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Transit-Oriented Development: A Public / Private Effort

Transit-Oriented Development: A Public / Private Effort. May 19, 2011 NALHFA. Cynthia A. Parker, President & CEO BRIDGE Housing Corporation. Overview: Affordable Housing. Challenges Market Has No Incentive to Create High Construction Costs Land Cost/Availability Community Opposition

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Transit-Oriented Development: A Public / Private Effort

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  1. Transit-Oriented Development: A Public/Private Effort May 19, 2011 NALHFA Cynthia A. Parker, President & CEO BRIDGE Housing Corporation

  2. Overview: Affordable Housing • Challenges • Market Has No Incentive to Create • High Construction Costs • Land Cost/Availability • Community Opposition • Public Benefit Add-Ons • Complicated Financing Structures • Need for Gap Financing to Produce at Scale

  3. Transit-Oriented Development: Public/Private Opportunities • State of California and Redevelopment Agencies • Public and Private Developers • Surplus Land Disposition/Redevelopment Opportunities • Financial Resources • Pass Through Federal Funds • RDA Tax Incentives and Other Resources ($1billion annually) • State TOD Funds (Prop 1C Funds

  4. Transit-Oriented Development: Local Jurisdictions • Proper Zoning & General Plan Designations • Inclusionary Ordinances • Funding Resources • Encourage Partnerships (for profit, non profit) • Surplus Land

  5. Transit-Oriented Development: Other Players • Public Agencies • Financing: MTC, Housing Authorities, etc • Surplus Land/Intensified Uses: School Districts, Transit Agencies, County Agencies • Community Based Organizations • Churches • Non-Profit Agencies

  6. Transit-Oriented Development: Financial Markets • Public Finance Options • Banking • Equity Investment: Socially Responsible Screen • Foundations • PRI’s • Grants • Research and Development

  7. Transit-Oriented Development: First Take • One Church Street

  8. Development Approach • Transit-Oriented Development • First Residential Development on BART Property with Strobridge Court • 25 Transit-Oriented Developments Linked to BART, Commuter Rail, Light Rail, and Local Transit Systems • Regularly Awarded Grants to Incorporate Transit Linkages into New Developments

  9. Transit-Oriented Development: Case Study • One Church Street • 93-Units of Multifamily Affordable Apartments: One-Bedroom: 30, Two-Bedroom: 35, Three-Bedroom: 28 • Directly Adjacent to Public Transportation • On-site Child Care • Community Room • Computer Learning Center • Ground-Level Retail Shop • Significant Community Involvementthroughout the Development Process

  10. Transit-Oriented Development: Case Study • One Church Street

  11. Transit-Oriented Development: Case Study • One Church Street

  12. Irvington Village

  13. Irvington Village • Pension Fund Investment • Rezone Due to State Fair Share Requirements • Inclusionary Zoning • City Funded • NIMBY Issues • State GO Bond Funding • Mixed Income Master Plan/Joint Planning Effort

  14. Irvington Village

  15. Irvington Village

  16. Mission Walk

  17. Mission Walk 330 & 335 Berry Street CALTRAIN

  18. Mission Walk • 131 below market rate condominiums (includes 14 townhomes) on two sites (1.32 acres combined) • Part of 2,900 units (655 affordable) to be developed in Mission Bay Redevelopment Area • 1 – 3 Bedrooms; 606 – 1300 SF. Average Price of $235,906 • 114 parking spaces (incl. one car share space) • SFRA contributed land and $35 million in construction financing that will convert to homeowner loans • Will be LEED certified • Approximately $63 million total development costs

  19. Mission Walk • Large Scale Redevelopment – Intense Planning Process/Negotiation with Land Owner • Predesignation of land uses • Local Agency Selection of Developer • Local Agency Financial Participation • State Financial Participation • Foundation Participation – Second mortgage program

  20. Mission Walk: Sources and Uses of Funds *Construction cost savings of $2MM or more will be returned to the SFRA at the end of the project.

  21. Mission Walk

  22. North Beach Place

  23. North Beach Place • Underutilized Housing Authority Land • Local Monies • Partnership • For-Profits • Non-Profits • Housing Authority • Redevelopment Agency • Mayor’s Office of Housing • Service Providers

  24. North Beach Place

  25. North Beach Place

  26. North Beach: Sources and Uses

  27. North Beach: Sources and Uses

  28. MacArthur Transit Village • Project Summary: • 7.76 acres • 516 Market Rate Homes • 108 Affordable Homes • 42,500 sf Commercial/ Retail • 5,000 sf Child Care Facility • 400+ stall parking garage

  29. MacArthur BART Transit Village

  30. MacArthur BART Transit Village

  31. MacArthur BART Transit Village

  32. MacArthur BART Transit Village

  33. COMM 22

  34. COMM 22 • Partnering with two local nonprofits • First large-scale, mixed-use, transit-oriented development in So Cal • Redevelopment of school district maintenance facility; vacant for 20 years • Multiphasedproject: • Family Rental - 130 units + retail • Senior Rental- 70 units + daycare • Live/work lofts + retail - 38 units + retail • For-sale rowhomes - 17 units

  35. COMM 22

  36. COMM 22: Sources and Uses

  37. COMM 22

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