9/9 FRI 8:00 | Universities & Economic Development 1

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Tony Brown

Universities stand front and center in the globally competitive knowledge economy, but they remain an untapped resource for creating great places that are strategic to attracting and retaining
the talent needed in that economy. Presenters will explain how planning professionals can work with colleges and universities in the areas of urban design, financing, sustainability programs,
transit, safety, walkability, small business development, and much more to create vibrant places that foster innovation and economic development. Presentations will include case studies from around the country, national policy and funding initiatives, and recommended fundamentals for creating strong and effective
university-community partnerships.

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  • In the background lies Cinti. Children’s Hospital – one of nation’s top five pediatric hospitals. And behind Children’s, lies the University’s medical campus, Health Alliance and nearly $3.5 billion of an annual economic engine for the city. You wouldn’t know any of that by looking at this picture! If you work at Children’s Hospital you dare to venture north – one of the city’s highest crime areas. An unacceptable set of economics!
  • In the background lies Cinti. Children’s Hospital – one of nation’s top five pediatric hospitals. And behind Children’s, lies the University’s medical campus, Health Alliance and nearly $3.5 billion of an annual economic engine for the city. You wouldn’t know any of that by looking at this picture! If you work at Children’s Hospital you dare to venture north – one of the city’s highest crime areas. An unacceptable set of economics!
  • In the background lies Cinti. Children’s Hospital – one of nation’s top five pediatric hospitals. And behind Children’s, lies the University’s medical campus, Health Alliance and nearly $3.5 billion of an annual economic engine for the city. You wouldn’t know any of that by looking at this picture! If you work at Children’s Hospital you dare to venture north – one of the city’s highest crime areas. An unacceptable set of economics!
  • In the background lies Cinti. Children’s Hospital – one of nation’s top five pediatric hospitals. And behind Children’s, lies the University’s medical campus, Health Alliance and nearly $3.5 billion of an annual economic engine for the city. You wouldn’t know any of that by looking at this picture! If you work at Children’s Hospital you dare to venture north – one of the city’s highest crime areas. An unacceptable set of economics!
  • March 2008: Towne releases implementation plan redefines University Village Plan into four “Character Zones” (Neighborhood Retail, Entertainment, Civic and Hospitality/Retail) UC financed VCURC acquisitions and provided head start: 20 parcels scattered in 8 blocks for over $3 million at May 2007. Redevelop from North & South towards Civic Center Goal is to enhance walk-ability and pedestrian friendliness through connections to University & hospitals
  • 9/9 FRI 8:00 | Universities & Economic Development 1

