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Preliminary Market Analysis of Boulevard Site Richmond, VA
January 14, 2016
Preliminary Market Analysis of Boulevard Site
City Council Presentation April 25, 2016
Presentation Purpose
• Context, Challenge, Opportunity
• Boulevard Preliminary Market and Impact Analysis
• Community Meeting & Public Input Sessions
• Online Survey Results
• Conclusion and Recommendations
• Next Steps
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Bounded by I-64’95 To the north, Hermitage Road to the east, West Leigh Street to the South, and North Boulevard to the west
Boulevard Site Area
Current Urban Development Context & the Boulevard Neighborhood Site
• Economic restructuring has taken a toll on many communities in America
• Many places search for a recipe for future prosperity
• These concerns are heightened by both cultural and demographic trends
• Competitive advantages will come to places that can quickly adapt to change
• Viewing the challenge through a comprehensive lens is critical
The Challenge
• One of the biggest challenges facing cities is how to generate, leverage, and maximize limited resources
• Communities are faced with increasing demands on their budgets
• Many cities are faced with rebuilding their tax base
• Crafting strategies aligned with these values is a key challenge
• Strong demographic & economic trends are contributing to an investment return to the urban cities
• A combination of lifestyle and economic factors are contributing to this direction
• Many communities are exploring ways to target investments to urban cities
• Understanding the dynamics associated with this opportunity is important for communities seeking to adapt
With Challenge Comes Opportunity
Preliminary Market and Impact Analysis
Richmond – The New Urban Core
Hired to:
Conduct preliminary economic
analysis for future redevelopment on
60 acre City-owned Boulevard site
Goals:
Maximize the economic potential
Position the City to provide the
greatest impact for citizens
The city’s future development will depend on its ability to remain competitive and attractive within a growing region…
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Key Findings
The current site has limited
economic impact
City-owned or publically-
subsidized stadium will not
have highest economic impact
Urban-scale mixed-use
development is the most viable
option
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Key Findings for Development on Boulevard Site
The site has tremendous
economic potential
The City is in a strong
position to control the
potential of this site
Transformative
Development
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Consultant Conclusions Limited Economic Impact (Current)
The site has limited economic impact on the City of Richmond
The Boulevard site is not reaching full market potential
Tripp Umbach’s analysis indicates that the site generates no
more than $400,000 (minus expenses and maintenance costs) in
annual total tax revenue to the City
A City- owned or publically-subsidized stadium will not have the
highest economic impact for potential development
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Consultant Conclusions Urban Scale Mixed-Use Development
Recommendation: Pursue a high-density, urban, mixed-use,
development on the 60 acres of the Boulevard property
To maximize the potential of the site while supporting unique place
making in the Boulevard neighborhood:
Mixed Housing
Retail/Entertainment
Urban flex space
Lodging
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Analysis for Market Potential
*Note – Each time frame denotes cumulative totals
Phased development over a 20-year period
• Represents what can be achieved, based on current market
needs and future projections of demographic changes
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Major Economic Potential for Redevelopment
Tripp Umbach projects the potential economic impact per acre is projected to be up to 20 times higher than current impact
Current
per acre,
per year
Tf1 per acre,
per year
Tf1 cumulative
total
Tf2 per year,
per acre
Tf2 cumulative
total
Tf3 per year,
per acre
Tf3 cumulative
total
Economic
Impact $240,000 $1,145,000 $68,700,000 $2,920,000 $175,200,000 $5,655,000 339,300,000
Employment
Impact 4.2 jobs 18.7 jobs 1120 jobs 44.5 jobs 2672 jobs 84.8 jobs 5087 jobs
Government
Tax Revenue
Impact
$6,667 $30,000 $1,800,000 $76,667 $4,600,000 $146,667 $8,800,000
[1] Tf1 – ‘Timeframe 1’ period from 2015 to 2020 (5 year period) [2] Tf2 – ‘Timeframe 2’ period from 2015 to 2025 (10 year period) [3] Tf3 – ‘Timeframe 3’ period from 2015 to 2035 (20 year period)
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Community Meetings & Public Input Sessions What’s the Community Saying?
Overview
• Tripp Umbach held a series of six public community engagement meetings located throughout the City of Richmond.
