Agmt24 Wallace Roberts Todd, LLC

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REV: 08-22-24 VR Area, including implications of requiring minimum density to avoid over production of lower density housing typologies that are less appropriate Downtown and in downtown-adjacent areas. The analysis will be based on local and regional demographic trends (e.g., growth by income segment), changing household characteristics, mobility patterns, and successful development prototypes in the City and nearby markets. Office: While office uses can be highly compatible and synergistic in downtown settings, the changing nature of work precipitated by the pandemic has upended the investment prospects and models for this real estate asset class. Nevertheless, certain sectors and building types are emerging as viable and EPS will identify the opportunities most relevant to support revitalization of the Downtown. EPS will consider local and regional office demand generators and the degree to which Downtown may be well positioned. Tourism and Hospitality: EPS will assess the potential for new destination and hospitality uses such as hotels and lodging to locate in the Downtown and the circumstances likely to support this outcome. Overnight accommodations can support 24-hour vitality and improve the City’s fiscal performance through transient occupancy tax (TOT) revenues. The EPS analysis will evaluate trends in the accommodation market to identify niches or product orientations that might be successful, including short-term rentals and corporate housing. EPS will ground the above analysis with research and data related to socio- economic factors underlying real estate development prospects. Economic metrics of interest for Downtown and broader Trade Area(s) will likely include: residential population and employment growth trends; daytime population attributable to employment in the planning area, based on readily available data (acquisition of vendor-based data is not included in budget and would be billed as a direct cost); household demographics, including income, household size, age, and education levels; job composition and salary by sector / profession; commuting patterns and existing / planned transportation assets; and existing business concentrations (by sector and size, including consideration of small businesses). DELIVERABLE: draft section of report with analysis of local real estate market and small business with spatial analysis (with narrative, tables, and diagrams). 2. Retail-Entertainment & Small Business Considerations. MJB Consulting and EPS will examine challenges and opportunities for improving the performance of Downtown’s retail and entertainment offerings. EPS will consider key demographics such as income and population growth, age cohorts, and diversity. ATTY/AGR.2024.139/Wallace Robers & Todd LLC (Downtown & Central RWC) (Page 33 of 60)