Filtered by Tag: development
The 2-story EDES Building currently under construction in Downtown Morgan Hill, was featured by SF YIMBY as one of the Bay Area’s interesting and unique projects to watch.
Read the full article in SF YIMBY HERE.
The International Council of Shopping Centers (ICSC) organizes several retail conferences every year, in locations worldwide. The City’s Economic Development Team attended the most recent conference in San Diego this past September. Here are some high-level takeaways:
The concepts behind “right-sizing” and “de-malling” are leading the retail industry, and “outdoors everything” is being coined as an anchor of the 21st Century. Nationwide shopping centers are undergoing a revitalization, centering around housing, shopping, entertainment, and outdoor space. Developers are anchoring their sites with residential and backfilling with a mix of retail, grocery, entertainment, and even medical activations. Shopping Center Brokers and leasing agents are now taking an active role in the marketing and advertising of retailers, providing monthly marketing packets and social media services focused on engagement not followers.
Larger Anchor retailers are “right sizing” with discounted brands such as Saks off 5th Ave, Macy’s Backstage, Nordstrom Rack, Forever 21, etc. Several discount brands are aggressively expanding, including Grocery Outlet and Five-Below who is aiming to triple its footprint over the next 3 years. Restaurants and fast-food chains continue to stress the importance of drive-thru and designated delivery/pick-up access. Buffalo Wild Wings just launched their “mini-scape” which is a pick-up only location. If a fast-food restaurant’s model doesn’t currently include expedited services, it will very soon.
All in all, the various retailers and brokers we spoke with were amazed with Morgan Hill’s residential and industrial growth. To some, we were a market they hadn’t previously considered, and to others we were already a market they were actively planning to expand into.
Have questions? Contact City of Morgan Hill Economic Development Director Matt Mahood at Matt.Mahood@morganhill.ca.gov
Visionary Michael Van Every sees opportunity in transit-oriented mixed-use developments — outside of San Jose’s downtown core. Van Every is the President and Managing Partner of Republic Urban Properties, who completed an 83-unit apartment mixed-use complex in Downtown Morgan Hill in 2020. He commended Morgan Hill’s Economic Development, Planning, and City Manager’s offices for their commitment and expediency to supporting the Sunsweet Project every step of the way. Van Every said Morgan Hill is prepped for additional compact development and he will be keeping an eye out for future development opportunities.
Read the full article HERE.
Have questions? Contact City of Morgan Hill Economic Development Director Matt Mahood at Matt.Mahood@morganhill.ca.gov
The Downtown District’s renaissance continues with the Groundbreaking of the Edes Building on Thursday, September 22, 2022 at 11 a.m. Located at the southwest corner of Monterey Road and 2nd Street, the new art center will invigorate a central section in the Downtown District, merging art and community.
Read the full Press Release HERE.
Have questions? Contact City of Morgan Hill Economic Development Director Matt Mahood at Matt.Mahood@morganhill.ca.gov
On August 4, the Silicon Valley Business Journal published an article outlining Morgan Hill’s dedication to attract additional advanced manufacturing to the City. With the completion of the Butterfield 5 Technology Park featuring (5) buildings totaling 410,000 sq.ft., and the recent purchase and entrance of the prior 258,211 sq.ft. Shoe Palace Headquarters to the market, Morgan Hill is carving a clear path for industrial development.
“The city has about 6.8 million existing square feet of industrial, R&D and warehouse space, according to the latest quarterly report from brokerage firm Colliers. That’s about 2% of the entire industrial stock of Silicon Valley — in a city that’s just under thirteen square miles in size. With strong demand for industrial space in the region, real estate investors are being drawn to Morgan Hill, and the city government is augmenting its healthy retail sector with additional industrial employers………..”
Read the full article in the Silicon Valley Business Journal HERE!
Have questions? Contact City of Morgan Hill Economic Development Director Matt Mahood at Matt.Mahood@morganhill.ca.gov
At the August 17, 2022 City Council Meeting, Economic Development Director Matt Mahood presented revisions to the Hotel Incentive Policy (HIP) to allow for greater access and participation from all citywide hotels.
The revisions unanimously approved by the City Council, included the following:
-Adjust the Baseline TOT year to FY 2019/2020, lowering the threshold for most hotels to participate.
-Remove the requirement for existing hotels to increase in chainscale in order to participate in the program.
-Increase the maximum rebate for existing hotel renovations from $100k to $250K.
-Include an optional 5-year extension of the rebate timeline, to be approved by City Council, at a reduced rebate rate of 33%
There were no significant changes to the HIP as it relates to new hotel development. New hotel developments are still eligible for a TOT rebate based on 50% of the cost of off-site improvements.
The Economic Development team believes the approved revisions to the HIP will open the door for additional reinvestment in the existing Morgan Hill hotels and assist with the recruitment of new hotels. To read the updated Hotel Incentive Policy click HERE! Read the updated Hotel Incentive Policy HERE!
Have questions? Contact City of Morgan Hill Economic Development Director Matt Mahood at Matt.Mahood@morganhill.ca.gov
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