1 / 27

West Spring Valley Corridor Reinvestment Strategy

West Spring Valley Corridor Reinvestment Strategy. Cottonwood Heights Neighborhood Association February 2010. Background/Existing Conditions. 2009 Comprehensive Planning Guide. Enhancement/ Redevelopment areas Central Coit East Arapaho/Collins Old Town/Main Street West Arapaho

Leo
Download Presentation

West Spring Valley Corridor Reinvestment Strategy

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. West Spring Valley Corridor Reinvestment Strategy Cottonwood Heights Neighborhood Association February 2010

  2. Background/Existing Conditions

  3. 2009 Comprehensive Planning Guide Enhancement/ Redevelopment areas Central Coit East Arapaho/Collins Old Town/Main Street West Arapaho West Spring Valley

  4. Location and Size West - Coit Road East - Central Expressway South - Spring Valley Road North - Single-family homes, Dumont Drive 188 acres of land

  5. Purpose and Intent Purpose To prepare strategies which capitalize on market opportunities for private investment through targeted public initiatives Intent To ensure investment is… grounded in economic and market reality strategically positioned to leverage additional public and private investment executed by entities that are accountable, sustainable, and representative of stakeholder interests

  6. Major Work Elements • Inventory of Existing Conditions • Market Assessment • Delivery System Capacity Analysis (Focus Groups) • Vision/Corridor Planning • Identification of Catalyst Areas/Projects • Financial Analysis • Implementation Strategy

  7. Existing Conditions – Zoning

  8. Existing Conditions – Land Use

  9. Existing Conditions – Improvements

  10. Market Analysis Leland Consulting Group

  11. Trade Area Study Area Primary Trade Area Secondary Trade Area

  12. Focus Groups Perspectives represented included: Institutions (schools, churches, etc.) Lenders Business owners Commercial property owners Apartment property owners/managers Condominium managers/board representatives Neighborhood associations (Cottonwood Heights, Richardson Heights, Heights Park) Developers Approximately 80 invited, 57 participated

  13. Focus Group Questions Name three elementsof arevitalized West Spring Valley Corridor (land uses, business types, public amenities, etc.) . What opportunities could a revitalized corridor take advantage of (existing assets)? What challenges will have to be overcome in order to realize a revitalized West Spring Valley Corridor (regulatory, political, market, financial, physical)? Name and describe past efforts at revitalization either in the City of Richardson or elsewhere, that eithersucceeded or failed, in your opinion. What critical actions will be necessary for this effort to succeed?

  14. Focus Group Response Elements of a Revitalized Corridor – Mixed use, mixed income, better residential, variety of restaurant/entertainment choices, integrated green space Opportunities – Location, natural features, multicultural assets, strong neighborhoods, growing senior market, RISD, TIF, potential joint effort with Dallas Challenges – Amount of lower income housing, cultural challenges/resistance to change, redevelopment issues (land assembly, demolition, relocation), crime/safety/perception of area, issues in Dallas Critical Actions – Bold, long-term vision, community support, strong city leadership, public-private partnerships, ongoing communication with the community and stake holders, participation from the City of Dallas

  15. Strategy Notes – Non-Residential Retail development is largely dormant (today) – unless smaller scale and driven by genuine expansion needs Confusing highway access and underwhelming architecture work counter to traffic and visibility advantages of US 75 frontage. Study area retail currently caters to renters in the corridor itself, but is geographically positioned to capture untapped spending power.

  16. Strategy Notes – Non-Residential Recommendations: Target 10-year retail capture of 250,000 square feet of growth in Study Area Office absorption will be some share of above (storefront professional/medical) and some share of residential (live-work, studio, incubator space) – larger spec office too risky given struggling markets along LBJ and Telecomm Corridor Improve local connectivity to neighborhoods (north) and enhance appeal of US 75 service road access Lack of pedestrian considerations and urban amenities (including public) not only discourage higher-value residential development, but perpetuate underwhelming shopping environment (even if most patrons drive)

  17. Strategy Notes – Residential Residential development at any scale nearly dormant in metro area – look for at least 1 to 2 more quiet years before any significant new construction activity. In this credit crisis, “Cash is King”; liquidity, equity determine whether you can build; conditions may actually favor smaller-scale infill scrapes and rehabs. Apartments among only land use types being considered by serious developers (today).

  18. Strategy Notes – Residential Recommendations: Work towards capturing a share of Trade Area’s 10-year market ratedemand of 1,000+ condo/townhome and 3,500+ rental units Appeal to buyers seeking amenities, urban perks, and more central location with fewer maintenance hassles Target empty nesters, younger professionals and single parents for new units– existing detached homes just outside corridor could appeal to families Increasingly built-out residential land in Trade Area will only serve to increase desirability of vital infill locations Only moderate growth to work with – must broaden appeal to expand Trade Area

  19. Work Plan: Future Actions

  20. Work to Date August 2009 – Briefing on existing conditions September 2009 – Briefing by consultant on study process October 2009 – Briefing and tour of Fort Worth Urban Villages December 2009 – Focus groups January 2010 - Briefing by consultant on market findings February 2010 – Briefing by consultant on barriers to investment (focus groups)

  21. Major Work Elements • Inventory of Existing Conditions • Market Assessment • Delivery System Capacity Analysis (Focus Groups) • Vision/Corridor Planning • Identification of Catalyst Areas/Projects • Financial Analysis • Implementation Strategy

  22. Near-Term Future Actions Begin the visioning process Conduct community meetings (3) March 30 May 13 (tentative) June 10 (tentative) Perform financial test of redevelopment scenarios Prepare final report, including implementation strategy July 12 Initiate necessary City follow-up

  23. Visioning Leland Consulting Group HOK

  24. West Spring Valley Corridor

  25. Corridor Visioning ExperienceFORT WORTH URBAN VILLAGES Client: City of Fort Worth, Texas Scope: Public Involvement Community Planning / Re-DevelopmentUrban Design PrototypesStreetscape PrototypesTransportation / Parking Strategies

  26. Corridor Visioning ExperienceGARLAND ROAD VISION Client: NCTCOG, City of Dallas, Texas, TxDOT, Garland Road Vision (GRV) Scope: Public Involvement Corridor Visioning/Catalyst DevelopmentUrban Design PrototypesStreetscape Prototypes Infrastructure Strategies Transportation/Parking Strategies

  27. For Further Information City website www.cor.net Departments Development Services West Spring Valley Reinvestment Study

More Related