'NEW URBANISM' FACING NEW CHALLENGES.Byline: DAVID David, in the Bible
David, d. c.970 B.C., king of ancient Israel (c.1010–970 B.C.), successor of Saul. The Book of First Samuel introduces him as the youngest of eight sons who is anointed king by Samuel to replace Saul, who had been deemed a failure. COLLINS
Delivering on promise of jobs, shopping near home proves
Oshara: 26,500 square feet of space available
With local advocates recommending what they call economically sustainable business A business is sustainable if it has adapted its practices for the use of renewable resources and holds itself accountable for the environmental and human rights impacts of its activities. models and a sluggish economy Sluggish Economy
A state in the economy in which the growth is slow, flat or declining. The term can refer to the economy as a whole or a component of the economy, such as weak housing starts. slowing sales of yet-to-be built retail space, the developer of Oshara Village is courting the latest trend in retail real estate: offering commercial space as retail condominiums.
From the outset, Oshara founder Alan Hoffman has envisioned the new development along Richards Avenue as a showcase of environmentally friendly Environmentally friendly, also referred to as nature friendly, is a term used to refer to goods and services considered to inflict minimal harm on the environment. features in a community
built around ideals typically called "New Urbanism New urbanism is an American urban design movement that arose in the early 1980s. Its goal is to reform all aspects of real estate development and urban planning, from urban retrofits to suburban infill. ."
Sweeping the nation as an alternative to cookie-cutter subdivisions built in recent decades when historic population shifts gutted rural communities and drove residents to suburbs in search of new opportunities, New Urbanism promises walkable communities where diverse, credit-worthy residents can live, work and play without commuting.
Oshara Village, with plans for at least 750 residential units and a plaza park surrounded by commercial buildings, offers a variety of home styles from estate homes to townhouses.
But delivering on the part of the promise that calls for working and shopping near home has proven more difficult
n. pl. ran·chos Southwestern U.S.
1. A hut or group of huts for housing ranch workers.
2. A ranch. Viejo, Oshara, Tierra Contenta and other new developments all sprang up in recent years around planned retail centers that lacked qualified tenants. Then the economy took a dive.
"Our stated goal of economic sustainability, the idea of doing it as a retail condo and doing it as a very exciting commercial center, is something that grew out of that. It's ... us responding to a change," Hoffman said.
The fulcrum fulcrum: see lever. of change emerged when a prospective buyer of one of Oshara's commercial buildings didn't qualify for credit. So Hoffman looked for alternatives.
Residential real estate for decades has been sold as condominiums, and increasingly so in recent years. Units in several former Santa Fe Santa Fe, city, Argentina
Santa Fe, city (1991 pop. 341,000), capital of Santa Fe prov., NE Argentina, a river port near the Paraná, with which it is connected by canal. apartment complexes are now being sold as condos. Individual office units in larger buildings are routinely sold as condominiums, throughout Santa Fe and beyond.
But retail condominiums are the new kids on the block. Their popularity is growing at an astonishing a·ston·ish
tr.v. as·ton·ished, as·ton·ish·ing, as·ton·ish·es
To fill with sudden wonder or amazement. See Synonyms at surprise. pace.
Shopping Centers shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into Today, a trade publication, in 2006 reported a retail-condominium boom, with retail-condo sales exploding from $44.9 million in 2003 to $654.1 million in 2005. The magazine cited data from Real Capital Analytics.
The same data shows about two-thirds of recent retail-condo sales have been in ultra-dense urban centers of New York City New York City: see New York, city.
New York City
City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and Chicago. Elsewhere, prime retail space in many cases has proven too lucrative for developers to let go, Hoffman said. For retailers, he said, that can mean a choice between a prime location or a location where they can accrue equity in their building.
What's worse, at least for locally based businesses, is that the steep cost of entry in prime real estate, even as a renter, sets a bar so high sometimes only nationwide companies can afford the ante.
Vicki Pozzebon, executive director of Santa Fe Alliance, a business-advocacy group, said the appeal of commercial real estate to well-heeled national chains became apparent when the city of Santa Fe redeveloped prime downtown space in the Railyard. "That was publicly owned Publicly owned can refer to:
The Alliance had urged Oshara's developer to offer local businesses the first opportunity to buy or lease space in commercial buildings planned near Oshara's plaza. Hoffman liked the idea favoring local businesses, but when a buyer backed out, he saw retail condominiums as a different means to the same end.
So far, Hoffman is offering 26,500 square feet of retail condominiums in one building out of an eventual 1.3 million square feet planned for commercial, retail, office and light-industrial space.
Not just any buyer can qualify. Hoffman said he wants businesses that will complement Oshara's appeal, and that stand a strong chance of success.
He has several prospects in line, but declined to disclose details while negotiations are under way. To secure construction financing, Hoffman said he needs to approach his financiers with a package of qualified prospective retail-condo owners.
Contact David Collins
at 986-3064 or firstname.lastname@example.org.