Scott Polikov Panel 1
Download as ppt, pdf0 likes679 views
This document discusses strategies for regenerative development and value capture. It provides examples of how a developer partnered with Duncanville, Texas to redevelop old and underutilized buildings into a mixed-use project called Main Station that generated over $1 million in new taxes annually. The success of this project led to further redevelopment along Main Street through a form-based code, a reconstructed street, and the redevelopment of two additional sites into a studio and retail spaces. The strategies discussed focus on creative public roles, tying regional funding to private investment, embracing pioneer developers, creating predictability through form-based codes, and planning for "rail ready" transit-oriented development to enable future value capture.
Scott Polikov Panel 1
- 1. Crafting the New Normal Regenerative Value Capture Scott Polikov 12.7.12
- 2. Who primed the pump?
- 3. But what about today?
- 4. Opportunity?
- 5. Unfounded fear or legitimate criticism?
- 6. Can we align underlying economic realities?
- 7. An afterthought or a core consideration?
- 8. An afterthought or a core consideration?
- 9. What does the past tell us?
- 10. The new de facto Master Developer Use Form Operations Operations Form Use
- 12. PREVIOUS REAL ESTATE OFFICE CONVERTED TO PET STORE
- 13. PREVIOUS HVAC COMPANY CONVERTED TO A COMMUNITY OUTREACH CENTER
- 14. MAIN STATION Developer partnered with Duncanville to build a Mixed-Use property located at old city hall site. 22,000 SF Building 11,000 sf of RETAIL space on street level 11,000 sf of LOFT space on second level
- 15. FUTURE RAILROAD FLATS SITE FUTURE MAIN STATION SITE
- 16. PROJECT MAIN STATION $3,000,000 estimated project cost $800,000 City ED Corporation grant/land $400,000 developers contribution $1,800,000 ED Corp. loan
- 18. MAIN STATION RESULTS ED Corp Retains 30% Ownership Developer has 70% Ownership Rents at Main Station double compared to down the block Total city taxes- + $1 Million Momentum for Main Street Form-Based Code (FBC) Initiative
- 19. Assessed development potential, leveraging Main Station Project
- 20. Illustrative Corridor Master Plan and new Main Street Section
- 21. Master plan, regulating plan and downtown form-based code
- 22. Calibrated code from Main - Station scale and market potential
- 23. Market Phasing build out Analysis 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
- 24. Fiscal Impact Existing Value: Property Property Tax Retail Sales Tax Total Tax $48,206,147 Value Revenue Sales Revenue 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 Almost $3 Million city taxes per year at buildout
- 25. 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
- 26. BEFORE AFTER
- 27. NCTCOG REQUIRES DEVELOPMENT Developer agrees to redevelop two sites as part of $1.5M NCTCOG (MPO) grant to reconstruct Main Street: 212 N. Main Street 111 E. Davis Street
- 28. 111 E. Davis
- 30. PROJECT DETAILS Planned Two Story Studio/Loft 2 Loft Space (opportunity for owner occupied) 2 Retail Spaces $100,000 Value on Tax Roll Today Value Upon Completion est. $700,000 $200,000 Down Payment Incentive Under Construction!
- 31. RAIL READY (TOD) Ready for extension of DART rail and setting up value capture for funding
- 32. Summary of Strategies Public role should be utilized more creatively (e.g., credit) Regional funding tied to demonstrated private investment Eligible private investment = focus on owner occupied Embrace and support pioneer developers
- 33. Summary of Strategies (cont.) Form-Based creates predictability and attracts investment Complete Streets must include development context Rail ready sets stage for value capture even if no rail
- 34. www.gatewayplanning.com www.montewanderson.com