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Elmhurst
 

Elmhurst

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  • Specific zoning issues to be discussed later <br /> “Semi-exclusive” use refers primarily to Monday through Saturday shopping hours; the restaurant may benefit by greater availability during evening hours, as well <br /> As will be outlined in later discussions, a leasehold taking is unnecessarily complicated and does not result in a reduction of costs to the City nor an increase in benefits or compensation to the property owners <br />
  • FAR specifics to be discussed later in this presentation <br />
  • As opposed to C-4, which is also without setback requirements but does not require any on-site parking, either. <br /> Properties 18 and 27 (medical office building at 239 N. York and Hamburger Heaven) are the only subject properties which currently meet C-2 parking requirements according to their specific uses; this suggests a reduced value or marketability to new ownership for a continued use, despite grandfathering. Is parking here adequate for the clientele? <br /> Standard zoning requirements for uses in the C-2 zone are 4 spaces for each 1,000 square feet of building area, or, in other words, 250 square feet of available footprint for each parking space. <br /> The visible exceptions are restaurants (10 per 1,000 SF of building area or 1 space per 100 square feet of available footprint) and photography studios and travel agencies (3 spaces for each 1,000 SF of building area, or 1 space for each 333 square feet of available footprint). <br /> The most appropriate zoning will be applicable when redevelopment plans for the block are more solid <br />
  • Typically, existing suburban downtown commercial buildings are one- or two-story in design, with retail on the ground and locally-utilized offices on the upper floors <br /> With an FAR of 2.0 in the C-2 district, facilities would consist of some 6,000 SF to match the allowable density and, given parking requirements (which few of them meet anyway), would be at least 3 stories high <br /> The available developable footprint is key in a densely-developed district which requires some minimum on-site parking -- to be discussed in detail later <br />
  • 108 N. York though 172-76 N. Addison have 4.0 base FARs. <br /> 332 N. York, 401 N. York and 581-91 S. York have base FARs of 2.0, like the subject properties. <br /> 851 N. Addison is in a C-3 district with an FAR of only 0.5. <br /> And 110 Cottage Hill Ave. is in an OIC district with a base FAR of 0.8. <br />
  • Shows a basic available footprint calculation, as provided by land planners such as Rolf Campbell <br /> Predicated upon required on-site parking and assumes modern standard of approximately 400 SF per space, allowing for buffers, landscaping, access drives, turn-around space, bumpers, pedestrian walks, etc. <br /> The available building footprint is ultimately discerned by multiplying the square footage of building applicable to a single required parking space by the building footprint ratio. In turn, the building footprint ratio is a factor of the site area divided by the space required on a per-space basis for parking and building combined (or, in the restaurant example, 100 SF of building area and 400 SF of parking space area). <br />
  • Footprint x 2 represents the typical 2-story nature of suburban downtown commercial buildings and demonstrates the total available building area permitted on a site, given required parking and the resulting underlying footprint. <br />
  • In each case, the property at the rear of the subject within the taking area involves land specifically set aside for customer/employee parking, or potentially developable for such parking <br /> In no case does the taking impact building improvements (with the exception of the delapidated garage on the Budgell property, as well as an assumption of demolition of the SFR on the southern Budgell property). <br />
  • In many cases these currently underparked commercial properties will, for the first time, have access to adequate parking for their customers <br /> The lower end of the space and benefit spectrum reflects an allocation of 400 SF per space; the upper end reflects an allocation of slightly less (350 SF) because the modern design, width, etc. should result in a more economic layout of the parking spaces and access ways <br />
  • Municipality, either in a fee or leasehold taking, would take responsibility for the maintenance and operating costs of the parking areas, relieving the property owner of both the actual costs and the management responsibility <br />
  • Predicated upon 400 SF per space on an “after” basis, maintaining an “apples to apples” with the “before” figures For instance, the general taking will encompass a 50’ x 60’ area, or 3,000 SF which, divided by 400 SF per space equals approximately 7.5 parking spaces. Multiplied by $25,000/space, the property owner is essentially losing $187,500 in compensation. <br /> However, he gains in benefits the semi-exclusive use of 50% of the municipal spaces within his taking area. Adding the 16-foot-wide alley area to the 3,000 SF of taking, we arrive at a total parking development area adjacent to his remainder of 3,800 SF. Predicated upon 400 SF per space, 9.5 spaces could be developed on this area, 50% of which for the owner’s use is 4.75 spaces. Again, at $25,000/space, this benefit to ownership is equal to approximately $118,750. <br /> Adding the $1.26/SF for 3,000 SF for expenses now borne by the City, as opposed to the property owner, another $3,780 in benefits. <br /> Ultimately, total compensation is $64,790, or approximately $21.66/SF of the take area. <br />
  • Predicated upon an allocation of 350 SF per parking space in the “after” scenario, due to increase in efficiency by way of the modern layout, access, etc. <br /> Allows for 11 spaces in the redeveloped taking area (as opposed to 9.5 based upon 400 SF parking spaces), or approximately 5.4 spaces for the property owner based upon the 50% semi-exclusive use assumption <br />
  • $48,000 to $65,000 in compensation is equal to approximately $16.00 to $22.00 per square foot of land area (predicated upon standard taking area of 3,000 SF), which is in keeping with commercial land values in the market <br /> Hamburger Heaven compensation, parking impact, etc. will be slightly escalated due to a wider site width, and thus a larger taking <br />
  • Both explaining to property owners and accurately estimating value of these partial rights bundles is extremely difficult and inherently subject to more “judgement-oriented” processes and analyses than is a fee taking <br /> With all current development falling significantly short of allowable FAR, and with rezoning a possibility in the future to draw redevelopment, any positive impact afforded value of the existing properties by way of allowing the owners to utilize the taking area for total FAR or developable footprint is nebulous <br /> New zoning in the future could address all density issues and afford redevelopers on-site parking in structures, higher FARs and/or higher building height allowances <br />

