Norwich VCI public workshop - Dec 14 2011

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Cecil Group presentation for Norwich Vibrant Communities Initiative (VCI)

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Norwich VCI public workshop - Dec 14 2011

  1. 1. DOWNTOWN NORWICH NORWICH’S VIBRANT COMMUNITIES INITIATIVEDecember 14, 2011 Presented by: The Cecil Group, Inc. FXM Associates Durkee, Brown, Viveiros & Werenfels Architects NORWICH’S VIBRANT COMMUNITIES INITIATIVE The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
  2. 2. Agenda Project Overview Preliminary Market Findings Case Studies Resources Potential Criteria for Evaluating Properties Group Discussions NORWICH’S VIBRANT COMMUNITIES INITIATIVE The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
  3. 3. Project Overview Evaluation of Historic Assets and Buildings • Leverage historic resources to trigger redevelopment • Leverage redevelopment to preserve historic resources • Engage the community and attract stewards and investors in the future Process • Historic inventory and community context • Market evaluation • Target buildings or projects • Pilot planning project NORWICH’S VIBRANT COMMUNITIES INITIATIVE The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
  4. 4. Project Overview NORWICH’S VIBRANT COMMUNITIES INITIATIVE The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
  5. 5. Project Overview Study Area NORWICH’S VIBRANT COMMUNITIES INITIATIVE The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
  6. 6. Project Overview Historic Properties NORWICH’S VIBRANT COMMUNITIES INITIATIVE The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
  7. 7. Project Overview Water Street and Chelsea Harbor Drive NORWICH’S VIBRANT COMMUNITIES INITIATIVE The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
  8. 8. Project Overview Main Street NORWICH’S VIBRANT COMMUNITIES INITIATIVE The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
  9. 9. Project Overview Franklin Square NORWICH’S VIBRANT COMMUNITIES INITIATIVE The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
  10. 10. Project Overview Broadway, Chestnut and Franklin Streets NORWICH’S VIBRANT COMMUNITIES INITIATIVE The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
  11. 11. Preliminary Market Findings Housing Demand Analysis Retail Opportunity/Gap Analysis NORWICH’S VIBRANT COMMUNITIES INITIATIVE The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
  12. 12. Housing Demand Analysis FXM’s proprietary Housing Demand Model considers the following: • Number of households in 2011 by age and income • Projected number of households by age and income in 2016 • Mobility by age of householder • Propensity to own or rent by age of householder • Income qualified households by rent or sales price points Average annual housing demand estimated for rental or sales within target geographic area NORWICH’S VIBRANT COMMUNITIES INITIATIVE The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
  13. 13. 20 – Minute Drive Time NORWICH’S VIBRANT COMMUNITIES INITIATIVE The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
  14. 14. Estimated Average Annual Demand for Rentals All Household Types with Qualifying Incomes 2011- 2016 450 396 400 326 350 300Number of Units per Year 250 187 200 150 100 50 0 Rentals @ $900/month Rentals @ $1100/month Rentals @ $1300/month NORWICH’S VIBRANT COMMUNITIES INITIATIVE The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
  15. 15. Average Annual Demand for Rentals: Norwich Market Area 2011-2016 Householders under Age 35 and Ages 55 to 74300 Age 55-74 45250 Under Age 35200 40150 239 23100 18350 97 0 Rentals @ $900/month Rentals @ $1100/month Rentals @ $1300/month NORWICH’S VIBRANT COMMUNITIES INITIATIVE The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
  16. 16. Retail Opportunity/Gap Analysis Retail Opportunity/Gap Analysis is a snapshot of current (2010) consumer expenditures and actual store sales within a defined geographic area Retailers typically use 5- 10- and 15-minute drive times to define their market areas Where consumer expenditures within those drive times exceed store sales, potential opportunities exist to expand existing stores/store sales or attract new retailers NORWICH’S VIBRANT COMMUNITIES INITIATIVE The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
