Agoura Hills City Council
September 25, 2024

AGENDA

REGULAR MEETING

AGOURA HILLS CITY COUNCIL
Civic Center – Council Chambers
30001 Ladyface Court, Agoura Hills, California 91301
Wednesday, September 25, 2024
6:00 p.m.

Please silence all cell phones and other electronic devices during the meeting.

ATTEND OR WATCH THE MEETING
For in-person attendance, Council Chamber doors will open to the public at 5:30 p.m. To watch the live stream or archive of this meeting on YouTube, enter “Agoura Hills City Council” and click on the date of the meeting. To watch the live stream or archive of this meeting on the City’s website, go to agourahillscity.org and click on the “Watch Meetings Online” button.

PUBLIC PARTICIPATION (PUBLIC COMMENT)
Option A: To provide public comments in-person in the Council Chambers Members of the public have an opportunity to attend the meeting in-person in the Council Chambers and speak or submit a written comment on any item listed on the Agenda. If you wish to speak, complete a Speaker’s Card for each item and submit to the City Clerk prior to the public comment portion of the item. Public testimony is limited to three (3) minutes per speaker; a speaker’s time may not be transferred to another speaker. Written public comments submitted at the meeting are not read aloud by the City Clerk.

Option B: To submit written public comments prior to the meeting Members of the public have an opportunity to submit written correspondence on any item listed on the Agenda. To ensure the City Council has the opportunity to review and/or consider information prior to the meeting, please identify the Agenda item number or topic in the email subject line and submit written public comments to: [email protected] on or before 4:00 p.m. on the meeting date. Public comments are not read into the record by the City Clerk.

Please note: any public comments received after the deadline may not be considered as part of the City Council’s deliberations nor entered into the official record. However, members of the public may participate by attending the meeting to submit or make their comments in-person.

CALL TO ORDER

LAND ACKNOWLEDGMENT
PLEDGE OF ALLEGIANCE Girl Scout Troop 2256
ROLL CALL Mayor Illece Buckley Weber
Mayor Pro Tem Penny Sylvester
Councilmember Chris Anstead
Councilmember Deborah Klein Lopez
Councilmember Jeremy Wolf
City Council Regular Meeting Agenda
Wednesday, September 25, 2024

REPORT OF CLOSED SESSION

APPROVAL OF AGENDA

PRESENTATIONS
Business of the Month – Presentation to Winners NY Pizza

INTERGOVERNMENTAL, SPECIAL PURPOSE COMMITTEE, & DEPARTMENTAL

REPORTS
Arson Watch Update
Las Virgenes/Malibu Council of Governments Update
Santa Monica Mountains Conservancy Advisory Committee Update (City Council and Staff)

PUBLIC COMMENTS
(This section is reserved for persons wishing to address items not listed on the Agenda that are under the subject matter jurisdiction of the City Council. Please refer to “Public Participation” above for full details on how to speak or submit written public comments under this category.)

CONSENT CALENDAR
(Items on the Consent Calendar may be approved by a single motion and vote. Unless pulled by the City Council, there will be no separate discussion of these items. This section is reserved for persons wishing to address items on the Consent Calendar. Please refer to “Public Participation” above for full details on how to speak or submit written public comments under this category.)

1. Approve Minutes of the Regular City Council Meeting of September 11, 2024 STAFF REFERENCE: CITY CLERK RODRIGUES

2. Approve Demand Warrant Register No. 919
STAFF REFERENCE: DIRECTOR OF FINANCE IBAÑEZ

3. Approve Solar and Storage Site Lease Agreement, with Coast Energy DevCo, LLC, Related to the Clean Power Alliance “Power Ready Program” Installation at the Recreation and Event Center
STAFF REFERENCES: ADMINISTRATIVE ANALYST TREICHLER

DEPUTY CITY MANAGER CELAYA
City Council Regular Meeting Agenda
Wednesday, September 25, 2024

CONSENT CALENDAR, continued -

4. Approve the Consent to Transfer of Interest Regarding the Agoura Hills/Calabasas Community Center, Assessor Parcel Number 2064-004-270
STAFF REFERENCE: CITY MANAGER HAMBURGER

5. Adopt Resolution No. 24-2083; A RESOLUTION OF THE CITY COUNCIL OF THE

CITY OF AGOURA HILLS, CALIFORNIA, APPROVING THE DONATION OF FIVE (5) PARCELS (APNs 2061-032-902, 903, 904, 905, AND 906) TO THE

MOUNTAINS RECREATION AND CONSERVATION AUTHORITY (MRCA) AND

RELATED QUITCLAIM DEED AND MEMORANDUM OF UNDERSTANDING
(MOU) AND AUTHORIZE CITY MANAGER TO EXECUTE SAID DOCUMENTS STAFF REFERENCE: ASSISTANT CITY MANAGER ADEVA

DISCUSSION / ACTION
(This section is reserved for persons wishing to address items listed under Discussion / Action. Public testimony is limited to three (3) minutes. Please refer to “Public Participation” above for full details on how to submit written public comments or speak under this category.)

6. Discussion on Proposition 4; Authorizing Bonds for Safe Drinking Water, Wildfire Prevention, and Protecting Communities and Natural Lands from Climate Risks STAFF REFERENCE: ASSISTANT CITY MANAGER ADEVA

7. Discussion of Options for Amending the City of Agoura Hills Reach Code AllElectric Building Requirements STAFF REFERENCES: COMMUNITY DEVELOPMENT DIRECTOR THOMAS

BUILDING OFFICIAL QUACH

8. Discussion of the Retail Market Assessment Prepared by Kosmont Companies STAFF REFERENCE: ASSISTANT CITY MANAGER ADEVA

9. Discussion of the City of Agoura Hills Draft Crisis Communications Plan STAFF REFERENCES: ASSISTANT CITY MANAGER ADEVA

COMMUNICATIONS MANAGER HADDAD

CITY COUNCIL, STAFF COMMENTS

ADJOURNMENT
The next Regular City Council Meeting will be held at 6:00 p.m., on Wednesday, October 9, 2024, in the Council Chambers of the Civic Center. The Civic Center is located at 30001 Ladyface Court, Agoura Hills, California.

City Council Regular Meeting Agenda
Wednesday, September 25, 2024

In compliance with the Americans with Disabilities Act, if you need special assistance to participate in a City Council meeting or other services offered by the City of Agoura Hills, please contact the City Clerk’s Office at (818) 597-7300. Notification at least 48 hours prior to the meeting or time when services are needed will assist City staff in assuring that reasonable arrangements can be made to provide accessibility to the meeting.

Copies of staff reports or other written documentation, relating to each item of business described in this Agenda, are posted to the City’s website at agourahillscity.org and are on file in the office of City Clerk Kimberly M. Rodrigues, Agoura Hills City Hall, 30001 Ladyface Court, Agoura Hills, California, 91301.

The telecast of the Wednesday, September 25, 2024, Regular City Council Meeting will be shown on Channel 10 for Time Warner Cable subscribers, Channel 3 for Charter subscribers, and Channel 99 for AT&T U-Verse subscribers, at a later date, and run daily until the next regularly scheduled City Council meeting. The broadcast schedule is as follows: M-10a m; T-3pm; W-10am; Th-7pm; F-10am; S-3pm; and Su-7pm.

MINUTES

REGULAR MEETING

AGOURA HILLS CITY COUNCIL
Civic Center – Council Chambers
30001 Ladyface Court, Agoura Hills, California 91301
Wednesday, September 11, 2024
6:00 p.m.

The City Council meeting was called to order at 6:00 p.m. by Mayor Buckley Weber.

Mayor Buckley Weber announced the Land Acknowledgement.

The Pledge of Allegiance was led by Boy Scout Troop 127.

Present were: Mayor Illece Buckley Weber, Mayor Pro Tem Penny Sylvester, Councilmember Chris Anstead, Councilmember Deborah Klein Lopez, and Councilmember Jeremy Wolf.

Also Present were: City Manager Nathan Hamburger, City Attorney Candice K.

Lee, City Prosecutor Eric Markus, Assistant City Manager Ramiro Adeva, Deputy City Manager Louis Celaya,
Communications Manager Mary Haddad, Executive Assistant Michele Hubbs, Community Development Director Denice
Thomas, Principal Planner Robby Nesovic, Director of Finance Diego Ibañez, Director of Community Services Amy Brink, and City Clerk Kimberly M. Rodrigues.

REPORT OF CLOSED SESSION
No Closed Session was held.

APPROVAL OF AGENDA
ACTION: Mayor Pro Tem Sylvester moved to approve the Agenda, as presented. Councilmember Wolf seconded. The motion carried 5-0, by the following roll call vote:

AYES: Mayor Buckley Weber, Mayor Pro Tem Sylvester, and Councilmembers Anstead, Klein Lopez, and Wolf.

NOES: None.

ABSTAIN: None.

ABSENT: None.

PRESENTATIONS
There were no presentations.

City Council Regular Meeting Minutes
Wednesday, September 11, 2024

INTERGOVERNMENTAL, SPECIAL PURPOSE COMMITTEE, & DEPARTMENTAL

REPORTS
Mayor Buckley Weber announced the Santa Monica Mountains Conservancy would be holding their October meeting at The Event Center and there would be a pre-meeting tour of the Wildlife Crossing.

PUBLIC COMMENTS
The following person spoke:

Ben Suber, Agoura Hills

CONSENT CALENDAR
There were no public comments.

Mayor Buckley Weber pulled Item No. 5 for a separate roll call vote.

ACTION: Councilmember Klein Lopez moved to approve Consent Calendar Item Nos 1, 2, 3, 4, and 6. Councilmember Anstead seconded. The motion carried 5-0, by the following roll call vote:

AYES: Mayor Buckley Weber, Mayor Pro Tem Sylvester, and Councilmembers Anstead, Klein Lopez, and Wolf.

NOES: None.

ABSTAIN: None.

ABSENT: None.

1. Approve Minutes of the Regular City Council Meeting of May 8, 2024

2. Approve Minutes of the Regular City Council Meeting of August 28, 2024

3. Approve Demand Warrant Register No. 918

4. Approve Agreement for Contractor Services, with Revize, for the Redesign of the City’s Municipal Website, including Licenses and Maintenance

5. Item pulled for a separate roll call vote.

6. Adopt Resolution No. 24-2082; A RESOLUTION OF THE CITY COUNCIL OF THE

CITY OF AGOURA HILLS, CALIFORNIA, AMENDING THE BUDGET FOR FISCAL YEAR 2024-2025 ADOPTED ON JUNE 26, 2024, REGARDING

ALLOCATION FROM THE STATE OF CALIFORNIA ASSEMBLYMEMBER
JAQUI IRWIN’S 42nd ASSEMBLY DISTRICT OF FUNDS FOR THE CITY OF AGOURA HILLS’ BICYCLE MASTER PLAN – BIKE PATH PROJECT
City Council Regular Meeting Minutes
Wednesday, September 11, 2024

CONSENT CALENDAR ITEM PULLED FOR A SEPARATE VOTE

5. Adopt Resolution No. 24-2081; A RESOLUTION OF THE CITY COUNCIL OF THE

CITY OF AGOURA HILLS, CALIFORNIA, APPROVING SITE PLAN AND ARCHITECTURAL REVIEW PERMIT CASE NO. SPR-2022-0020 AND OAK2022-0056 FOR THE CONSTRUCTION OF A NEW OFFICE BUILDING AT 5066 CHESEBRO ROAD; AND MAKING A FINDING OF EXEMPTION UNDER THE

CALIFORNIA ENVIRONMENTAL QUALITY ACT
There were no public comments.

ACTION: Councilmember Klein Lopez moved to approve Consent Calendar Item No. 5. Councilmember Sylvester seconded. The motion carried 3-2, by the following roll call vote:

AYES: Mayor Pro Tem Sylvester, and Councilmembers Klein Lopez and Wolf.

NOES: Mayor Buckley Weber and Councilmember Anstead.

ABSTAIN: None.

ABSENT: None.

CONTINUATION – PUBLIC HEARING / REVOCATION

7. Continuation of a Public Hearing to October 23, 2024, to Consider a Resolution to Revoke Business License Number 00692 (New Era Performance and Tuning, LLC), Pursuant to § 6819 of the Agoura Hills Municipal Code and Make a Determination of Exemption Under the California Environmental Quality Act (Continued from July 10, 2024)
The (open) Public Hearing was continued from July 10, 2024.

Following presentation of the staff report, and a question and answer period of staff, Mayor Buckley Weber called up the Business Owner for an update on the mitigation measures that were taken.

The following person spoke:

Alexander Esparza, Business Owner
Following discussion, Mayor Buckley Weber requested all public testimony be withheld and called for a motion and second to approve the staff recommendation to continue the (open) Public Hearing to October 23, 2024.

ACTION: Mayor Pro Tem Sylvester moved to approve the staff recommendation. Councilmember Klein Lopez seconded. The motion carried 5-0, by the following roll call vote:

AYES: Mayor Buckley Weber, Mayor Pro Tem Sylvester, and Councilmembers Anstead, Klein Lopez and Wolf.

