SNEAPA 2013 Friday f5 10_30_public_private

404 views

Published on

Practical Approaches to Positive Change in Commercial Districts

Published in: Real Estate, Technology, Business
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
404
On SlideShare
0
From Embeds
0
Number of Embeds
105
Actions
Shares
0
Downloads
3
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

SNEAPA 2013 Friday f5 10_30_public_private

  1. 1. PRACTICAL APPROACHES TO POSITIVE CHANGE IN COMMERCIAL DISTRICTS Case Study: Hartwell Ave. in Lexington, MA
  2. 2. Presenters Melisa Tintocalis Economic Development Director, Town of Lexington 15-years experience in land use and economic development policies and programs in various municipalities in CA, MA and MI Maryann McCall Taylor Planning Director, Town of Lexington 25-years experience MA planning and land use Thomas Ragno Principal & Founder, King Street Properties 22-years experience in real estate Established King Street's record in engineering, construction, permitting, development and asset management expertise
  3. 3. Overview • Setting Context • Roadblocks • New Regulatory Tools • Developer Considerations • Don’t Just Sit There, Show The Love (And Negotiate) • Questions & Discussion on your road blocks
  4. 4. Lexington in Southern New England
  5. 5. Lexington in Metro Boston
  6. 6. Town’s Zoning Map Hartwell Ave. Area
  7. 7. Hartwell Avenue Area
  8. 8. Area vacancy rates high: 25-28% Source: Costar Property; includes direct& sublet vacancies
  9. 9. Roadblocks 1. Perception Change • Desire to better distribute commercial & residential property tax • Don’t want more commercial but “better” • “Better” = high value, low impact 2. Low FAR 3. The “Transportation Trip Wire” 4. Perceived traffic issues
  10. 10. FAR 0.6 0.5 FAR 0.4 0.3 0.2 0.1 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Hartwell Properties 17 18 19 20 21 22 23 24 25 26 27
  11. 11. From the Lexington Comprehensive Plan (2002) • The non-residential share of assessed valuations had fallen to less than 13%; in the 1980’s it was 22% • A key aspect of the town’s approach should be to recognize the value of the high demand for business location in Lexington, and to work with that demand to help achieve the goals articulated, including “Better, not bigger.”
  12. 12. Vision 2020 Task Force looked at: • whether Lexington's reliance on residential property taxes for town and school services should be balanced by more growth in commercial property and businesses; • the tradeoffs associated with various commercialdevelopment choices vs. the affordability of current and expected public services; • the structure of Lexington’s complex regulatory and advisory system bearing on development decisions
  13. 13. The Cecil Group’s Study • Offered objective data • Helped make the fiscal argument for addition FAR
  14. 14. New Regulatory Tools 1. Increase in the FAR 2. Transportation Demand Management Overly 3. Transportation Demand Management Plan • Developer fee per sf into a fund • Town Commitment • State and Federal Funds
  15. 15. TMO District • Planning Board adopts district-wide transportation plan • Developer complies with parking and TDM requirements • Town implements infrastructure improvements
  16. 16. Infrastructure Improvements
  17. 17. Developers Considerations: Why Lexington? • Favorable life science zoning • Intelligent work force/access to Cambridge • Experienced/forward-thinking town professionals
  18. 18. 101 & 113 Harwell Avenue
  19. 19. Developers Considerations: Why Hartwell? • New zoning – increased density • Town’s attitude • Minor/major site plan review – speed to market • Existing life science neighborhood • Infrastructure and building types
  20. 20. King Street’s Site Plan for Hartwell
  21. 21. A Vision: 113 Hartwell Ave. BEFORE AFTER
  22. 22. Hartwell Courtyard Design Images
  23. 23. Don’t Just Sit There, Show The Love! 1. Think like a BID 2. Organize the property • • • • 3. 4. owners Develop relationships Set up monthly meetings Include elected officials Identify common issues Agree on short-term objectives that can be accomplished Just do it!
  24. 24. Negotiate Gateway Signage Proposed Contributions by Property Owners for JARC
  25. 25. Pilot Commuter Shuttle/JARC Grant
  26. 26. Food Truck Rodeo Hartwell Area Shuttle Launch Aug. 28, 2013 500+ lunch goers
  27. 27. Public-Private Partnership Tools • Use Tax Increment Financing Strategically • UniQure • Proactive about the type of business we want in the area • Supported approximately $5million of new assessed value over time • Creating a critical mass of the type of industry we want 113 HARTWELL AVENUE N uniQure ENTRY
  28. 28. Questions & Discussion What are some of your roadblocks?

×