  17. 17. Retail Opportunity/Gap Analysis Potential Opportunities for Several Business Types • Furniture Stores • Radio, Television, Electronic Stores • Camera and Photographic Equipment Stores • Specialty Food Stores • Clothing Stores • Jewelry Stores • Luggage and Leather Goods Stores • Sporting Goods Stores • Book Stores • Miscellaneous Stores NORWICH’S VIBRANT COMMUNITIES INITIATIVE The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
  18. 18. Case Studies New Bedford Providence Newburyport Portsmouth Plymouth NORWICH’S VIBRANT COMMUNITIES INITIATIVE The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
  19. 19. Case Study: New Bedford NORWICH’S VIBRANT COMMUNITIES INITIATIVE The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
  20. 20. Case Study: New Bedford Focus on Redeveloping 10 Key Properties Focus on Expanding Occupancy Modest Early Goals for Real Estate Development Returns Relocation of Certain Social Service Uses Excellent Streetscape and Open Space NORWICH’S VIBRANT COMMUNITIES INITIATIVE The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
  21. 21. Case Study: Providence NORWICH’S VIBRANT COMMUNITIES INITIATIVE The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
  22. 22. Case Study: Providence Return to Two-way Streets Focus on Filling Ground Floors with Entrepreneurial Businesses Building on the Arts/ Culture/’Funkiness’ Brand Relocation of Key Social Service Center NORWICH’S VIBRANT COMMUNITIES INITIATIVE The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
  23. 23. Case Study: Newburyport NORWICH’S VIBRANT COMMUNITIES INITIATIVE The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
  24. 24. Case Study: Newburyport Focus on streetscape Seasonal events Residential reuse NORWICH’S VIBRANT COMMUNITIES INITIATIVE The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
  25. 25. Case Study: Portsmouth Culture, entertainment, food led the way Quality as a residential community Key outcomes Time frame NORWICH’S VIBRANT COMMUNITIES INITIATIVE The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
  26. 26. Case Study: Portsmouth NORWICH’S VIBRANT COMMUNITIES INITIATIVE The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
  27. 27. Case Study: Plymouth Façade improvement program Businesses for residents – not tourists Wayfinding signage NORWICH’S VIBRANT COMMUNITIES INITIATIVE The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
  28. 28. Case Study: Plymouth NORWICH’S VIBRANT COMMUNITIES INITIATIVE The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
  29. 29. Local Resources Downtown Revitalization Initiative • Result of 2010 voter-approved $3.38 million bonding ordinance Three Programs • Code Correction • Lease Rebate • Revolving Loan NORWICH’S VIBRANT COMMUNITIES INITIATIVE The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
  30. 30. State and Federal Resources Tax Credit Programs • Urban and Industrial Site Reinvestment Tax Credit • Job Creation Tax Credit • Research and Development Tax Credit • Fixed Capital Tax Credit • Machinery and Equipment Tax Credit • Financial Services Tax Credit • Angel Investor Tax Credit • Historic Tax Credits • New Markets Tax Credit • Low Income Housing Tax Credit Enterprise Zone Tax Exemptions NORWICH’S VIBRANT COMMUNITIES INITIATIVE The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
  31. 31. Potential Criteria for Evaluating Properties Base Criteria • Current Use and Vacancy Second Level Criteria • Catalytic impact on other properties and downtown goals • Long term benefit • Match with market/reuse potential • Property and site conditions • Location advantages/disadvantages • Historic contribution • Ownership circumstances • Demolition impact if not preserved Third Level Criteria • Short term feasibility Note: Bold text means strongly • Financing weighted criteria NORWICH’S VIBRANT COMMUNITIES INITIATIVE The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
  32. 32. Group Discussions NORWICH’S VIBRANT COMMUNITIES INITIATIVE The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
  33. 33. DOWNTOWN NORWICH NORWICH’S VIBRANT COMMUNITIES INITIATIVEDecember 14, 2011 Presented by: The Cecil Group, Inc. FXM Associates Durkee, Brown, Viveiros & Werenfels Architects NORWICH’S VIBRANT COMMUNITIES INITIATIVE The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects

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