ULI October 28, 2010 SCAG City of Los Angeles Friends of Park 101 AECOM Design + Planning The Robert Group
 
2008 EDAW Summer Intern Program _ PARK 101 Endorsements
 
Southern California Association of Governments Compass Blueprint Working with local governments to  accommodate expected g...
LA River Union Station Grand Alameda Temple Cesar Chavez PARK SUB-DISTRICTS
THE BIG IDEAS
CONCEPTUAL PLAN Grand Ave Alameda Street Vignes Street Temple Street Cesar Chavez LA River
EAST GATEWAY PLAZA
THE AMPHITHEATER
OVERVIEW   <ul><li>Case study findings </li></ul><ul><li>Value creation opportunities  </li></ul><ul><li>Cost estimates </...
CASE STUDIES
VALUE CREATION <ul><li>Infrastructure investments spur commercial activity </li></ul><ul><li>Initial opportunity sites: pa...
NO RECENT TRANSACTIONS
NO ACTIVE PROPERTY LISTINGS
KEY COMPONENTS <ul><li>Development sites </li></ul><ul><li>Cap Park </li></ul><ul><li>Park (not over cap) </li></ul><ul><l...
<ul><li>Phase 1:  El Pueblo Gateway </li></ul><ul><li>Phase 2:  Hotel &  Mixed Use </li></ul><ul><li>Phase 3:  Spring Stre...
Phase 1_UNION STATION PROMENADE
<ul><li>Capital Costs for Infrastructure </li></ul><ul><li>Required Infrastructure:  $2.5 million </li></ul><ul><li>New De...
MAIN STREET CAP PLAZA
<ul><li>Capital Costs for Infrastructure </li></ul><ul><li>Required Infrastructure:  $34 million </li></ul><ul><li>New Dev...
<ul><li>Capital Costs for Infrastructure </li></ul><ul><li>Required Infrastructure:  $77 million </li></ul><ul><li>New Dev...
All values in millions of dollars INFRASTRUCTURE COST Infrastructure Costs Phase 1 Phase 2 Phase 3 Phase 4 Phase 5 Total F...
TDR Funding Option Components Park Station River Total Residual Value Created $83 m Redevelopment (acres) 18.2 Redevelopme...
DIRECT COST SUMMARY Components Park Station River Total Cap Park ($millions) $328 $111 $0 $439 Park ($m) $12 $51 $63 $126 ...
IMMEDIATE NEXT STEPS <ul><li>Political Champions </li></ul><ul><li>High Speed Rail Design & Implementation </li></ul><ul><...
THE GREEN
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From Eye Sore to A Must See: Creating Urban Parks from Thin Air and Adding Real Estate Value (Vaughan Davies) - ULI fall meeting - 102811

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  • Each improvement has a cost and an associated benefit These are provided by component and by district
  • Stages
  • Change pie chart – infrastructure costs, then total value created.
  • Change pie chart – infrastructure costs, then total value created.
  • Change pie chart – infrastructure costs, then total value created.
  • Potential revenue Gap to Fill
  • CMAQ: Congestion Mitigation Air Quality STP: Surface Transportation Program TE Grants: Transit Enhancements Political Championship – City Council, Friends of Park 101, CRA, MTA, CalTrans High Speed Rail Design to include Park 101 Union Station Gateway: $1 million for park improvements $1 million for oadway improvements Potential Sources: HSR, Metro, CalTrans, Fed Program, City DPR Park 101 District-wide Environmental Documents: $1-7 million Non-capital transportation funding Caltrans: CMAC, T Grants, STP, TE HSR Mitigation
  • From Eye Sore to A Must See: Creating Urban Parks from Thin Air and Adding Real Estate Value (Vaughan Davies) - ULI fall meeting - 102811

