Revitalizing Downtowns & Regional Centers for the Triple Bottom Line

Transcription

1 Revitalizing Downtowns & Regional Centers for the Triple Bottom Line John Robert Smith Christopher Zimmerman

2 Why is this important? Downtown Reinvestment is a Priority Economic Development Strategy

3 Factors Why Downtown Reinvestment is a Priority Economic Development Strategy Increasing demand for walkable live/work/play destinations Downtowns are again a key factor in economic growth This has fiscal implications for local government

4 Land use and transportation policies drive the pattern of development. The pattern of development impacts the economic and fiscal well-being of our communities. The demographic and economic fundamentals have shifted. 4

5 Demographic Change 20 th century vs. 21 st century Retirement of the Baby Boom Rise of the Millennials Smaller households Different preferences

6 Millennials now largest share of the work force

7 Millennials They follow lifestyle, not jobs. Millennials choose where to live before finding a job. Of all college-educated 25- to 34-year-olds 64% looked for a job after they chose the city where they wanted to live. (U.S. Census)

8 Forbes.com* One of the main factors businesses consider when deciding on where to relocate or expand is the available pool of college-educated workers. And that has cities competing for college-educated young adults. And there s one place this desired demographic, college-educated professionals between the ages of 25 and 34, tends to want to live: tight-knit urban neighborhoods that are close to work and have lots of entertainment and shopping options within an easy walk. * Downtowns: What's Behind America's Most Surprising Real Estate Boom March 25,

9 Economic growth 20 th century vs. 21 st century Chasing smokestacks vs. Chasing talent

10 Responding to the market Business moves back downtown

11 Businesses respond to changing preferences Across the country corporations are responding to employee preferences and moving to the talent. They are choosing to relocate from suburban office parks to downtown locations.

12 Businesses respond to changing preferences 12

13 Businesses respond to changing preferences Locations deemed walkable appreciate more than those that are car-dependent 13

14 Businesses respond to changing preferences Major insurance company chooses new location in Phoenix area for transit 14

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16 Surging City Center Job Growth, Joe Cortright, Feb During the economic expansion from 2002 to 2007, the historic trend of job decentralization was very much present.... But since the picture changed dramatically. While only 7 city centers outperformed their surrounding metros in the period, 21 outperformed the periphery in

17 SGA Corporate Location Study Coming June 18 Identifies more than 400 companies, more than two dozen metropolitan areas that since 2010 have moved to, consolidated, or expanded in downtowns Why? Findings Interviews with company representatives Summary data Webcast on smartgrowthamerica.org 17

18 DOWNTOWN MACON HAS HIGHEST AVERAGE PROPERTY VALUES PER ACRE IN BIBB COUNTY Downtown Avg. Assessed Value per Acre: $1.3 million Shoppes at River Crossing: $967,000 per Acre County Avg: $77,000 18

19 A scenario analysis tool A fiscal impact model focused on the relative effects of sprawl versus compact development 19

20 SUMMARY OF RESULTS BY SCENARIO $800,000 $600,000 $400,000 $200,000 $0 ($200,000) ($400,000) ($600,000) ($800,000) ($1,000,000) Total Annual Budgetary Impact Macon-Bibb County and Schools Combined Low Density Greenfield High Density Greenfield Downtown Infill Downtown Infill Premium

21 There is an opportunity Revitalized legacy main streets Retrofitted suburban commercial centers But you have to be positioned to take advantage of it. 21

22 5 steps Downtown Revitalization Framework 1. Define your future 2. Engage the community 3. Conduct a study 4. Prepare a plan 5. Revitalization 10 Revitalization Strategies

23 Step 1. Self Assessment

24 Three questions you must ask and answer: Who you were in the past Who you are now Who you aspire to be

25 Who were you in the past? Meridian, with its depots, store-houses, arsenal, hospitals, offices, hotels, and cantonments no longer exists. General Sherman February, 1864

26 Who were you in the past?

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29 Meridian s Union Station

30 Who are you now?

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34 Who do you aspire to be?

35 David Barr

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42 David Barr

43 Step 2. Engage the Community

44 Engage the community

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47 Collaboration 47

48 The big public process question Are you prepared to accept an outcome different than you imagined as a result of public participation?

