Date post: | 30-Oct-2014 |
Category: |
Technology |
Upload: | apa-florida |
View: | 437 times |
Download: | 0 times |
APA Florida 2011 Conference
Universities and Economic Development: Placemaking Partnerships
September 9, 2011
0121
About Tony Brown
• Executive Director, Riviera Beach Community Redevelopment Agency:
– Florida’s diverse waterfront community
• President, T. Brown Consulting Group
– Community development finance consulting
• As Director of the Community Development Financial Institutions (CDFI) Fund:
– Successfully implemented the New Markets Tax Credit Program
• As President & CEO of the Uptown Consortium:
– Created a $100 million private loan fund
– Fund sparked over $400 million in urban redevelopment in five years.
• Institutions as anchors– Vine Street
(University) & Burnet Avenue (Hospital)
• Establish a shared Community Vision
• Money & Finance
3
MLK Drive
Vine St.
HamptonInn
Restaurant
Bank withRestaurant
below
Key Talking Points
Burnet Avenue
Burnet AvenueAvondale Neighborhood
• Universities and hospitals are capital intensive
• Growth into the community can be catalytic
• Don’t creep or encroach: – Invest & Reap– Plan & Approach
Cincinnati Children’s Hospital and the Avondale neighborhood
Cincinnati Children’s Hospital led renaissance of minority business district
• Land use Plans by Goody Clancy– Burnet Avenue– Vine Street
• Strategies to foster economic development
5
BeforeAfter
Principles of Revitalization
• Extend benefits to entire neighborhood
• Introduce housing, office and other uses to support pedestrian-friendly uses
• Create a unique identity that celebrates community and culture
Burnet & Northern AvenuesAvondale Neighborhood
“Weaving Together Community”– Recalls African tradition of textiles and
weaving.
– Represents the integration of the institutional area to the south with the residential area to the north, creating a cohesive neighborhood.
– Signifies the mix of people with diverse cultures, backgrounds, and lifestyles that contribute to the area’s energy and vitality.
– Symbolizes community unity and strength.
Burnet Avenue Streetscape
Public SpacesPublic Spaces
Burnet & Northern AvenuesAvondale Neighborhood
Before . . .
Land Acquisition and Development: $25 million leveraging $85 million development
Burnet AvenueWeave Together Community
Burnet AvenueWeave Together Community
Cincinnati Herald Building – hospital is anchor tenant
Burnet AvenueWeave Together Community
Weave theme became an architectural feature
Burnet AvenueWeave Together Community
Weave theme became an architectural feature
Short Vine StreetCorryville Neighborhood
• University of Cincinnati:– Vested over $100
million from Endowment in neighborhoods
– Empowered community groups to develop neighborhoods
– Created Uptown Consortium
University of Cincinnati is city’s largest employer. Campus borders 6 neighborhoods
Short Vine StreetCorryville Neighborhood
• Short Vine: – Borders
University’s eastern campus
– High Crime– Vacant Store
fronts – Unsafe for
university students
University of Cincinnati is city’s largest employer. Campus borders 6 neighborhoods
Short Vine
2601 Vine(Bogart’s)
3000 Vine(Hampton Inn)
2900 Vine(Benchmark)
2600 Vine(Martino’s)
SHORT VINEUniversity Village Plan
E
N S
W
Univ Plaza(Kroger)
2801 Vine(Shiel School)
$50 million to Reclaim Area as a Regional Draw
Barbell Strategy: University Plaza
Neighborhood Retail Zone
University Plaza – present design view from Wm Howard & Euclid
Opportunity to create major gateways
Start with anchors at north end (Hampton Hotel) and south end (Kroger)
Kroger thought “outside the box”
Private developer acquired shopping center
Barbell Strategy: University Plaza – South Anchor
Neighborhood Retail Zone
University Plaza – present design view from Wm Howard & Euclid
Urban plan reconnect the street
Kroger agreed to rebuild store
Consortium sponsored planning effort
Consortium secured $42 million in NMTCs ($15MM for Kroger new store)
Short Vine StreetRevitalize District by Zones – Start at Gateways to Middle
Financing gaps precluded the start of construction
MLK Drive
Vine St.
HamptonInn
Restaurant
Bank withRestaurant
below
MLK Drive
Vine S
t.
Hospitality/Retail Zone
MLK Drive
Vine St.
HamptonInn
Restaurant
Bank withRestaurant
below
Market Uptown as a dominant region for education and health care
Creative blend of NMTCs and TIF
Consortium financed $23 million project
Consortium owned & built parking structure with TIF revenues
Barbell Strategy: Hampton Inn – North Anchor
Short Vine StreetHospitality Zone – services university & hospital markets
Financing gaps precluded the start of construction
Short Vine StreetHospitality Zone – services university & hospital markets
NMTCs and TIF financed garage – air rights to developer for hotel development
Short Vine StreetHospitality Zone – services university & hospital markets
Hotel opened Winter 2010 and is now a south anchor amenity
Uptown Consortium• Significant grants sustained operations– all private ($1.35
million)
• Over 50 percent of budget from earned income
• 20 percent of budget set aside for loss reserves
• Community goals not always aligned with investor expectations
$15 mm acquired What is this really worth and can we develop it?
Lessons Learned – Value of Patient Capital
Access to Private Capital:Patient Source of Funds
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
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
Community Development Finance
• Coherent plans tied to financially viable strategies
• Pioneering developments require critical mass
• Planning, construction feasibility and financial analysis are integral
• Complex financial structures – mitigates risk and attracts private capital
Can you close the financing
gaps?Once you own it – can you develop/build on it!
Lessons Learned – Value of Planning & Analysis
Lessons Learned – Value of Communicating
Uptown Consortium• Master plans should unify stakeholders and create shared
vision
• Value communication vehicles – website, newsletters & summits
• Act transparent and trustworthy – community accountability