    1. 1. ULI October 28, 2010 SCAG City of Los Angeles Friends of Park 101 AECOM Design + Planning The Robert Group
    2. 3. 2008 EDAW Summer Intern Program _ PARK 101 Endorsements
    3. 5. Southern California Association of Governments Compass Blueprint Working with local governments to accommodate expected growth while improving regional mobility, prosperity , livability and sustainability SCAG has completed nearly 100 Demonstration Projects <ul><li>Technical assistance for local planning that </li></ul><ul><ul><li>Demonstrates the local benefits of regional goals </li></ul></ul><ul><ul><li>Creates models to replicate throughout the region </li></ul></ul><ul><ul><li>Applies innovative planning tools </li></ul></ul>SCAG
    4. 6. LA River Union Station Grand Alameda Temple Cesar Chavez PARK SUB-DISTRICTS
    5. 7. THE BIG IDEAS
    6. 8. CONCEPTUAL PLAN Grand Ave Alameda Street Vignes Street Temple Street Cesar Chavez LA River
    7. 9. EAST GATEWAY PLAZA
    8. 10. THE AMPHITHEATER
    9. 11. OVERVIEW <ul><li>Case study findings </li></ul><ul><li>Value creation opportunities </li></ul><ul><li>Cost estimates </li></ul><ul><li>Funding options </li></ul><ul><li>Next Steps </li></ul>OVERVIEW Park 101 District Economic Feasibility
    10. 12. CASE STUDIES
    11. 13. VALUE CREATION <ul><li>Infrastructure investments spur commercial activity </li></ul><ul><li>Initial opportunity sites: parking lots, existing streets, ramps, & right-of-ways </li></ul><ul><li>New parks, streets, lighting, pedestrian linkages, transit options >>> new hotel, office, retail, and residential development </li></ul>VALUE CREATION
    12. 14. NO RECENT TRANSACTIONS
    13. 15. NO ACTIVE PROPERTY LISTINGS
    14. 16. KEY COMPONENTS <ul><li>Development sites </li></ul><ul><li>Cap Park </li></ul><ul><li>Park (not over cap) </li></ul><ul><li>Streetscape </li></ul><ul><li>Existing urban development, cultural amenities, private holdings </li></ul>KEY COMPONENTS
    15. 17. <ul><li>Phase 1: El Pueblo Gateway </li></ul><ul><li>Phase 2: Hotel & Mixed Use </li></ul><ul><li>Phase 3: Spring Street </li></ul><ul><li>Phase 4: Alameda/Station </li></ul><ul><li>Phase 5: Cathedral </li></ul>PARK DISTRICT PHASING
    16. 18. Phase 1_UNION STATION PROMENADE
    17. 19. <ul><li>Capital Costs for Infrastructure </li></ul><ul><li>Required Infrastructure: $2.5 million </li></ul><ul><li>New Development Value: $0 million </li></ul><ul><li>Less Development Costs: ($0 million) </li></ul><ul><li>Net Land Value Created: $0 million </li></ul><ul><li>Capital Funding for Infrastructure </li></ul><ul><ul><li>Public Funding: $2.5 million (100%) </li></ul></ul><ul><ul><li>City of Los Angeles: $1.25 million </li></ul></ul><ul><ul><ul><li>Transportation Funds: $1.25 million </li></ul></ul></ul><ul><li>Land Program </li></ul><ul><li> Redevelopment: </li></ul><ul><ul><li>Public only </li></ul></ul><ul><ul><li>Public Improvements </li></ul></ul><ul><ul><li>1.1 acre park </li></ul></ul><ul><ul><li>Streetscape: 0.25 miles </li></ul></ul><ul><ul><li>Timeframe: 12-24 months </li></ul></ul>Phase 1_UNION STATION PROMENADE
    18. 20. MAIN STREET CAP PLAZA
