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Business and Employment Development Impacts <br />Based on national average gross leasable area, and state average employment per establishment, the <br />lure <br />projected retail demand. Using these figures, th m <br />e two -ile radius <br />of existing retail leakage and p' <br />project team estimated the total mmmber of businesses and rob s that could be created tong t cap <br />ro l <br />Hance <br />could potentially support up to five new retail establishments and 51 new jobs. These impacts a <br />applying the average annual wages this potential <br />concentrated potentially <br />the sectors of Clothing and Clothing Accessories, Electronics and pp <br />Stores, and Health and personal Care Stores. By <br />job creation could provide around one suggest million <br />otential ito wag c eate between 745nandtneaily 1 100j�new <br />and job development projections sugg P <br />jobs through 2029 in <br />obs n the mile radius. radius This in the same period. en 152 to 195 new businesses s to <br />and 2,800 to 3,600 j <br />Potential Sales Tax Revenue Generation <br />The total additional sales tax generation potential of retail development in the two-mile radius, <br />based on existing 2009 r potential sales leakage, revenues m tely utillion,lariid t By <br />e too-miilerradius over sales tax <br />five i <br />$46 million. Based on projected 2029 retail demand estimates, the total sales tax that could e <br />generated final future <br />and b tutee t $26enillion and $33 million in five mi$e area- <br />Development per year in the <br />two -iml <br />Development opportunities <br />Planned and Proposed Developments <br />There are currently 10 new developments approved si under construction t the Town o <br />Hillsborough. Eight of the approved projects include residential units, with a total of nearly include <br />square feet of <br />single-family and pacelwith'attotal units, and over ' <br />163,000 square of retail units. <br />nd 414`0er 7gcts squ e <br />commercial <br />office space. The largest square feet of office spaocenandstheatov r one m includes nsqua e� foot square <br />feet of retail, 364,000 <br />Hospital complex. <br />Development Recommendations fr a roxing and <br />Based on the project team's estimates of retail development potential, as derived from existing an <br />comparison, <br />future projected retail leakage, the two -mile radius shows the potential to support P o population <br />23,000 square feet of new retail space, in the short-run. The five -mile radius, by P <br />square feet and <br />shows development potential of over 250,000 square feet. Looking farther ahead using p p <br />square feet of additional retail space. The five -mile radius, by comparison, reports a <br />based demand projections, the two -mile radius could add between 226,00 sq <br />333,0000 million square feet of retail space <br />projected capacity of between 858,000 sq uare feet and over one <br />Vii <br />