Post on 01-Jul-2015
description
transcript
NORWICH’S VIBRANT COMMUNITIES INITIATIVE
The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
DOWNTOWN NORWICH NORWICH’S VIBRANT COMMUNITIES INITIATIVE
Presented by:
The Cecil Group, Inc.
FXM Associates
Durkee, Brown, Viveiros & Werenfels Architects
December 14, 2011
NORWICH’S VIBRANT COMMUNITIES INITIATIVE
The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
Agenda
Project Overview
Preliminary Market Findings
Case Studies
Resources
Potential Criteria for Evaluating
Properties
Group Discussions
NORWICH’S VIBRANT COMMUNITIES INITIATIVE
The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
Project Overview
Evaluation of Historic Assets and Buildings
• Leverage historic resources to trigger redevelopment
• Leverage redevelopment to preserve historic resources
• Engage the community and attract stewards and
investors in the future
Process
• Historic inventory and community context
• Market evaluation
• Target buildings or projects
• Pilot planning project
NORWICH’S VIBRANT COMMUNITIES INITIATIVE
The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
Project Overview
NORWICH’S VIBRANT COMMUNITIES INITIATIVE
The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
Project Overview
Study Area
NORWICH’S VIBRANT COMMUNITIES INITIATIVE
The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
Project Overview
Historic
Properties
NORWICH’S VIBRANT COMMUNITIES INITIATIVE
The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
Project Overview
Water Street and Chelsea Harbor Drive
NORWICH’S VIBRANT COMMUNITIES INITIATIVE
The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
Project Overview
Main Street
NORWICH’S VIBRANT COMMUNITIES INITIATIVE
The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
Project Overview
Franklin Square
NORWICH’S VIBRANT COMMUNITIES INITIATIVE
The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
Project Overview
Broadway, Chestnut and Franklin Streets
NORWICH’S VIBRANT COMMUNITIES INITIATIVE
The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
Preliminary Market Findings
Housing Demand Analysis
Retail Opportunity/Gap Analysis
NORWICH’S VIBRANT COMMUNITIES INITIATIVE
The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
FXM’s proprietary Housing Demand Model
considers the following:
• Number of households in 2011 by age and income
• Projected number of households by age and income in
2016
• Mobility by age of householder
• Propensity to own or rent by age of householder
• Income qualified households by rent or sales price points
Average annual housing demand
estimated for rental or sales within target
geographic area
Housing Demand Analysis
NORWICH’S VIBRANT COMMUNITIES INITIATIVE
The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
20 – Minute Drive Time
NORWICH’S VIBRANT COMMUNITIES INITIATIVE
The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
Estimated Average Annual Demand for Rentals
All Household Types with Qualifying Incomes
2011- 2016
396
187
326
0
50
100
150
200
250
300
350
400
450
Rentals @ $900/month Rentals @ $1100/month Rentals @ $1300/month
Nu
mb
er
of
Un
its
pe
r Y
ear
NORWICH’S VIBRANT COMMUNITIES INITIATIVE
The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
Average Annual Demand for Rentals: Norwich Market Area 2011-2016
Householders under Age 35 and Ages 55 to 74
239
183
97
45
40
23
0
50
100
150
200
250
300
Rentals @ $900/month Rentals @ $1100/month Rentals @ $1300/month
Age 55-74
Under Age 35
NORWICH’S VIBRANT COMMUNITIES INITIATIVE
The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
Retail Opportunity/Gap Analysis is a snapshot of
current (2010) consumer expenditures and actual
store sales within a defined geographic area
Retailers typically use 5- 10- and 15-minute drive
times to define their market areas
Where consumer expenditures within those drive
times exceed store sales, potential opportunities
exist to expand existing stores/store sales or
attract new retailers
Retail Opportunity/Gap Analysis
NORWICH’S VIBRANT COMMUNITIES INITIATIVE
The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
