Richmond, VA City Council Presentation January 14, 2016 April 25, - - PowerPoint PPT Presentation

Preliminary Market Analysis of Boulevard Site Richmond, VA

January 14, 2016

Preliminary Market Analysis of Boulevard Site

City Council Presentation April 25, 2016

Presentation Purpose

• Context, Challenge, Opportunity
• Boulevard Preliminary Market and Impact Analysis
• Community Meeting & Public Input Sessions
• Online Survey Results
• Conclusion and Recommendations
• Next Steps

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Bounded by I-64’95 To the north, Hermitage Road to the east, West Leigh Street to the South, and North Boulevard to the west Boulevard Site Area

Current Urban Development Context & the Boulevard Neighborhood Site

• Economic restructuring has taken a toll on many communities in America
• Many places search for a recipe for future prosperity
• These concerns are heightened by both cultural and demographic trends
• Competitive advantages will come to places that can quickly adapt to change
• Viewing the challenge through a comprehensive lens is critical

The Challenge

• One of the biggest challenges facing cities is how to generate,

leverage, and maximize limited resources

• Communities are faced with increasing demands on their budgets
• Many cities are faced with rebuilding their tax base
• Crafting strategies aligned with these values is a key challenge

• Strong demographic & economic trends are contributing to an investment return to

the urban cities

• A combination of lifestyle and economic factors are contributing to this direction
• Many communities are exploring ways to target investments to urban cities
• Understanding the dynamics associated with this opportunity is important for

communities seeking to adapt

With Challenge Comes Opportunity

Preliminary Market and Impact Analysis

Richmond – The New Urban Core

Hired to:

• Conduct preliminary economic

analysis for future redevelopment on 60 acre City-owned Boulevard site Goals:

• Maximize the economic potential
• Position the City to provide the

greatest impact for citizens

The city’s future development will depend on its ability to remain competitive and attractive within a growing region…

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Key Findings

• The current site has limited

economic impact

• City-owned or publically-

subsidized stadium will not have highest economic impact

• Urban-scale mixed-use

development is the most viable

• ption

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Key Findings for Development on Boulevard Site

• The site has tremendous

economic potential

• The City is in a strong

position to control the potential of this site

• Transformative

Development

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Consultant Conclusions Limited Economic Impact (Current)

• The site has limited economic impact on the City of Richmond
• The Boulevard site is not reaching full market potential
• Tripp Umbach’s analysis indicates that the site generates no

more than $400,000 (minus expenses and maintenance costs) in annual total tax revenue to the City

• A City- owned or publically-subsidized stadium will not have the

highest economic impact for potential development

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Consultant Conclusions Urban Scale Mixed-Use Development

• Recommendation: Pursue a high-density, urban, mixed-use,

development on the 60 acres of the Boulevard property

• To maximize the potential of the site while supporting unique place

making in the Boulevard neighborhood: Mixed Housing Retail/Entertainment Urban flex space Lodging

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Analysis for Market Potential

*Note – Each time frame denotes cumulative totals

• Phased development over a 20-year period
• Represents what can be achieved, based on current market

needs and future projections of demographic changes

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Major Economic Potential for Redevelopment

• Tripp Umbach projects the potential economic impact per acre is

projected to be up to 20 times higher than current impact

Current per acre, per year Tf1 per acre, per year Tf1 cumulative total Tf2 per year, per acre Tf2 cumulative total Tf3 per year, per acre Tf3 cumulative total Economic Impact $240,000 $1,145,000 $68,700,000 $2,920,000 $175,200,000 $5,655,000 339,300,000 Employment Impact 4.2 jobs 18.7 jobs 1120 jobs 44.5 jobs 2672 jobs 84.8 jobs 5087 jobs Government Tax Revenue Impact $6,667 $30,000 $1,800,000 $76,667 $4,600,000 $146,667 $8,800,000

[1] Tf1 – ‘Timeframe 1’ period from 2015 to 2020 (5 year period) [2] Tf2 – ‘Timeframe 2’ period from 2015 to 2025 (10 year period) [3] Tf3 – ‘Timeframe 3’ period from 2015 to 2035 (20 year period)

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Community Meetings & Public Input Sessions What’s the Community Saying?

Overview

• Tripp Umbach held a series of six public community engagement meetings

located throughout the City of Richmond.