49 IAP2 Public Participation Spectrum

50 Step 3. Conduct a feasibility study

51 Feasibility study includes: 1. Demographic trends 2. Potential demand new retail, housing, office etc. 3. Potential development sites with appropriate uses 4. Stakeholder insights on downtown development 5. A fiscal model showing government funding mechanisms and fiscal benefits of redevelopment

52 Use the study to compile a briefing book

53 Briefing book contents

56 Step 4. Make a strategic plan for revitalization

57 A strategic plan includes: 1. Revitalization goals 2. Implementation strategy what needs to happen first? what is the process for that to happen? who is in charge? what happens next? 3. Measures of success

58 Prioritize

59 Columbia Pike Concept Plan Community s Vision Main Street environment Predictable form of development 59

60 Columbia Pike Revitalization District (2002) 60

61 Macon s Revitalization Goals

62 Step 5. Revitalization Ten strategies for successful revitalization

63 Three grand strategies I. (Re)establish walkability. II. Build the downtown market. III. Commit local resources.

64 (Re) Establish Walkability 1. Promote safety and cleanliness 2. Fill in missing teeth ; complete the street wall 3. Enhance public spaces 4. Promote mix of uses in close proximity 5. Provide multiple transportation choices

65 1. Promote safety and cleanliness

66 What does this tell people?

67 VISIBLY cared for

68 2. Fill in missing teeth ; complete the street wall

69 Not this kind

70 but this kind,

71 this kind,

72 Vacant parcels in Macon Georgia 72

73 Permanent gap fillers

74 Temporary gap fillers

75 Temporary gap fillers

76 Street wall permeability

77 Blank walls are not conducive to pedestrians Photo-Shopped pedestrians

78 Retail liner Movie Theater Liner retail 78

79 Liner retail 79

80 3. Enhance Public Spaces

81 Washington Park Before

82 Washington Park improvements Renovate six acres of existing park land Build two-level underground 450 space garage Construct additional two acres of park above garage

83 Washington Park now

84 Bentonville, Arkansas 84

85 Bentonville, Arkansas 85

86 Farragut Square Food trucks activate public space (bisnow.com)

87 Ultimately, establish a vision for the future 87

88 4. Promote mix of uses in close proximity

89 Everyday needs

90 Mix of uses large downtown (Ballston sector, Arlington, Va.) Hotel Commercial office & retail Residential rental Commercial office & retail Park Senior living Commercial office Planned Residential condo 90

91 Civic Commercial office & retail Hotel Residential rental Civic Commercial office Residential condo Residential townhouse Residential rental Park (Courthouse sector, Arlington, Va.) Mix of uses medium downtown 91

92 Residential condo Retail Residential rental Residential apartment Commercial office Commercial office & retail Retail Retail Mix of uses traditional main street Westchester PA 2007 (CZ photo) 92

93 One-of-a Kind: Sports facilities, theaters, museums Fluor Field, Greenville, SC Franklin, TN

94 Commercial office & retail Library & Theatre Commercial office & retail Bike trail Residential rental & condo Grocery Movies Hotel Office Park & Stream Post Office Office Residential Transit station Highway interchange 94

95 5. Provide multiple transportation options

96 Priorities: mobility or access? Moving through or getting to?

97 Transportation choices

98 Get parking right

99 Get parking right Parking in the Village at Shirlington Campbell Garage Randolph Sq Garage Quincy Tower Garage Shirlington Garage 99 FRIT Surface Lot WETA Garage L:\Dept\TRANSPORTATION-ENGINEERING\TRAFFIC\Parking\Shirlington Wayfinding\Maps Mar 2011

100 Get parking right 100 Pass through to parking structure (accessible)

101 Connections to surrounding neighborhoods

102 Streets as public spaces

103 Streets as public spaces Salt Lake City Street for transit, cars, and people, too

104 Streets as public spaces Normal, Illinois New Uptown Station

105 Build the Downtown Market 6. Promote employment and housing in the core area 7. Incorporate affordable housing strategies early

106 6. Promote employment and housing in core areas

107 Typical downtown mix Downtown (SF) 3% 8% 9% 3% Office Retail MF Rental For-Sale Residential University/Hospit al Hotel 77%

108 Plan for an "18-hour, both work/weekend place

109 Supportive retail: Local serving, destination, entertainment

110 Encourage business clusters Research Suppliers Medical offices Backoffice Support

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112 7. Incorporate affordable housing strategies early

113 Can the people who work downtown afford to live there? Photos: Lloyd Wolf, Columbia Pike Documentary Project

114 What about the neighborhoods?

115 Affordable Housing Restoring Neighborhoods HUD HOPE VI grants of $17.3m Leveraged an additional $35m Total investment of $55m in affordable housing

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117 Commit Local Resources 8. Improve processes to facilitate the outcomes you want 9. Fund your revitalization 10.Establish ongoing place management

118 8. Improve processes to facilitate the outcomes you want

119 Help downtown businesses

120 If you want it, make it easy

121 Form-based Code Simplified land-use regulations, predictable outcomes 121

122 Form-based Code Simplified land-use regulations, predictable outcomes 122

123 9. Fund your revitalization

124 Tools of the Trade for Funding Create and monetize new cash flow sources (sales tax, parking revenues, TIFs, etc.) Leverage: Cross-colateralize assets to finance others Public and nonprofit land Never subsidize Control of land is key Invest long-term with developer in a pari passu basis

125 10. Establish on-going place management

126 Can be a non-profit organization

127 Can be a non-profit organization

128 Can be a municipal agency