additional retail located on the ground floor of the adjacent residential building. These ground floor - shops and cafes create a natural segway between s the retail and the residential component of the project, which consists of four five -story ft apartment buildings wrapped around a parking t lirl'rta structure. Figure 10: Shops at Waterford Site Constructed in 1999, the Shops at Waterford currently have a 3 percent vacancy rate. Brokers report that the success of this project is largely due to its location, at a busy intersection with heavy traffic and good visibility. In addition, the retail format and design is similar to other projects in the area, and is well understood by developers, tenants and customers. There are, however, some significant improvements to the design of this project over more traditional shopping centers. The shops have different colors and facades, and are easily distinguishable from each other and as retail stores. In addition, the placement of the retail and mixed -use buildings creates a two -sided retail environment, in which shoppers can easily cross between retail shops. The parking lot included grassy medians and trees for shades, which also contribute to the pleasant pedestrian shopping environment. Summary of Case Study Lessons Learned Retail is a key component to successful mixed use development, and should be thoroughly integrated into the project vision. Due to the prevalence of single -use projects in Dublin and Pleasanton, most developers specialize in either commercial or residential construction, and very few have experience with mixed -use projects. In Tralee Village, for example, a primarily residential developer (Pinn Brothers) included a retail component with little regard for the design elements that contribute to retail success, such as access, visibility or easily identifiable retail space. In order for a mixed -use project to thrive, it must be designed to promote both the commercial and residential components. A developer or architect with mixed -use experience is most likely to implement this vision successfully. Horizontal mixed - use development may be a good fit for Pleasanton and Dublin. Horizontal mixed -use projects involve many of the benefits of traditional mixed -use, including a pedestrian friendly environment, reduction in auto trips, and a built -in customer base for retail tenants, without many of the typical drawbacks, which include higher construction costs and moving outside the typical formula required by chain retailers. In addition, horizontal mixed -use is 58