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Mr. Eric Zweber December 19, 2017 <br />WSB & Associates, Inc. Page 59 <br />Recommended Real Estate Types <br />The previous section outlined the seven potential redevelopment areas. Many of the proper- <br />ties could encompass a few different land use types given their location, access, and surround- <br />ing land uses. The recommended product types that are recommended include: <br />• Retail: As illustrated in the earlier leakage figures, Navarre and the Lake Minnetonka <br />area is under -retailed. Navarre has an opportunity to capture these retail sales on prop- <br />erty either Shoreline Drive or Shadywood Road. Among all the redevelopment areas, <br />the site at the northwest quadrant of Shoreline Drive and Shadywood Road has the <br />greatest potential to capture commercial tenants. However, this site will likely need to <br />attract regional or national tenants given the site acquisition and development costs at <br />this location. These credit -worthy tenants will have the means to pay higher lease rates <br />that will be required to support redevelopment. <br />Other sites in Navarre are more likely to cater to "niche or boutique" retailers that may <br />have fled other higher -rent properties in other Lake Minnetonka communities. <br />Because the Navarre area and Orono show leakage in nearly every category of retail <br />sales; Navarre can support more retail than what could be developed given the acreage <br />available within redevelopment sites identified. Several of the identified sites could <br />support retail and there would still be excess demand for retail goods and services. Re- <br />development sites #4 and #5 will be the most attractive sites for retail tenants. <br />MAXFIELD RESEARCH AND CONSULTING, LLC <br />TABLE 29 <br />SUMMARY <br />OF REDEVELOPMENT SITE POTENTIAL USES <br />Combined <br />Acres <br />93M <br />Commercial Mixed Use/ <br />Component Multi -Use <br />1 <br />3.66 <br />x <br />x <br />2 <br />4.58 <br />x x <br />3 <br />1.86 <br />x <br />x <br />4 <br />2.60 <br />x <br />x x x <br />5 <br />6.78 <br />x <br />x x x <br />6 <br />2.22 <br />x <br />x <br />7 <br />2.63 <br />x <br />x x <br />Source: Maxfield Research & <br />Consulting, LLC <br />Recommended Real Estate Types <br />The previous section outlined the seven potential redevelopment areas. Many of the proper- <br />ties could encompass a few different land use types given their location, access, and surround- <br />ing land uses. The recommended product types that are recommended include: <br />• Retail: As illustrated in the earlier leakage figures, Navarre and the Lake Minnetonka <br />area is under -retailed. Navarre has an opportunity to capture these retail sales on prop- <br />erty either Shoreline Drive or Shadywood Road. Among all the redevelopment areas, <br />the site at the northwest quadrant of Shoreline Drive and Shadywood Road has the <br />greatest potential to capture commercial tenants. However, this site will likely need to <br />attract regional or national tenants given the site acquisition and development costs at <br />this location. These credit -worthy tenants will have the means to pay higher lease rates <br />that will be required to support redevelopment. <br />Other sites in Navarre are more likely to cater to "niche or boutique" retailers that may <br />have fled other higher -rent properties in other Lake Minnetonka communities. <br />Because the Navarre area and Orono show leakage in nearly every category of retail <br />sales; Navarre can support more retail than what could be developed given the acreage <br />available within redevelopment sites identified. Several of the identified sites could <br />support retail and there would still be excess demand for retail goods and services. Re- <br />development sites #4 and #5 will be the most attractive sites for retail tenants. <br />MAXFIELD RESEARCH AND CONSULTING, LLC <br />