Economic Outlook for Retail Facilities Development at Universal City, California

MCA Development Company proposed developing a sizable increment of retail space on its Universal City, California property. These facilities would be located on a portion of some 40 acres that was being master planned by William L. Pereira &: Associates, situated east of the Sheraton Universal Hotel and south of the Universal Studios Tour and Universal Amphitheater complex. Conceptual planning called for two interrelated and integrated retail clusters. The objective of the development proposal was to expand off-peak, and especially, nighttime activity at Universal City by capitalizing on the growing onsite visitor and employee population as well as the general resident population in the surrounding vicinity that might not otherwise be drawn to the site. Because there are other potential uses for the land area in question, it was particularly important to determine whether retail development represented an optimum use, including consideration of its impact on such key existing facilities as the Universal Studios Tour. For this reason, plus the need for market support and project content input that definitive land and financial planning, MCA sought an independent assessment of the proposal\u27s market and financial outlook. Harrison Price Company was accordingly retained to conduct the required analysis, the findings of which are presented in a report. The report has the following sections: 1) introduction, 2) summary of findings, 3) site and market analysis, 4) comparable specialty shopping center experience, 5) estimated attendance and physical planning guidelines. The report includes tables and figures