    1. 1. APA Florida 2011 Conference Universities and Economic Development: Placemaking Partnerships September 9, 2011 012
    2. 2. About Tony Brown <ul><li>Executive Director, Riviera Beach Community Redevelopment Agency: </li></ul><ul><ul><li>Florida’s diverse waterfront community </li></ul></ul><ul><li>President, T. Brown Consulting Group </li></ul><ul><ul><li>Community development finance consulting </li></ul></ul><ul><li>As Director of the Community Development Financial Institutions (CDFI) Fund: </li></ul><ul><ul><li>Successfully implemented the New Markets Tax Credit Program </li></ul></ul><ul><li>As President & CEO of the Uptown Consortium: </li></ul><ul><ul><li>Created a $100 million private loan fund </li></ul></ul><ul><ul><li>Fund sparked over $400 million in urban redevelopment in five years. </li></ul></ul>
    3. 3. <ul><li>Institutions as anchors </li></ul><ul><ul><li>Vine Street (University) & Burnet Avenue (Hospital) </li></ul></ul><ul><li>Establish a shared Community Vision </li></ul><ul><li>Money & Finance </li></ul>Key Talking Points Burnet Avenue MLK Drive Vine St. Hampton Inn Restaurant Bank with Restaurant below
    4. 4. <ul><li>Universities and hospitals are capital intensive </li></ul><ul><li>Growth into the community can be catalytic </li></ul><ul><li>Don’t creep or encroach: </li></ul><ul><ul><li>Invest & Reap </li></ul></ul><ul><ul><li>Plan & Approach </li></ul></ul>Burnet Avenue Avondale Neighborhood Cincinnati Children’s Hospital and the Avondale neighborhood
    5. 5. Cincinnati Children’s Hospital led renaissance of minority business district <ul><li>Land use Plans by Goody Clancy </li></ul><ul><ul><li>Burnet Avenue </li></ul></ul><ul><ul><li>Vine Street </li></ul></ul><ul><li>Strategies to foster economic development </li></ul>Before After
    6. 6. Principles of Revitalization <ul><li>Extend benefits to entire neighborhood </li></ul><ul><li>Introduce housing, office and other uses to support pedestrian-friendly uses </li></ul><ul><li>Create a unique identity that celebrates community and culture </li></ul>
    7. 7. Burnet & Northern Avenues Avondale Neighborhood <ul><li>“ Weaving Together Community” </li></ul><ul><ul><li>Recalls African tradition of textiles and weaving. </li></ul></ul><ul><ul><li>Represents the integration of the institutional area to the south with the residential area to the north, creating a cohesive neighborhood. </li></ul></ul><ul><ul><li>Signifies the mix of people with diverse cultures, backgrounds, and lifestyles that contribute to the area’s energy and vitality. </li></ul></ul><ul><ul><li>Symbolizes community unity and strength. </li></ul></ul>
    8. 8. Burnet Avenue Streetscape Public Spaces
    9. 9. Burnet & Northern Avenues Avondale Neighborhood Before . . . Land Acquisition and Development: $25 million leveraging $85 million development
    10. 10. Burnet Avenue Weave Together Community
    11. 11. Burnet Avenue Weave Together Community Cincinnati Herald Building – hospital is anchor tenant
    12. 12. Burnet Avenue Weave Together Community Weave theme became an architectural feature
    13. 13. Burnet Avenue Weave Together Community Weave theme became an architectural feature
    14. 14. <ul><li>University of Cincinnati: </li></ul><ul><ul><li>Vested over $100 million from Endowment in neighborhoods </li></ul></ul><ul><ul><li>Empowered community groups to develop neighborhoods </li></ul></ul><ul><ul><li>Created Uptown Consortium </li></ul></ul>Short Vine Street Corryville Neighborhood University of Cincinnati is city’s largest employer. Campus borders 6 neighborhoods
    15. 15. <ul><li>Short Vine: </li></ul><ul><ul><li>Borders University’s eastern campus </li></ul></ul><ul><ul><li>High Crime </li></ul></ul><ul><ul><li>Vacant Store fronts </li></ul></ul><ul><ul><li>Unsafe for university students </li></ul></ul>Short Vine Street Corryville Neighborhood University of Cincinnati is city’s largest employer. Campus borders 6 neighborhoods Short Vine
    16. 16. 2601 Vine (Bogart’s) 3000 Vine (Hampton Inn) 2900 Vine ( Benchmark) 2600 Vine (Martino’s) SHORT VINE University Village Plan E N S W Univ Plaza (Kroger) 2801 Vine ( Shiel School) $50 million to Reclaim Area as a Regional Draw
    17. 17. Barbell Strategy: University Plaza <ul><li>Opportunity to create major gateways </li></ul><ul><li>Start with anchors at north end (Hampton Hotel) and south end (Kroger) </li></ul><ul><li>Kroger thought “outside the box” </li></ul><ul><li>Private developer acquired shopping center </li></ul>Neighborhood Retail Zone University Plaza – present design view from Wm Howard & Euclid
    18. 18. Barbell Strategy: University Plaza – South Anchor <ul><li>Urban plan reconnect the street </li></ul><ul><li>Kroger agreed to rebuild store </li></ul><ul><li>Consortium sponsored planning effort </li></ul><ul><li>Consortium secured $42 million in NMTCs ($15MM for Kroger new store) </li></ul>Neighborhood Retail Zone University Plaza – present design view from Wm Howard & Euclid
    19. 19. Short Vine Street Revitalize District by Zones – Start at Gateways to Middle Financing gaps precluded the start of construction MLK Drive Vine St. Hampton Inn Restaurant Bank with Restaurant below
    20. 20. <ul><li>Creative blend of NMTCs and TIF </li></ul><ul><li>Consortium financed $23 million project </li></ul><ul><li>Consortium owned & built parking structure with TIF revenues </li></ul>MLK Drive Vine St. Hospitality/Retail Zone Market Uptown as a dominant region for education and health care Barbell Strategy: Hampton Inn – North Anchor MLK Drive Vine St. Hampton Inn Restaurant Bank with Restaurant below
    21. 21. Short Vine Street Hospitality Zone – services university & hospital markets Financing gaps precluded the start of construction
    22. 22. Short Vine Street Hospitality Zone – services university & hospital markets NMTCs and TIF financed garage – air rights to developer for hotel development
    23. 23. Short Vine Street Hospitality Zone – services university & hospital markets Hotel opened Winter 2010 and is now a south anchor amenity
    24. 24. <ul><li>Uptown Consortium </li></ul><ul><li>Significant grants sustained operations– all private ($1.35 million) </li></ul><ul><li>Over 50 percent of budget from earned income </li></ul><ul><li>20 percent of budget set aside for loss reserves </li></ul><ul><li>Community goals not always aligned with investor expectations </li></ul>$15 mm acquired What is this really worth and can we develop it? Lessons Learned – Value of Patient Capital
    25. 25. Access to Private Capital: Patient Source of Funds Leverage Capital: $696,000,000 Source for land Acquisition and development: $25 million leveraged $85 million development Source for venture capital: $1.7 million allowed minority-ownership of $8 million office building Sources of Funds: Investment Capital UC – Endowment $100,000,000 Uptown Partners $97,000,000 Uptown Consortium $17,000,000 Cincinnati Housing Development Fund $5,000,000 Total Available Capital $219,000,000
    26. 26. <ul><li>Community Development Finance </li></ul><ul><li>Coherent plans tied to financially viable strategies </li></ul><ul><li>Pioneering developments require critical mass </li></ul><ul><li>Planning, construction feasibility and financial analysis are integral </li></ul><ul><li>Complex financial structures – mitigates risk and attracts private capital </li></ul>Can you close the financing gaps? Once you own it – can you develop/build on it! Lessons Learned – Value of Planning & Analysis
    27. 27. Lessons Learned – Value of Communicating <ul><li>Uptown Consortium </li></ul><ul><li>Master plans should unify stakeholders and create shared vision </li></ul><ul><li>Value communication vehicles – website, newsletters & summits </li></ul><ul><li>Act transparent and trustworthy – community accountability </li></ul>

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