City Council Regular Meeting Minutes
Wednesday, September 11, 2024

NOES: None.

ABSTAIN: None.

ABSENT: None.

CITY COUNCIL, STAFF COMMENTS
Mayor Pro Tem Sylvester announced that residents of Homeowner Associations that have been FireWise Certified may print a certificate online to submit to their insurance company for a possible discount.

Mayor Pro Tem Sylvester inquired how to review the codes in the Old Agoura overlay area in the commercial district. City Manager Hamburger explained that the City Council can direct staff to bring back an item to explain the process, cost, and timing. City Attorney Lee noted the item was not on the Agenda and recommended the City Council make a motion to bring the item back to discuss whether or not they wished to move forward.

ACTION: Mayor Pro Tem Sylvester moved “to bring it back at a future Agenda and then the staff will give us all the information about what can or cannot be done and the timetable.” Councilmember Anstead seconded. The motion carried 5-0, by the following roll call vote:

AYES: Mayor Buckley Weber, Mayor Pro Tem Sylvester, and Councilmembers Anstead, Klein Lopez and Wolf.

NOES: None.

ABSTAIN: None.

ABSENT: None.

Councilmember Wolf spoke about the gravity of 9/11 and shared his personal story of the loss of his Mom’s stepbrother at the Pentagon, and spoke about the Creek Cleanup event and the importance of removing trash from “our creeks and beautifying our waterways.” Mayor Buckley Weber also expressed her support of the Creek Cleanup event.

Councilmember Anstead also spoke about 9/11 and requested everyone remember the victims (then and now) and “it is something that we never can forget about and we always have to be prepared to make sure it doesn’t happen again.”

ADJOURNMENT
At 6:29 p.m., Mayor Buckley Weber announced the next Regular City Council Meeting would be held at 6:00 p.m., on Wednesday, September 25, 2024, in the Council Chambers of the Civic Center and called for a motion and second to adjourn “in memory of the victims, their families, and everybody who has been impacted by the actions of 9/11.”
ACTION: Councilmember Anstead moved to adjourn in memory of the 9/11 victims. Councilmember Wolf seconded. The motion carried 5-0, by the following roll call vote:

City Council Regular Meeting Minutes
Wednesday, September 11, 2024

AYES: Mayor Buckley Weber, Mayor Pro Tem Sylvester, and Councilmembers Anstead, Klein Lopez and Wolf.

NOES: None.

ABSTAIN: None.

ABSENT: None.

Kimberly M. Rodrigues, MPPA, MMC
City Clerk

REPORT TO CITY COUNCIL
DATE: SEPTEMBER 25, 2024
TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: NATHAN HAMBURGER, CITY MANAGER
BY: RAMIRO ADEVA, ASSISTANT CITY MANAGER
SUBJECT: DISCUSSION OF THE RETAIL MARKET ASSESSMENT PREPARED BY

KOSMONT COMPANIES
In mid-2023, amid growing concerns being raised regarding the apparent uptick in retail vacancies in the City’s commercial spaces, staff began to focus on a more strategic and hands-on approach towards the City’s economic development efforts moving forward.

From a retail perspective, a game plan was necessary to ensure the City was being the resource and partner the business community expected, and that best practices were implemented to both attract new businesses and retain existing ones in Agoura Hills.

That said, Kosmont Companies (Kosmont), a nationally recognized real estate and economics advisory firm was hired to evaluate the City’s retail market. The assessment conducted by Kosmont, which is included in the attached report, provides an understanding of the modern local economy, market conditions/trends, and the commercial/retail areas of the City.

Although Kosmont representatives will be presenting key highlights and findings, as well as providing clarification and answering questions at the City Council meeting, the following are some of the findings of the report. (Refer to pages 4 and 7 of the report for a full list):
• With high household income levels and educational attainment, the City has strong demographics that help to drive demand for neighborhood and community-serving retail.
• The City faces retail competition from surrounding communities/shopping centers.

Recent vacancies can be a challenge, but also an opportunity to attract new retailers to bolster existing centers.
• A desire for consumers to have engaging retail experiences is driving new demand and redevelopment.
• City can explore and consider tools to motivate private investment such as revisiting existing zoning strategies and regulatory flexibility to better facilitate additional uses.
2 In addition to the data gathered, an Economic Development Toolkit was provided towards the end of the report suggesting strategies to consider for creating a collaborative and healthy retail market. Those strategies can be found on pages 56-63 of the attached report, but are also shared below for quick reference:
• Business Expansion, Attraction, and Retention (BEAR)
Focus on business and developer outreach to support existing/new businesses and deliver quality jobs and fiscal revenues.
• Zoning and Land Use
Zoning and entitlements create value; capture the value from zoning changes to link new density to community benefits and public amenities. • Revenue Replacement Tools
Create general fund revenues through development agreements/public-private partnerships
• Real Estate Strategies
Use strategies to better utilize the value of City properties – performance-based leases/ground leases, monetizing assets
• Grants and Other Public Funding
Pursue grants funds available at the state and local level for infrastructure, housing and other projects
• Public-Private Partnerships
Share risks and rewards of development with private sector project developers for catalytic projects
• Tax Incentives
Provide additional project revenues and increase project feasibility through tax agreements and incentives
• Marketing Activities
Market the City, its businesses, and events to local/regional residents and tourists • Special Districts for Infrastructure Financing CFD’s, EIFD’s, and CRD’s Use TIF and other district tools (such as Enhanced Infrastructure Financing Districts – EIFDs, Climate Resilience Districts, and Community Facilities Districts) to capture taxes from assessed value increases to fund infrastructure needs Many, if not all, of these strategies require further discussion and review at a later date of existing policies, regulatory practices and adopted plans. For now, staff is seeking general feedback from the City Council on the suggested strategies so staff understands the City Council’s interests and can begin preparing more details for those specific interests.
3 On August 13, 2024, the Kosmont report was presented to the Land Use/Economic Development Committee (LUEDC) consisting of Mayor Pro Tem Sylvester and Councilmember Klein Lopez. Ken Hira and Robert Valenti of Kosmont also joined the LUEDC meeting remotely to present the report and answer questions. The LUEDC provided great feedback and appreciated the detailed information contained in the report.

Some of the comments received from the LUEDC included, but were not limited to, the following:
• Find out what uses are most important to the City’s residents • Engage with property/business owners and retailers to understand what challenges they are facing
• Determine what regulatory flexibilities might be needed to attract and retain businesses
• Identify procedural barriers that may exist and consider options to assist in minimizing/eliminating barriers to foster a healthy retail market Based on the feedback received by the LUEDC and City Council, staff proposes the following next steps:

1. Schedule a meeting to engage the business community before the end of the calendar year with the intent to have an open forum where concerns and ideas can be shared.

2. Compile a list of the feedback (ideas and concerns) received from the meeting with the business community and internally discuss available options or important points and details to consider.

3. Present feedback from the business community along with the various options and points to consider and discuss with the LUEDC.

4. Present to the City Council for formal direction on next steps.

At this point, staff is seeking feedback from the City Council on the aforementioned “next steps” as listed.

FISCAL IMPACT
Expenses incurred for Fiscal Year 2023-24, were accrued by Finance staff to the previous year. The final expenses incurred in Fiscal Year 2024-25 will be appropriated during the mid-year process.
4 RECOMMENDATION
Staff respectfully recommends the City Council discuss and provide feedback on the:

1. Kosmont report and, specifically, the Economic Development Toolkit outlined on pages 56-63 of said report, and

2. Proposed next steps for engaging the business community which includes a forum to discuss concerns and ideas and preparing options for the City Council to consider at a later date.

Attachment: Retail Market Assessment prepared by Kosmont Companies El Segundo, CA
TEL: 424-297-1070 | URL: www.kosmont.com

CITY OF AGOURA HILLS

RETAIL MARKET ASSESSMENT
June 2024
Kosmont Retail NOW!®
KOSMONT COMPANIES | 2

DISCLAIMER
These analyses, projections, assumptions, rates of return, and any examples presented herein are for illustrative purposes and are not a guarantee of actual and/or future results. Project pro forma and tax analyses are projections only. Actual results may differ from those expressed in this analysis, as results are difficult to predict as a function of market conditions, natural disasters, pandemics, significant economic impacts, legislation and administrative actions.

KOSMONT COMPANIES | 3
 Kosmont Companies (“Kosmont”) has been retained to assist the City of Agoura Hills (“City”) to provide economic development advisory services and a Retail Market Assessment (“Assessment”). This Assessment will provide an understanding of the modern local economy, market conditions / trends, and the commercial / retail areas of the City to inform a plan to address commercial vacancies and pursue the City’s economic development goals.
 Kosmont Companies is a nationally-recognized real estate and economics advisory firm serving hundreds of public and private sector clients for 38 years. Kosmont’s experience covers a range of services as follows:
 Market and Feasibility Analyses
 Fiscal Impact and Economic Benefit Studies
 Economic Development Strategies and Implementation
 Business/Retailer and Developer Recruitment
 Identification of Funding Sources and Financing Strategies  Public-Private Transaction Structuring and Negotiation

BACKGROUND
KOSMONT COMPANIES | 4

EXECUTIVE SUMMARY
 Agoura Hills and the local trade area have strong demographics, helping to drive demand for neighborhood- and community-serving retail.

Declining City population over the past two decades does present a challenge to retail.  While the City’s retail market is generally stable, the City also faces retail competition from surrounding communities / shopping centers.

There has been a recent uptick in vacancy and some prominent retail space vacancies. Vacant spaces are small / medium size (such as vacant restaurants, in-line spaces, vacant Rite Aid) and seem to be in generally good condition. These vacancies can be a challenge for the City, but also offer an opportunity to attract new retailers to bolster existing centers.  Consumer need for convenience including omni-channel shopping options (i.e., e-commerce, buy online pick up in store (BOPIS), mobile technologies) and desire for curated / engaging retail experience is driving new demand and redevelopment.  Agoura Hills can pursue some retail concepts in target areas of the City – this includes retail placemaking projects that bring retail / entertainment / food and beverage / thoughtful design; blended retail centers that integrate multiple uses (such as hotel, office, multifamily) to meet the needs of a variety of businesses in a vibrant commercial district; and open space / infrastructure as an amenity (such as parks / recreation / open space).
 At this time, new retail developments are experiencing feasibility challenges, due to high land values (driven by residential and industrial demand), high construction costs, and relatively high interest rates.  City could explore tools to motivate private investment, which includes programs to encourage improvements at shopping centers to add retail viability (such as façade / landscaping / signage improvements), business expansion / attraction / retention marketing exercises, and zoning strategies / regulatory flexibility to better facilitate additional uses (such as residential and industrial).

KOSMONT COMPANIES | 5

SWOT ANALYSIS
Strengths Weaknesses Opportunities Threats
Strong Demographics: high household
income levels and educational attainment,
which drive demand for neighborhood- and
community-serving retail.

High Consumer Spending: Households
within a 5-mile radius have high incomes
and high spending in key retail and service
categories, indicating strong purchasing
power.

Stable Retail Market: Despite recent
upticks in vacancy, the overall retail market
in Agoura Hills is stable, with several
available retail spaces that are generally in
good condition.

Strategic Location: Positioned along the
CA-101 corridor, the City is well-located
to attract consumers from surrounding
affluent communities
Rising Vacancies: Recent spikes in retail
vacancies, including some prominent
spaces, can challenge the City's retail
market stability. Vacant spaces include a
former Rite Aid space, a former Howard’s
Appliances space, and former restaurant
spaces.

Center Improvements: Some shopping
centers could benefit from façade /
landscaping / signage improvements.

Vacant Space Utilization: Opportunity
to attract new retailers to fill vacant spaces
and enhance existing shopping centers
through façade, landscaping, and signage
improvement.

Retail Placemaking Projects: There is
potential for retail placemaking projects
that integrate retail, entertainment, food
and beverage, other uses, and thoughtful
design, creating vibrant commercial
districts.

Potential Public-Private
Partnerships: The City can explore
public-private partnerships for retail
developments and incentivize private
investment through zoning strategies and
improvement programs.

Retail Competition: Nearby cities with
shopping centers – some with higher
population densities / visitors, stronger
demographics, and better attractions –
may limit additional demand for retail in
City.

Economic Conditions: Economic /
financing challenges, such as high interest
rates / construction costs, weigh on
business formation and new projects.

