01/18/2000 RA RPT 07 - Laserfiche WebLink

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, CITY OF RIVERSIDE REDEVELOPMENT AGENCY MEMORANDUM Honorable Mayor & Agency Members Date: Item No.: January 18,2000 7 Subject: Downtown Riverside Retail Entertainment Strategy and Action Plan Background On June 1, 1999, the Redevelopment Agency entered into an agreement with Keyser Marston Associates for an assessment of the Fox Theater as well as the development of a Downtown Retail Entertainment Strategy and Action Plan. The purpose of the plan was to formulate a strategy for the continued revitalization of Downtown Riverside through the attraction of a variety of upscale restaurants, specialty retail and entertainment opportunities. Current Issue The Strategy and Action Plan state that in order to gamer developer interest and ensure the success of the revitalization efforts, the Agency must obtain control of strategic properties. Now that negotiations are in process, staff is in a position to bring the Strategy and Action Plan forward for Agency consideration. The report proposes a development strategy, which would have the Agency gain control of sufficient property in the Downtown area that can then be marketed to prospective developers of urban entertainment and retail districts. The strategy hinges on assembly of enough property, which together has the potential to support the scale of development needed to attract developer interest. In effect, without sufficient property to ensure the critical mass needed for the envisioned project, developer interest is not likely to be found. The consultants recognize the massive scope of the project, coupled with limited available resources, and recommend that the revitalization of Downtown be conducted through a phased approach. Thus, it is recommended that the revitalization project be initiated at the Mission Inn Block, the center of Downtown activity. Specifically, the revitalization project is proposed to begin with the Stalder and Pietro/Sanborn properties. The project will then be expanded to include the Imperial Hardware and Rouse Buildings. Phase Two of the revitalization project will include the reutilization of the Fox Theater as funding becomes available. Analysis Downtown Riverside flourishes during the daytime with a strong employment base, business activity, convention attendees and nearby college population. However, the area is abandoned after business hours as there are not enough evening or weekend attractions to keep people in the area. Instead, they leave Riverside to seek fine dining and entertainment opportunities elsewhere. If the revitalization process is conducted correctly, Downtown Riverside could become a regional destination, similar to Old Town Pasadena or the Gas Lamp Quarter in San Diego. Not taking action, especially during the current economic climate, could risk further deterioration of the City's business core. Hence, a methodical, well thought-out approach must be taken to ensure the successful revitalization of Downtown. The Downtown Riverside Retail Entertainment Strategy and Action Plan comprises the first step in moving this effort forward. Should the Agency Board approve the Strategy and Action Plan, the next logical step is to implement the Action Plan by soliciting developer interest. 7-1