Elmhurst Elmhurst Presentation Transcript

  • North, Third and York Alley Redevelopment
  • North, Third and York
  • Key Assumptions No change in the current C-2 zoning recommended Existing property owners to have semiexclusive use of a minimum of 50% of municipal parking spaces within their individual taking areas Taking will be in fee
  • Market Shows FAR is virtually meaningless in suburban downtown districts with respect to existing uses Commercial land values for the subject lie between $18 and $25 per SF General commercial building values lie between $60 and $90 per SF with medical office slightly higher ($100 to $120)
  • Zoning Should Remain C-2 Parking requirements reduce developable footprint Most subject properties (with two exceptions) are currently underparked Zoning can be adjusted when redevelopment of block is eminent
  • FAR is NOT the Issue None of the properties are built to the maximum FAR currently None of the comparables are developed to their maximum FAR currently More important than FAR is the available developable footprint
  • FARs Compared 2.5 1.5 Permitted FAR 1.0 Actual FAR 0.5 Property No .2 7 No .2 5 No .2 6 No .2 1 No .2 2 0.0 No .1 8 No .1 9 No .2 0 FAR 2.0
  • Comparable FARs Compared Comparable Property 108 N. York 120-22 N. York 122-24 S. York 172-76 N. Addison 851 N. Addison FAR as Built 581-91 S. York Allowable FAR 401 N. York 332 N. York 110 Cottage Hill Ave. 0 1 2 FAR 3 4
  • Available Footprint Calculation ELMHURST Restaurant Site Area (for ex.) 1 Prkg Sp per SF of Bldg. SF per Parking Space Space Needed: Building Footprint Ratio: Building Footprint: 12,119 100 400 500 24.24 2,424 General Retail 12,119 250 400 650 18.64 4,661 Office Use 12,119 250 400 650 18.64 4,661
  • Available Footprints Compared 14,000 12,000 10,000 8,000 SF 6,000 4,000 2,000 - Available Footprint Actual Bldg. SF Property 27 N o. 26 N o. 25 N o. 22 o. N N o. 21 20 N o. 19 o. N N o. 18 Footprint x 2
  • The Taking Taking is calculated on actual/potential parking spaces as opposed to land In current downtown suburban markets, value is approximately $25,000 per space Typical taking is 50’ x 60’, which can accommodate 7.5 spaces (at 400 SF each) Take equals $187,500, or $62.50/SF
  • After Take - Properties Benefit Assume 50% of new parking within take area dedicated for owners’ use With take area and existing alley, between 9.5 and 11 new spaces can be created, or 4.75 to 5.5 spaces (50%) for property owner Total space benefit, then, is between $118,750 and $135,714
  • Properties Benefit (2) In addition to availability of more parking than they current enjoy, properties will benefit by loss of operating expenses and taxes for take area Real estate taxes and operating expenses for surface parking lots estimated at approximately $1.26/SF, combined
  • Standard Compensation - High NET LOSS TO PROPERTY OWNER Lost Spaces $ Plus Maint. Of Parking by Municipality $ Plus Return of Use to Spaces $ Total Loss or $/SF of land area $ $ 187,500 (3,780) (118,750) 64,970 21.66
  • Standard Compensation - Low NET LOSS TO PROPERTY OWNER Lost Spaces $ Plus Maint. Of Parking by Municipality $ Plus Return of Use to Spaces $ Total Loss or $/SF of land area $ $ 187,500 (3,780) (135,714) 48,006 16.00
  • Bottom Line Total compensation per property owner in the range of $48,000 to $65,000 Increase overall available parking in the district, which benefits all users Virtually no negative impact on property owners relative to density
  • Taking in Fee A leasehold or easement taking would be unnecessarily complex FARs and maximum allowable density is not an issue for existing facilities Rezoning could be implemented after parking redevelopment to draw and benefit redevelopment in the block
  • Integra Realty Consultants, USA Gary K. DeClark, MAI, CRE Nancy S. Myers, Sr. Analyst