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Council study session spotlights downtown vacancy, parking and permitting as barriers to business recruitment
Summary
Consultants presented a business-and-resident survey and market analysis showing elevated retail vacancy, high rents and strong visitor traffic. City council members, business owners and residents urged code changes on parking and permitting, and discussed tenant recruitment, events and a possible vacancy ordinance.
At a Laguna Beach City Council study session (date not specified), consultants from Cosmock Companies presented results of a business and community survey and market analysis, and council members, staff and local business owners discussed parking requirements, permitting predictability and steps to reduce downtown retail vacancy.
The presentation, led by Bobby Valente, senior vice president of Cosmock Companies, reported that the city has about 1,300,000 square feet of retail inventory and a recent retail vacancy of roughly 8.3 percent, drifting toward 7.5 percent; about one-third of that vacant space is the former Gelson’s store, and excluding that site vacancy would be nearer 5 percent. Valente said market rents in Laguna Beach average about $62 per square foot and that the downtown area draws roughly 137,000 weekly visits, with about 40 percent of visits on weekends and 36 percent of visits occurring between June and August.
Why it matters: council…
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