    19. 21. <ul><li>Capital Costs for Infrastructure </li></ul><ul><li>Required Infrastructure: $34 million </li></ul><ul><li>New Development Value: $145 million </li></ul><ul><li>Less Development Costs: ($119 million) </li></ul><ul><li>Net Land Value Created: $26 million </li></ul><ul><li>Capital Funding for Infrastructure </li></ul><ul><ul><li>Land Value Capture: $18 million (55%) </li></ul></ul><ul><ul><li>Potential TIF: $13 million </li></ul></ul><ul><ul><li>Fees & Exactions: $5 million </li></ul></ul><ul><ul><li>Other Funding: $16 million (45%) </li></ul></ul><ul><ul><ul><li>Transportation Funds </li></ul></ul></ul><ul><ul><ul><li>State & Local Sources </li></ul></ul></ul><ul><ul><ul><li>Federal Funds (Stimulus, ARRA, etc.) </li></ul></ul></ul><ul><li>Land Program </li></ul><ul><li> Redevelopment: 4.5 acres </li></ul><ul><ul><li>250-room hotel </li></ul></ul><ul><ul><li>Mixed use office/retail: 280K SF </li></ul></ul><ul><ul><li>1,200 new full-time jobs </li></ul></ul><ul><ul><li>Public Improvements </li></ul></ul><ul><ul><li>1.1 acre park </li></ul></ul><ul><ul><li>1.3 mile streetscape </li></ul></ul><ul><ul><li>Timeframe: < 5 years </li></ul></ul>PHASE 2: HOTEL & MIXED USE
    20. 22. <ul><li>Capital Costs for Infrastructure </li></ul><ul><li>Required Infrastructure: $77 million </li></ul><ul><li>New Development Value: $252 million </li></ul><ul><li>Less Development Costs: ($207 million) </li></ul><ul><li>Net Land Value Created: $45 million </li></ul><ul><li>Capital Funding for Infrastructure </li></ul><ul><ul><li>Land Value Capture: $31million (40%) </li></ul></ul><ul><ul><li>Potential TIF: $21 million </li></ul></ul><ul><ul><li>Fees & Exactions: $10 million </li></ul></ul><ul><ul><li>Other Funding: $46 million (60%) </li></ul></ul><ul><ul><ul><li>Transportation Funds </li></ul></ul></ul><ul><ul><ul><li>State & Local Sources </li></ul></ul></ul><ul><ul><ul><li>Federal Funds (Stimulus, ARRA, etc.) </li></ul></ul></ul><ul><li>Land Program </li></ul><ul><li> Redevelopment: 9.9 acres </li></ul><ul><ul><li>Mixed use office/retail: 350K SF </li></ul></ul><ul><ul><li>420 Apartments & Condos </li></ul></ul><ul><ul><li>1,600 new full-time jobs </li></ul></ul><ul><ul><li>Public Improvements </li></ul></ul><ul><ul><li>6.4 acre park </li></ul></ul><ul><ul><li>1.3 miles streetscape </li></ul></ul><ul><ul><li>Timeframe: < 5 years </li></ul></ul>PHASE 3: SPRING STREET
    21. 23. All values in millions of dollars INFRASTRUCTURE COST Infrastructure Costs Phase 1 Phase 2 Phase 3 Phase 4 Phase 5 Total Freeway Cap Park 0% 76% 79% 90% 88% 85% Park 43% 1% 6% 2% 2% 3% Streetscape & New Roads 57% 23% 15% 8% 10% 12% Total Cost ($ millions) $2.5 $34 $77 $59 $215 $387 Induced Private Investment $ - $119 $208 $ - $81 $408 Infrastructure Funding Private Value Capture $ - $18 $31 $ - $12 $61 0% 53% 41% 0% 6% 16% Other Funding Required $2.5 $16 $46 $59 $202 $325 100% 47% 59% 100% 94% 84%
    22. 24. TDR Funding Option Components Park Station River Total Residual Value Created $83 m Redevelopment (acres) 18.2 Redevelopment (million SF) 1.5 m SF Residual Value per Acre ($ million) $4.5 m Implied FAR 2.0 New Park (acres) 22 13 10 Potential Development Rights (million SF) 1.9 1.1 0.9 Potential new value ($million) $100 $59 $49 Potential Capture (10-20%) $10-$20m $6-12 m $5-10 m $21-42 m
    23. 25. DIRECT COST SUMMARY Components Park Station River Total Cap Park ($millions) $328 $111 $0 $439 Park ($m) $12 $51 $63 $126 Streetscape($m) $47 $98 $20 $165 Total Infrastructure Costs($m) $387 $260 $83 $730
    24. 26. IMMEDIATE NEXT STEPS <ul><li>Political Champions </li></ul><ul><li>High Speed Rail Design & Implementation </li></ul><ul><li>Union Station Gateway: </li></ul><ul><ul><li>$1.1 million for park improvements </li></ul></ul><ul><ul><li>$1.4 million for roadway improvements </li></ul></ul><ul><ul><li>Potential Sources: City of LA, Metro, CalTrans </li></ul></ul><ul><li>Park 101 District-wide Environmental Documents </li></ul><ul><ul><li>Non-capital transportation funding </li></ul></ul><ul><ul><li>Caltrans/METRO: CMAQ, TE Grants, STP, etc. </li></ul></ul><ul><ul><li>HSR Mitigation </li></ul></ul>IMMEDIATE NEXT STEPS
    25. 27. THE GREEN

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