Leveraging mixed use - sherrill

Virginia Housing Development Authority

Leveraging Mixed-Use Development to Drive Downtown Economic

Revitalization

Leveraging Mixed-Use Development to Drive Downtown Economic

Revitalization

2 vhda.com | 800-227-VHDA

Challenges Facing Our Communities

Challenges Facing Our Communities

• Residential areas are becoming increasingly segregated by incomes

• Residents voice concerns about traffic but must drive a car to perform almost every task

• Large areas of land are devoted to impervious parking

• Older persons face transportation problems, feel disconnected when they cannot drive

• New workers find it increasingly difficult to live anywhere near their jobs

• Residential areas are becoming increasingly segregated by incomes

• Residents voice concerns about traffic but must drive a car to perform almost every task

• Large areas of land are devoted to impervious parking

• Older persons face transportation problems, feel disconnected when they cannot drive

• New workers find it increasingly difficult to live anywhere near their jobs


Benefits of Mixed-Use Developments

Benefits of Mixed-Use Developments

• Bring people closer to things that are needed on a day to day basis

• Efficient use of public land and public infrastructure

• Create a pedestrian friendly neighborhood that is self sustaining

• People want to live there!

• Bring people closer to things that are needed on a day to day basis

• Efficient use of public land and public infrastructure

• Create a pedestrian friendly neighborhood that is self sustaining

• People want to live there!


Benefits ofMixed-Income Developments

Benefits ofMixed-Income Developments

• Promote inclusion and diversity • Can providing housing for people of all income

levels within one development• Corridor reinvestment & revitalization

• Promote inclusion and diversity • Can providing housing for people of all income

levels within one development• Corridor reinvestment & revitalization


Complementary ApproachesComplementary Approaches

• New urbanism• Green design• Livable communities• Sustainable developments• Smart growth• Healthy neighborhoods• Neo-Traditional developments

• New urbanism• Green design• Livable communities• Sustainable developments• Smart growth• Healthy neighborhoods• Neo-Traditional developments


Livonia Avenue Corridor

Looking west on Livonia Avenue at Phase II SitesSource: Google Maps, accessed 13 February 2013.


Retail & Real Estate Development Process

Pre-Development

/ Due Diligence

Retail Site Selection

Finance and close deal

Identify market

Lease signed


Retail Development in Neighborhoods

• Market Problems-Perception of crime-inactive property owners -Insufficient data or lack of data -Broker network-Existing spaces inadequate

• Low capacity or lack of economic development groups-No champions-Lack of anchors (retail, cultural, institutional)


Retailer Site Selection Process

Source: DC Vibrant Retail Streets Toolkit, p. 39.


Beyond Vacancies: Impact of Retail Space

Impact Neutral

Responsive to the needs of the local

community

Catalyst for revitalization

Redundant business type

Adversely effects local community

AnchorGrocery StoreCheck Cashing ServicesVacant Space

Convenience Stores


Phase I

Phase II

Future Phases

Source: Bing Maps, accessed 13 February 2013.

Phasing Map

Development GoalsPhase I: Create critical mass and prepare entire corridor for redevelopment (master planning, land use approvals, partnerships)Phase II: Focus on quick implementation to build on Phase I momentumPhase III: Implementation of community plans to support HPD investment, connect East New York and Brownsville

Strategy


Symbol Key Site KeyA. Entry siteB. Anchor institutionC. Public space

Entry point

Critical site

Disruptive building

Additional site

Elevated train line

Corridor Redevelopment Strategy

A

A

B C


Livonia Avenue RFP

Land Use• Map commercial overlay• Increase density• Allow for more retail diversity

Design• Ground-floor use required• Minimum ceiling height of 14 feet• Minimum window glazing• Additional Lighting• Setback to achieve 22-foot

sidewalk on Livonia Ave and 13-foot sidewalk on side streets

Implementation• Retail attraction/retention• Coordinate investment with SBS

and other agencies• Partnerships


Livonia Avenue Initiative – Phase I

Development Team• Dunn Development Corp• L&M Development• Boys’ Club of New York• NYC HPD• NYC HDC

Proposal Components• 290 units of affordable

housing• 14,000 sf retail space• 20,000 sf community facility

space• 60,000 sf Boys’ Club of NY

facility

Source: SLCE Architects, 2012.

