Client: Hunter Storm Properties
In 2016, Hunter Storm Properties retained Gruen Gruen + Associates (GG+A) to conduct a retail market reconnaissance and supply-demand analysis in order to identify the amount and type of retail space that can be supported at the 23-acre redevelopment site located at the southeast corner of Coleman Avenue and Brokaw Road in Santa Clara, California. In June 2019, Hunter Storm Properties asked GG+A to update the study and address issues raised by the city council of Santa Clara.
GG+A staff (1) inspected the site and surrounding area; (2) conducted interviews with leading retail real estate brokers; (3) reviewed secondary market and demographic data and used that data to estimate potential purchasing power or retail demand; and (4) identified the competing supply of retail space.
GG+A synthesized the results of the research and analysis completed to identify, evaluate, and describe the competitive advantages and disadvantages of the site; retail market conditions and retail supply competition; and primary trade area and estimated relationship between future retail space supply and retail space demand. GG+A estimated the amount of retail space that could be supported at the site and the rents obtainable for the retail space. While GG+A concluded its original recommendation about the amount and type of space that could be supported were still valid, GG+A recommended a retail tenanting strategy in light of the current circumstances .
GG+A prepared a presentation for the City Council meeting and attended the meeting at which the City Council unanimously approved the proposed development.