All tenants inside the glass box building will be presented with a 5 year Triple Net lease with the option of an extended term. Whole Foods who will occupy the 10,00 square feet of space in the DP&L building will be presented with a 10 year lease also with the option to agree to a longer term. Each tenant will have the option to renew before their lease agreement expires. If any tenant is seen as incompatible, after the term of their lease the option to renew will be revoked. To remedy poor performing tenants, a marketing and event planning schedule will be in place at all times. The event planning will be co-managed with LD Unlimited to bring a variety of events to Browder street.
The proposed square footage for Chipotle, Sushi Domo, and the Apple Store are 1,500 sqft. Dunkin' Donuts will occupy the 1,000 sqft space. The reason for this is Dunkin' Donuts proposed hours of operation are 6am-4pm and if they are occupying space in the suite closest to Commerce street, it would give the appearance of the entire building being closed. If at anytime space becomes vacant, Units of America's tenant representatives will implement a marketing campaign to attract potential retail/restaurant/entertainment tenants to the Browder Street Plaza. The proposed hours of operation are: Chipotle 11am-10pm, Sushi Domo 11am-2am, Apple Store 10am-7pm, Whole Foods 9am-10pm.
An outdoor cleaning vendor will be sub-contracted to maintain the Plaza area.
According to Mr. Griffin, the retail leasing specialist, rents for this space could range from $16-$23 per square foot per year. For this proposal we used a rental rate for the glass building of $18 per square foot and for the Dallas Power & Lights space we used a rental rate of $19.50. The rent rate for the Chase Bank ATM is $1,200.
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