KOSMONT COMPANIES | 6

ECONOMIC BACKGROUND
KOSMONT COMPANIES | 7

ECONOMIC BACKGROUND

SUMMARY OF FINDINGS
 Strong demographics in City and local trade area – high household income levels and educational attainment. City has an older population compared to County and State averages.
 Agoura Hills has generally seen slight population loss over the last decade, behind County and State trends.  While many City residents commute to other areas for work, ~58% work in occupations that may be conducive to telework arrangements, given long commute times. City also sees inflow of workers to employment centers in the City; major industries include Professional / Scientific / Technical Services, Retail Trade, and Accommodation / Food Services.  ESRI Tapestry Segmentation categorizes consumers in the City / Trade Area as Savvy Suburbanites, Top Tier, and Urban Chic – representing affluent and well-educated segments of the population that reside in suburban neighborhoods, enjoy high incomes and a range of sophisticated lifestyles that include cultural, social, and recreational activities.  Household expenditure data shows that Households with a 5-mile radius of Kanan Rd & CA-101 have average household incomes of ~$206,000 and spend ~$40,500 on key brick-and-mortar retail and service categories, equating to ~$436 million in annual spending in Food Away From Home / Alcoholic Beverages / Entertainment and an additional $726.1 million in other categories.  Taxable Retail and Food Service Sales in the City amounted to $303.5 million in 2023, having grown 3% since 2017; growth has been seen Food Services / Drinking Places and Clothing / Clothing Accessories and declines in Motor Vehicle / Parts Dealers and Home Furnishings / Appliance Stores categories.
 City Sales Taxes and Transient Occupancy Taxes (TOT) have slightly outpaced County and State baselines since 2018. Sales tax collections in the City grew ~16% since 2018, compared to sales tax growth of ~67% from the County pool (representing strong ecommerce growth).

Source: City of Agoura Hills, ESRI, CA DOF, CDTFA
KOSMONT COMPANIES | 8

REGIONAL MAP
10 Mile Radius
5 Mile Radius
• The City is located on the US-101
freeway near the Los Angeles
County / Ventura County boundary.
• Surrounding communities include
Westlake Village and Thousand Oaks
to the west, Calabasas and
Woodland Hills / Los Angeles to the
east, and Simi Valley to the north.

KOSMONT COMPANIES | 9

POPULATION & INCOME OVERVIEW
Agoura Hills
City
Kanan Rd &
CA-101
5 Mi Rad
Kanan Rd &
CA-101
10 Mi Rad
Los Angeles
County
Population 20,300 73,400 412,000 9,965,900
Households 7,440 28,700 151,930 3,427,640
Average HH Size 2.7 2.6 2.7 2.9
Median Age 44.9 46.4 43.2 36.6
% Bachelor's Degree or
Higher 66.2% 65.2% 51.9% 37.0%
Median HH Income $143,700 $141,400 $118,500 $81,400
Average HH Income $208,200 $206,000 $171,300 $121,000
Median Home Value
(ESRI Est.) $974,400 $1,010,600 $888,100 $792,100
Source: ESRI Business Analyst Online, accessed May / June 2024 • Within the City, there are ~20,300
people in ~7,440 households. Within
a 10-mile radius of the intersection
of Kanan Rd & CA-101, there is a
population of 412,000 people.
• City has a median age of 44.9, with
~66% of adults attaining a bachelor’s
degree or higher.
• Average household income is
~$208,200 in the City and ~$171,300
within a 10-mile radius of the
intersection of Kanan Rd & CA-101.

KOSMONT COMPANIES | 10
CUMULATIVE POPULATION GROWTH, 2000 – 2024
Source: CA DOF
Agoura Hills has generally
seen slight population loss
over the last decade.

The City’s population has
declined ~3.4% since the year
2000, whereas Los Angeles
County’s population has
grown ~3.2% and the State of
California’s population has
grown 15.5% over the same
time period. -5%
0%
5%
10%
15%
20%
2000200120022003200420052006200720082009201020112012201320142015201620172018201920202021202220232024 Population Growth, 2000 - 2024
Agoura Hills Los Angeles County State of California
KOSMONT COMPANIES | 11

POPULATION BY AGE COHORT
An analysis of age cohorts in the
City and the 5- and 10-mile radii
around Kanan Rd & CA-101
shows that the City and
surrounding area is generally older
than Los Angeles County overall,
with a greater share of the
population between 45 – 74 years
old
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
0 - 14 Years
Old
15 – 24 Years
Old
25 – 34 Years
Old
35 - 44 Years
Old
45 - 54 Years
Old
55 – 64 Years
Old
65 – 74 Years
Old
75+ Years Old
Population by Age Cohort
City of Agoura Hills 5 Mile Radius 10 Mile Radius Los Angeles County Source: ESRI Business Analyst Online, accessed May / June 2024 KOSMONT COMPANIES | 12

POPULATION BY EDUCATIONAL ATTAINMENT
An analysis of educational attainment
in the City and the 5- and 10-mile radii
around Kanan Rd & CA-101 shows
high educational attainment in the City
and surrounding area.

Approximately 66% of the population
in the City has a bachelor’s degree or
higher; within a 5-mile radius it is
~65%.
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Less Than High
School Degree
HS Grad / GED Some College, No
Degree
Associate Degree Bachelor's Degree Graduate /
Professional Degree
Population by Educational Attainment
City of Agoura Hills 5 Mile Radius 10 Mile Radius Los Angeles County Source: ESRI Business Analyst Online, accessed May / June 2024 KOSMONT COMPANIES | 13

HOUSEHOLDS BY INCOME
An analysis of household income in the
City and the 5- and 10-mile radii
around Kanan Rd & CA-101 shows
high income levels in the City and
surrounding area.

Within the City and the 5-mile radius,
~35% of households have incomes
greater than $200,000.
0%
5%
10%
15%
20%
25%
30%
35%
40%
<$25,000 $25,000 - $50,000 $50,000 - $100,000 $100,000 - $150,000 $150,000 - $200,000 >$200,000 Population by Household Income
City of Agoura Hills 5 Mile Radius 10 Mile Radius Los Angeles County Source: ESRI Business Analyst Online, accessed May / June 2024 KOSMONT COMPANIES | 14

ESRI TAPESTRY SEGMENTATION
Category City % of
Adults
5mi
Radius %
of Adults
10mi
Radius %
of Adults
Description
Savvy
Suburbanites
(1D)

40.1% 16.7% 8.3%
These households are well-educated, affluent, and active in their communities. Typically in their 40s and 50s, they are predominantly married couples with children. They enjoy an upscale lifestyle, investing in home improvements, travel, and fitness activities. Technology is integral, with extensive use of smartphones and the internet for various activities Top Tier
(1A) 26.7% 25.9% 13.7%
Top Tier neighborhoods are characterized by their wealth and high levels of education. Residents are often married couples, either with older children or empty nesters, living in luxurious homes in suburban areas. They have a taste for quality and are active in cultural and leisure activities, including travel and fine dining Urban Chic
(2A) 18.0% 24.4% 126%
Urban Chic residents are well-educated professionals living in fashionable urban areas. They are typically in their late 30s to early 50s, either single or married without children. These individuals enjoy a vibrant lifestyle that includes dining out, attending cultural events, and engaging in fitness activities. They value convenience and sustainability Enterprising
Professionals
(2D)

13.6% 11.1% 7.9%
This segment consists of young, well-educated professionals, often single or newly married without children. They live in urban or suburban areas and are career-focused, often working in high-tech or professional fields. Their lifestyle includes frequent socializing, dining out, and staying active. They are tech-savvy and prioritize convenience and connectivity
Exurbanites
(1E) 1.6 14.1% 10.6%
Exurbanites are typically older, affluent households residing in semi-rural or low-density suburban areas. Often empty nesters or retirees, they prefer a quieter, slower-paced lifestyle with larger properties. They enjoy outdoor activities, gardening, and home improvement projects, and are likely to travel frequently. Community involvement is also significant for them
Source: ESRI Business Analyst Online, accessed May / June 2024 KOSMONT COMPANIES | 15
RETAIL

SPENDING
 Household budget data from ESRI
shows that within a 5-mile radius of
Kanan Rd & CA-101, the ~28,700
households earn ~$206,000 annually.
 Non-automotive brick-and-mortar retail
and service spending is estimated at
~$40,500 per household.
 The existing households within the 5-
mile area spend ~$1.162 billion annually
in these retail categories, with high
levels of spending in the Food at Home,
Entertainment, Food Away from Home,
and Household Furnishings / Equipment
categories.

Household Budget Expenditures
5 Mile Radius Trade Area
Per HH Existing HH
Population 73,431
Households 28,700
Average HH Income $ 206,000
Total Expenditures $ 171,000 $ 4,907,700,000
Food at Home $ 12,200 $ 350,140,000
Food Away from Home $ 6,800 $ 195,160,000
Alcoholic Beverages $ 1,400 $ 40,180,000
Housekeeping Supplies $ 1,700 $ 48,790,000
Household Furn & Equip $ 5,600 $ 160,720,000
Apparel & Services $ 4,000 $ 114,800,000
Entertainment $ 7,000 $ 200,900,000
Personal Care Products & Services $ 1,800 $ 51,660,000
Total (Select Brick & Mortar Retail
Categories) $ 40,500 $ 1,162,350,000
Source: ESRI Business Analyst Online, accessed May / June 2024 KOSMONT COMPANIES | 16

CITY REVENUE
GENERAL FUND - FY2023-24 BUDGET
Note: Agoura Hills collects an estimated 9.7% of the 1% Property Tax general levy (includes MVLF) Source: Agoura Hills 2023-24 Budget
Estimate General
Fund %
Property Taxes $ 6,598,272 32%
Sales Tax $ 5,588,689 27%
Other Taxes $ 4,941,980 24%
Charges for Services $ 1,138,500 6%
Other Income $ 1,766,058 9%
License and Permits $ 530,000 3%
Total General Fund Revenues $ 20,563,499
KOSMONT COMPANIES | 17

AGOURA HILLS BUDGET DATA COMPARISON

SHARE OF TAX REVENUE
Source: California State Controller’s Office
KOSMONT COMPANIES | 18
Agoura
Hills
Los Angeles
County Cities
All California
Cities

AGOURA HILLS BUDGET DATA COMPARISON
GROWTH 2018 - 2022
Source: California State
Controller’s Office
KOSMONT COMPANIES | 19

TAXABLE RETAIL SALES
Source: CDTFA
# Outlets 2018 2019 2020 2021 2022 2023 5 Year %
Motor Vehicle and Parts Dealers 13 5,398,938 36,130,607 8,370,219 3,910,607 4,272,589 4,065,686 -25% Home Furnishings and Appliance
Stores 42 62,782,585 59,699,152 62,771,379 77,563,023 75,965,198 53,089,366 -15% Building Material / Garden
Equipment / Supplies Dealers 9 20,474,255 21,188,645 22,811,918 22,705,169 25,617,854 22,413,894 9% Food and Beverage Stores 18 20,330,200 20,186,043 21,909,554 21,162,471 21,022,331 19,544,920 -4% Gasoline Stations 15 79,025,092 77,036,159 51,366,736 83,257,589 92,179,001 80,995,775 2% Clothing and Clothing Accessories
Stores 64 2,543,591 2,022,822 1,582,070 3,082,710 4,143,515 3,489,758 37% General Merchandise Stores 21 187,506 162,164 201,367 139,466 113,765 139,249 -26% Food Services and Drinking Places 75 70,565,144 70,472,868 55,146,385 75,001,218 85,577,378 84,290,979 19% Other Retail Group 245 33,835,363 33,127,256 30,608,862 37,032,930 36,870,172 35,500,687 5% Total Retail and Food
Services 502 295,142,674 320,025,716 254,768,490 323,855,183 345,761,803 303,530,314 3% All Other Outlets 469 61,128,429 66,555,251 59,793,431 87,682,146 106,468,739 109,861,604 80% Total All Outlets 971 356,271,103 386,580,967 314,561,921 411,537,329 452,230,542 413,391,918 16% According to data from the CA Dept of Tax and Fee Administration, the City of Agoura Hills saw ~$303.5 billion in taxable sales in 2023 from retail and food services; large business categories include Food Service / Drinking Places, Gasoline Stations, and Home Furnishings / Appliances.

KOSMONT COMPANIES | 20

SALES TAX HISTORY
Year Agoura Hills
Subtotal
Agoura Hills
County
Pool
Pool
Share
2023 4,160,000 857,000 17.1%
2022 4,577,000 954,000 17.2%
2021 4,117,000 905,000 18.0%
2020 3,103,000 857,000 21.6%
2019 3,967,000 669,000 14.4%
2018 3,589,000 512,000 12.5%
2017 3,429,000 481,000 12.3%
2016 3,407,000 487,000 12.5%
5-Year Growth 16% 67%
Agoura Hills has seen local sales tax growth of
~16% since 2018, with the county pool sales
tax growing ~67% over the sale time period,
representing strong e-commerce growth.
0%
20%
40%
60%
80%
100%
120%
140%
160%
180%
200%
2018 2019 2020 2021 2022 2023
Change Since 2018:

City Subtotal and
County Pool
AGOURA HILLS AGOURA HILLS County Pool
Source: CDTFA
KOSMONT COMPANIES | 21

WORKER INFLOW / OUTFLOW
Workers employed in the
City but living outside
Workers living & employed in the City
Workers living in the City
but employed outside
*Employment Ratio = People employed
within City (living and working in City +
those who come into the City for work) /
Employed population of City (living and
working in City + workers who live in the
City, but work outside of the City)
Source: U.S. Census Bureau Center for
Economic Studies (2021)
City of Agoura Hills
Workers Living and Working 612
Workers Coming (Inflow) 10,128
Workers Going (Outflow) 9,224
Net Inflow/Outflow 904
Employment Ratio* 1.09
 Net Inflow of workers into the City.
 Major industry sectors in the City of Agoura
Hills include: Professional / Scientific /
Technical Services, Retail Trade, and
Accommodation / Food Services.
 Employees who commute into in the City
come from the following cities: Los Angeles,
Thousand Oaks, Simi Valley, Moorpark,
Camarillo, and other locations
 Most residents who commute outside of the
City go to the following cities: Los Angeles,
Thousand Oaks, Burbank, Westlake Village,
Calabasas, and other locations.

