Downtown Redevelopment - City of Riverside
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Deanna Lorson, Assistant City Manager for the City of Riverside, discusses how Riverside, CA was able to reinvent their historic downtown.
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Downtown Redevelopment - City of Riverside
- 1. Downtown Redevelopment City Manager’s Office California Association for Local Economic Development November 13, 2014 Deanna Lorson, Assistant City Manager RiversideCa.gov RiversideCa.gov
- 2. CITY OF RIVERSIDE RiversideCa.gov • FY2014/15 Budget – Citywide: $914,663211 / General Fund: $240,056,800 • Official Population: 314,034 (2014) – 59th largest in the United States – 12th largest in California – 6th largest in Southern California • 81.5 square miles • Incorporated on October 11, 1883
- 3. RIVERSIDE DOWNTOWN PARTNERSHIP • Established in 1986 • Not-for-profit RiversideCa.gov organization that partners with the City and downtown retailers, businesses and stakeholders • Promote Business Activities • Sponsors Public Events • Maintenance • Security
- 4. PUBLIC INVESTMENT • Convention Center $43,630,000 • Fox Theater $31,193,000 • Fox Entertainment Plaza $18,769,000 • Parking Garage No. 6 $13,079,097 • Fire Station No. 1 $12,302,000 • Main Street Revitalization $10,296,516 • Municipal Auditorium $10,098,470 • Metropolitan Museum $1,989,200 • Other PW Improvements $26,472,025 TOTAL $167,829,308 RiversideCa.gov
- 5. RIVERSIDE CONVENTION CENTER RiversideCa.gov
- 6. RIVERSIDE CONVENTION CENTER RiversideCa.gov
- 7. RIVERSIDE CONVENTION CENTER March 2014 – June 2014 Summary • Events 94 • Visitors/Attendees 70,667 • Hotel Rooms Consumed 6,044 • Hotel Room Revenue $636,405.93 • 161 confirmed bookings (July 2014 to September 2020) • 49 tentative bookings (July 2014 to May 2018) RiversideCa.gov
- 8. RIVERSIDE CONVENTION CENTER Riverside Convention & Visitors Bureau and the Riverside Sports Commission (FY2013-2014) • Events 133 • Visitors 71,218 • Hotel Rooms Consumed 23,849 • Hotel Room Revenue $2,403,120.84 • Economic Impact (Est.) $6,569,133.99 RiversideCa.gov
- 12. FOX ENTERTAINMENT PLAZA RiversideCa.gov
- 13. FIRE STATION NO. 1 RiversideCa.gov
- 14. FIRE STATION NO. 1 RiversideCa.gov
- 15. PRIVATE INVESTMENT • RCCD Renaissance Block $80,000,000 • Regency Tower $65,000,000 • Raincross Promenade $43,000,000 • Stalder Project $42,000,000 • Gateway Offices $25,000,000 • Imperial Hardware Project $22,000,000 • Culver Center for the Arts $18,000,000 TOTAL $295,000,000 RiversideCa.gov
- 16. REDEVELOPMENT Stalder Project by Regional Properties RiversideCa.gov
- 17. REDEVELOPMENT Imperial Building Project by Ratkovich Properties, LLC RiversideCa.gov
- 23. HEROES RESTAURANT & BREWERY RiversideCa.gov
- 28. RiversideCa.gov DOWNTOWN INVESTMENTS Public Private City Hall/County Administrative Center Courts
- 29. WELCOME TO RIVERSIDE! RiversideCa.gov
Editor's Notes
- Good Morning!
- Budget – this Fiscal Year’s budget exceeds the FY2007/08 budget (pre-recession); as a result of the Mayor and City Council’s prudent fiscal management, staff feels the City is well positioned to address, and take advantage of, economic opportunities that will arise over the next few years as the regional, state and national economy continue to improve. Population – approximately 2,000 more residents than 2013 (0.6%); approximately 24,400 more residents than 2007 (8.4%) Square miles – 11th largest City in California by land area; nearly twice as big as San Francisco The City is 131 years old
- Not-for Profit Organization that is a partner with the City - Promotes business activities in support of City events as well as events at the Fox Theater and Riverside Municipal Auditorium; supports Economic Development initiatives including Restaurant Week and Small Business Saturday, or Small Business Month as we do it in the City RDP also has an extensive schedule of public events year round, such as Movies on Main which are programmed in the Summer and the recent Fashion Show to highlight local designers The City-RDP partnership is critical to supporting the continued development of Downtown and supporting both public and private investments made
- List of public investments made over the last decade (2000-2014) Not an exhaustive list, but one that highlights the City’s commitment to Downtown, to providing for the City’s needs and one that reinforces/highlights the fact that we are a City of arts and innovation
- The next few slides will provide you visuals of these investments…
- The renovated Convention Center began hosting events in March 2014 (Hotel Room Revenue is the revenue generated by the hotels; this does not included TOT)
- Between 2011-2013, there were 151 events (concerts and Broadway productions) with 135,803 attendees. Since Live Nation took over in December 2013, there have been 11 sold out shows, ranging from Jason Mraz and Willie Nelson to Jerry Seinfeld and Wayne Brady. Diverse set of Programming – Minimum of six family oriented shows, minimum of ten multicultural shows and an annual Broadway season of four to six productions. Recently began Open Mic Night on Mondays to showcase local talent. Live Nation on target to provide 65 shows in Fiscal Year 2014-2015. Attendance drawn not just from the City, but from the wider Inland Empire Region.
- The Box is located adjacent to the Fox Theater Includes smaller, flexible performance venues; same high quality production value as in the Fox Theater Programming is routinely scheduled and is used frequently by community theater groups and performing groups
- As important as the City’s investments have been, Downtown has been really taking off as a result of the interest shown by the private sector and other public agencies. The public investments made so far have served to establish a foundation from which the Downtown could grow; this list highlights some of the City’s catalyst projects in the Downtown (some have been completed or will be completed in the near future) that will provide residential opportunities and offer additional retail and restaurant space – and bring in people to support these businesses year round
- Total Gross Floor Area: 241,204 square feet Height: 4-story Residential: 165 units Office and Retail: 14,000 square feet Parking: 363 subterranean spaces Preservation of historic facade Total Development Cost: $42,000,000 Active residents living and enjoying arts, culture and entertainment downtown 165 households with average income of $64,310 annually 250 construction and 110 permanent jobs Sales tax revenue of $4,500,000 Property tax revenue of $420,000
- Ratkovich to acquire the Property for $1 Estimated 307 Construction & Permanent Jobs Estimated annual sales tax revenue of $255,312 Project cost: $22,000,000
- From a furniture store to a pawn shop, now a gourmet eatery
- From an antique mall/store to a gastropub restaurant and an independent coffee shop
- Repurposing of space within an existing antique mall/store to an independent coffee shop
- From a bank to a thriving restaurant
- Adaptive reuse of an historic building…now an American-styled restaurant-brewery We’ll be hosting a networking social at Heroes later this afternoon; I hope you can all join us
- Now used as the County of Riverside District Attorney’s Office
- The map provides a brief overview of public and private investment in the Downtown core… City Hall and the County Administrative Center are highlighted baby blue; the Courts are highlighted green