• The six (6) community meetings were as follows:
• January 19, 2016 – 6 p.m. – Richmond DMV, 2300 West Broad Street • January 20, 2016 – 6 p.m. – Southside Community Center, 4100 Hull Street • February 4, 2016 – 9 a.m. – Downtown Library, 1001 E. Franklin Street • February 4, 2016 – 6 p.m. – Thomas Jefferson High School, 4100 W. Grace
Street • February 11, 2016 – 12 p.m. – Huguenot High School Community Center,
7945 Forest Hill Avenue • February 11, 2016 – 6 p.m. – Martin Luther King, Jr. High School, 1000
Mosby Street
Key Takeaways from the Sessions
• Support for baseball and the Richmond Flying Squirrels to remain in the Boulevard neighborhood area was a dominating focal point of discussion
• The need for accessible and alternative forms of transportation is essential for community residents in the Boulevard neighborhood
• A number of constituents see the scope and size of the project to be much larger than just 60 acres
• In time, constituents wish to see the entire Boulevard area under one master planning project
• Constituents do not want the City to go at redevelopment on its own
Online Survey Results
Overview
• Tripp Umbach and the City of Richmond generated an online survey as a means to receive public input beyond the six public engagement meetings
• The survey was open to responses beginning February 1, 2016 until February 29, 2016, using a web-based survey development site, SurveyMonkey
• The City of Richmond made the survey link available on www.richmondgov.com, as well as provided the survey link in an email to local community associations and development groups and multiple media outlets
• The survey collection provided a way to garner feedback from community members on their vision for the Boulevard site
Top Community Issues Identified
Schools/ Education
Public Safety
Jobs & Economic Growth
Sports & Entertainment
Roads & Transportation
Retail/ Services/ Dining
In the City of Richmond, VA
874 728 640 142 138 145
In VA, but outside City of Richmond
374 350 355 93 62 41
Outside Commonwealth of VA
9 12 14 1 0 2
Total Responses (3980)
1257 (32%)
1090 (27%)
1009 (25%)
236 (6%)
200 (5%)
188 (5%)
Survey Results: Who Participated & Thoughts on Development Strategy
Location of Survey Respondents
66.21%
32.53%
1.26%
0.0% 20.0% 40.0% 60.0% 80.0%
City of Richmond
Outside of City but in Commmonwealth ofVirginia
Outside of Commonwealth of Virginia
Development Strategy in Boulevard Neighborhood
• Sports & Entertainment District 82%
• Midtown Mixed-Use 76%
• Research & Science Technology Park 26%
• Hotel/Convention Center 19%
• Housing Development 17%
• Corporate Headquarters 16%
• Hospital Campus 15%
Stadium Financing/Renovation Combination/Other
Private Developer
Raising City taxes
By diverting current City taxes from other services
Total Participants
In the City of Richmond, VA
1215 1362 36 52 2665
In Virginia, but outside City of Richmond
734 528 11 26 1299
Outside of the Commonwealth of VA
19 18 3 0 40
Total 1968 (49%)
1908 (48%)
50 (1%)
78 (2%)
4004
Key Findings
• The creation of a sports and entertainment district emerged as the top development strategy through the public engagement process
• The City of Richmond is ready for development on the 60-acre site to begin
• A development that is unique and transformative to Richmond is wanted on the Boulevard by citizens
• The community is in favor of keeping baseball on the Boulevard that is funded privately or via a combination of sources
• A recognition of urban and budget challenges facing the City of Richmond
Conclusion and Recommendation
• A multi-stakeholder master plan incorporating sports and entertainment is needed for the whole area surrounding the City-owned 60 acre boulevard site to maximize the social and economic impact for the city
• Tripp Umbach views the Boulevard site as a prime location for transformative development in the City of Richmond, Virginia
• It's the best interest for the City of Richmond to continue pursuing a high-density, mixed-use development on the City-owned 60-acre Boulevard site as a component of the overall master planning process
What’s Next?
Recommendation to strategically move forward with the redevelopment:
Discussions among key stakeholders on working together toward redevelopment
Final “Preliminary Market Analysis” Report
RFQ Development of Solicitation Process
Conceptual Land Use Plan Through More Public Engagement
Implementation Plan and RFP
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Questions/Comments
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