The CityLine Story (Richardson, Texas) Innovative zoning and P3 to capture value

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Augustine Bennett
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1 The CityLine Story (Richardson, Texas) Innovative zoning and P3 to capture value Image courtesy of KDC William S. Dahlstrom, Jackson Walker L.L.P. Scott Polikov, Gateway Planning Group, Inc. Peter G. Smith, Nichols, Jackson, Dillard, Hager & Smith L.L.P. 1

2 History informs a new approach (value capture) The Old Economics of Place (The House of Medici) 2

3 The Site (last remaining parcels in Richardson, Tx) 3

4 The Context (intersection of rail and roads) 4

5 The Context (intersection of rail and roads) 5

6 The Context Comp Plan and TOD Policy 6

7 Lack of planning, conventional zoning (unrealized) 7

8 Site purchased by Parliament from H. Hunt Trust 8

9 Issues/opportunities for investment strategy? What will drive value for resale to developers? What is City s role in positioning property? Strategy on zoning, infrastructure, incentives? 9

10 Issues/opportunities for City of Richardson? How to avoid just another apartment deal? How to engage sophisticated neighborhoods? How to secure a true TOD outcome? What role should incentives play? 10

11 Early planning analysis 11

12 Strategy to reposition property Zone live work play to facilitate master developer Broaden City s definition of tax base (urban MF) Make City partner via dynamic zoning and TIF 12

13 Form based to facilitate repositioning goals conventional entitlement form-based 13

14 Original concept to activate live work play and to calibrate FBC 14

15 Breakthrough with city and community Corporate focus is shifting to the global talent war City convinced that urban residential is a key Opportunity to stop Telecom Corridor leakage 15

16 FBC approved, aligning building frontages and streets w/in an urban framework TOD Street Type A 16

17 FBC approved performance based approach Height, build to and public space elements Wide latitude of uses w/in design context No use maximums except MF (2,000 units) Administrative approvals of site plans 17

18 Zale/Corson Urban Residential Project (the first domino sale) 18

19 State Farm looking for new headquarters site (Parliament Group sells remainder to KDC) State Farm Build to suit requirements Highway access & transit convenient Mixed use Live work play attraction for employees Predictable entitlements (FBC streamlining) 19

21 CITYLINE OVERVIEW CityLine Master Site Plan (and initial FBC phase)

22 CITYLINE OVERVIEW CityLine Master Plan Looking Northeast

23 STATE FARM AT CITYLINE State Farm Buildings

24 STATE FARM AT CITYLINE State Farm Master Plan

25 STATE FARM AT CITYLINE State Farm - Aerial View Looking Northeast

26 STATE FARM AT CITYLINE State Farm, Hotel, & CityLine Plaza Looking West to DART Station

27 STATE FARM AT CITYLINE View Looking East from DART Station

28 STATE FARM AT CITYLINE Two CityLine Tower at Dusk

29 16-Month Post-TIF Looking South March 2013 June 2014 STATE FARM AT CITYLINE

30 CITYLINE WEST CityLine West

31 CityLine West Phased Master Plan CityLine West Uses State Farm Office Retail / Restaurant Entertainment Hotel Complete dby June ,520,000 RSF 70,000 RSF 20,000 RSF 150 Rooms Future Phases Residential 532 Units 300 Units SF Wellness Facility Medical Office Residential ZC CityLine Park Residential - TBD 18,000 RSF 41,000 RSF 403 Units 434 Units 3.5 Acres 150 Units CITYLINE WEST

32 CITYLINE WEST View of CityLine Plaza Looking East Along State Street

33 CITYLINE WEST View of CityLine Looking West Along State Street

34 CITYLINE EAST Whole Foods-anchored Retail Center

35 CITYLINE EAST Whole Foods-anchored Retail Center

36 CITYLINE EAST Raytheon Campus

37 CITYLINE EAST Raytheon Rendering

38 CITYLINE EAST Pedestrian Travel Times

39 Value Capture TIF Reimbursement Strategy 39

40 TIF (No. 2) Approach year duration for key reimbursements 67% city/50% county increment participation Neighboring Caruth Property (TIF No. 3) Placeholder for Cotton Belt Rail in TIF Plan 40

41 TIF Values Captured 2011 Base Appraised Richardson Appraised Fiscal Year Tax Year Year Value Value Value ,485 56,851,677 37,878,022 est ,485 16,046,379 10,673,130 Collin County Fiscal Year TaxYear 2011 Base Year Value Appraised Value Captured Appraised Value est ,485 56,851,677 28,407, Collin County did not participate in TIF

42 Value capture (strategy) Change dialogue from apartments to ED.. that is, broaden definition of tax base Partnerships required to grow the pie City supporting as de facto master developer 42

43 Value capture (result) CityLine 43

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