Issue link: http://townofcary.uberflip.com/i/791946
CHALLENGES AND OPPORTUNITIES Aging Commercial Centers Over the next 20 years, the number of commercial establishments that are 25 years or older will nearly triple, changing the development context in Cary to one that focuses primarily on infill and redevelopment. 47 Cary has a wide array of commercial centers, at a variety of sizes and scales serving neighborhood, community, and regional needs, many of which were built decades ago. These centers are located across Cary's planning area and set the loca onal framework for future commercial development. Today, some of these commercial centers are experiencing vacancies and some may be viewed as having obsolete designs by prospec ve businesses looking for new commercial space. At the same me, new commercial developments are being developed in Cary that cater to 21st century shopping and dining preferences in both the downtown and walkable suburban loca ons, such as the Arboretum, Stone Creek Village, and Waverly Place. While Cary does have a strong local retail market, it is s ll important to ensure that aging commercial centers evolve over me to remain compe ve in the marketplace, and to maintain high build and design quality that protects surrounding neighborhoods from the impacts of decline. Retail and commercial centers have a typical life cycle of 25 years, at which me significant retrofi ng is o en needed to maintain market viability. Between now and 2032 the number of commercial centers in Cary that are more than 25 years old will nearly triple. Cary's aging commercial centers represent some of the most important opportuni es for commercial infill and redevelopment in town. Since commercial vacancies can lead to blight and abandonment, and have significant impacts on surrounding employment centers and neighborhoods, careful a en on will need to be paid to aging or troubled commercial centers. Redevelopment is much more expensive and challenging to achieve than "greenfield" development on vacant land. In order to make it financially viable to successfully redevelop established commercial centers, project developers will likely need to maximize the use of the site's land by crea ng more compact development forms, mixing uses, and using higher intensity development to offset the considerable costs of redevelopment. 2.5 million square feet of retail development was 40 years old or older in 2012 11.2 million square feet of retail development will be 40 years old or older in 2032