form-based economic development main street · form-based economic development main street monte...
TRANSCRIPT
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Form-Based Economic Development
Main Street
Monte Anderson
Scott Polikov 5.11.12
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Who primed the pump
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How did
we build towns
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Who primes the pump
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The system’s not working -- opportunity?
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The evolution of roads and retail—
insight into reinventing main street
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© Seth Harry & Assocs., Inc.
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The Downtown Department Store
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© Seth Harry & Assocs., Inc.
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The “Bypass” Mall
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© Seth Harry & Assocs., Inc.
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The Regional Mall
© Kaptain Krispy Kreme
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The new de facto Master Developer
Use
Operations
Form
Form
Operations
Use
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PREVIOUS REAL ESTATE OFFICE
CONVERTED TO PET STORE
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FORMER POST OFFICE CONVERTED
TO A CALL CENTER
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PREVIOUS HVAC COMPANY CONVERTED
TO A COMMUNITY OUTREACH CENTER
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FUTURE
MAIN STATION
SITE
FUTURE
RAILROAD
FLATS SITE
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FORMER CITY HALL LAND
Developer partnered with city of Duncanville to build a Mixed-Use property located at the corner
of Main and Center.
22,000 SF Building
11,000 sf of RETAIL space on street level
11,000 sf of LOFT space on second level
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PROJECT MAIN STATION
• $3,000,000 ESTIMATED COST
• $800,000 Eco. Devp. Corp. Land & Cash
• $400,000 Developer’s Contribution
• $1,800,000 Loan Amount
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MAIN STATION RETAIL/LOFT
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MAIN STATION RETAIL/LOFT
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MAIN STATION RESULTS
• No Tax Abatement Provided
• No Grants or Incentives Utilized
• EDC Retains 30% Ownership
• Developer has 70% Ownership
• Rents at Main Station almost double
compared to down the block
• Created Momentum for Main Street FBC
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Building on the vision
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Assessed Built
Environment
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The Main Street Committee met
regularly, providing input…
the consultant team also met
regularly with local businesses.
Community
Process
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Parking Analysis
Parking Type Existing Proposed
Restricted 8 8
Shared 117 141
On-Street 38 21
TOTAL 163 170
Three types of parking spaces where
identified: restricted parking lots (not
shared), shared parking lots, and on-
street parking.
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Predicted Level of Service
Existing
Santa Fe
Through
Santa Fe
Begins at
Center
Santa Fe
Curves into
Main
Main/Center/Santa Fe C C C C
Davis/Main A A A A
Intersection Capacity (Main @ Center St.)
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Illustrative Main Street Master Plan
and new Main Street Section
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Master plan, regulating plan and downtown form-based code
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Mixed use block
on slip lane
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5-Year Phasing
Phase 1 Phase 2 Phase 3 Phase 4 New retail in mixed use (sqf) 36,000 51,250 230,250 46,500 New retail in live/work (sqf) 23,400 14,400 0 0 Town homes (units) 109 0 0 0 Live/work (units) 39 20 0 0 Office (sqf) 28,625 25,625 111,875 15,125 New lofts (units) 115 96 132 65
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Fiscal Impact
Existing Value: $48,206,147
Property Value
Property Tax Revenue
Retail Sales
Sales Tax Revenue
Total Tax Revenue
Existing + Phase 1 $101,484,897 $370,820 $11,880,000 $237,600 $608,420
Existing + Phase 1-2 $132,156,147 $584,292 $25,010,000 $500,200 $1,084,492
Existing + Phase 1-3 $200,634,897 $1,060,904 $71,060,000 $1,421,200 $2,482,104
Existing + Phase 1-4 $218,328,647 $1,184,053 $80,360,000 $1,607,200 $2,791,253
• The initiative offers the potential of four times current property tax base, with total additional revenue impact approaching $3 million per year at buildout
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MAIN STREET RECONSTRUCTION
• Initial 3 Block reconstruction
• Based on Form-Based Code Street Section
• Received $1.5M NCTCOG Grant for sustainable
community approach
• City provided 20% match (no brainer)
• Developer must redevelop two sites
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original conditions – northbound lane
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BEFORE AFTER
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BEFORE
AFTER
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Immediate
community
cohesion
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AT SAME TIME, CITY CONVERTS COURT BUILDING
INTO A COMMUNITY THEATRE
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SETTING UP TOD
Ready for extension of DART rail
and value capture to facilitate transit
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Developer agrees to redevelop two sites
as part of $1.5M NCTCOG grant to
reconstruct Main Street:
• 212 N. Main Street
• 111 E. Davis Street
NCTCOG REQUIRES DEVELOPMENT
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212 N. MAIN
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PROJECT DETAILS
– Planned Three Story Mixed Use
• (7) Residential Units
• (2) Small Retail Spaces
– $30,000 Value on Tax Roll Today
– Value upon completion $1.1 Million
– $291,000 Down Payment Incentive
– Equates to 92 Units Per Acre
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111 E. Davis
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PROJECT DETAILS
• Planned Two Story Studio/Loft
– (2) Studio/Loft Spaces (Co-op)
– (2) Retail Spaces
• $100,000 Value on Tax Roll Today
• Value Upon Completion $700,000
• $200,000 Down Payment Incentive
• UNDER CONSTRUCTION
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PROJECT RAILROAD FLATS
• City obtains NCTCOG Grant for public improvements around RR Flats
• City contributed land and “soft costs”
• Developer contributed financing
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RR FLATS SITE
Main
Street
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MAIN STATION RAILROAD FLATS – Phase 1
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REPURPOSED PREVIOUS CHURCH
INTO A RETAIL/OFFICE USE
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INCREMENTAL RETAIL
Midlothian, Texas
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INCREMENTAL RETAIL
Roanoke, Texas
2004
Today
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FBC lessons learned (ongoing calibration)
• Adaptive reuse requires special approach (e.g. verandas)
• Facilitate minor modifications for first floor heights
• Facilitate modifications to sidewalks to preserve parking
• Inside renovations only (incremental change)
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Summary of Strategy
• Developer catalyst project seeds momentum
• FBC “Main Street” initiative about economics, not just aesthetics
• Code maintains de facto “master developer” momentum
• Set up competitive advantage for Regional Transportation $$$
• City’s role = great streets and buy down cost of development
• Open source for multiple developers
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www.gatewayplanning.com
www.montewanderson.com