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Retail committee hears economic development update; staff to recruit replacement coordinator
Summary
City staff briefed the Retail Committee on Q2 economic development metrics, upcoming business openings and temporary staffing changes. Staff said they will recruit to fill an economic development coordinator role and continue efforts to facilitate business openings on California and University avenues.
The Palo Alto Retail Committee received an economic development activity report on Aug. 20 that highlighted retail openings and closures, ongoing streetscape work on California Avenue ("Cal Ave") and University Avenue, and a staffing transition in the economic development team.
Ruth, an economic development specialist, told the committee staff are tracking quarterly retail metrics (average asking retail rent, retail vacancy rate, square feet available and net absorption) using the CoStar real estate database and are supplementing that with broker and on‑the‑ground reporting. Examples of businesses staff said are in permitting or planning to open in the coming months include Color Me Mine (pottery studio), Marafoku Ramen (Japanese restaurant) and Node…
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