new markets for older communities€¦ · `modernize highway oriented retailing `convert from...

New Markets for Older Communities

James Hartling, Urban Partners

Types of Communities

Urban Partners

Older roadwaysObsolete shopping centers (grayfields)Auto-oriented replacement usesMultiple jurisdictions

Cities & townsLarger, former industrial sitesExtensive transportation access

VillagesSmall sites, dense fabric of buildingsCommuter rail facilities

Cities & Towns: Larger Reuse Sites

Urban Partners

Market Opportunities

Mixed-use developmentMarket drivers to finance assembly

Today—often sales housingHigh-valued freestanding commercial

Balance with community vision

Mrs. Smith’s--Pottstown

Former pie factory parcel

At gateway to Downtown

Zoned & partially used as industrial

Market/Land Use Challenge

Urban Partners

Mrs. Smith’s--Pottstown

Light Industrial

Affordable Housing

Highway-oriented retail (drive-throughs)

Primary Market Forces

Urban Partners

Mrs. Smith’s--Pottstown

Gateway to Downtown

Office/Retail Uses Along Key Commercial Street

More Affluent Market-Rate Housing

Major Increment to Tax Base

Traditional Neighborhood Design

Community Vision

Urban Partners

Mrs. Smith’s--Pottstown

New Housing Development (Market Forces)

Balanced Residential/ Commercial (Vision)

Maximum Development (Vision)

Key Market-Vision Trade-off

Urban Partners

Hoboken Waterfront

Urban Partners

Largely vacant industrial waterfront —about 14 blocks

City control of two piers (A & C) & three adjacent blocks

PATH, trains & planned light rail

Hoboken Waterfront

Urban Partners

Market/Land Use Challenge

High Rise Office and Residential on Piers Near PATH

Primary Market Forces

Hoboken Waterfront

Urban Partners

Community VisionHoboken Waterfront

Hoboken height

Sufficient economic expansion/taxes

Quality open space

Development the length of the waterfront

Key Market-Vision Trade-off

Hoboken Waterfront

Large-Scale Housing Development (Market Forces)

“Hoboken Height” (Vision)

Maximum Development (Market Forces/Costs)

Quality Open Space (Vision)

Jobs & Tax Revenues (Vision)

Urban Partners

Results

Hoboken Waterfront

Great public spaces

Urban Partners

Hoboken Waterfront

Urban Partners

Hoboken Waterfront

Economic expansion/taxes at Hoboken height

Results

Urban Partners

Hoboken in 2000

Population—38,700 (+16%)

Median Household Income--$62,600 (+35% after inflation)

20,000 Housing Units—2.4% Vacant (+15%; vacancy –83%)

Median Rent--$1000 (+34% after inflation)

Median Home Value--$430,000 (+24% after inflation)

Hoboken Waterfront

Urban Partners

Villages: Limited Site Opportunities

Urban Partners

Market Opportunities

Small-scale development—mixed useEntrepreneur drivenRestaurantsSpecialty shoppingProfessional offices (owner-occupied)Need visionary property owners

Older Roadways: Municipal Cooperation

Urban Partners

Market Opportunities

Reposition older shopping centersReuse sites for new housingModernize highway oriented retailingConvert from strips to nodes

White Horse Pike

Urban Partners

Eight-mile long corridorEight municipalitiesVarying uses: homes;

strip centers; auto

Urban Partners

Market Opportunities

1,000,000 SF new & expanded retail120 sales townhomes/condos annually80 age-restricted units annually1 or 2 hotelsSmaller flex space

White Horse Pike

Urban Partners

Site Development Opportunities

White Horse Pike

Interstate access site

Urban Partners

White Horse Pike

Site Development Opportunities

Older center reuse

Urban Partners

White Horse Pike

Site Development Opportunities

Grayfieldsredevelopment

Urban Partners

White Horse Pike

Site Development Opportunities

TOD Town Center development