KOSMONT COMPANIES | 22

TOP EMPLOYERS IN CITY
Source: City of Agoura Hills ACFR FY 2022-2023
Employer Industry Est. Employees
Las Virgenes USD Education 534
National Veterinary Associates, Inc. Veterinary Services 347 Visual Concepts Entertainment Software Development 655
Private National Mortgage Acceptance Company, LLC Banking 294 A2 Biotherapeutics, Inc. Research & Development 262
Teradyne, Inc. Manufacturing 209
Motor Vehicle Software Corp / VITU Technology 490
Joni and Friends Non-Profit 200
Epsilon Data Management LLC Advertising Services 121
Cydcor LLC Administrative Services 138
Wood Ranch Restaurant 137
KOSMONT COMPANIES | 23
TELEWORK POTENTIAL:

POSITIVE IMPACT ON DAYTIME POPULATION
Ability to Work from Home
(BLS Research, 2020)
Employed Population
by Occupation
(ESRI BAO
Estimates, 2023)
Occupation Category Ability to
Telework
Telework
Takeup
Rate
Share of Employed
Population:
3-mile Radius
Management/Business/Financial 87.0% 26.6% 31.4%
Professional 64.0% 28.3% 34.8%
Sales 31.0% 32.8% 11.6%
Administrative Support 60.0% 9.1% 7.3%
Services 10.0% 6.7% 8.6%
Farming/Forestry/Fishing 0.0% 0.0% 0.0%
Construction/Extraction 0.0% 0.0% 1.6%
Installation/Maintenance/Repair 1.0% 0.0% 1.0%
Production 0.4% 0.0% 1.3%
Transportation/Material Moving 0.3% 0.0% 2.3%
All 43.6% 24.7% ~58% Able to Telework
Research from the Bureau of Labor Statistics in 2020 estimates that ~44% of workers are in jobs where working from home is currently feasible. While telework and hybrid working arrangements were gaining popularity prior to 2020, office closures during the COVID pandemic led to significant increases in work from home activities.

Many of the occupational categories that are most telework capable – Management / Business / Financial, Professional, Administrative Support – are highly represented in the area around the Site, representing ~58% of the employed population living within 3-miles of the City.

Considering the growth / suburban quality of life in Agoura Hills and other surrounding communities, as well as the long commutes that many residents face to job centers (~26% of workers within a 5-mile radius of Kanan Rd & CA-101 have commutes longer than 40 minutes), it is likely that Agoura Hills continues to see higher levels of teleworking from its residents – helping to drive additional daytime demand for dining, retail, and locally-serving office uses.

Source: Bureau of Labor Statistics, ESRI
KOSMONT COMPANIES | 24

RETAIL MARKET DATA
KOSMONT COMPANIES | 25

RETAIL MARKET SUMMARY
 The Retail market in the City and Submarket are relatively stable, with the City well-located along the CA-101 corridor.  Most of the City’s retail activity are in community / neighborhood shopping centers and smaller retail spaces, and the City faces substantial retail competition to major shopping centers / retail districts to the west (larger shopping centers in Westlake Village and Thousand Oaks) and the east (shopping districts in Calabasas and Woodland Hills).  Retail vacancy in the City typically in the 5-7% range, but recently spiked to 9.1% in 2023, declined to 8.5% in Q2 2024 and is currently 6.9%*
 Retail rents saw a decline after 2018, but have been increasing since 2020 and are currently $35 – 37 PSF annually.  The CoStar Retail Market Report notes that the Los Angeles Retail Market continues to “grapple multiple headwinds [including] population loss…softer economic fundamentals…elevated housing costs…and high interest rates” which weigh on retail demand and business formation. The report also notes that “occupancies in the more suburban locations have fared better compared to the more urban locations,” and predicts that occupancies and rent levels are likely to hover around current levels, with “developers and investors…exercis[ing] caution.” Source: CoStar (Accessed May 2023; vacancy estimate updated September 2024); CoStar vacancy data does not appear to include empty Rite Aid space in Twin Oaks Shopping Center KOSMONT COMPANIES | 26

LOS ANGELES RETAIL MARKET

COSTAR MARKET REPORT NOTES
Los Angeles Retail Market Report notes that:
 “The Los Angeles retail market continues to witness the softest demand formation among major U.S. markets in the second quarter.”  “The market has had to grapple with multiple headwinds. Population losses in recent years and, more recently, meager population gains have stymied household formation. Softer economic fundamentals than most U.S. metros and elevated housing costs have left residents less confident in their financial positions. Additionally, high interest rates weigh on business formation.”  “Supply growth during the past year represents an expansion of only 0.2%....over the past decade, total retail space has declined as the market continues to right-size and remove obsolete inventory. Most recent large deliveries comprised auto-dealerships, meaning the expansion of shopping center and ground-floor retail space was relatively more modest.”  “Muted levels of new supply in the face of stagnant tenant demand resulted in retail availability in Greater Los Angeles, 5.8%...Demand among all retail subtypes has been soft. Within the market, occupancies in the more suburban locations have fared better compared to the more urban locations.”
 “The dynamics driving the Greater Los Angeles retail market's underperformance will unlikely shift for at least the near-to-midterm. Costar forecasts continued modest space demand from retailers at least into next year. In combination with modest supply additions in the coming quarters, occupancies will likely hover around current levels, making strong rent growth unlikely. In this environment, developers and investors will likely exercise caution.”
Source: CoStar (Accessed May 2023)
KOSMONT COMPANIES | 27

RETAIL MARKET SUMMARY
Q3 2024
YTD City
Calabasas /
Westlake Village
Submarket
Inventory SF 1,499,500 3,323,500
Under Construction - -
12mo Net Absorption SF (12,800) 6,800
Vacant SF 103,800 142,500
Vacancy Rate 6.9% 4.3%
Market Rent $36.41 $41.63
Market Sale Price / SF $465 $496
▪ No retail construction activity in the City or the Submarket, with negative net absorption.
▪ Retail vacancy in the City is ~6.9%, higher than the vacancy of ~4.3% in the Submarket.
▪ Rents have increased ~6.2% in the Submarket over the past three years, similar to the increases seen overall in the wider Los Angeles Retail Market (~6.5%).

Source: CoStar (Accessed May 2024; updated August and September 2024) KOSMONT COMPANIES | 28

COMMUNITY COMPARISON
Agoura Hills Thousand Oaks Westlake Village Calabasas Woodland Hills Population 20,269 125,689 7,968 22,978 75,292
Households 7,435 46,273 3,255 8,741 31,198
Median Age 44.9 43.7 51.5 45.2 43.5
Bach. Degree + 66.2% 52.2% 71.8% 68.4% 58.8%
Average HH Income $208,157 $170,589 $234,701 $227,712 $158,921 Retail Data - 2024 Q3 QTD
Inventory SF 1,474,500 6,122,300 1,388,800 1,064,000 4,886,500 Vacant SF 103,900 410,300 64,860 36,200 277,800
Vacant % 7.0% 6.7% 4.7% 3.4% 5.7%
Market Rent $37.03 $35.07 $43.45 $45.72 $38.74
Net Absorption SF
(12mo) (2,300) (27,600) 1,400 (9,300) (28,500)
Inventory Growth SF
(since 2018) 56,000 (19,900) (7,700) 20,100 (97,800)
Source: CoStar, ESRI (Accessed May 2024; Retail data updated August 2024) KOSMONT COMPANIES | 29

RETAIL MARKET HISTORY

CITY - ALL PROPERTIES
Year Inventory SF Vacant SF
Total
Vacant
Percent %
Total
Net
Absorption
SF Total
NNN Rent
Overall
Market
Rent
2024 Q2
QTD 1,474,468 125,006 8.5% 9,863 $34.52 $36.69
2023 1,474,468 134,869 9.1% (57,124) $28.06 $36.88
2022 1,474,468 77,745 5.3% 18,485 $24.94 $35.97
2021 1,474,468 96,230 6.5% (1,686) $23.84 $34.60
2020 1,474,468 94,544 6.4% 14,427 $28.45 $33.45
2019 1,474,468 108,971 7.4% 52,755 $32.42 $32.97
2018 1,418,433 105,691 7.5% 36,489 $31.60 $32.21
2017 1,367,470 90,232 6.6% (8,943) $29.25 $31.49
2016 1,347,470 61,289 4.5% 1,125 $26.56 $30.48
2015 1,347,470 62,414 4.6% 16,213 $21.37 $29.15
2014 1,347,470 78,627 5.8% (3,322) $22.68 $28.28
2013 1,347,470 75,305 5.6% (4,535) $19.76 $27.31
2012 1,347,470 70,770 5.3% 10,848 $19.30 $26.71
2011 1,347,470 81,618 6.1% 14,274 $25.31 $26.54
2010 1,347,470 95,892 7.1% 43,132 $25.62 $26.73
2009 1,297,441 88,995 6.9% (43,648) $30.78 $27.93
Source: CoStar (Accessed May 2024)
Note: Costar defines Triple Net (NNN) as “a lease where the tenant is responsible for all expenses associated with their proportional share of occupancy of the building, except long-lived structural components and management charges.” 0%
2%
4%
6%
8%
10%
2024
YTD
2010 2012 2014 2016 2018 2020 2022
Vacancy Rate
$0
$20
$40
$60
2009 2011 2013 2015 2017 2019 2021 2023
Rent
NNN Rent Overall Market Rent
KOSMONT COMPANIES | 30

RETAIL MARKET HISTORY

SUBMARKET- ALL PROPERTIES
Year Inventory SF Vacant SF
Total
Vacant
Percent %
Total
Net
Absorption
SF Total
NNN Rent
Overall
Market
Rent
2024 Q2
QTD 3,274,651 187,307 5.7% 10,607 $37.37 $42.03
2023 3,274,651 197,914 6.0% (63,886) $31.84 $42.52
2022 3,274,651 134,028 4.1% 52,896 $30.02 $41.87
2021 3,274,651 186,924 5.7% (33,054) $32.49 $40.42
2020 3,274,651 153,870 4.7% 13,644 $31.05 $39.25
2019 3,274,651 167,514 5.1% 88,451 $36.74 $38.87
2018 3,198,487 179,801 5.6% 25,507 $36.03 $37.94
2017 3,147,524 153,360 4.9% 1,332 $34.54 $37.05
2016 3,109,503 116,671 3.8% 68,886 $31.39 $35.87
2015 3,103,028 179,082 5.8% 8,980 $29.90 $34.67
2014 3,056,926 141,960 4.6% 193,674 $27.76 $33.37
2013 2,851,734 130,442 4.6% (13,192) $24.25 $32.13
2012 2,851,734 117,250 4.1% 36,780 $27.72 $31.26
2011 2,851,734 154,030 5.4% 17,002 $32.10 $30.93
2010 2,851,734 171,032 6.0% 77,827 $32.39 $31.12
2009 2,730,109 127,234 4.7% (50,427) $36.65 $32.24
Source: CoStar (Accessed May 2024)
Note: Costar defines Triple Net (NNN) as “a lease where the tenant is responsible for all expenses associated with their proportional share of occupancy of the building, except long-lived structural components and management charges.” 0%
2%
4%
6%
8%
10%
2024
YTD
2010 2012 2014 2016 2018 2020 2022
Vacancy Rate
$0
$20
$40
$60
2024
YTD
2010 2012 2014 2016 2018 2020 2022
Rent
NNN Rent Overall Market Rent
KOSMONT COMPANIES | 31

COMPETITIVE ENVIRONMENT

RETAIL - AVAILABLE SPACES (SELECTION)
Shopping Center Address Space Rent Rating Notes
Agoura Gateway Center 28501 Canwood St 5,328 – 21,753 SF $23-28 Est 3 Star 3bldg property also for sale - $32.5m ($275 PSF) Agoura Village Center 29020 Agoura Rd 3,275 – 6,551 SF $27 NNN 3 Star Restaurant space with patio Roadside Plaza 28700 Roadside Dr 800 SF; 5,525 SF; 6250 SF $33 NNN 3 Star Restaurant, gym, office spaces Kanan Village 29271 Agoura Rd 1,200 SF; 5,334 SF $35-43 Est 3 Star Former Islands restaurant Whizin Market Square 28800 Roadside Dr 7 spaces ranging from 431 – 5,195 SF $60 2-3 Star Retail / restaurant / office spaces Agoura Meadows Shopping Center 5623-5689 Kanan Rd 1,138 SF 1,785 SF
$27-33 Est
$42-51 Est 3 Star
Reyes Adobe Plaza 30313-17 Canwood St
1,500 SF
900-8,360 SF
1,435-3,335 SF
$27 NNN
$27-36 NNN
$27 NNN
2-3 Star
Shops at Oak Creek 1,437 SF
2,500 SF
$51 NNN
$42-51 Est
3 Star
3 Star
Restaurant space
Jinky’s Kanan Café space
29105 Canwood St 1,200 – 12,295 SF $38-47 Est 3 Star Spaces include restaurants, former beauty salon, restaurant with patio
The West Village SWC Agoura Rd & Kanan Rd 2,800 – 27,200 SF $24-29 Est 3 Star Seems to be a proposed project Source: CoStar, Accessed May / June 2024
KOSMONT COMPANIES | 32
MAJOR

