The Railyard Master Plan is poised to bring another major change to the city center in the form of a large mixed-use complex. The implementation of Railyard development will be guided by the Railyard Master Plan.3 The Railyard Master Plan is a.
INTRODUCTION
The impact of the Railyard Masterplan will shape the retail context within which the project is developed. This assessment uses a three-pronged approach to identifying the impacts of the Rail Master Plan.
EXECUTIVE SUMMARY
The majority of retail sales in Truckee are in the Grocery Stores category, followed by Food and Beverage Places. The city of Truckee was first settled in the mid-19th century along the newly constructed building.
HISTORIC AND DEMOGRAPHIC OVERVIEW
Truckee currently has 16,165 full-time residents and is expected to gain an additional 2,500 residents over the next 5 years.7 The population of Truckee has grown steadily over the past decade (Figure 1, page 12), and annual increases in population have frequently been surpassing those of Nevada County and the State of California. Retail centers in the Truckee-North Tahoe market area are divided into the following three categories:.
RETAIL ASSESSMENT
Other retail merchandise also represents a small share of the city's total retail sales compared to sales in the state of California. Although almost half (46 percent) of all businesses in the city fall into the category of other retail stores, this category accounts for only 16 percent of total retail sales in the city. Downtown contains 37 percent of Truckee's retail stores (80 businesses25), but accounts for only 22 percent of the city's retail sales.
Nearly half of all retail sales in Downtown are generated by dining and drinking establishments. Stores in the category Other retail27, such as sports stores, gift shops and galleries, make up another quarter of retail sales. Western Truckee contains 38 percent of Truckee's retail stores (100 businesses), but accounts for 68 percent of the city's retail sales.
Food stores generate the most sales in the Western sub-region, followed by Food and Beverage and General Goods. This estimate is used to approximate Truckee's retail "leakage" or the current unmet demand for retail space in town. Two major master-planned projects – the recently approved Hilltop Master Plan and Joerger Ranch, currently under review – will likely have the most significant economic impact on the existing Downtown and Railyard development.
CASE STUDIES
According to the Bend Downtowners Association, 75 percent of all dollars spent downtown are from tourists. Downtown hotels are in demand because of their proximity to dining, entertainment and shopping options. Rents for newer downtown buildings are on par with existing buildings.
Stores that offer items geared toward the interests of Telluride locals and visitors are doing well in town. By hosting the Telluride Film Festival, the downtown Nugget Theater plays an important role in the city's economy. During September, the theater plays a much bigger role in the city's economy: that of hosting the Telluride Film Festival.
Additionally, the Nugget Theater in Telluride plays an important role in the city's economy as host of the Telluride Film Festival.
IMPACT ANALYSIS
This economic impact assessment follows a three-pronged approach to identify the potential impacts of the Railyard Master Plan. Finally, the assessment focuses on the impact of the Railyard Master Plan as a whole on areas of. Many local business owners have expressed concern about the impact of the Railyard Master Plan on downtown rents.
Finding: It is unlikely that the implementation of the Railway Master Plan will necessarily increase rents in the City Centre. The future phases of the Railway Master Plan are expected to be completed in 15 to 20 years. It is unlikely that the implementation of the Banegårds masterplan will increase rents in the City Centre.
In addition, the Rail Yard Master Plan calls for a strong pedestrian connection between the Rail Yard development and the existing one.
APPENDIX
Location of Shopping Centers and Number of Retail Businesses by Subarea, 2007
Located in the center of town, Downtown Truckee features freestanding retail stores clustered together in a small, pedestrian-friendly format. Commercial Row is the retail center of the historic downtown and runs along Donner Pass Road. The growth rate of downtown retail sales has fluctuated over the past decade (Figure 17, page 36), with an average annualized growth rate of 0.48 percent.
Largely due to the age and irregularity of the buildings, most national retail chains would not choose to locate downtown. More details about Joerger Ranch and the potential impacts of its development are included in the Planned and Proposed section of the study (page 49). Northeast Truckee includes the area north of Downtown Truckee, including Pioneer Trail, and northeast of the Truckee River beyond the balloon track of the Railyard Master Plan area.
