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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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 From Eye Sore to A Must See: Creating Urban Parks from Thin Air and Adding Real Estate Value (Vaughan Davies) - ULI fall meeting - 102811 Presentation Transcript

  • 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 growth while improving regional mobility, prosperity , livability and sustainability SCAG has completed nearly 100 Demonstration Projects
    • Technical assistance for local planning that
      • Demonstrates the local benefits of regional goals
      • Creates models to replicate throughout the region
      • Applies innovative planning tools
    SCAG
  • 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
    • Case study findings
    • Value creation opportunities
    • Cost estimates
    • Funding options
    • Next Steps
    OVERVIEW Park 101 District Economic Feasibility
  • CASE STUDIES
  • VALUE CREATION
    • Infrastructure investments spur commercial activity
    • Initial opportunity sites: parking lots, existing streets, ramps, & right-of-ways
    • New parks, streets, lighting, pedestrian linkages, transit options >>> new hotel, office, retail, and residential development
    VALUE CREATION
  • NO RECENT TRANSACTIONS
  • NO ACTIVE PROPERTY LISTINGS
  • KEY COMPONENTS
    • Development sites
    • Cap Park
    • Park (not over cap)
    • Streetscape
    • Existing urban development, cultural amenities, private holdings
    KEY COMPONENTS
    • Phase 1: El Pueblo Gateway
    • Phase 2: Hotel & Mixed Use
    • Phase 3: Spring Street
    • Phase 4: Alameda/Station
    • Phase 5: Cathedral
    PARK DISTRICT PHASING
  • Phase 1_UNION STATION PROMENADE
    • Capital Costs for Infrastructure
    • Required Infrastructure: $2.5 million
    • New Development Value: $0 million
    • Less Development Costs: ($0 million)
    • Net Land Value Created: $0 million
    • Capital Funding for Infrastructure
      • Public Funding: $2.5 million (100%)
      • City of Los Angeles: $1.25 million
        • Transportation Funds: $1.25 million
    • Land Program
    • Redevelopment:
      • Public only
      • Public Improvements
      • 1.1 acre park
      • Streetscape: 0.25 miles
      • Timeframe: 12-24 months
    Phase 1_UNION STATION PROMENADE
  • MAIN STREET CAP PLAZA
    • Capital Costs for Infrastructure
    • Required Infrastructure: $34 million
    • New Development Value: $145 million
    • Less Development Costs: ($119 million)
    • Net Land Value Created: $26 million
    • Capital Funding for Infrastructure
      • Land Value Capture: $18 million (55%)
      • Potential TIF: $13 million
      • Fees & Exactions: $5 million
      • Other Funding: $16 million (45%)
        • Transportation Funds
        • State & Local Sources
        • Federal Funds (Stimulus, ARRA, etc.)
    • Land Program
    • Redevelopment: 4.5 acres
      • 250-room hotel
      • Mixed use office/retail: 280K SF
      • 1,200 new full-time jobs
      • Public Improvements
      • 1.1 acre park
      • 1.3 mile streetscape
      • Timeframe: < 5 years
    PHASE 2: HOTEL & MIXED USE
    • Capital Costs for Infrastructure
    • Required Infrastructure: $77 million
    • New Development Value: $252 million
    • Less Development Costs: ($207 million)
    • Net Land Value Created: $45 million
    • Capital Funding for Infrastructure
      • Land Value Capture: $31million (40%)
      • Potential TIF: $21 million
      • Fees & Exactions: $10 million
      • Other Funding: $46 million (60%)
        • Transportation Funds
        • State & Local Sources
        • Federal Funds (Stimulus, ARRA, etc.)
    • Land Program
    • Redevelopment: 9.9 acres
      • Mixed use office/retail: 350K SF
      • 420 Apartments & Condos
      • 1,600 new full-time jobs
      • Public Improvements
      • 6.4 acre park
      • 1.3 miles streetscape
      • Timeframe: < 5 years
    PHASE 3: SPRING STREET
  • All values in millions of dollars INFRASTRUCTURE COST Infrastructure Costs Phase 1 Phase 2 Phase 3 Phase 4 Phase 5 Total Freeway Cap Park 0% 76% 79% 90% 88% 85% Park 43% 1% 6% 2% 2% 3% Streetscape & New Roads 57% 23% 15% 8% 10% 12% Total Cost ($ 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%
  • 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 $21-42 m
  • DIRECT COST SUMMARY Components Park Station River Total Cap Park ($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
  • IMMEDIATE NEXT STEPS
    • Political Champions
    • High Speed Rail Design & Implementation
    • Union Station Gateway:
      • $1.1 million for park improvements
      • $1.4 million for roadway improvements
      • Potential Sources: City of LA, Metro, CalTrans
    • Park 101 District-wide Environmental Documents
      • Non-capital transportation funding
      • Caltrans/METRO: CMAQ, TE Grants, STP, etc.
      • HSR Mitigation
    IMMEDIATE NEXT STEPS
  • THE GREEN