SHOPPING CENTERS
Key
Regional / Super Regional Malls
Outlet / Power Centers
Lifestyle / Theme / Festival Centers
Community Centers
Neighborhood Centers
Westfield Topanga

1.42m SF Super Regional Mall
Macy’s, Target, Neiman Marcus
The Village
631k SF Regional Mall
Costco, REI, 24 Hour Fitness
Promenade 2035
671k SF Regional Mall
Proposed Redevelopment –
Mixed Use Development
Source: CoStar
The Oaks

1.2m SF Super Regional Mall
Nordstrom, JCPenney, Macy’s
Janss Marketplace
643k SF Regional Mall
Nordstrom Rack, Gold’s Gym
Simi Valley Town Center
873k SF Regional Mall
Marshall’s, Ulta Beauty
KOSMONT COMPANIES | 33

AGOURA HILLS AREA

SHOPPING CENTERS
Key
Lifestyle / Theme / Festival Centers
Community Centers
Neighborhood Centers
Source: CoStar
Agoura Oaks Town Center
68k SF Theme / Festival Center
Regency Agoura Hills Stadium
Agoura Gateway Center
118k SF Community Center
Select-A-Bed, Ethan Allen,
Pacific Patio Furniture
North Ranch Gateway
86k SF Community Center
T.J. Maxx
Westlake Village Marketplace
156k SF Community Center
Michaels, PetSmart
Shoppes at Westlake Village
243k SF Lifestyle Center
Target, Total Woman Gym + Spa
North Ranch Shopping Center
147k SF Community Center
Ralph’s, Trader Joe’s, Planet Fitness
Promenade at Westlake
145k SF Community Center
Cinepolis, RH
Westlake Plaza & Center
263k SF Community Center
Vons, Gelson’s, Sprouts, CVS
Pharmacy
KOSMONT COMPANIES | 34

CITY OF AGOURA HILLS

SHOPPING CENTERS
Center Name Address Type Number
of Stores
RBA / GLA % Leased Year Built/
Renovated
Tenants (Selection)
Whizin Market Square 28888-28914 Roadside Dr Neighborhood Center 22 126,191 94.0% 1960 The Canyon, Agoura Antique Mart Agoura Gateway Center 28501-28505 Canwood St Community Center 9 118,258 81.6% 2006 Select-a-Bed, Ethan Allen Agoura Meadows Shopping Center 5601-5700 Kanan Rd Neighborhood Center 24 104,916 97.2% 1978 Vons, CVS Pharmacy Twin Oaks Shopping Center 5701-5833 Kanan Rd Neighborhood Center 23 102,383 100% 1995 Ralphs Agoura Hills City Mall 5835-5915 Kanan Rd Neighborhood Center 25 78,281 89.3% 1986 Citi, Massage Envy Agoura Oaks Town Square 5045 Cornell Rd Theme/Festival Center 67,832 100% 1990 Regency, Fedex Office Reyes Adobe Plaza 30313-30317 Canwood St Neighborhood Center 25 58,222 92.3% 1980 Café Bizou, WRTS Agoura Hills Agoura Hills Town Center 30105-30135 Agoura Rd Neighborhood Center 56,227 100% 1990 Academy of Dance, Grissini Ristorante Agoura Park 29431 Agoura Rd Neighborhood Center 54,998 100% 2018 LA Fitness Kanan Village 5001-5033 Kanan Rd Neighborhood Center 15 48,216 88.9% 1991 IHOP, Ladyface Alehouse Brasserie Kanan Plaza 5146-5298 Kanan Rd Neighborhood Center 8 44,563 100% 1979 H&R Block, Beautiful Nails Roadside Plaza 28700-28716 Roadside Dr Strip Center 6 23,250 100% 1988 Yamato Restaurant, Agoura Fitness Shops at Oak Creek 29145 Canwood St Neighborhood Center 9 19,825 92.8% 2010 Trader Joe’s, Panda Agoura Village Center 29020 Agoura Rd Strip Center 9 19,481 66.4% 1991 BL Dance Hall & Saloon Agoura Hills Commercial Center 29134 Roadside Dr Strip Center 1 13,500 100% 1981 City Lights 30651 Thousand Oaks Blvd Strip Center 9,712 100% 1978 David’s Beauty Supply Source: CoStar
KOSMONT COMPANIES | 35

OPPORTUNITY SITES / CENTERS
AGOURA MEADOWS SC- 5601-5700 KANAN RD
Preliminary Site Info
Zoning CS-MU-AH
Land Area 10.8 AC
Description Neighborhood center anchored by VONS, CVS, Goodwill, restaurants and local serving retail / services
Built 1978-1980; Taco Bell bldg. built 1995
GLA 104,900 SF
Vacant 2,923 SF / 2.8%
Available
Spaces
1,785 SF @ Est. $41 – 50 / SF
1,138 SF @ Est. $26 – 32 / SF
Potential Opportunities
Some façade / signage / landscaping improvements could be beneficial Opportunity for new retail, site updates, activities
Agoura Meadows LLC
~8.1 AC
VONS
Rfa Agoura Lessor / Garfield
Beach CVS LLC Lessee
(Lambert Development)
~2.0 AC
CVS
Engen Holdings LLC
~0.7 AC
Source: CoStar, updated August and September 2024
KOSMONT COMPANIES | 36

OPPORTUNITY SITES / CENTERS
TWIN OAKS SC - 5701-5833 KANAN RD
Preliminary Site Info
Zoning CS-MU-AH
Land Area 11.1 AC
Description Neighborhood center anchored by Ralphs
Built 1978 -1979; renovated 1995
GLA 102,400 SF
Vacant 0 SF / 0%
(Does not appear to include empty Rite Aid space)
Available
Spaces
No listed available spaces; former Rite Aid space likely available for new opportunities
Potential Opportunities
Opportunity for new retail (particularly in Rite Aid space), site updates, activities FW CA Twin Oaks
Shopping Center LLC
~10.4 AC
Ralphs, Rite Aid (vacant)
Carl Karcher Enterprises Inc
~0.7 AC
Carl’s Jr
Source: CoStar, updated August and September 2024
KOSMONT COMPANIES | 37

OPPORTUNITY SITES / CENTERS
OAK CREEK: TRADER JOES CENTER & OTHER RETAIL
Preliminary Site Info
Zoning CRS-FC
Land Area 5.7 AC
Description Small shopping centers anchored by Trader Joe’s, restaurants and local serving retail / services
Built 2010
GLA 50,000 SF
Vacant 13,732 SF / 27.4%
Available
Spaces
2,500 SF @ Est. $43 – 52 / SF (former Jinky’s Kanan Café; currently listed for sale for $3.2m)
Trader Joe’s property – listed for sale at $13.75m
1,200 – 12,295 SF @ Est. $38 – 46 / SF
1,437 SF @ $51 / SF
Potential Opportunities
Some vacancy challenges; opportunity for new retail / restaurants (Jinky’s Kanan Café space, Wildflour Bakery & Café space, other spaces) Creekside Shops LLC
~2.5 AC
Trader Joe’s,
Jinky’s Kanan Café (vacant)
Oak Supreme LLC
~2.3 AC
Veterinary Urgent Care
Wildflour Bakery (vacant)
Canwood Park LLC
~0.9 AC
Panda Express, Habit Burger
Source: CoStar, updated August and September 2024
KOSMONT COMPANIES | 38

OPPORTUNITY SITES / CENTERS

WHIZIN MARKET SQUARE & SURROUNDING RETAIL
Preliminary Site Info
Zoning PD-AH
Land Area 13.2 AC
Description
Neighborhood center featuring The Canyon (performing arts / dining) as well as an eclectic collection of retail and dining (including Agoura Antique Mart, DIY Home Center, Wood
Ranch, Plata Cocina Mexicana, BASTA)
Built 1960 - 1980
GLA 165,500 SF
Vacant 6,800 SF / 4.1%
Available
Spaces
262 – 1,666 SF @ $60 / SF
973 – 5,149 SF @ $60 / SF
Potential Opportunities
Center attracts visitors from a wider trader area, known as a destination with interesting retail / dining options and entertainment
New $16m park project can be an outdoor anchor to help further activate center Opportunity for new retail, site updates, activities
Whizin Market
Square LLC
~8.0 AC
The Canyon, restaurants,
small retailers
Whizin Roadside LLC
~4.9 AC
DIY Home Center
28826 Roadside Drive LLC
~0.33 AC
Source: CoStar, updated August and September 2024
KOSMONT COMPANIES | 39

OTHER OPPORTUNITY SPACES
Agoura Hills City Mall
5839 – 5915 Kanan Rd
Former Howard’s Appliances
28610 Canwood St
Former Islands Restaurant
29271-29291 Agoura Rd
Neighborhood Center with small restaurants / retailers / local services, located near VONS and Ralph’s shopping
centers; 9,487 SF vacant
Multiple spaces available
485 – 9,487 SF (2,516 SF. max. contiguous)
$33 – 42 / SF NNN Asking (Retail)
$27 – 30 / SF Asking (Office)
Freestanding retail building near Agoura Gateway Center (design center); space formerly occupied by Howard’s
Appliances
30,891 SF available at $17.40 / SF
For Sale: $8,500,000
Neighborhood Center with small restaurants / retailers / services located near CA-101
Former Islands Restaurant Space available at Corner of
Agoura Rd and Kanan Rd
5,334 SF available at Est. $35 – 43 / SF
Source: CoStar, updated August and September 2024
KOSMONT COMPANIES | 40
PLACER.AI VISITOR ANALYTICS
KOSMONT COMPANIES | 41

VISITOR / MARKET DATA
PLACER.AI – SUMMARY
Placer.ai is a mobility data provider that tracks daily movement of over 30 million people in the U.S. via anonymized mobile app data. This information reveals customer and employee travel trends to/from major events, shopping centers, major retailers and other places of interest – providing insight into store/center trade areas, hourly and daily visitation statistics, and consumer demographic characteristics.
 Shopping Center Performance: Shopping centers in Agoura Hills show relatively strong / stable performance metrics and visitor attraction. They have generally average performance (based on number of visits) compared to other shopping centers within 15 miles of the Site, though anchor performance is average-to-low compared to other locations of the respective chains in the 15-mile market area (perhaps reflective of higher visit counts in more urbanized areas). Strong visitor demographics (income levels, education).
 Trade Area: Shopping centers located near the Site show a strong draw from local neighborhoods, as well as some draw from other local communities. Grocery-anchored centers have a more localized trade area, while Whizin Market Square draws from a larger geographic area. Nearby competitive shopping centers in other communities also draw visits from Agoura Hills residents.  Favorite Places: Local resident favorite places show strong patronage of existing shopping centers and retail establishments in the immediate area near the Site, though many also visit locations in nearby cities, particularly Westlake Village and Thousand Oaks.

This highlights regional competition, but could also highlight some opportunities to capture greater local sales.

Sources: Placer.ai (Accessed May / June 2024)
KOSMONT COMPANIES | 42

SHOPPING CENTER SUMMARY

VISITOR OVERVIEW
Past 12 months Center Description
Est.

Total
Store
Visits
Est.

Unique
Visitors
Avg
Visits
Per
Visitor
Visits YoY
% Change
Median
Length of
Stay
(min)
Visitor
Average HH
Income
Visitor
Bach
Degree+
% Visits from
Visitors with
Homes <5
Miles Away
Category
Rank
Percentile:
15 mi Radius
Anchor
Chain Percentile
(30 Mile Radius)
Whizin Market
Square
Neighborhood Center
126,200 SF 1,407,600 392,300 3.6 12.6% 77 $203,000 59% 35% 30% Agoura Design
Center
Community Center
118,300 SF 103,700 23,100 4.6 -25.1% 58 $179,000 55% 43% 4% Agoura Meadows Neighborhood Center
104,900 SF 1,807,500 254,200 7.1 5.4% 16 $207,000 62% 64% 55% Vons: 16%CVS: 70% Twin Oaks
Shopping Center
Neighborhood Center
102,400 SF 1,752,500 220,500 7.9 -1.2% 17 $205,000 62% 65% 50% Ralphs: 4% The Shops at
Oak Creek
Neighborhood Center
29,800 SF 1,230,200 211,800 5.8 7.2% 19 $203,000 63% 61% 25% Trader Joe's: 37% Centers in Nearby Cities
Shoppes at
Westlake Village
Lifestyle Center
243,300 SF 4,022,900 711,800 5.7 3.3% 28 $191,000 58% 45% 94% Target: 45% Westlake Village
Marketplace
Community Center
155,700 SF 2,283,900 343,900 6.6 4.7% 19 $190,000 59% 59% 71% Smart & Final: 62% The Summit at
Calabasas
Neighborhood Center
71,600 1,417,000 327,200 4.3 19.4% 23 $207,000 61% 34% 33% Erewhon: 62% Sources: Placer.ai (Accessed May 2024)
Note: All visits (>1 minute in length); Category Rank represents the percentile score (based on number of visits) of the shopping center compared to other shopping centers within 15 miles of the center. Anchor rank represents the percentile score of the anchor location compared to other locations of that particular chain within 30 miles.