The economic impact analysis of the Hilltop Master Plan does not perceive a competitive conflict between the existing Downtown Master Plan and the Hilltop Master Plan because it views retail in the Hilltop area as contributing to the critical mass of retail in the historic downtown.
Planned and Proposed Commercial Development, Truckee 2008
Although nearly half (46 percent) of all businesses in the city fall into the category of Other Retail Stores, this category accounts for only 16 percent of the city's total retail sales, and retail leakage analysis shows significant unmet demand for Stores other retail in Truckee. Barring other retail stores, these retail categories are already performing well in the city. Other retail stores are not currently performing well in Truckee, which may indicate a mismatch between the type of merchandise offered by retail stores in the city and the type of merchandise that residents and.
The concentration of downtown restaurants encourages customers to walk around and explore their options before choosing a restaurant, which provides increased foot traffic and visibility for non-restaurant businesses. Bend's downtown hotels are booked solid during peak seasons by visitors who enjoy the convenience of being close to the entertainment, dining and shopping options in the. The dominance of locally owned businesses in the city center is a natural phenomenon, due to the adaptability of small businesses and the inability of formula retailers to establish themselves in the small and irregular retail spaces.
Visitors enjoy the convenience of being able to walk to shopping, dining and entertainment options in the area.
Downtown Bend, Oregon
The citizens of Bend raised money to purchase and renovate the Tower Theater, which reopened in 2004 and is now an integral part of downtown. People visiting downtown enjoy the area's historic character and unique shops and restaurants. The new plan dedicates Urban Renewal funds to the redesign of the Lake Payette waterfront, including the rehabilitation of Legacy Park, a large open space adjacent to downtown.
As a precaution, the city has placed a 10 percent cap on downtown formulaic retail and a 40,000-square-foot limit on retail footprints. To maintain the integrity and continuity of the downtown retail experience, McCall requires that at least 50 percent of all downtown ground floor space be devoted to commercial or public use. In response to a booming housing market that threatened to overwhelm their downtown with vacation homes and real estate offices, McCall passed an ordinance requiring at least 50 percent of all downtown ground floor space to be converted to commercial or public use.
As a result, downtown visitor stores are vulnerable to seasonal shifts in retail spending.
Downtown McCall, Idaho
Telluride's main industry was mining until the 1960s, when the town became a haven for the counterculture movement. Telluride began a historic preservation process early, and in 1964 the downtown core was added to the National Register of Historic Places. Today, Telluride tries to balance development and growth with the best for the city's residents, the environment and the economy.
To limit the use of downtown storefronts for real estate offices (real estate is the most profitable industry in Telluride), the city council placed a moratorium on new ground-floor offices downtown. The film festival is held annually in early September and makes an important contribution to the city's economy in what has traditionally been the slow season. A moratorium has been placed on ground floor shops in the city center to prevent real estate offices from diluting the shopping experience.
Telluride imposed a ban on ground-floor office real estate downtown to prevent offices from replacing stores and restaurants and diminishing the critical mass of downtown retail.
Downtown Telluride, Colorado
In winter, snow drifts completely block pedestrian access to some parts of Downtown. Although the plan calls for all these uses to be included in the Railyard Development. Trends and conclusions about the future phases of the Banewærfts masterplan are discussed in a general way, although later in the impact analysis.
The retail tenants most likely to perform well in the Railyard development are those that match Downtown's entertainment orientation. The city and the developer must enter into a formalized agreement to establish an affordable housing plan for the Railyard development, as outlined in the Railyard Master Plan. In the case of the Railyard Masterplan, the developer intends to sell the various parts of the project to individual owners.
Finding: The design and development of the Railyard Master Plan is critical to maintaining the historic character of the town centre, connecting the new development to the existing town center and implementing smart growth principles in the town.
Rerouting of Donner Pass Road, Truckee Railyard Master Plan
Due to the difficulty of predicting long-term market conditions and demographics, a detailed impact assessment of future phases of the Railyard Master Plan cannot be reliably carried out at this time. Although a detailed analysis is not possible at this time, some general conclusions can be drawn about the future phases of the Rail Yard Master Plan. The future phases of the Railyard Master Plan include more live/work units and some dedicated office space.
Future phases of the Railyard Master Plan will reinforce the positive aspects of the early phases, provided there is demand for the new retail, office and residential units.