• The six (6) community meetings were as follows:
• January 19, 2016 – 6 p.m. – Richmond DMV, 2300 West Broad Street
• January 20, 2016 – 6 p.m. – Southside Community Center, 4100 Hull Street
• February 4, 2016 – 9 a.m. – Downtown Library, 1001 E. Franklin Street
• February 4, 2016 – 6 p.m. – Thomas Jefferson High School, 4100 W. Grace

Street

• February 11, 2016 – 12 p.m. – Huguenot High School Community Center,

7945 Forest Hill Avenue

• February 11, 2016 – 6 p.m. – Martin Luther King, Jr. High School, 1000

Mosby Street

Key Takeaways from the Sessions

• Support for baseball and the Richmond Flying Squirrels to remain in the

Boulevard neighborhood area was a dominating focal point of discussion

• The need for accessible and alternative forms of transportation is essential

for community residents in the Boulevard neighborhood

• A number of constituents see the scope and size of the project to be much

larger than just 60 acres

• In time, constituents wish to see the entire Boulevard area under one

master planning project

• Constituents do not want the City to go at redevelopment on its own

Online Survey Results

Overview

• Tripp Umbach and the City of Richmond generated an online survey

as a means to receive public input beyond the six public engagement meetings

• The survey was open to responses beginning February 1, 2016 until

February 29, 2016, using a web-based survey development site, SurveyMonkey

• The City of Richmond made the survey link available on

www.richmondgov.com, as well as provided the survey link in an email to local community associations and development groups and multiple media outlets

• The survey collection provided a way to garner feedback from

community members on their vision for the Boulevard site

Top Community Issues Identified

Schools/ Education Public Safety Jobs & Economic Growth Sports & Entertainment Roads & Transportation Retail/ Services/ Dining In the City of Richmond, VA 874 728 640 142 138 145 In VA, but

• utside City of

Richmond 374 350 355 93 62 41 Outside Commonwealth

• f VA

9 12 14 1 2 Total Responses (3980) 1257 (32%) 1090 (27%) 1009 (25%) 236 (6%) 200 (5%) 188 (5%)

Survey Results: Who Participated & Thoughts on Development Strategy

Location of Survey Respondents

66.21% 32.53% 1.26% 0.0% 20.0% 40.0% 60.0% 80.0% City of Richmond Outside of City but in Commmonwealth of Virginia Outside of Commonwealth of Virginia

Development Strategy in Boulevard Neighborhood

• Sports & Entertainment

District 82%

• Midtown Mixed-Use 76%
• Research & Science

Technology Park 26%

• Hotel/Convention Center 19%
• Housing Development 17%
• Corporate Headquarters 16%
• Hospital Campus 15%

Stadium Financing/Renovation

Combin ation/O ther Private Developer Raising City taxes By diverting current City taxes from

• ther

services Total Participants In the City of Richmond, VA 1215 1362 36 52 2665 In Virginia, but

• utside City of

Richmond 734 528 11 26 1299 Outside of the Commonwealth

• f VA

19 18 3 40 Total 1968 (49%) 1908 (48%) 50 (1%) 78 (2%) 4004

Key Findings

• The creation of a sports and entertainment district emerged as the top

development strategy through the public engagement process

• The City of Richmond is ready for development on the 60-acre site to begin
• A development that is unique and transformative to Richmond is wanted on

the Boulevard by citizens

• The community is in favor of keeping baseball on the Boulevard that is

funded privately or via a combination of sources

• A recognition of urban and budget challenges facing the City of Richmond

Conclusion and Recommendation

• A multi-stakeholder master plan incorporating sports and

entertainment is needed for the whole area surrounding the City-

• wned 60 acre boulevard site to maximize the social and

economic impact for the city

• Tripp Umbach views the Boulevard site as a prime location for

transformative development in the City of Richmond, Virginia

• It's the best interest for the City of Richmond to continue

pursuing a high-density, mixed-use development on the City-

• wned 60-acre Boulevard site as a component of the overall

master planning process

What’s Next?

• Recommendation to strategically move forward with the redevelopment:
• Discussions among key stakeholders on working together toward redevelopment
• Final “Preliminary Market Analysis” Report
• RFQ Development of Solicitation Process
• Conceptual Land Use Plan Through More Public Engagement
• Implementation Plan and RFP

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Questions/Comments