From Eye Sore to A Must See: Creating Urban Parks from Thin Air and Adding Real Estate Value...
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Transcript of From Eye Sore to A Must See: Creating Urban Parks from Thin Air and Adding Real Estate Value...
![Page 1: From Eye Sore to A Must See: Creating Urban Parks from Thin Air and Adding Real Estate Value (Vaughan Davies) - ULI fall meeting - 102811](https://reader035.fdocuments.us/reader035/viewer/2022081514/55a3ab231a28ab6d658b478a/html5/thumbnails/1.jpg)
ULIOctober 28, 2010
SCAGCity of Los AngelesFriends of Park 101
AECOM Design + PlanningThe Robert Group
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2008 EDAW Summer Intern Program _ PARK 101 Endorsements
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Southern California Association of GovernmentsCompass Blueprint
Working with local governments to accommodate expected growth while improving regional mobility, prosperity, livability and sustainability
SCAG has completed nearly 100 Demonstration Projects
• Technical assistance for local planning that
– Demonstrates the local benefits of regional goals
– Creates models to replicate throughout the region
– Applies innovative planning tools
SCAG
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LA R
iver
Uni
on S
tatio
n
Gra
nd
Ala
med
a
Temple
Cesar Chavez
PARK SUB-DISTRICTS
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THE BIG IDEAS
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CONCEPTUAL PLAN
Gra
nd A
ve
Ala
med
a S
tree
t
Vig
nes
Str
eet
Temple Street
Cesar Chavez
LA R
iver
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EAST GATEWAY PLAZA
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THE AMPHITHEATER
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OVERVIEW • Case study findings
• Value creation opportunities
• Cost estimates
• Funding options
• Next Steps
OVERVIEW
Park 101 DistrictEconomic Feasibility
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CASE STUDIES
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VALUE CREATION• Infrastructure investments spur commercial activity
• Initial opportunity sites: parking lots, existing streets, ramps, & right-of-ways
• New parks, streets, lighting, pedestrian linkages, transit options >>> new hotel, office, retail, and residential development
VALUE CREATION
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NO RECENT TRANSACTIONS
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NO ACTIVE PROPERTY LISTINGS
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KEY COMPONENTS
• Development sites
• Cap Park
• Park (not over cap)
• Streetscape
• Existing urban development, cultural amenities, private holdings
KEY COMPONENTS
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• Phase 1: El Pueblo Gateway
• Phase 2: Hotel & Mixed Use
• Phase 3: Spring Street
• Phase 4: Alameda/Station
• Phase 5: Cathedral
PARK DISTRICT PHASING
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Phase 1_UNION STATION PROMENADE
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Capital Costs for InfrastructureRequired Infrastructure: $2.5 million
New Development Value: $0 million
Less Development Costs: ($0 million)
Net Land Value Created: $0 million
Capital Funding for Infrastructure
Public Funding: $2.5 million (100%)
City of Los Angeles: $1.25 million
Transportation Funds: $1.25 million
Land Program Redevelopment:
Public only
Public Improvements
1.1 acre park
Streetscape: 0.25 miles
Timeframe: 12-24 months
Phase 1_UNION STATION PROMENADE
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MAIN STREET CAP PLAZA
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Capital Costs for InfrastructureRequired Infrastructure: $34 million
New Development Value: $145 million
Less Development Costs: ($119 million)
Net Land Value Created: $26 million
Capital Funding for Infrastructure
Land Value Capture: $18 million (55%)
Potential TIF: $13 million
Fees & Exactions: $5 million
Other Funding: $16 million (45%)
Transportation Funds
State & Local Sources
Federal Funds (Stimulus, ARRA, etc.)
Land Program Redevelopment: 4.5 acres
250-room hotel
Mixed use office/retail: 280K SF
1,200 new full-time jobs
Public Improvements
1.1 acre park
1.3 mile streetscape
Timeframe: < 5 years
PHASE 2: HOTEL & MIXED USE
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Capital Costs for InfrastructureRequired Infrastructure: $77 million
New Development Value: $252 million
Less Development Costs: ($207 million)
Net Land Value Created: $45 million
Capital Funding for Infrastructure
Land Value Capture: $31million (40%)
Potential TIF: $21 million
Fees & Exactions: $10 million
Other Funding: $46 million (60%)
Transportation Funds
State & Local Sources
Federal Funds (Stimulus, ARRA, etc.)
Land Program Redevelopment: 9.9 acres
Mixed use office/retail: 350K SF
420 Apartments & Condos
1,600 new full-time jobs
Public Improvements
6.4 acre park
1.3 miles streetscape
Timeframe: < 5 years
PHASE 3: SPRING STREET
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Infrastructure Costs Phase 1 Phase 2 Phase 3 Phase 4 Phase 5 Total
Freeway Cap Park 0% 76% 79% 90% 88% 85%
Park 43% 1% 6% 2% 2% 3%
Streetscape & New Roads 57% 23% 15% 8% 10% 12%
Total Cost ($ millions) $2.5 $34 $77 $59 $215 $387
Induced Private Investment $ - $119 $208 $ - $81 $408
Infrastructure Funding
Private Value Capture $ - $18 $31 $ - $12 $61
0% 53% 41% 0% 6% 16%
Other Funding Required $2.5 $16 $46 $59 $202 $325
100% 47% 59% 100% 94% 84%
All values in millions of dollars
INFRASTRUCTURE COST
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Components Park Station River Total
Residual Value Created $83 m
Redevelopment (acres) 18.2
Redevelopment (million SF) 1.5 m SF
Residual Value per Acre ($ million) $4.5 m
Implied FAR 2.0
New Park (acres) 22 13 10
Potential Development Rights (million SF) 1.9 1.1 0.9
Potential new value ($million) $100 $59 $49
Potential Capture (10-20%) $10-$20m $6-12 m $5-10 m $21-42 m
TDR Funding Option
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Components Park Station River Total
Cap Park ($millions) $328 $111 $0 $439
Park ($m) $12 $51 $63 $126
Streetscape($m) $47 $98 $20 $165
Total Infrastructure Costs($m) $387 $260 $83 $730
DIRECT COST SUMMARY
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IMMEDIATE NEXT STEPS
• Political Champions
• High Speed Rail Design & Implementation
• Union Station Gateway:
– $1.1 million for park improvements
– $1.4 million for roadway improvements
– Potential Sources: City of LA, Metro, CalTrans
• Park 101 District-wide Environmental Documents
– Non-capital transportation funding
– Caltrans/METRO: CMAQ, TE Grants, STP, etc.
– HSR Mitigation
IMMEDIATE NEXT STEPS
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THE GREEN