Colorado-Real-Estate-Journal_416345

Page 10 — Retail Properties Quarterly — August 2024 www.crej.com LEASING Carma Weymouth VP, Division Manager 303.780.4015 cweymouth@stewart.com April Knott VP, Business Development Of cer 303.875.7565 april.knott@stewart.com We invest in the technology, skill and resources to navigate your commercial transaction. Combining our local market expertise with international reach, we take a customized, trusted partner approach. Contact us to learn more. © 2023 Stewart. All rights reserved. Solutions that Span Your Transaction Across Town. Across the Globe. C olorado’s Front Range, known for its stunning moun- tain views, vibrant culture and growing economy, has become a hotspot for real estate development over the last number of years, particularly in mixed-use development with res- taurant and retail space on the ground floor. Curating the right tenant mix and successfully executing project objec- tives require expertise in both the art of placemaking and the science of space optimization. This blend is crucial to getting the retail component just right so that it becomes a significant benefit that maximizes the value on the floors above. The art of placemaking Whether you have 2,000 square feet of retail space or six city blocks of ground-floor retail to absorb into a master planned development, placemaking is critical when craft- ing an effective marketing strategy that will attract sought-after con- cepts. Here are the key components. n Brand messaging • Big, bold future renderings of the building and retail storefronts; • Panoramic, drone aerial videos; and • Integration of pedestrian traffic engaging with the project Merchandising road map • A clear objective: Entertainment district, heavy food and beverage concentration, essential everyday services and ame- nities, etc. • A targeted approach: Ten- ants active in the market along with concepts that would be new and welcome entrances into the area or state. • Tenant represen- tation: In addition to the landlord leasing and advisory team, we also have a tenant representation team that works with several clients in key retail categories both locally and nationally, including fitness, health and wellness, food and beverage, entertainment, pet care, and medi- cal. • Optimal utilization: Is there open space for customers or residents to meet up or socialize? Is there ample parking for car traffic? Is it easily accessible? In the immediate area or designated space nearby, are there events planned such as live music, festivals, or farmers' markets? These factors and more need to be considered as new developments enter the preconstruction phase. If you can execute a sound retail placemaking strategy, you will reap the rewards in other areas of your project. Again, getting the retail compo- nent right maximizes the value on the floors above. Employers and residents want an optimal mix of shops, eateries, and services that encourage social interaction and foster a sense of community. If everything they need is convenient- ly within reach, retention increases, vacancies decrease and rental num- bers improve across the board. The science of space optimization Getting the prospective tenants interested is half the battle. Working through the logistics of the actual space and delivery conditions is the other half. While there are develop- ers with experience in ground-floor retail, it can be a project first for other groups, often those from out of state. As a result, more and more of our clients are engaging us in the design stage of the construction process instead of waiting until the project is nearing completion. This enables us to ask critical questions that save our clients money and time. • Are the depths viable? • Do we need to work on column spacing? • We only have 400 sf of patio for the restaurant endcap. Should we recess the exterior storefront to gain more space? • How much electrical and HVAC are needed for specific tenants? • Do we need shafts only on the endcaps for grease ducting? • Is a scrubber viable? Mixed-use retail leasing: Getting the mix right David Dobek Director, Blue West Capital Please see Dobek, Page 20 Curating mixed-use retail is art and science.