1/13/1998 MASHPEE COMMONS ADVISORY COMMITTEE Minutes

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Cormnercial Market Study Mr. Braes informed the Committee that he is in receipt of a draft Kramer Study, which has been reviewed and reported the following: He determined there to be an aggressive review of market potential at the project and that to a certain extent the wording was confusing between "demand for' and "development of" conerial on-site. He and Mr. Storrs agreed an Absorption Analysis was needed.. rr.. Brais noted the Study found there is demand for and potential to develop conunercial on-site in either the existing or proposed zoning. Mr. Brais recommended an estimated time schedule of absorption of the commercial space be put into place to accompany the residential scenarios being built which will prove helpful to inform the phasing strategy) . 4 Mr. Bray.s blade reference to Commercial Market Study of Two Development Scenarios, prepared for Mashpee Commons Ltd. Partnership, dated December 15, 1997, Prepared by Anita Kramer Associates page 4, Table 1, residential density on-site. From a demand perspective, there is a lot of cormnercial development potential under the traditional. neighborhood. The Study found 620, 000 square feet of retail -potential under existing zoning; and 440, 000 square feet under the proposed zoning. Mr. Brais stated it is important to consider density not only with regard to residential units, but to the amount of commercial built into the carious schemes as well. . Storrs commented that all three market studies have been completed, indicating a market for in excess of four hundred (40 0) units and in excess of 400, 000 square feet . There its a market for what is being proposed. The next step is for abuild- out analysis, land use by neighborhood by year. Mr. Brais suggested the timing of potential development would be informative. Selectman Marsters con rented on the numbers depicted on page 4, Table 1-Total current, 300, 000 square feet of built commercial space. He questioned whether there is a need for an additional 370, 000 by the year 2020 . Mr. Brais responded the Study projects under the permitted, "A ton more. " The Study takes into account the proposed off price mall, Donna' s Dane, the currently permitted. Mashpee Coons being built out. Mr. Brais re-emphasized total square footage under the proposed, including already permitted and adjacent parcels i approximately 900, 000; and a million one under current zoning. when speaking of density, both sides (i.e. connercial and residential) should be taken under consideration, not just residential . -9-