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through 2029. The Town of Hillsborough has already approved over 163,000 square feet of <br />commercial development. This equals approximately seven times estimated existing demand <br />capacity of the hvo -mile radius, based on 2009 leakages. By contrast, the 250,000 square feet of <br />development potential in the five -mile radius is roughly 1.5 times the amount of space provided by <br />four commercial projects currently under construction in Hillsborough. <br />Conclusion <br />In conclusion, retail development is a strong possibility for the Cornelius Street Corridor, based on <br />the retail leakage analysis. Health care, or some other institutional use, could serve as a leading <br />anchor for the corridor and encourage the development of retail or other supporting services. In the <br />realm of health care, there are unique models that Hillsborough could explore that would meet the <br />specific needs of its population and establish Hillsborough as an innovator in the provision of <br />health care services. <br />More broadly, future development of the Cornelius Street Corridor should take into consideration <br />the following key trends and conditions, highlighted throughout this report: <br />• An aging population; <br />A desire for medical services in the study area, as expressed by iota] residents; <br />• • The presence of considerable health assets, including training opportunities; <br />• The mullet market for consumer expenditure in Hillsborough and orange County, as <br />proven by the retail leakage analysis; and <br />• A local real estate market that is, generally, weaker than or secondary to, the market in the <br />county and the region. <br />In concert with the Town's expressed vision of reconnecting the neighborhoods north of U.S. 70 <br />with those to the south, and to Hillsborough's blooming downtown district, tine development <br />strategy for Cornelius Street should strive to provide services to neighborhoods located on both <br />sides of tine highway ; attract and retain retail dollars from within and outside tine county; create <br />jobs that provide decent wages, conditions and opportunities for workers from Hillsborough; and <br />enhance the physical appearance, environment and current uses of the corridor. By doing so, <br />development can hope to achieve the sustainability that economic development strives for. <br />Viii <br />