What's your State of Place? Boosting the triple bottom line + through walkability!
Walking toward sustainable changeHow State of Place can inﬂuence placemaking decisions, enhance walkability, and maximize the triple bo>om line Mariela Alfonzo, Ph.D. Founder, State of Place President, Urban Imprint Research Fellow/Adjunct Professor, NYU-Poly www.urbanimprint.com/state-of-place
It’s about our planet’s health VMT in the US, Mode Split in the US, 1971-2012 1960-2010
And now it’s about our economic health Residenal values more stable in walkable neighborhoods Have experienced less than half the average decline in value from the housing peak A 10pt increase in Walk Score linked to 5-‐8% increase in commercial values A 1pt increase in Walk Score linked to $700-‐$3000 for-‐sale residenal premiums Urban mixed-‐use developments generate 25-‐59x revenue/acre than suburban counterparts Avg. operang cost /yr., Bike: $308 Avg. operang cost/yr. Car: $8,220 1% rise in urban sprawl index increases obesity risk by 0.5% In 2008, medical $$ to treat obesity in US, approx. $147B
The Power of PLACE“Places” have become productsTheir “sellers” compete with each other for resources Educated residents Talent Businesses InvestmentAmericans are choosing which locations to “consume”based on place quality walkability is an important “driver”…
But…shortage of walkability?Public policy hurdles +Legal issues +NIMBYism +Lack of benchmarks and metrics= More difficult to finance/underwrite/create/deliver Lack effective, cost efficient methods that demystify the process of identifying, differentiating, and creating the quality places people want
BUT…in this stiff competitive place “market” AND in light of sustainability benefits, walkability is no longer an “intangible luxury”
Why State of Place™ ?¤ Art à Science: Quantifying walkability ¤ Comprehensive, Objective, Reliable ¤ Captures “Micro-‐‑scale” & “Sensory” features ¤ Diagnostic, Empirically-‐‑Based ¤ Ties Place Quality, Economic Impact ¤ Facilitates Evidence-‐‑based decision making, Accountability ¤ Provides empirically-‐‑based ROI predictions, Customizable
Measuring Walkability: The IrvineMinnesota InventoryUses street-level built environment dataCollected using the Irvine Minnesota Inventory (IMI 2.0)250+ micro-scale features• Sidewalk presence, street trees, street benches, parks, street facades, land uses, etc.Reliable, used widely in research
Measuring Walkability:The Irvine Minnesota InventoryRaters receive full day training; tested for accuracy/reliabilityData can be collected for sample of blocks in a neighborhood or on aselect number of blocks• 10-12 min/block• Avg. 40-50 blocks/neighborhoodNeighborhood defined based on existing boundaries
State of Place™ :The IMI Scoring AlgorithmDimensions Description/Example ItemsDensity Measure of enclosure based on building concentrations and heightProximity Presence of non-residential land usesConnectivity Measure of disconnectivty; Potential Barriers (e.g., six-lane roads)Form Measure of streetscape discontinuity (e.g. drive- thrus)Parks and Public Space Parks, Playgrounds, Plazas, Playing FieldsPedestrian Infrastructure/ Curbcuts, Sidewalks, Street Furniture, Bike RacksAmenitiesPersonal Safety Graffiti, Litter, Windows with BarsTraffic Measures Traffic Signals, Speed Limit, Traffic CalmingAesthetics (Pleasurability & Attractiveness, Open Views, Outdoor Dining,Maintenance) MaintenancePhysical Activity Facilities Gym/Fitness Facilities, Other Recreational Uses
State of Place™ Diagnosis 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Density Form Proximity Connectivity Parks & Public Space Pedestrian Amenities Safety from Crime Traﬃc Safety Aesthetics Physical Activity Facilities
Density Dimensions - Assets State of Place™PedestrianAmenitiesFormTraffic Safety
State of Place™ Dimensions – Need improvementConnectivity Aesthetics Safety
State of Place™Built Environment tied to Economic Value Correlated Economic Performance + $9 sf oﬃce rents + $7 sf retail rents +80% retail revenues + $300/unit res. rent +81 sf for-sale res. value From Brookings Institution report, “Walk this Way”
Walkability = Economic IndicatorCan quantify the value of place….The State of Place™ index is linked topremiums of up to:+74% residential rents/unit+$1200/unit residential rent+108% office rents+84% retail rents+23% premium valuation beforerecession;+44% premium postFor DC, this translates into up to:+$744 mill in residential property taxes/neighborhood+$96 mill in retail taxes generated/neighborhood
what is State of Place™?Like a credit rating for neighborhoods; Helps guideinvestment & underwriting; Aids branding; Siting *Risk averse investors; Steady ROI *Regional retailer siting *Risk tolerant investors; Higher ROI *Aggressive developer enters market *Target for social equity advocates
ROI Predictions.Customize. Prioritize. Maximize.
State of Place™ & ROI !"#"$%&(%)* !"# $!"# %!"# &!"# !"# (!"# )!"# *!"# +!"# ,!"# $!!"# -./0# 1234#Very Good ROI 5246# 7214# 6/5-# Good ROI 7/.8# 75/94# :.33# 45-2# Fair ROI 75-#
!"#"$%&(%)* !"# $!"# %!"# &!"# !"# (!"# )!"# *!"# +!"# ,!"# $!!"# -./0# VeryGood 1234# ROI 5246# 7214# 6/5-#Good 7/.8# ROI 75/94# :.33# Fair 45-2# ROI 75-# State of Place™ Assess current performance Predict ROI Balance Costs, Benefits
Metropolitan Washington Council of Governments, DC Metro .)%(/#0()# 12,) !"#$%$#& ()#(* +#*,#(-$" Region !"# $#%&( )*+,*- ./01#/#(2,2&( !1!"#$%& !(")%"* ¤ Diagnosis 95 neighborhoods in the+%%",)- .#//,%% !"#$%& ()&*#++ ,%%)-. !"#$%& 0%(/ region /%5%60%"7 / 0 12 3412 ¤ Creating place profiles – based on assets and areas in need of improvement ¤ Informing Strategic Investment Plan for region
Conservation Law FoundationVentures, Boston, MA¤ Creating Healthy Neighborhood Equity Fund¤ Piloting State of Place as project & neighborhood screening tool¤ Creating estimated State of Place scores based on proposed projects ¤ Calculating potential upside
State of Place™ current & future “imprint”…¤ Applicable across urban, suburban, & rural communities ¤ IMI data has been collected in California, Minneapolis, Houston, Iowa, North Carolina RT, Denver, Salt Lake City, Kansas, Arkansas, Michigan, Illinois…¤ Roll out State of Place in other metros ¤ San Francisco/Bay area – Spring 2013 ¤ Houston, Phoenix, Seattle, Los Angeles¤ Incorporating a broader set of economic indicators ¤ Preservation Green Lab ¤ E.g. Job creation, retention, firm recruitment¤ App – available soon!¤ Partnering with universities¤ Working with underprivileged community ¤ Brownsville + NYU-Poly¤ China – in progress!