The Shoppes At Fox RunGlastonbury, CT

Step 1: Location Analysis and Subject Site Productivity

5 team membersThis version has comments by Prof. Clapp – in notes section below and in several slides and at the end.

Property Overview

• Site Address: 25-55 Welles Street, Glastonbury, CT

• Built in 1974 - Redeveloped in 2008

• Gross Leasable Area: 108,785 SF

• Total number of units: 31

• 3.84/1,000 SF parking ratio

• Total land area 8.14 acres (354,578 SF)

Thesis

• The Shoppes at Fox Run in Glastonbury, Connecticut benefit from a redeveloped property, successful anchor tenants, and affluent local consumers.

• Its success may be limited by thinner population densities to the South and East, and restricted access to residents West of the Connecticut River.

• There are opportunities for growth by filling vacancies, improving ingress and egress turning, and enhancing signage.

Summary of Findings

• Good physical condition: site was redeveloped in 2008

• Successful anchor retailers: Whole Foods and Petco

• Glastonbury population: 34,372

• Affluent area: o Median income: $103,923. 30 percent have

income over $150,000 or more.

Summary of Findings

• The majority of the surrounding population lies to the North and West of Fox Runo Residents to the North (Hartford, East

Hartford, Manchester) have easy access via Interstate 84, which connects to Route 2

o More difficult for those coming from the West (Wethersfield, Rocky Hill) because of the CT River

• Traffic: good traffic flowo 65,000 to 70,600 ADT on CT Route 2o 13,400 ADT on Main St. Which intersects

Welles St.o However, Welles St. is not a main road in

Glastonbury.

Summary of Findings

• Ingress and Egress:o Several points of Ingress/Egress available, but

they lack dedicated turning lanes

• Vacancy:o 5 of the 31 units available for lease

• Signage:o Will be further investigated at site visit to

determine if improvements can be made in accordance with zoning regulations

Maps and Aerial Views

Pictures

Pictures

Average Daily Traffic

• DOT: 65,000 to 70,600 ADTo Route 2 EB to Hebron Ave. (exit 8)

• CoStar: Route 2 - Approximately 65,000 ADT EB to the House Street cross o House St. to Hebron Ave. to New London

Turnpike

• Hebron Ave. (Route 94): 21,100

• Main Street : 13,400

• New London Turnpike: 10,300

Linkages

• 0.4 miles off of exit 8 on Route 2

• 0.5 miles from Route 17 - Glastonbury Expressway

• Glastonbury Expressway branches into Main St. which runs through Glastonbury

• Under 10 minutes access to Interstate Highways 84 and 91

Linkages

• Highest population density is to the North of Fox Runo East Hartford: Pop: 51,000; Med.Income:

$50,585o Hartford: Pop: 124,775; Med. Income: $33,363o Manchester: Pop: 58,241; Med. Income:

$62,435

• Easy access to Fox Run via Interstate 84 and Route 2, but the area is not as affluent and Fox Run may be an unnecessary trip with closer options in the Hartford metro area

Linkages

• Lower population to the South and East of Fox Runo East Hampton: Pop: 12,959; Med Income:

$104,765o Portland: Pop: 9,508; Med. Income: $93,438o Marlborough: Pop: 6,404; Med. Income:

$112,665o Hebron: Pop: 9,686; Med. Income: $107,807

• Highly Affluent area, but thinly populated

Linkages

• The Connecticut River is less than a mile West of the subject siteo This will have restricting effects on the trade

boundaries

• Residents of Wethersfield (Pop. 26,668; Median Income: $72,041) do have access to Fox Run via CT Route 3, which crosses the CT River and connects with Route 2

• Travel to Fox Run is limited for residents of other towns West of the CT River

Mass Transit

• Accessible by CT Transit buseso Bus stop on the corner of Main and Welles St.o Bus service appears to be limited for those

traveling from the Hartford metro area due to service intervals.

o Also, difficult for bus riders coming from the Hartford area to get a direct trip, would likely have to switch buses

• Hartford-Brainard Airporto 8 miles from Fox Runo Freight airport

Ingress and Egress

• Grove St., Welles St., and New London Tpke. all 2-lane roads with no stoplights in the vicinity of the shopping center

• Pedestrian crosswalks along Welles St.

• Traffic on New London Tpke. turning onto Welles St.

Signage

• Overall, there are a good number of signs, especially for the anchor tenants

• But the signs are small and seem to blend in with the scenery (but also seem to fit the style of shopping center)

• No sign on Grove St.

