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WARREN & ASSOCIATES <br />g <br />This section compares the existing and entitled supply of retail and office square footage to the <br />forecasted demand through 2020. The comparison will demonstrate remaining development <br />capacity after 2020, as well as the estimated number of years of capacity. <br />9.1 Commercial Development Activity <br />The Town of Harrisburg's entitlement process allows a total amount of commercial square <br />footage for each project. In most cases, a differentiation between retail and office uses is not <br />made in the approval documents. For this reason, retail and office development have been <br />reported together. It should be noted that the total approved square footage will likely be a <br />mixture of retail and office space in most of the projects. Only approved projects have been <br />included in the list below. <br />There is 3.5 million square feet of commercial space currently approved in the Planning Area, <br />with 3.2 million square feet remaining to be constructed (Table 25). Developments range from <br />1.7 million square feet of approved space at EPIC to 150,000 square feet at Magnolia Springs. <br />Only the Harrisburg Town Center has completed a mixture of retail and office square footage <br />since approval. Of the 750,000 square feet approved for the Harrisburg Town Center site, the <br />developer has completed 262,000 square feet. <br />Table 25: Commercial Development Serving Planning Area, 2009 <br />1 <br />Epic <br />NC -49 & El Dorado Road <br />CB Richard Ellis <br />1,700,000 <br />1,700,000 <br />2 <br />Brookdale North <br />Rocky River Road <br />Merrifield Partners <br />900,000 <br />900,000 <br />3 <br />Harrisburg Town Center NC -49 & Main Street <br />J & B Development and Mgt. <br />750,000 <br />488,000 <br />4 <br />Magnolia Springs <br />Rocky River Road & Hickory Ridge Road <br />n/a <br />150,000 <br />150,000 <br />. <br />,s ..L <br />5 <br />Morrison Ridge <br />Rocky River Road & Stough Road <br />Aston Properties <br />765,000 <br />765,000 <br />6 <br />Mills at Rocky River <br />NC -49 & Lyons Boulevard SW <br />n/a <br />565,000 <br />565,000 <br />Source: Town of Harrisburg, Warren & Associates <br />Additionally, two commercial developments immediately outside the boundaries of the Planning <br />Area have been approved. Morrison Ridge and the Mills at Rocky River have a combined total <br />of 1.3 million square feet. These developments are currently not under construction. Including <br />these nearby commercial developments, there are 4.57 million square feet of retail and office <br />space approved and remaining to be built that would serve the Planning Area. <br />9.2 Commercial Development Capacity <br />Commercial development capacity was determined by adding existing vacant square feet to the <br />total square footage that is either under construction or proposed in the Planning Area. <br />Forecasted demand was then subtracted from the potential supply to determine the remaining <br />capacity. There is an estimated 57,000 square feet of existing vacant commercial space in the <br />Planning Area (Table 26). Vacant square feet was obtained by applying a 6% vacancy rate to the <br />current retail and office inventories. <br />March 2010 APPENDIX D: HALUP MARKET ANALYSIS 36 <br />AUGUST 2010 <br />Attachment number 2 <br />G -1 Page 445 <br />