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Planner flags "Stranded Assets" bill that could speed redevelopment of large office or retail sites
Summary
A state bill described to the board would allow redevelopment of office parks (≥50,000 sq ft) or retail centers (≥15,000 sq ft) as mixed use if applicants meet vacancy or revenue‑loss criteria and a 45‑day completeness review window, the planner said.
At the meeting the planner outlined a third bill sometimes called the "Stranded Assets" bill that, if enacted, would streamline redevelopment of large underperforming office parks and retail centers. Ed said qualifying thresholds would be an office park of at least 50,000 square feet or a retail center of at least 15,000 square feet, and applicants would have to show one of several conditions, such as a minimum vacancy rate of 25% for 18 months or revenue declines that show expenses exceed revenues by 30%.
"Within 45 days of an application being submitted, it has to be deemed complete," Ed said, and he cautioned the board that the short review deadline would demand rapid financial and technical analysis to verify applicants' claims. Board members raised concerns about whether municipal review capacity could meet that timeline and whether the criteria for demonstrating economic hardship were sufficiently objective.
Why it matters: the bill would change how municipalities review and respond to applications to repurpose large commercial properties, potentially forcing quicker local decisions and engaging consultants to evaluate financial claims.
