Surrounding Area Analysis 23 ; building with a mixture of office and retail. There are other small retail commercial buildings both i along the waterfront and the inland side of the road; such as restaurants, bars and a convenience : store/gas outlet. i In addition to the drawing power of these retail users, the lvanna Eudora Kean High School is located : approximately 1,500 feet west of the subject property. : During the last several years, development has been predominantly of retail/office uses. The largest : recent development in this area has been East End Plaza, which was constructed in 2008. However, the completion of this commercial building coincided with the downturn in the overall economy in the territory, and the property has struggled to reach stabilization. There is also a newly constructed, | small commercial strip center in close proximity to the subject called Crosswinds Center that opened approximately two years ago. Ace Hardware is the anchor tenant in this building, while the majority of : the other commercial bays remain vacant. There have also been two notable bar/restaurant openings within the past two years, both at the ( subject property. Near the subject, a Senor Frogs restaurant opened in November 2013 featuring a : dining and nightclub atmosphere. Additionally, a tavern/restaurant called Tap & Still has opened approximately 450 feet southwest of the subject. A new Thai/Sushi restaurant is under construction j within Red Hook Plaza, just west of the subject. These new establishments are indicative of the ; improving retail/commercial climate of the Red Hook area. i Outlook and Conclusions The area is in the slow growth stage of its life cycle. There have been signs of increased demand as existing commercial space has been leasing up more rapidly over the past six months, showing the : upside of the subject’s area. We anticipate that property values will slightly increase in the near ‘ future. . . irep ' IGY American Yac