KOSMONT COMPANIES | 43

SHOPPING CENTER

VISIT DATA
PLACER.AI

SUMMARY
Agoura Hills Shopping Centers
70% True Trade Area
Sources: Placer.ai (Accessed May 2024)
Note: Based on 70% True Trade Area of visitor home locations to Agoura Meadows, Twin Oaks Shopping Center, and The Shops at Oak Creek shopping center The Placer.ai True Trade Area
boundaries for Agoura Meadows,
Twin Oaks, and Shops at Oak
Creek shopping Centers (based
on the home locations of actual
visitors) show that these centers
primarily serve local Agoura Hills
residents as well as those from
nearby communities.

KOSMONT COMPANIES | 44

SHOPPING CENTER

VISIT DATA
PLACER.AI

SUMMARY
Whizin Market Square
70% True Trade Area
The Placer.ai True Trade Area
boundaries for Whizin Market
Square (based on the home
locations of actual visitors) show
that this center has a wider trade
area, serving both local residents
as well as visitors from Thousand
Oaks, Woodland Hills, and
beyond.

Sources: Placer.ai (Accessed May 2024)
Note: Based on 70% True Trade Area of visitor home locations to Whizin Market Square
KOSMONT COMPANIES | 45

SHOPPING CENTER

VISIT DATA
PLACER.AI

SUMMARY
Competitive Shopping Centers
70% True Trade Area
The Summit
at Calabasas
Shoppes at
Westlake Village
The Placer.ai True Trade Area
boundaries for the Shoppes at
Westlake Village and the Summit
at Calabasas (based on the home
locations of actual visitors)
demonstrate an example of the
“barbell effect” – how centers on
either side of Agoura Hills draw
visitors from surrounding
communities as well as the City,
presenting a competitive challenge
to the City.

Sources: Placer.ai (Accessed May 2024)
Note: Based on 70% True Trade Area of visitor home locations to Shoppes at Westlake Village and The Summit at Calabasas
KOSMONT COMPANIES | 46

AGOURA HILLS RESIDENTS
TOP VISITED PLACES – PLACER.AI
 Placer.ai was used to analyze the residents of the City as well as residents who live within a 5-mile radius of CA-101 / Kanan Road to understand the favorite retail establishments, restaurants, and other places of interest for people in the core trade area around the Site. This provides information in the tastes and preferences of the consumers in the trade area.
 This data shows that the local shopping centers and retailers fill many of the key needs of local residents, and that the City also faces competition with Shopping Centers, Restaurants, and Leisure / Recreation venues in nearby communities – particularly Westlake Village and Thousand Oaks.

Sources:

Placer.ai; Percentage reflects the percentage of residents who visited each location at least once within the past year. Places are reflective of locations tracked by Placer.ai and may be missing some retail locations, particularly small / independent retailers.

KOSMONT COMPANIES | 47

FAVORITE PLACES

CITY RESIDENTS
Location City Dist %
Shopping Centers
Shoppes at Westlake Village Westlake
Village 1.9 83%
Agoura Meadows Agoura Hills 0.2 81%
Twin Oaks Shopping Center Agoura Hills 0.4 76%
The Oaks Thousand Oaks 7.6 74%
Westlake Village Plaza Westlake
Village 1.9 73%
The Shops at Oak Creek Agoura Hills 0.3 68%
Whizin Market Square Agoura Hills 0.6 67%
Westlake Plaza and Center Westlake
Village 3.7 65%
The Promenade at Westlake
Village
Westlake
Village 3.5 65%
Janss Marketplace Thousand Oaks 6.9 59%
North Ranch Gateway Thousand Oaks 1.8 57%
North Ranch Shopping Center Thousand Oaks 3.7 52%
Agoura Hills City Mall Agoura Hills 0.5 50%
29045 Agoura Rd Shopping
Center Agoura Hills 0.5 44%
Westfield Topanga Canoga Park 9.4 43%
Location City Dist %
Restaurants
Wood Ranch BBQ & Grill Agoura Hills 0.5 35%
The Stonehaus Westlake
Village 3.3 21%
BJ's Restaurant and Brewhouse Westlake
Village 3.7 19%
Lure Fish House Westlake
Village 2.3 17%
Farfalla Trattoria Westlake
Village 3.5 17%
Lazy Dog Restaurant & Bar Thousand Oaks 7.4 14%
The Stand Thousand Oaks 3.7 14%
Brent's Delicatessen &
Restaurant
Westlake
Village 3.6 14%
Marmalade Cafe Calabasas Calabasas 6.6 14%
Finney's Crafthouse Westlake
Village 3.7 13%
King's Fish House Calabasas 6.8 12%
Natural Cafe Westlake
Village 3.7 12%
BASTA Restaurant Agoura Hills 0.6 12%
Stonefire Grill Thousand Oaks 4.0 12%
Maral Cuisine Agoura Hills 0.5 11%
Location City Dist %
Leisure
Regency Agoura Hills Stadium Agoura Hills 0.5 33%
AMC Thousand Oaks 14 Thousand Oaks 7.4 24%
Cinepolis Thousand Oaks 3.5 19%
Regal Janss Marketplace Thousand Oaks 7.1 16%
Bowlero Woodland Hills Woodland Hills 7.6 10%
Fred Kavli Theater at the
Thousand Oaks Civic Thousand Oaks 5.2 8%
Hollywood Bowl Los Angeles 24.3 8%
Pantages Theater Los Angeles 25.1 7%
Oaks Christian Sotelo Aquatic
Center
Westlake
Village 2.8 5%
K1 Speed Thousand Oaks 9.9 5%
Golf 'N' Stuff Ventura 26.9 4%
Regal Edwards Calabasas Calabasas 6.6 4%
Studio CT Agoura Hills 0.6 4%
The Getty Los Angeles 17.2 3%
AMC Fallbrook 7 West Hills 8.3 3%
Sources:

Placer.ai; Percentage reflects the percentage of residents who visited each location at least once within the past year. Places are reflective of locations tracked by Placer.ai and may be missing some retail locations, particularly small / independent retailers.

KOSMONT COMPANIES | 48

FAVORITE PLACES
5-MILE RADIUS RESIDENTS
Location City Dist %
Shopping Centers
Shoppes at Westlake Village Westlake
Village 1.9 77%
The Oaks Thousand Oaks 7.7 71%
Westlake Plaza and Center Westlake
Village 3.8 68%
The Promenade at Westlake
Village
Westlake
Village 3.6 64%
Westlake Village Plaza Westlake
Village 2.0 62%
North Ranch Shopping Center Thousand Oaks 3.8 59%
Janss Marketplace Thousand Oaks 7.1 57%
Whizin Market Square Agoura Hills 0.4 55%
Agoura Meadows Agoura Hills 0.5 53%
North Ranch Gateway Thousand Oaks 1.9 50%
Twin Oaks Shopping Center Agoura Hills 0.7 48%
The Shops at Oak Creek Agoura Hills 0.2 47%
Westfield Topanga Canoga Park 9.4 44%
Northgate Plaza Westlake
Village 3.7 44%
Westlake Commons Westlake
Village 3.6 41%
Location City Dist %
Restaurants
Wood Ranch BBQ & Grill Agoura Hills 0.3 25%
The Stonehaus Westlake
Village 3.3 22%
BJ's Restaurant and Brewhouse Westlake
Village 3.8 19%
Farfalla Trattoria Westlake
Village 3.6 16%
Lure Fish House Westlake
Village 2.4 16%
Brent's Delicatessen &
Restaurant
Westlake
Village 3.7 15%
Finney's Crafthouse Westlake
Village 3.8 15%
King's Fish House Calabasas 6.8 14%
The Stand Thousand Oaks 3.7 14%
El Sanchito Thousand Oaks 3.8 14%
Lazy Dog Restaurant & Bar Thousand Oaks 7.5 13%
Natural Cafe Westlake
Village 3.8 12%
Stonefire Grill Thousand Oaks 4.1 12%
Marmalade Cafe Calabasas Calabasas 6.6 12%
Sharky's Woodfired Mexican
Grill
Westlake
Village 3.8 11%
Location City Dist %
Leisure
Cinepolis Thousand Oaks 3.6 24%
AMC Thousand Oaks 14 Thousand Oaks 7.5 24%
Regency Agoura Hills Stadium Agoura Hills 0.3 20%
Regal Janss Marketplace Thousand Oaks 7.2 14%
Bowlero Woodland Hills Woodland Hills 7.6 8%
Fred Kavli Theater at the
Thousand Oaks Civic Thousand Oaks 5.4 7%
Pantages Theater Los Angeles 25.1 7%
Hollywood Bowl Los Angeles 24.2 6%
Oaks Christian Sotelo Aquatic
Center
Westlake
Village 2.9 5%
K1 Speed Thousand Oaks 10.0 4%
Lucky Strike Moorpark Moorpark 11.1 4%
Regal Edwards Calabasas Calabasas 6.6 4%
AMC Fallbrook 7 West Hills 8.4 4%
Regal Cinema Simi Valley 9.9 3%
Golf 'N' Stuff Ventura 27.0 3%
Sources:

Placer.ai; Percentage reflects the percentage of residents who visited each location at least once within the past year. Places are reflective of locations tracked by Placer.ai and may be missing some retail locations, particularly small / independent retailers.

KOSMONT COMPANIES | 49

RETAILER VOID &

MATCH ANALYSIS
PLACER.AI
To identify potential chains for the Site,
Placer.ai’sVoid Analysis Tool analyzed the
drive time trade area around CA-101 &
Kanan Road and compared it to trade
area data for retailer brands.

This analysis determines which chains may
be a good fit, based on a variety of
demographic metrics and the level of
trade area overlap with existing retailer
locations.

The lists on the following page identify
potential retailers. List filtered for chains
with positive in-state expansion rates,
nearest location at least 150 miles away,
and excludes chains with a >95%
cannibalization score.

Sources: Placer.ai
Score Description How to Interpret
Demographic
Fit Score
The demographic fit score measures how well a
prospective retailer fits the demographic profile of a
property.

The demographic fit score combines the similarity
scores for demographic attributes such as household
income distribution, educational attainment, ethnicity, age, household type, and marital status – essentially
measuring the shared level between the property and
the prospective retailer.

Demographic fit scores and attribute
similarity scores that are closer to 100 are
a better match.

A demographic fit score of 0 would mean
there is no demographic similarity
between the local trade area and the trade
areas of the retailer chain.

Cannibalization
Score
The cannibalization score measures the estimated
overlap between the studied trade area and the trade
areas of existing retail store locations nearby.

This overlap assesses how much a new store for that
brand would “cannibalize” consumers that are already
served by existing nearby locations of that brand.

Cannibalization scores closer to 0 are a
better match.

A cannibalization score of 100 would
imply full cannibalization – meaning that
the trade area for a new store in the area
would draw consumers that are already
served by the retail brand’s existing nearby
stores.

Relative Fit
Score
The relative fit score combines demographic fit scores, cannibalization score, and other metrics (such as
average monthly visits) to arrive at one simplified score.

Relative fit scores that are closer to 100
are a better match.

A relative fit score of 100% indicates the
chain is the highest-ranked match relative
to the full list of chains that were
examined.

