What's your State of Place? Boosting the triple bottom line + through walkability!
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Transcript of What's your State of Place? Boosting the triple bottom line + through walkability!
Walking toward sustainable change
How 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
Why Walkability? Triple. Bottom. Line. +
It’s about how we live “Weh-‐‑che-‐‑steh,” Miami: My hometown…and my
motivation to #getwalkable!
It’s about our health…
Yes, behavior important…
But so is Built Environment
VMT in the US, 1971-2012
Mode Split in the US, 1960-2010
It’s about our planet’s health
Residen'al 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
Avg. opera'ng cost /yr., Bike: $308 Avg. opera'ng cost/yr. Car: $8,220
A 1pt increase in Walk Score linked to $700-‐$3000 for-‐sale residen'al premiums
Urban mixed-‐use developments generate 25-‐59x revenue/acre than suburban counterparts
1% rise in urban sprawl index increases obesity risk by 0.5% In 2008, medical $$ to treat obesity in US, approx. $147B
And now it’s about our economic health
(Walking)
Individual Factors
Design matters….
Urban Design
Exchange!
Use!
Environmental!
Social!
Cultural!
Image!
See CABE
Exchange
Use!
Environmental!
Social!Cultural!
Image!
E.g. Walking
E.g., Retail Sales
Individual Factors
E.g., Guggenheim Effect
to value generation….
Walkability driving place consumption…
The Power of PLACE
“Places” have become products
Their “sellers” compete with each other for resources
Educated residents
Talent
Businesses
Investment
Americans 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
Comprehensive. Reliable. Micro-scale.
Measuring Walkability: The Irvine Minnesota Inventory
Uses street-level built environment data Collected 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 Inventory Raters receive full day training; tested for accuracy/reliability Data can be collected for sample of blocks in a neighborhood or on a select number of blocks • 10-12 min/block
• Avg. 40-50 blocks/neighborhood Neighborhood defined based on existing boundaries
Diagnostic. Empirically-based.
State of Place™ : The IMI Scoring Algorithm
Dimensions Description/Example Items
Density Measure of enclosure based on building concentrations and height
Proximity Presence of non-residential land uses
Connectivity 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 Fields
Pedestrian Infrastructure/Amenities
Curbcuts, Sidewalks, Street Furniture, Bike Racks
Personal Safety Graffiti, Litter, Windows with Bars
Traffic Measures Traffic Signals, Speed Limit, Traffic Calming
Aesthetics (Pleasurability & Maintenance)
Attractiveness, Open Views, Outdoor Dining, Maintenance
Physical Activity Facilities Gym/Fitness Facilities, Other Recreational Uses
Density
Form
Connectivity
Proximity
Parks & Public Space
Pedestrian Infrastructure & Amenities
Personal Safety
Traffic Safety
Aesthetics
Physical Activity Facilities
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
State
of Pla
ce
™
Dim
en
sion
s - Asse
ts Density
Form
Pedestrian Amenities
Traffic Safety
State
of Pla
ce
™
Dim
en
sion
s – N
ee
d im
pro
vem
en
t Connectivity
Aesthetics
Safety
Place Quality. Economic Impact.
State of Place™ Built Environment tied to Economic Value
Corr
elat
ed E
cono
mic
Per
form
ance
+ $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 Indicator
Can quantify the value of place….
The State of Place™ index is linked to premiums of up to:
+74% residential rents/unit +$1200/unit residential rent +108% office rents +84% retail rents +23% premium valuation before recession; +44% premium post
For DC, this translates into up to: +$744 mill in residential property taxes/neighborhood +$96 mill in retail taxes generated/neighborhood
Effective. Decision-making.
what is State of Place™? Like a credit rating for neighborhoods; Helps guide investment & underwriting; Aids branding; Siting
*Risk averse investors; Steady ROI
*Risk tolerant investors; Higher ROI
*Target for social equity advocates
*Regional retailer siting
*Aggressive developer enters market
ROI Predictions. Customize. Prioritize. Maximize.
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State of Place™ & ROI
Very Good ROI
Good ROI
Fair ROI
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State of Place™
Assess current performance
Predict ROI
Balance Costs, Benefits
Very Good
ROI
Good ROI
Fair ROI
Sidewalk improvements
Façade improvements
Intervention Options
Project Costs $500,000.00 $250,000.00
SoP Dimension Ped Amenities Aesthetics
Current Performance
25% 50%
Impact Factor 8 5
Predicted SoP Performance Increase
15% 10%
Baseline Indicator $25
$8/sf office $4/sf office Predicted Economic Upside
High Medium Walkability Impact Sc
en
ario
An
aly
sis
Office Rents
Can Prioritize Planned Interventions
¤ Add grid of streets
¤ Add Commercial office, retail, housing (as market bears)
¤ Add infill Metrorail station
¤ Add BRT Transit Line
FORM
DENS
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CONN
PROX
Can Prioritize Planned Interventions
¤ Add sidewalks, buffers
¤ Add street furniture
¤ Add plaza, public space
¤ Streetscape improvements
¤ Traffic calming
TRAF
PEDS
AEST
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Metropolitan Washington Council of Governments, DC Metro Region
¤ Diagnosis 95 neighborhoods in the region
¤ Creating place profiles – based on assets and areas in need of improvement
¤ Informing Strategic Investment Plan for region
Conservation Law Foundation Ventures, 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!
Let’s boost your State of Place™ !
What’s your State of Place™ ?
www.urbanimprint.com/state-of-place