ULI PLACEMAKING OBJECTIVES

Transcription

1 ULI PLACEMAKING OBJECTIVES I) What is considered Great Placemaking and why? - Visual examples of New large scale projects with critical mass - Visual examples of Redevelopment smaller scale Main Street with fragmented ownership - What are commonalities and what are the Economic Impacts II) How to achieve these great projects in our Region, what are the challenges each constituent faces and why these projects are needed? - Roundtable Discussion

2 Placemaking Project #1: Bethesda Row, Bethesda, MD Project Stats Retail Square Feet: 423,000 Residential Units: 180 Office Square Feet: 110,000 Total Square Footage: 706,160 (Net SF) Total FAR: 1.56 (Net) Parking: 298 (6,660 via Bethesda)

3 Placemaking Project #2: Market Common, Clarendon, Arlington, VA Project Stats Retail Square Feet: 303,150 Residential Units: 300 Office Square Feet: 100,000 Total Square Footage: 684,550 (Net SF) Total FAR: 1.57 (Net) Parking: 1,300

4 Examples of New, Well Executed Placemaking Projects Gathering places, restaurants spilling out into the streets/sidewalks, selective lighting, plantar (green) boxes

5 Examples of New, Well Executed Placemaking Projects 5 story building ~68 Residential 4 stories 1 story of Retail

6 Examples of New, Well Executed Placemaking Projects Interior residential gathering places, separate private courtyards

7 Examples of New, Well Executed Placemaking Projects

8 Aerial 8 Phases/Blocks Critical Mass

9 Aerial: AIA Design Connects Aerial 8 Phases/Blocks

10 Bethesda Row Awards 2001: ULI, Excellence in Urban Design Award 2002: ULI Award for Excellence 2002: Congress for the New Urbanism, Best Block in America Award (Phase I): Citizen's Neighborhood Coalition Award for Most Beautiful Place in Bethesda EPA Smart Growth Illustrated Federal Realty s Upstairs at Bethesda Row Named 2009 Best Rental Apartment Community by National Association of Home Builders The Congress for the New Urbanism gave Bethesda Row a Charter Award in 2002 The Washington Smart Growth Alliance recognized Phase Seven of Bethesda Row as an exemplary smart growth proposal

11 $217,282,000 Project Cost Retail 98% occupied Average Retail Rent $45.55/ft 429,000 Retail SF Residential 96% occupied 180 units 110,000 Office SF +$45/ft ($10-15/premium rents) Total FAR: 1.35 Estimated $1.5 Million in Annual Property Taxes

12 Examples of New, Well Executed Placemaking Projects

13 Examples of New, Well Executed Placemaking Projects Gathering places, restaurants spilling out into the streets/sidewalks, selective lighting, plantar (green) boxes *Whitlow s is adjacent and connected to the Market Common Clarendon, but not officially a part of it

14 Examples of New, Well Executed Placemaking Projects 5 story building ~68 Residential 4 stories 1 story of Retail

15 Aerial 9 Blocks Critical Mass

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17 Market Common Clarendon Awards "Awards for Excellence" Winner, 2005 URBAN LAND INSTITUTE International Design and Development Award for Innovative Design and Construction of a New Project, 2004 INTERNATIONAL COUNCIL OF SHOPPING CENTERS Honor Award for Distinguished Contribution to Community Appearance, 2004 COMMUNITY APPEARANCE ALLIANCE OF NORTHERN VIRGINIA Finalist - Best Mixed-Use Community - Pillars Of The Industry Award, 2004 NATIONAL ASSOCIATION OF HOMEBUILDERS Best Retail Deal, 2001 WASHINGTON BUSINESS JOURNAL Mid-Atlantic Community Impact Award for an Apartment Property, 2001 DELTA ASSOCIATES

18 $160,000,000 Project Cost Retail 98% occupied Average Retail Rent $55.00/ft today, $27.50/ft at start 303,150 Retail SF Residential 97% occupied 300 units 100,000 Office SF +$45/ft ($10-15/premium rents) Total FAR: 1.57 Estimated $1.17 Million in Annual Property Taxes

19 LOCAL VILLAGES, TOWNS, & MIXED-USE CENTERS Miche Booz Architect, Inc.

20 Placemaking Project Profiles Project Bethesda Row Market Common, Clarendon Developer Federal Realty McCaffery Interests Original Development Cost $217,282,000 $160,000,000 Parcel Size Height 3 to 6 stories (44' - 80') 2 to 6 stories (32' - 80') Retail Square Feet 423, ,150 Residential Units Rents PSF Retail $45.55 $30.00 "start" / $55.00 "today" Rents PSF Residential $3.25/ft $2.78/ft ($1,750 - $4,200) Average SF Residential Average Rent Residential $3,127 $2,608 Residential SF (Net) 173, ,400 Office SF 110, ,000 Office Rents ~$45/ft ($10-15/ft Premium) ~$45/ft ($10-15/ft Premium) Total Residential, Retail and Office 706, ,550 *Excludes the 87 Townhomes in calculations Residential, Retail, Office Floor Area Ratio (FAR)(Net SF) Traffic Impacts (Average Daily VPD/Prior counts) 10,000 Current: 13,000 vpd / -12% car reduction School Age Children 10% 5% Tax Contribution (Annual Taxes)(est) $1,500,000 $1,160,844 Nearby Value Increase / Economic Development Led to $2 Billion in nearby development Led to $2 Billion in nearby development Walkscore Sidewalks 14' 16'-20' Setbacks No setback 5' Individual Storefronts vs. Monolithic Individual Individual Residential Differentiation vs. Retail Storefronts Yes Yes Boulevard/2 sided Retail Yes Yes Gathering places/public Programs Yes Yes Landscaping Extensive Extensive Transit Nearby Number of Restaurants 35 7 Parking Utlilization Parking Spaces 298 (does not include 6,660 via City) 1,300

21 Placemaking design concepts to think about: 2-sided retail, creates energy Individual storefronts re-creating Main Street and individualism Retail Anchors: Grocery, Fitness everyday uses + Entertainment: Restaurants, Cinema Sidewalks +18 average Restaurants spilling out into the streets with patios Selecting an architectural team that really understands Retail; design from the Bottom- Up rather than Top-Down Human Scale (~48 - ~72 ) with setbacks Consider shared parking as each project is over-parked especially near Transit Rail stations (1.07/unit BR and 0.8/unit MC) Willing, vocal, supportive, Government Officials leading the way Local merchants, civic association and Residents participating and fully understanding the real impacts rather than inaccurate conjecture Critical mass to dictate the path, make the impact and create and control the identity Density shouldn t be feared, rather focus on Smart Growth and Design Placemaking is: Identifiable, Walkable, Memorable AIA Design Connects

22 Why are these projects considered a great placemaking success and how are they relatable to this Region? Transit Oriented Developments TOD s (BR: 0.2 miles, MCC: 0.1 miles) Low/No Car needed Bikes and Mass Transit Use encouraged Positive impacts on the community Blend of national, local and regional retail Where people want to live, visit, shop, play and work Highest rents in the area indicate the desirability of these projects (supply/demand) Spurred additional development and redevelopment adjacent and nearby Economic Development Soaring home values Property Tax contributions (significantly in excess of previous uses) helping to lower or keep community residents ad valorem down Sales tax receipts from retailers This is how millennials prefer to live, not like their parents Awards ULI, ICSC, EPA Smart Growth, etc, etc