KOSMONT COMPANIES | 50
PLACER.AI VOID ANALYSIS

RESTAURANTS / BARS & PUBS
Source: Placer.ai; retailer list filtered for retailers / chains that operate in state, have a location less than 150 miles away, and are listed by Placer.ai as having a positive expansion rate in California. List of top 20 retailers by Relative Fit Score
Chains Max Size (SF)
Typical
Trade Area
Drive Time
(min)
Avg. Monthly Foot
Traffic
Nearest
Venue
(mi)
# of
Venues
(State)
Expansion
Rate
(State)
Demographic Fit
Score
CannibalizationRelative
Fit Score
Marugame Udon 4,800 13 14,300 20 13 30 80 2 96
Yoshiharu 3,500 13 3,800 43 11 22 57 0 87
Honest Restaurant 6,900 18 3,300 44 2 100 90 4 82
Postino 8,000 15 12,500 62 3 50 77 0 75
Ono Hawaiian BBQ 4,000 8 9,000 17 94 1 39 0 73
Luna Grill 4,600 10 4,500 18 44 2 62 0 71
Kura Revolving Sushi Bar 6,300 12 12,700 19 19 12 64 0 64 Texas Roadhouse 11,500 18 34,300 73 19 6 58 0 62
Ruth's Chris Steak House 16,400 20 5,900 10 12 9 91 46 62 Il Fornaio 14,600 15 11,700 9 15 7 91 48 61
L&L Hawaiian Barbecue 3,600 9 4,900 15 97 2 49 0 61
The Great Greek Mediterranean Grill 3,300 15 4,100 27 6 100 61 0 60 Roll-Em-Up Taquitos 4,600 14 5,800 36 10 11 46 0 59
CAVA 4,900 12 6,800 9 24 41 72 26 56
BonChon Chicken 4,300 11 3,900 37 25 9 56 0 56
NORMS 9,300 13 28,300 19 25 4 40 0 56
North Italia 9,000 17 17,400 9 7 17 91 62 55
Sweetfin Poke 1,600 11 1,400 9 19 12 66 17 55
I Heart Mac & Cheese 3,000 13 2,400 23 4 33 54 0 55
Urban Plates 7,000 14 13,800 7 18 6 87 78 54
KOSMONT COMPANIES | 51
PLACER.AI VOID ANALYSIS

QSR / FAST FOOD / BREAKFAST / COFFEE
Source: Placer.ai; retailer list filtered for retailers / chains that operate in state, have a location less than 150 miles away, and are listed by Placer.ai as having a positive expansion rate in California. List of top 20 retailers by Relative Fit Score
Chains Max Size (SF)
Typical
Trade Area
Drive Time
(min)
Avg. Monthly Foot
Traffic
Nearest
Venue
(mi)
# of
Venues
(State)
Expansion
Rate
(State)
Demographic Fit
Score
CannibalizationRelative
Fit Score
Crimson Coward 3,100 14 4,600 39 5 25 46 1 87
Blenders in the Grass 2,600 11 5,700 17 19 6 51 0 82
Curry Pizza House 2,900 17 2,000 70 18 20 88 0 82
West Coast Sourdough 2,500 16 3,100 82 38 3 62 0 81
Starbird Chicken 3,500 14 10,000 22 13 8 83 0 79
Burger Lounge 3,400 12 5,600 13 24 4 84 1 79
Snooze 7,100 17 9,400 52 7 17 80 0 76
85 Degrees C Bakery Cafe 6,900 11 18,600 9 46 5 56 0 68 Bluestone Lane 3,800 13 3,400 18 19 12 69 1 67
Nekter Juice Bar 2,800 8 2,400 22 83 4 64 0 63
Me-N-Ed's Pizzeria 6,300 8 6,600 26 55 2 39 0 62
Better Buzz Coffee Roasters 3,200 11 12,300 73 22 38 60 0 60 Van Leeuwen Artisan Ice Cream 2,200 7 5,300 10 9 13 57 15 60 Ike's Love & Sandwiches 3,100 12 3,900 7 77 5 75 25 59
Haagen-Dazs 2,000 14 3,600 24 14 8 63 6 59
Paris Baguette 5,700 8 13,300 9 56 6 62 8 59
Planet Smoothie 2,400 14 3,000 128 2 100 57 0 57
Gong Cha 3,000 12 2,700 24 16 7 57 0 57
Mountain Mike's Pizza 6,100 8 3,600 26 255 1 43 0 55
Juice It Up! 2,400 8 3,500 23 86 4 42 0 55
KOSMONT COMPANIES | 52
PLACER.AI VOID ANALYSIS

SELECT RETAIL CATEGORIES
Source: Placer.ai; retailer list filtered for retailers / chains that operate in state, have a location less than 150 miles away, and are listed by Placer.ai as having a positive expansion rate in California. List of top 20 retailers by Relative Fit Score
Chains Max Size (SF)
Typical
Trade Area
Drive Time
(min)
Avg. Monthly Foot
Traffic
Nearest
Venue
(mi)
# of
Venues
(State)
Expansion
Rate
(State)
Demographic Fit
Score
CannibalizationRelative
Fit Score
TravisMathew 5,200 17 3,900 20 12 9 94 1 87
Evereve 6,000 14 2,400 27 5 67 90 0 84
Eileen Fisher 5,700 15 1,600 21 9 13 89 0 83
Levi's 5,500 18 2,500 9 16 23 86 17 82
The North Face 11,400 21 7,200 59 15 25 87 0 82
Perspire Sauna Studio 3,000 14 1,400 14 15 50 86 3 79
Allbirds 5,300 20 2,900 20 14 8 82 12 71
Bottega Veneta 3,500 15 1,600 21 12 33 75 0 71
YETI 6,100 11 7,700 27 3 50 74 0 71
Veronica Beard 3,400 18 1,600 15 8 60 75 1 70
Dogtopia 11,800 9 2,300 33 12 9 74 0 70
Bricks & Minifigs 5,700 18 2,200 35 18 50 74 0 70
Dr. Martens 2,600 7 2,200 9 21 5 60 2 68
Nike 13,100 11 7,900 18 17 31 69 0 68
Purple Mattress Showroom 7,500 14 2,000 18 11 10 70 0 67 Three Dog Bakery 3,000 12 2,800 14 3 50 70 2 67
Modern Animal 8,000 10 1,800 20 15 36 70 1 66
Indochino 2,700 13 1,200 18 10 11 68 0 66
Alo Yoga 9,200 8 7,000 9 17 55 70 7 64
KOSMONT COMPANIES | 53
PLACER.AI VOID ANALYSIS

FITNESS
Source: Placer.ai; retailer list filtered for retailers / chains that operate in state, have a location less than 150 miles away, and are listed by Placer.ai as having a positive expansion rate in California. List of top 20 retailers by Relative Fit Score
Chains Max Size (SF)
Typical
Trade Area
Drive Time
(min)
Avg. Monthly Foot
Traffic
Nearest
Venue
(mi)
# of
Venues
(State)
Expansion
Rate
(State)
Demographic Fit
Score
CannibalizationRelative
Fit Score
Life Time 171,800 8 41,800 61 7 17 92 0 90
Yoga Six 4,800 8 1,800 14 45 10 89 0 83
barre3 4,200 10 2,000 21 9 13 89 0 83
The Bay Club 395,400 8 37,200 19 23 10 82 0 81
Body Fit Training 7,700 8 1,500 17 8 60 79 0 75
Title Boxing Club 8,700 9 2,400 56 7 17 74 0 71
Barry's Bootcamp 8,100 10 3,100 18 17 6 73 0 70
solidcore 3,600 8 2,300 18 6 20 72 0 69
Burn Boot Camp 9,700 9 4,000 60 6 20 71 0 68
YMCA 80,400 8 17,400 9 131 3 66 0 66
D1 Sports Training 17,400 8 1,900 57 4 300 67 0 65
Chuze Fitness 57,900 6 41,800 35 22 5 42 0 59
Equinox 47,200 7 14,400 3 31 3 76 53 57
HOTWORX 4,000 10 1,800 24 28 47 53 0 53
Planet Fitness 37,800 8 25,300 9 195 4 46 0 51
In-Shape Health Clubs 59,700 6 29,000 47 63 40 41 0 47
Gold's Gym 55,900 8 18,000 7 32 7 56 30 42
Club Pilates 3,800 8 2,300 4 151 4 78 69 40
KOSMONT COMPANIES | 54
PLACER.AI VOID ANALYSIS

ATTRACTIONS, THEATERS, AND VENUES
Source: Placer.ai; retailer list filtered for retailers / chains that operate in state, have a location less than 150 miles away. This list ignores expansion rate.

Chains Max Size (SF)
Typical
Trade Area
Drive Time
(min)
Avg. Monthly Foot
Traffic
Nearest
Venue
(mi)
# of
Venues
(State)
Expansion
Rate
(State)
Demographic Fit
Score
CannibalizationRelative
Fit Score
Golftec 5,200 11 1,200 10 25 -4 80 0 75
Topgolf 290,400 30 33,400 27 5 25 94 39 71
Century Theatres 96,800 11 63,600 20 37 -5 51 0 70
Round1 Entertainment 109,300 20 41,500 26 11 0 61 11 70 Alamo Drafthouse Cinema 54,400 12 35,100 30 2 0 66 0 68 Harkins Theatres 90,200 11 70,800 43 4 0 46 0 66
IMPROV 15,400 18 7,800 23 6 0 74 14 64
Soho House 27,500 16 12,100 9 4 0 70 10 64
Pinot's Palette 4,700 13 2,000 35 12 0 63 3 60
Lucky Strike Entertainment 47,800 17 14,700 11 5 25 61 27 58 Cinemark 95,500 15 54,200 24 18 6 50 0 57
Studio Movie Grill 71,600 11 31,100 9 3 0 51 0 55
iFLY 10,900 34 2,900 23 6 0 94 80 47
Cinepolis 65,100 13 32,400 3 11 10 79 73 42
K1 Speed 109,100 17 8,300 10 16 -6 71 66 36
Bowlero 67,100 13 12,200 8 44 2 52 55 27
Chuck E. Cheese 22,300 24 5,900 7 75 3 62 75 24
Dave & Buster's 73,900 21 27,200 7 20 0 69 93 23
Regal Cinemas 98,800 15 36,500 7 84 -1 62 87 21
KOSMONT COMPANIES | 55

TOOLKIT
KOSMONT COMPANIES | 56

ECONOMIC DEVELOPMENT TOOLKIT OVERVIEW
Business Expansion, Attraction, and Retention (BEAR) Focus on business and developer outreach to support existing / new businesses and deliver quality jobs and fiscal revenues
Zoning & Land Use Zoning and entitlements create value; capture the value from zoning changes to link new density to community benefits and public amenities.

Revenue Replacement Tools (STAR*) ® Create general fund revenues through development agreements / public-private partnerships
Real Estate Strategies Use strategies to better utilize the value of city properties – performance-based leases / ground leases, monetizing assets
Grants and Other Public Funding Pursue grant funds available at the state and local level for infrastructure, housing, and other projects.

Public-Private Partnerships Share risks and rewards of development with private sector project developers for catalytic projects
Tax Incentives Provide additional project revenues and increase project feasibility through tax agreements and incentives
Marketing Activities Market the City, its businesses, and events to local / regional residents and tourists Special Districts for Infrastructure Financing
CFD’s, EIFD’s, CRD’s
Use TIF and other district tools (such as Enhanced Infrastructure Financing Districts – EIFDs, Climate Resilience Districts, and Community Facilities Districts) to capture taxes from assessed value increases to fund infrastructure needs.

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BUSINESS ATTRACTION
Business Expansion, Attraction, and Retention (BEAR) strategies focus on business and developer outreach to deliver quality jobs and fiscal revenue. Different strategies to consider include:
• Support: Help existing business through regular check-ins, assistance with resources, and networking opportunities
• Marketing: Highlight the City as a business-friendly destination with community assets, talented workforce, and success stories
• Outreach: Conduct target outreach to developers, businesses, and brokers with opportunity site marketing collateral, correspondence, meetings / site tours, and participation at industry events • Collaboration: Foster a supportive environment between businesses, universities, industry groups, and government entities
• Incentives / Regulatory Reform: Consider regulatory reform efforts, such as permit streamlining, development code changes, and other policies to foster a business-friendly environment KOSMONT COMPANIES | 58

ZONING AND LAND USE STRATEGIES

ENTITLEMENT AND PERMITTING PROCESSES
Permitting processing delays (i.e. Zoning Variances,
Conditional Use Permits) have the potential to tie up
private resources and discourage investor interest, it
can have a significant impact on business formation and economic activity.

Permit processing for new businesses can be an
expensive and high-risk endeavor – often featuring
multiple public meetings, and uncertainty whether
permits will ultimately be approved.

At the same time, planning and building departments
can have strained resources and staffing, increasing
application review time and limiting staff resources to assist applicants.

Key Strategies include:
•Increase Flexibility: Review and revamp zoning and permitting requirements to ensure flexible requirements that can accommodate market and changing business and customer dynamics.
•Streamline Process: Identify business and project categories that are particularly beneficial and create a fast and predictable process for review / approval.
•Encourage Active Uses: Provide an easy permit process for interesting and dynamic uses – such as pop-up users, live music / events, outdoor dining permits, and artistic improvements / installations – that can enhance the area.
•Incentivize Reuse of Struggling Spaces: Provide flexible building permit rules for properties suited for adaptive reuse and incentivize conversion of vacant commercial buildings into other uses (such as office, hotel,residential).
•Specialize: Tailor requirements for infill development to recognize the often-challenging circumstances involved in infill developments.