Potential Opportunities for Several
Business Types
• Furniture Stores
• Radio, Television, Electronic Stores
• Camera and Photographic Equipment Stores
• Specialty Food Stores
• Clothing Stores
• Jewelry Stores
• Luggage and Leather Goods Stores
• Sporting Goods Stores
• Book Stores
• Miscellaneous Stores
Retail Opportunity/Gap Analysis
NORWICH’S VIBRANT COMMUNITIES INITIATIVE
The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
Case Studies
New Bedford
Providence
Newburyport
Portsmouth
Plymouth
NORWICH’S VIBRANT COMMUNITIES INITIATIVE
The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
Case Study: New Bedford
NORWICH’S VIBRANT COMMUNITIES INITIATIVE
The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
Case Study: New Bedford
Focus on Redeveloping 10 Key
Properties
Focus on Expanding Occupancy
Modest Early Goals for Real Estate
Development Returns
Relocation of Certain Social Service Uses
Excellent Streetscape and Open Space
NORWICH’S VIBRANT COMMUNITIES INITIATIVE
The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
Case Study: Providence
NORWICH’S VIBRANT COMMUNITIES INITIATIVE
The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
Case Study: Providence
Return to Two-way
Streets
Focus on Filling Ground
Floors with
Entrepreneurial
Businesses
Building on the Arts/
Culture/’Funkiness’
Brand
Relocation of Key Social
Service Center
NORWICH’S VIBRANT COMMUNITIES INITIATIVE
The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
Case Study: Newburyport
NORWICH’S VIBRANT COMMUNITIES INITIATIVE
The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
Case Study: Newburyport
Focus on
streetscape
Seasonal events
Residential reuse
NORWICH’S VIBRANT COMMUNITIES INITIATIVE
The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
Case Study: Portsmouth
Culture, entertainment,
food led the way
Quality as a residential
community
Key outcomes
Time frame
NORWICH’S VIBRANT COMMUNITIES INITIATIVE
The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
Case Study: Portsmouth
NORWICH’S VIBRANT COMMUNITIES INITIATIVE
The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
Case Study: Plymouth
Façade improvement
program
Businesses for
residents – not tourists
Wayfinding signage
NORWICH’S VIBRANT COMMUNITIES INITIATIVE
The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
Case Study: Plymouth
NORWICH’S VIBRANT COMMUNITIES INITIATIVE
The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
Downtown Revitalization Initiative
• Result of 2010 voter-approved $3.38 million bonding
ordinance
Three Programs
• Code Correction
• Lease Rebate
• Revolving Loan
Local Resources
NORWICH’S VIBRANT COMMUNITIES INITIATIVE
The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
Tax Credit Programs
• Urban and Industrial Site Reinvestment Tax Credit
• Job Creation Tax Credit
• Research and Development Tax Credit
• Fixed Capital Tax Credit
• Machinery and Equipment Tax Credit
• Financial Services Tax Credit
• Angel Investor Tax Credit
• Historic Tax Credits
• New Markets Tax Credit
• Low Income Housing Tax Credit
Enterprise Zone
Tax Exemptions
State and Federal Resources
NORWICH’S VIBRANT COMMUNITIES INITIATIVE
The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
Base Criteria
• Current Use and Vacancy
Second Level Criteria
• Catalytic impact on other properties and downtown goals
• Long term benefit
• Match with market/reuse potential
• Property and site conditions
• Location advantages/disadvantages
• Historic contribution
• Ownership circumstances
• Demolition impact if not preserved
Third Level Criteria
• Short term feasibility
• Financing
Potential Criteria for Evaluating Properties
Note: Bold text means strongly
weighted criteria
NORWICH’S VIBRANT COMMUNITIES INITIATIVE
The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
Group Discussions
NORWICH’S VIBRANT COMMUNITIES INITIATIVE
The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects
DOWNTOWN NORWICH NORWICH’S VIBRANT COMMUNITIES INITIATIVE
Presented by:
The Cecil Group, Inc.
FXM Associates
Durkee, Brown, Viveiros & Werenfels Architects
December 14, 2011