Sign Zoning

• Wall signs: permitted for each business located on 1st floor.o Maximum Area = .8*main entry wall length o Signs on the same building must be coordinated

(type, height, placement, illumination)

• Ground signs: property with more than 4 businesses may use a sign up to 32 sq. ft.o Must be in front yard or within 25 ft. of driveway if a

tenant directory signo Must be less than 10 ft. tallo May use direct, indirect, or no illumination

• The Shoppes at Fox Run have installed 3 ground signs; We will investigate this further at Town Hall.

RetailersSq Ft

Whole Foods 46,400

Natural Nails & Spa 1,800

Bangkok Spice 2,300

Nana's Infant & Children Boutique 2,200

AVAILABLE 2,200

PNC Mortgage1,500

State Farm Insurance1,400

SuperCuts1,500

Foxy Pizza1,500

Radio Shack2,000

Eyeglass Place of Glastonbury2,000

GNC 2,000

YMCA2,570

AVAILABLE1,650

Petco10,840

Sleepy's 6,470

Target Temps, Inc.860

RetailersSq Ft

Fox Run Psychiatric Associate625

AVAILABLE308

Transitions850

A Better Image369

Natural Health & Chiropractic1,062

Betsy Friedman, M.S.W., RD700

Smiles for the Future3,880

Law Offices of Ralph A. Russo700

AVAILABLE1,669

Karl and Gelb, D.D.S912

Crawford and Company1,936

Angela Cappiello, MD850

AVAILABLE1,237

People's United Bank3,254

(in the shops but not connected to the rest)

Availability

• Total Space (GLA): 108,627

• 5 Spaces Available for Leaseo 7,064sq ft total

• Space available: little more than 6%

Major Tenants

• Whole Foods: 46,400 SFo At location for over 5 years

• Petco:10,840 SF

Demographics

3 mile 5 mile 7 mile

Population 41,119 159,259 328,012

Households 17,269 62,236 130,044

Avg HH Income $82,117 $73,938 $68,340

Demographics source: AGS 2012A Estimates

Economic OverviewGlastonbury Connecticut United States

Unemployment Rate

5.40% 8.6% 8.60%

Recent Job Growth

0.52% -0.49% 0.35%

Future Job Growth 35.64% 30.62% 32.10%

Sales Taxes 6.00% 6.35% 5.00%

Income Taxes 5.00% 5.0% 4.70%

Income per Cap. $48,946 $35,917 $26,154

Household Income $96,507 $67,474 $50,935

Source: BestPlaces.net

Zoning Map

Source: Town of Glastonbury (glasct.org)

Zoning

http://gis.glastonbury-ct.gov/ceo/find.aspx?service=Glastonbury_All_Data

Zoning Regulations

• CD - Central District

• Allows for more overall developmento In comparison to Planned Business and

Development (PBD) Zone

• All property aspects (building/dwelling size, height, etc.) o Contingent on requirements of Urban Renewal

Plan

• Must establish Plan of Development before building any structure within CDZo Includes any alterations to existing structures

Source: http://glasct.org/Modules/ShowDocument.aspx?documentid=8145

Pros and Cons

• Proso Successful anchor retailers o Good condition (Redeveloped in 2008)o Heavy traffic volume on Route 2 and decent

volume on Routes 3 and 94 o Large population (esp. 7-mile) since close to

Hartford

• Conso Signs are smallo Relatively small parking ratio (3.84/1,000 SF)

Works Cited

• http://www.centrowatt.com/SinglePageFlier.asp?ProjectID=PCTFOXRN1

• http://www.brixmor.com/LeasingBrochures/1388.pdf

• http://www.bestplaces.net/economy/city/connecticut/glastonbury

• http://brixmor.com/Demographics/DriveTime/1388.pdf

• http://gis.glastonbury-ct.gov/ceo/find.aspx?service=Glastonbury_All_Data

• http://www.bestplaces.net/economy/state/connecticut

• http://glasct.org/Modules/ShowDocument.aspx?documentid=8145

• http://factfinder2.census.gov/faces/tableservices/jsf/pages/productview.xhtml?pid=ACS_11_3YR_NP01&prodType=narrative_profile

Additional Comments by Prof. Clapp

• Photos of the center – condition of buildings, parking lot and signage. Many signs in CT are flat against the building – sometimes effective, other times lost to most visitors.

• Which tenants are listed on the signs? Most shopping centers depend on the anchors to draw people in, then the smaller tenants are discovered by repeat shoppers. Would this be the case for your Center?

• Vacancy at the site.

Still More Comments by Prof. Clapp

• Visibility of the site.

• Zoning, including how that limits any redevelopment.

• Access to the site could be a limiting factor as suggested by Google Street View. A visit during a heavy shopping time, such as Saturday, would help figure this out. This could be part of Step 3, bag count.

• Frequency of bus service needs to be checked.