SMALL, LARGE, TOUGH, AND UGLY: STRATEGIES FOR BUILDING DEMAND IN - - PowerPoint PPT Presentation
SMALL, LARGE, TOUGH, AND UGLY: STRATEGIES FOR BUILDING DEMAND IN TOUGH MARKETS Michael Taylor, President, Vita Nuova LLC & Neil Pariser, Vice President and Community Development, Vita Nuova LLC Relevant Sites: Vitanuova.net |
Michael Taylor, President, Vita Nuova LLC & Neil Pariser, Vice President and Community Development, Vita Nuova LLC Relevant Sites: Vitanuova.net | Lorainharborawp.com| Toledoawp.com Lakefrontdistrict.com | Redevelopmentinstitute.org
■ Depends on the market? ■ 1st
st ti
tier real e l esta tate – Areas are where most activity is focused – Requires little if any public involvement unless sites are heavily contaminated or other
major metro areas. ■ 2nd
nd ti
tier r real e l esta tate – Areas-active real estate community mostly focused
– Public/Private partnerships required for
■ 3rd ti tier r real e l esta tate – No significant development – Some public investments/almost always build-to- suit. ■ 4th ti tier real e l esta tate – Rural
■ Lor Lorain, O in, Ohio io: Clearing the Path for Success ■ Meride iden, C , Conn
cticu icut: Finding the Right Buyer ■ Toledo, do, O Ohio: When “speculative” development is the right thing to do! ■ Ga Gary, In , Indiana diana: Starting from Scratch: What to do when there is no market? ■ South Br Bronx, N New Y w Yor
k: Taking back the neighborhood block by block
Lorainharborawp.com– Lorain, Ohio
www.LorainHarborAWP.com
■ Lead with public investment ■ Get institutions and foundations engaged ■ Clear land-remove title issues ■ Conduct environmental due diligence ■ Work with property owners to set expectations ■ Work with communities to calibrate market to expectations ■ Make sure to incorporate indigenous residents concerns ■ Roll out the red carpet!
■ Expression of interest on 5 key properties April 15th- August 1st ■ Extensive outreach to the region ■ Workshops, Boat tours ■ Local support: process to be managed by city port authority
Types of developers: ■ Institutionally-funded, usually developing in one market class ■ Well-heeled private developer focused on one or two markets ■ National Risk transfer companies-usually land developers ■ Local/regional-usually builder/developer ■ Contractors/People with money to spend/etc. ■ Alumni
Company who purchased this site: ■ Focused specifically in this region (knew where Meriden, CT was) ■ Developer had significant brownfield redevelopment experience ■ Strategy was to find underutilized assets with some income
Bikeway / Complete Streets system
A ke y obje c tive for the proje c t is to ide ntify proje c ts a nd prog ra ms tha t the pa rtne rs c a n c a rry out upon c omple tion
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Che rry Stre e t L e g a c y Pro je c t – St. Vinc e nt’ s Ho spita l
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F unde r’ s Ne two rk fo r Sma rt Gro wth
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Old We st E nd Ne ig hb o rho o d I nitia tive
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L uc a s Co unty De pa rtme nt o f Pla nning a nd De ve lo pme nt
Access to federal partners
K e y Spo nso r
Ne ig hb o rho o d re vita liza tio n Ne ig hb o rho o d de sig n suppo rt F und Spe c ia l Pro je c ts Ac c e ss to fo unda tio ns Pro pe rty a c q uisitio n / jo b c re a tio n Co mmunity Org a niza tio n Gre e n ho using Va c a nt pro pe rty ma na g e me nt Jo b pre p / Jo b tra ining
LakefrontDistrict.com Proble lem Soluti tion Train operator wanted to close station/consolidate Proved train station viable Richest and poorest lived across tracks Created new district that incorporated richest and poorest City was not trusted Created “as-of-right” development
development No market activity Invited market
Miller station Mille ler Beach ach Ae Aetna
www.LakefrontDistrict.com
Access from Glen Ryan
New Miller Station
Access from Miller District Access from South Lakefront District
Meridianhospitalitygroup.com
their surroundings. Market study, demographics will help point out out potential uses
land is an asset. You need to identify your assets and familiarize yourself totally with them
be municipal or private. You must engage owners and other stakeholders in the development process. They live and work there and understand their needs and wants. Creativity in development is seeing the untapped idea and working it
potential to spur development. Community development is a building by buliding and block by block effort
Bruc ruckn kner r and nd East 138th 38th, Ne New York, NY NY: Former Gas station site
party without his knowing the site was a brownfield.
trafficked area
15 years
to clear a number of obstacles - brownfield cleanup, financing, permiting
site study to determine alternative highest and best uses for site
formas for development alternatives
to Manhattan. Numerous attractive though vacant buildings
– menacing aspect. No development focus.
Corporation to focus on the street’s
business which sold antiques out of a storefront and through her was able to got several adjacent
antique dealers at no cost other than new tenant covered their operating costs.
create a new zoning district for the Avenue MX1 allowing retail, residential and manufacturing
and Antique District and promoted it throughout the borough
Vist sta a Sit Site
focus on neglected waterfront area surrounding Third Avenue
positions
sites to de-mystify development
basic planning analysis. The site will ultimately accommodate over 400 units
housing –
examining the sites in detail.
building, Building abandoned in early 1970s
droves
scrambled for dollars and rebuilt factory to serve as a counter to rampant abandonment.
toured the building and worked closely with them to get rehabilitation dollars for their buildings.
space at all time high today – very little land or buildings on the market
Questions?
On behalf of Michael Taylor and Neil Pariser, we would like to say thank you for attending this webinar. Next Webinar: Friday, May 11th 2018, 12-1 pm EST How to Create and Maintain a Successful Brownfields Program in your Community Contact: Michael Taylor – Mtaylor@vitanuova.net Neil Pariser – Pariser@vitanuova.net