My biggest issue is that they don't have a tenant confirmed for either the retail OR the warehouse component.
They're planning on 'reaching out' to guys like Cubesmart.
You couple that with the fact that the front retail at the first meeting was going to get some 'rent assistance to keep it comparable with what's currently available' to last night's, 'the rent will definitely be higher due to it being new construction' and my warm-and-fuzzies are gone.
I personally think, if done correctly, it could be a great development and have been on board with it 100%. But after last night I'm starting to see too many if/then's for me to feel like this is a great idea.
Best case - everything gets built and occupied.
Probably case - we have an empty corner and a huge beige 'box' that has been VE'd to nothing to make the proforma work.
Worst case - we end up with with an empty corner and a half-built 'box' that they decided to walk away from when no potential tenant seems likely or the market tanks during construction.