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8.A. - Page 7 of 56 DOWNTOWN RETAIL ACTION PLAN POLICY ANALYSIS AND RECOMMENDATIONS Introduction: Downtown Redwood City has undergone a significant transformation in the past ten years primarily due to a robust economy and the City's previous efforts to create a vision for redeveloping and re- invigorating the Downtown. For any city, a thriving Downtown is an indicator of a city's economic strength. New restaurants, cafes, bars, a multiplex theater, mixed use office and residential developments have increased the vibrancy of Downtown and attracted new residents and visitors. The Downtown has had a very low vacancy rate for ground floor retail space (less than five percent for the past five years), which is an indicator of market strength, but it is also a challenge to diversifying the retail base. A missing component in the transformation is a diverse range of retail businesses. There are numerous restaurants, cafes and food purveyors, but not enough retail businesses that sell interesting local goods for purchase by visitors, residents and workers. Additionally, in order for retail to thrive, there is a need to enhance the number of residents and visitors by encouraging hotel and residential mixed use projects in the Downtown core. In the spring of 2018, the City Council appointed a Retail Task Force comprised of residents, real estate brokers, developers, and Downtown business and property owners. The task force completed a thorough evaluation of the Downtown's potential for attracting and strengthening retail businesses. The Task Force agreed on the following as a vision for the Downtown that will guide continued efforts to strengthen the area. "Redwood City's Downtown District will be the "heart of the Peninsula" – an active, vibrant and charming retail destination where a variety of retailers provide a unique, friendly, and convenient shopping experience for residents, visitors, and workers in a clean, safe, green, and walkable environment." The task force's findings and recommendations were presented to the City Council on January 28, 2019. The report consisted of a "Downtown Retail Work Program" which was comprised of tasks/actions to be undertaken by the Economic Development Manager to support the City's retail efforts for the Downtown. The second part of the report consisted of policy considerations— specifically changes in Downtown zoning policies that could help strengthen existing and new retail opportunities for the Downtown. The Council accepted the task force's report and then directed staff to further research and analyze the policy considerations. The policy considerations, with background research and analysis, are provided in this Action Plan. Additional policy recommendations were developed by the City's retail consultant who was retained to ensure that policy considerations align with market conditions and support efforts to attract viable retail in the Downtown. Recommendation (s) for each policy consideration include examples of relevant best practices used in other communities. A thriving, vibrant downtown needs a community of visitors, workers and residents. While office development in the Downtown Core has provided workers, more housing is needed in the Downtown Core for residents who will dine and shop at Downtown restaurants and businesses. Creating a vibrant, thriving downtown that includes housing, retail, restaurants and other entertainment options will also need a consistent vision and coordinated implementation of policies and, some patience (10-15 years), for real results to come to fruition. 227