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