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REPLACE TAX REVENUES VIA DEVELOPMENT
AGREEMENTS & P3S
Project would result in
a loss in retail sales
tax revenues resulting
from non-sales tax
generating uses
(e.g. industrial)
Analyze sales tax
revenue loss potential of
opportunity sites &
zoning designations to
understand scale
Create equivalent General
Fund revenue through
entitlement document /
development agreement
Or operating covenant agmt.
(Tax Equivalency as currency)
STAR* Case Study: Jurupa Valley – Agua Mansa Commerce Park Site • ~280-acre site (originally planned for retail)
• Proposed 3.6 million SF industrial development project • STAR analysis estimated annual sales tax in-lieu payment of ~$362,500 Replace Revenue with Sales Tax Assessment Revenue (STAR*)® KOSMONT COMPANIES | 60

REAL ESTATE STRATEGIES

PRIVATELY-OWNED PROPERTY
Cities can pro-actively reach out to select private property owners to facilitate real estate developments to advance the City’s economic development goals.
 Property Owner Outreach – collaborate with property owners to understand their plans for properties, challenges that they face with development, and opportunities that may align with economic development goals.  Rehabilitation / Renovation – encourage rehabilitation and/or renovation of facilities, signage or store-front facades; can include public programs such as façade improvement loans / grants, or assisting with identifying other sources of funding
 Marketing – Conduct marketing activities, such as developer or building outreach, in coordination with property owner
 Public-Private Partnerships (P3) – Enter into formal partnerships with property-owners that commit city resources to fund improvements that will advance both the property owner’s goals for development and the City’s goals for economic development
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SUBSIDIES / TAX-SHARING AGREEMENTS
Cities can offer property tax abatements, sales tax rebates, hotel tax rebates, and other tax-related incentives to increase project revenues and improve a project’s financial feasibility. While these tools are not used frequently, they include:
 Direct Subsidies: a City / County can provide funds directly to a project, or otherwise fund on-site improvements, using general fund revenues  Sales Tax Reimbursement Pledges: a City / County enters into an agreement with a developer / business to either reimburse or share a portion of the sales tax revenues generated by a project with the business owner or developer. The percentage of sales tax revenues committed, the duration of the pledge, and other benchmarks / performance requirements.
 Property Tax Reimbursement Agreements: a City / County enters into an agreement with a developer / business to reimburse or share a portion of the property tax revenues generated by a project with the business owner or developer.

The percentage of property tax revenues committed, the duration of the pledge, and other benchmarks / performance requirements
Subsidy / Tax-Sharing
Agreement Challenges
Prevailing Wage
Subsidies / tax-sharing agreements
may trigger prevailing wage
requirements for a project, increasing
labor costs.

Cost / Impact on Tax Base
Subsidies / tax-sharing agreements
may put pressure on local
government budgets
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SPECIAL DISTRICTS FOR INFRASTRUCTURE FINANCING
Public agencies can utilize a variety of tax increment financing (TIF) district tools to fund infrastructure projects that can help to motivate private investment. This includes Enhanced Infrastructure Financing Districts (EIFDs), community facilities districts (CFDs), and business improvement districts (BIDs). These special districts are not mutually exclusive, and can work well together to advance goals of motivating private investment.

Enhanced Infrastructure Financing Districts (EIFDs) may be well suited for some of the Region’s opportunity areas that have significant infrastructure needs (roads / connectivity, water / sewer, electricity, telecom / broadband, etc.).

EIFDs utilize property tax revenues from new development to finance public infrastructure projects without introducing new or increased taxes.

EIFD project areas do not have to be contiguous, allowing them to target specific areas of high development and high infrastructure need.

The district commitment of revenues toward infrastructure can induce private sector investment, accelerate growth, create jobs, and capture / grow fiscal revenues.

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SPECIAL DISTRICTS FOR INFRASTRUCTURE FINANCING

OTHER DISTRICT TOOLS
Property Business
Improvement
Districts (PBID)
Property Business Improvement Districts are special assessments levied on real property to fund improvements and promote activities the benefit the properties located within the PBID area. This includes capital improvements, parking facilities, street / streetscape improvements, lighting and landscaping, marketing and promotion, and business attraction / retention. The special assessment amount that each property owner pays must be directly proportional to the benefit received.

Community
Facilities District
(CFD)
Community Facility Districts are a new property assessment or ”special tax” that appears as a separate line item on a tax bill and can be used to fund infrastructure / services that benefit the property. This includes transportation, parking, street / utility improvements, hazardous waste remediation, street lighting / sidewalk, and public services. CFDs are useful because they provide early financing for a variety of critical services and infrastructure. CFDs also pair well with EIFDs as a value capture strategy – with CFDs providing early funding and EIFDs providing funds as projects are constructed, and tax increment grows.

Parking Authority
District
Parking Authority Districts can utilize a variety of funding sources – including bonds, ad valorem taxes, user fees, parking meter charges, parking revenues, and City / County contributions – to fund improvements such as parking lots, structures, and alterations to circulatory infrastructure to facilitate ingress and egress.

Climate
Resilience
District (CRD)
Climate Resilience Districts are a new type of district can fund projects to mitigate climate change. These districts have broad financing powers, and can fund a wide range of eligible projects, including projects that address sea level rise / flooding, extreme weather, wildfire, and drought.

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RETAIL TRENDS AND CASE STUDIES
KOSMONT COMPANIES | 65

THE EVOLUTION OF RETAIL CENTERS
Essential – Historically, downtown shopping districts were the center of the universe and a community’s primary draw, bringing a local character to shopping, dining, and entertainment.

Emergence – The first enclosed shopping mall was designed by Victor Gruen in the 1950s, bringing a revolutionary shopping concept to the suburbs.

Expansion –Mall concepts grew tremendously through the 1960s – 1980s, with new malls constructed as regional centers.

Enlargement – The spread of enclosed malls gave way to power centers and big box retail in the 1990s, fixated on even greater sizes of retail spaces.

Elevation – Lifestyle centers focus on upscale consumers and luxury brands, with boutique collections of stores paired with leisure amenities and landscaped designs in the 2000s.

Evolution – Recent store closures, brought upon by the rise of online-shopping and shifting consumer tastes, have led to greater mall vacancies and struggling downtown districts, reinforcing the need to create blended use and “think outside the box.” KOSMONT COMPANIES | 66
Essential Downtown District Emergence Enclosed Mall Expansion Regional Mall Enlargement Power Center Elevation Lifestyle Center Evolution Blended Use

THE EVOLUTION OF RETAIL CENTERS
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GROWTH IN E-COMMERCE DISRUPTING RETAIL
Source: FRED (Accessed 2024)
https://chainstoreage.com/adobe-prime-big-deal-days-helps-october-online-spending-break-records  E-commerce jumped by 30% during the Covid-19 pandemic and remain around 15.5% of total sales.
 E-commerce Retail Sales totaled over $1.1 trillion in 2023.  Buy Now, Pay Later (BNPL) are also driving sales, with flexible payment services accounting for ~$59 billion in retail sales in 2023 YTD, up almost 15% YoY.
 Online spending via mobile devices hit a record ~$36
billion in October 2023, up 47% YoY – driven by better mobile shopping experiences.
 Curbside pickup accounted for 18% of orders in
October 2023, for retailers who offer the service - consumers look to cut back on shipping costs / shipping delays.
 Estimated 150 million consumers with Amazon Prime
memberships in the U.S.
 Online e-commerce is here to stay!
0 2
4 6
8 10
12 14
16 18
-
200
400
600
800
1,000
1,200
E-Commerce Share of Total Retail Sales (Percent)
E-Commerce Retail Sales
(Billions of Dollars)
U.S. E-Commerce Retail Sales
E-Commerce Retail Sales
E-commerce Share of Total Retail Sales
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NEW VOCABULARY OF INNOVATION
Telecommuting BOPIS & Pickup
Driverless Delivery Re-dustrial
Retail Reimagining
Frictionless Retail Ghost Kitchens
Drone Delivery
KOSMONT COMPANIES | 69
Retail It’s About Innovation
Convenience
It’s About
Experience
It’s About
Blended Use
KOSMONT COMPANIES | 70
Housing is Not a
Loss Leader, it’s a
Growth Driver
Retail is Not Just
Retail Anymore
Telework is
Reconfiguring Office
Industrial /
Distribution is
Critical for Your
Economy
Housing Creation as
Economic Development
Retail Reimagination as
Economic Development
Office Conversions as
Economic Development
Industrial & Fulfillment as
Economic Development
New housing can generate
significant new tax revenues and
support local jobs
Housing is not necessarily a net
negative fiscal impact, especially at
current property values
Housing is a big driver of project
value
U.S. retail over-built and needs
“right sizing;” Covid accelerated
trends; today its about essentials,
experience & e-commerce
Blended/mixed use projects
integrate multiple uses (retail,
housing, open space, creative office,
hotel) onto one site
Telework and work from home
options are reshaping the needs for
office space and business districts
Job redistribution tied to housing
Vacancies and foreclosures
expanding can lead to fiscal impact
pressure
Modern industrial is not “your
father’s” industrial – not
smokestacks
Retail won’t thrive without
distribution
Booming demand for distribution,
e-commerce, and data centers,
blending for fulfillment/delivery, job
creators
KOSMONT COMPANIES | 71

TRENDS IN EXPERIENTIAL RETAIL
 Today’s consumers are interested in visiting shopping centers for a balance of attraction, entertainment, and necessity.

Experiential entertainment and dining concepts are increasingly vital components to retail centers – driving trips, increasing dwell times, and growing sales.
 Location-Based Entertainment (LBE) have been growing in popularity since the Great Recession, and are seeing a further resurgence in the post-COVID economy, where consumers have shown they are willing to buy services that are focused on experiences with friends / family. New concepts are incorporating digital advancement such as augmented reality, virtual reality, Recent popular examples include Top Golf, Dave & Busters, Alamo Drafthouse, Flix Brewhouse, WhirlyBall, Flight Club, Puttshack, F1 Arcade.
 What makes these experiences unique? Distinctive, novelty, compelling, surprising, reinventing, personalized experiences, flavorforward and diverse food / beverage, family-friendly, variety of experiences, accessibility, appealing to all ages and interest levels, inclusive, indoor and outdoor spaces, immersive entertainment, social gaming, digital innovation, live music.  What it means for shopping center development: Incorporating entertainment uses as anchors and gathering places; retrofitting unused space popular due to high construction costs; clustering multiple complementary entertainment concepts together can be strategically mutually beneficial for all. Open-air centers connecting with consumers with placemaking strategies – mix of essentials and experiences, flexible gathering places for hanging out as well as events to increase visits and dwell time, programming to activate spaces (events, art installations, promotions). Pedestrian oriented (parking in rear, connected to main street via paseos and pathways), lush landscaping (trees, grasses, water features).

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WHAT DRIVES AN ENGAGING RETAIL EXPERIENCE?
Thoughtful
Design
Programmed
Outdoor Space
Communal
Elements
Unique
Amenities
Unique Food
Offerings
Curated Retail
Tenants
• Feels like an
exciting
destination
• Celebrates local
character
• Fosters a
specific
vibe/feeling
• Feels fresh and
innovative
• Fun and
welcoming
environment to
gather and hang
• Fresh air
elevates dining
and shopping
experience
• Mood lighting
and aesthetics
lifts the
ambiance
• Shared
community
experiences
• Encourage
conversation
and connection
• Examples:
breweries,
distilleries,
coffee / tea
• Unexpected
entertainment
attracts and
retains
customers
• Memorable and
engaging
• Examples –
arcade games,
photo booths,
lawn games, art
installations
• Interesting and
culturally rich
food options
• Reflects local
flavor, authentic,
interesting
fusion
• Exciting to try,
drives additional
visits
• Tenants and
pop-ups create a
reason to come
• Digital brands
with brick-andmortar spaces
• Curated
products that
create a
desirable
shopping
experience
• Local / exclusive
products
KOSMONT COMPANIES | 73
73 Stone Brewing Beer Garden Communal Outdoor Spaces
Rodeo39 Curated Retail & Food
Shoppes at Chino Hills Upscale Design Elements

ENGAGING RETAIL

EXAMPLES
Dos Lagos Outdoor Amenities Steelcraft Long Beach Curated Food KOSMONT COMPANIES | 74

NEW EXPERIENTIAL ENTERTAINMENT RETAIL

CONCEPTS MERGING ENTERTAINMENT, FOOD, DRINK
Examples
Movie Theater Delivering an improved / luxury theater experience – better seating, design, and food / beverage Alamo Drafthouse,
Bowling Upscale and engaging lounge format Lucky Strike, Bowlmor Small format
sports / activities
Often bar-wrapped concepts that blend activities with technology and hospitality – social sports, rock climbing, ax throwing, laser tag, and trampoline parks
Puttshack, Spin Ping Pong, Bat Box, Beat,
Chicken N Pickle
Large format
sports / activities
Larger indoor / outdoor footprints that often offer a variety of activities and sports
Topgolf, SFC sports facilities, Elev8 Fun, Launch
Entertainment, FunBox Franchise
Gaming and
Arcades
Arcades, escape rooms, arcade bars, pinball, virtual reality gaming, and esports Barcade, Beat the Bomb
Personalized Retail
Services
Clothing, accessories, and technology stores that offer showrooms, in-store services and customization
Curated Food
Halls
Food centers with diverse / curated / boutique / local businesses, small stalls, restaurants, bars, common area tables and gathering places Rodeo 39, Anaheim Packing House, Eataly Interactive
Exhibits Art installations, galleries, and other cultural offerings Department of Wonder, Area15 KOSMONT COMPANIES | 75

EXPERIENTIAL
RETAIL
Gaming / E-Sports / Arcade
Famous Food Street Eats, Las Vegas
Curated Food Hall
Drive-in Movies
Curated Art Installations Engaging Play Areas
AREA15, Las Vegas
Experiential Retail / Entertainment