If we don’t mandate commercial use, what will happen to all of the stores in Coolidge Corner?
Studies of Harvard Street have confirmed that, for building owners, ground floor retail is the best use of most parcels along Harvard Street, because owners can get the most dollars per square foot through a commercial lease.
In addition to the incentive to maximize the dollars per square foot, we can incentivize ground floor retail to further reduce the risk of losing retail space in Coolidge Corner.
While that risk is not zero percent, the risk of losing ground floor retail in an MBTA-CA compliant district is minimal relative to the likelihood that building owners will take advantage of the economic incentives. In addition, as commercial tenants benefit from a higher density of patrons for their businesses, some of that benefit may flow to building owners in the form of more valuable leases.
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