Source: SLCE Architects, 2012.


Why VHDA?Why VHDA?• Experience in promoting an array of housing

opportunities throughout the Commonwealth• Mission is to help low and moderate-income

Virginians attain quality affordable housing• VHDA vision is to be “The Leading Mobilizing

Force for Affordable Housing in Virginia” • Legislation effective on July 1, 2004 to enable

VHDA to finance mixed use/mixed income properties

• Experience in promoting an array of housing opportunities throughout the Commonwealth

• Mission is to help low and moderate-income Virginians attain quality affordable housing

• VHDA vision is to be “The Leading Mobilizing Force for Affordable Housing in Virginia”

• Legislation effective on July 1, 2004 to enable VHDA to finance mixed use/mixed income properties


REACH VirginiaREACH Virginia

Resources

Enabling

Affordable

Community

Housing in Virginia

Resources

Enabling

Affordable

Community

Housing in Virginia

Outreach & Liaison

Capacity Building

Resource Facilitation


Mixed Use Mixed Income Program Criteria

Mixed Use Mixed Income Program Criteria

• Loan product for the acquisition, construction and/or rehabilitation of developments integrating mixed income housing units and commercial spaces in targeted revitalization areas

• 20% of units must be 80% or less of area median income and 20% must be 120% or below.

• Remaining 60% of residents are not subject to income limits

• Majority of project is residential

• Loan product for the acquisition, construction and/or rehabilitation of developments integrating mixed income housing units and commercial spaces in targeted revitalization areas

• 20% of units must be 80% or less of area median income and 20% must be 120% or below.

• Remaining 60% of residents are not subject to income limits

• Majority of project is residential


Underwriting StandardsUnderwriting Standards• Lesser of 90% LTV or 95% TDC excluding

developer’s fees. Non-profits 100% LTV or 100%TDC

• Minimum 1.10 debt coverage ratio• Loans are typically permanent forward• 1% fee• 30-year loan for new construction or adaptive

re-use; 25-year loan for rehabilitation• All loans are non-recourse

• Lesser of 90% LTV or 95% TDC excluding developer’s fees. Non-profits 100% LTV or 100%TDC

• Minimum 1.10 debt coverage ratio• Loans are typically permanent forward• 1% fee• 30-year loan for new construction or adaptive

re-use; 25-year loan for rehabilitation• All loans are non-recourse


Project Location Mixed Use Mixed Income

Mixed Income

Revitalization District Y Y

Conservation District Y Y

Rehabilitation District Y Y

Qualified Census Tract Y Y

Non revitalization area (local gov. support)

N Y


MUMI Planning GrantsMUMI Planning Grants


Keswick StreetKeswick Street

• Town of Clifton Forge and Total Action Against Poverty (TAP)

• Located 2 blocks from Town Hall

• Convenient to local businesses, shops, churches, banking, local theater

• 13 homes on street– 4 acquired by a private resident

– 5 acquired by TAP

• Town of Clifton Forge and Total Action Against Poverty (TAP)

• Located 2 blocks from Town Hall

• Convenient to local businesses, shops, churches, banking, local theater

• 13 homes on street– 4 acquired by a private resident

– 5 acquired by TAP


Keswick Street-Clifton Forge


Waynesboro Heritage MuseumWaynesboro Heritage Museum


Heritage MuseumHeritage Museum• Former First National Bank of

Waynesboro• Six one-bedroom apartments on upper

floor with one commercial space and a space for Waynesboro Heritage Museum

• Financial sources and uses include VHDA, New Markets Tax Credits, Enterprise Zone Grant and Historic Tax Credit Equity

• Former First National Bank of Waynesboro

• Six one-bedroom apartments on upper floor with one commercial space and a space for Waynesboro Heritage Museum

• Financial sources and uses include VHDA, New Markets Tax Credits, Enterprise Zone Grant and Historic Tax Credit Equity


Contact InformationContact InformationKeith Sherrill

Community Housing Officer - Local Government Outreach

601 S. Belvidere Street Richmond, VA 23220

(804) [email protected]

Keith SherrillCommunity Housing Officer - Local

Government Outreach601 S. Belvidere Street

Richmond, VA 23220(804) 343-5735

[email protected]

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Leveraging mixed use - sherrill

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