8/2/2019 ULI Hines Competition 2011: TRANSITional Town Center

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TRANSITional Town CenterTeam 2301

Team 2301

Design Objectives

TRANSITion Station

Combine big-box retail, residential mid-rise, and small-bay shops to turn a transitstation into a destination

TRANSITion Street

Create streets that function as successfulpublic space, with high street retail, local

businesses, and a night market

TRANSITion Neighborhood

Establish a Town Center to createneighborhood identity between MountBaker and Beacon Hill

TRANSITion Community

Bring together families, professionals,immigrants, and the retired withcommunity facilities like a neighborhoodcenter, middle school, and communitycollege

TRANSITionStreet : Pedestrian-onlyLantern Street bring neighborsand visitorsout for Night Market [View A]

TRANSITion Station

1. StarbucksCoffee2. LululemonYoga3. Annyong KoreanBBQ4. MikesBikes5. LowesHome Improvemen6. ElevationResidences7. PhoHoa8. SushiSakura9. TaiwanTea House10.BlossomsFlower Shop11.OpheliasBooks andCafe12.Mount Baker Light RailStatio

TRANSITion Street

13.RestorationHardware14.HarmonyHair andNail Salo15.LongsFineDryCleaning16.HandpickedJewelryand A17.GoBaby Maternity18.VietnameseSteamedSubs19.SonyStyle20.FedExKinkos21.MeeSum Bakery22.BlackbirdMenswear23.A1Tailors andAlterations24.ImpulseShoes andAccesso25.MimisStationary andGifts26.Elm TreeBistro

27.J. Crew28.Groundsfor Coffee29.Rainier Deli30.PuddlesUmbrellaStore31.TreasureChest ToyStore32.ValleyHealth Foods33.BananaRepublic34.HaloCurated WomensBou35.Sunset Bar andGrill36.LanternStreet Residences37.LanternStreet Lofts

TRANSITion Neighborho

38.BartellDrugs39.WholeFoods40.Rainier GardenApartments41.Rainier Mews42.CherryBlossom TownHome43.CircleGardenApartments44.Spectrum Lofts45.ValleyCloister46.MapleTree TownHomes

TRANSITion Community

47.MLK Jr. LanguageImmersio48.SeattleCommunity College49.LanternStreet CommunityC

ElementarySchoolMiddleSchool

HighSchoolMedicalCenterCommunityCollege

Concept

TRANSITionNeighborhood : Createscenter for N.Rainier UrbanVill age,a larger light rail community

TRANSITionCommunity : Towndifferent populationssepara

TRANSITionNeighborhood : Transit,bikelanes,andapedestriannetwork anticipatea car-free community

TRANSITionStreet : Streetscomprisetheprimaryopenspace,augmentedbymews,trails,andgardens

TRANSITionStreet : LanternStreet transformsfrom adaytimeretaildestinationtoa Night Market

TRANSITionStreet : LanternStreet is acurblessprivatestreet designedfor pedestrian-onlyactivities [View B]

10 minuteradiusfromMt. BakerStation

Master Plan

BelltownDennyTriangleRetailCore

West EdgeInternationalDistrictPioneer Square

SoDoNorthRainier UrbanVillageNorthBeaconHillUrbanVillageColumbiaCityUrbanVillage

Light RailLineGardensGreenStreetLanternStreet

Neighborhood StreetGreenRoofs

LanternStreet byDay

RetailShopping + Strolling

Sidewalk Dining

ThruTrafcIncubator Retail

LanternStreet byNight

WeeklyFarmersMarket

CulturalCelebrations

NeighborhoodPrideEventsLocalEntrepreneurshipFairs

LanternStreet

McClellanSt

LanternSt

A

C

Land Use

B

ResidentialCommercialInstitutional

OpenSpaceStructuredParking

B

TRANSITionCommunity : Newblocksandtownhometypology blendthe development intoexisting fabric

Development SummaryTotal Development Cost: $323 million

Terminal Asset Value: $440 million

Total Leveraged IRR: 23.99%

Total Unleveraged IRR: 10.83%

Total Equity Requirement by Phase:Phase1 - $ 12 .7 mil l ion 2 8 .2 %Lev ered IRRPhase2 - $ 30 .0 mi ll ion 2 2.1 %Lev ered IRR

Phase3 - $ 16 .0 mi l l ion 1 7.8 %Lev ered IRR

Phase4 - $ 13 .4 mil l ion 1 5.4 %Lev ered IRRPhase5 - $ 16 .4 mil l ion 2 9.3 %Lev ered IRR

Cu rrent Condit ions ProposedIn tervention

A

AffordableRentalHousing 142,000 sq.ft.

Institutional114,000sq.ft.

Market RateRetail180,000 sq.ft.

Incubator Retail24,000sq.ft.

StructuredParking136,000 sq.ft.

Market RateRentalHousing 1,276,000 sq.ft.

68%

8%

6%

10%

7%1%

A transformation from low-density suburbia to an entrepreneurial nucleus and car-free community

SMcClellanSt

SBayviewSt

R a i n i e r A

v e

M L K J r W

a y

SLander St

SMcClellanSt

25thAveS

24thAveS

24thAveS

SMt Baker BlvdSWinthropSt

SLander St

SBayviewSt

C h e a s t y

S t

SWaiteSt

LanternSt

27thAveS

27thAveS

28thAveS

CherryBlossom St

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