PERIMETER: How Transit Helped Mold a Market from Farmland to Fortune 500

Transcription

1 PERIMETER: How Transit Helped Mold a Market from Farmland to Fortune 500 PCIDs Standard Template; Updated: December 06, 2011

2 EVOLUTION OF THE MARKET Livable Center Live Work Play Sustainable Mall/Office/Commercial EDGE CITY Freeways/ Interchanges Suburbs THEN Farm Land & NOW 2

3 PERIMETER 30 YEARS AGO Primarily a corporate office, shopping and hotel district Disconnected by design Heavy traffic congestion Few connections and gateways across majorhighways Limited pedestrian mobility No ADA compliant street crossings Under developed property Lack of multi use developments Insufficient housing to jobs ratio Large surface parking lots and super blocks 3

4 ANTICIPATING THE VALUE OF TRANSIT After the MARTA referendum passed in 1971, DeKalb County and Perimeter s business leaders and elected officials successfully pressed for an amendment to extend and align heavy rail through the Perimeter market which includes the Medical Center. Perimeter s leadership understood the significant role transit would play in its future success 4

5 @ THE CENTER OF SUCCESS: PERIMETER COMMUNITY IMPROVEMENT DISTRICTS The PCIDs are leading the changes to keep this market strong! WHAT IS A CID? CIDs in Georgia are created by the state legislature and adopted by local governments. They are quasigovernmental and self taxing for purposes of infrastructure and other improvements in a defined geographic area. ONLY commercial property owners pay the additional tax millage, not residents. PCIDs work cross jurisdictionally with 4 local governmental partners as well as state and federal elected officials and agencies to achieve successful results. 5

6 IMPACT OF THE PCIDs Without the presence of the PCIDs: $60 million in commercial property tax would not exist. All or a significant portion of the $130 million worth of infrastructure improvements, connectivity, amenities, pedestrian and bicycle access, etc., would not be in place in this market. Residential taxes would be impacted to pay for quality of life, infrastructure and pedestrian improvements. Local government resources are stretched to fund critical needs (police, fire, etc.), with little budgeted for transportation or transit infrastructure and improvements. 6

7 PERIMETER TODAY Perimeter represents Metro Atlanta s largest corporate office district and one of its major employment centers. Perimeter is fast becoming a model livable center, offering residents & visitors connectivity and choice. Access to amenities like transit, shopping, dining and much more make the market an attractive choice for small businesses and Fortune 500 companies. 7

8 PERIMETER MARKET STATISTICS 29 million square feet of office space (leased & owned above 10,000 SF excluding medical offices) 80% of market space occupied $25 M $105 M 5,000 companies 100,000 employees $3.36 billion corporate real estate value Since 1999, the PCIDS have leveraged $25 million of CID funds to gain $105 million from other resources for a total of more than $130 million worth of transportation and infrastructure projects for Perimeter. A 5.2 to 1 Return on Investment. (Sources: Colliers, Atlanta Regional Commission, RCLCO) 8

9 THE CENTER OF: WELLNESS Perimeter is home to the largest concentration of medical facilities in Metro Atlanta SHOPPING As the 2 nd largest mall in Georgia, Perimeter Mall receives an estimated 18 million visitors annually DINING Perimeter offers a wide range of restaurants to suite every palate TRANSIT The presence of 3 MARTA rail stations within its 4 square mile boundary has helped define the market 9

10 PREMIER LOCATION FOR BUSINESS If PCIDs continue to invest in improvements to connectivity, transportation, walkability, green space and quality of life factors, Perimeter will see significant growth by 2018*. *according to a fiscal analysis by Robert Charles Lesser & Company TOP PERIMETER COMPANIES Cox Enterprises, Inc. First Data UPS Auto Trader IHG Newell Rubbermaid Crawford & Co. Zurich Global Payments 10

11 MARKET CHALLENGES Changing and continued relationships with state, federal and 4 local governments all with different perspectives and challenges Provincial thinking regarding housing types & density Connecting all modes of transportation both internal to PCIDs & externally to other metropolitan activity centers Disconnected or isolated development nodes Providing accessibility to existing transit/regional transit Zoning & land use Funding for transit & infrastructure Providing green space initiatives & incentives DUNWOODY DEKALB FULTON SANDY SPRINGS 11

12 CONNECTING THE DISTRICT Innovative gateway and capacity projects throughout Perimeter s circular market provide an edge over a more linear design: Hammond Half Diamond GA 400 Abernathy GA 400 Perimeter Center Parkway & Bridge Ashford Dunwoody DDI Hammond Half Diamond Ashford Dunwoody DDI GA 400 Perimeter Center Parkway Bridge These improvements enhance access to the market, create connectivity to MARTA transit stations, alleviate congestion and improve traffic flow. 12

13 ADDRESSING THE LAST MILE GLENLAKE PARKWAY / EMBASSY ROW EMPLOYEE SHUTTLE Funding cuts forced MARTA to eliminate a shuttle route which served several major employers The partnership to reinstate shuttle service was initially developed by the PCIDs with $30,000 seed money $ 90,000 annual commitment from Partners: PCIDs, Kaiser Permanente, Wells Real Estate, UPS, Winthrop Management and Newell Rubbermaid Currently serves 800 1,000 on/offs each week cars off the road WINNER: 2011 Clean Air Campaign PACE Award Most Innovative Program 13

14 PERIMETER: POSITIONED FOR SUCCESS LOCATION LEADERSHIP LASER FOCUS By design, Perimeter now integrates and connects all modes of transportation in its approach to road improvements, multiple gateway access to the market, connectivity to MARTA, pedestrian and bicycle amenities and quality of life. 14

15 PERIMETER: FUTURE FOCUS Potential long term PCIDs transit connectivity projects include: Inter Perimeter Circulator Dunwoody MARTA Station Area Improvements I 285 Transit Corridor: Perimeter to Doraville 15

16 BUILDING THE BUSINESS CASE FOR FUTURE DEVELOPMENT Transit Oriented Developments (TODs) have been successful in other cities. Perimeter leaders will fully explore these opportunities with our 4 local government partners. 16

17 MAINTAIN, ENHANCE AND GROW To maintain Perimeter s enviable the center of regional development, leadership must continue to stay relevant in terms of trends in land use, demographics, changing job markets, housing, lifestyle and sustainability. To enhance and grow the market, Perimeter must continue to invest in efficient, effective and comprehensive ways to connect all modes of transit, transportation and land use to provide real alternatives to single car commutes. 17

18 FUNDING OPPORTUNITIES T SPLOST (TIA): Opportunity for the state to prioritize projects and increase transit and transportation infrastructure funding resources TOLLS: User fees STATE COMMITMENT: Needs increased emphasis on comprehensive transit systems and connectivity SELF TAXING DISTRICTS: Public Private Partnerships, such as CIDs 18