WAYPOINTE Norwalk, CT

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WAYPOINTENorwalk, CT

• Walker Parking Consultants
• Andy Hill
• Jody Todd
• June 26, 2008

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Project Background

• Waypointe
• Mixed-Use development on 22 acres in Norwalk, CT
• Retail, Restaurant, Cinema
• Office, Medical Office Wellness Center
• Residential (not included in this analysis)
• Proposed Parking
• 2,319 space parking structure
• 165 metered on-street spaces

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Overview

• Walker Parking Consultants (Walker) was engaged
  by the Norwalk Redevelopment Agency in 2007.
• Shared Parking Analysis
• Preliminary Financial Analysis
• All statements and assumptions are based on
  project information received from
• Norwalk Redevelopment Agency and
• Street-Works Development and Consulting Group,
• as of 11/08/07.

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Overview
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Shared Parking Analysis

• Methodology

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Shared Parking Analysis
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Shared Parking Analysis
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Preliminary Financial Analysis

• Methodology

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Preliminary Financial Analysis
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Preliminary Financial Analysis
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Preliminary Financial Analysis

• Year 3 (Stabilization)
• 70 / 80 /90 Project Absorption

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Risk Assessment
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Risk Assessment
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Walker Parking Consultants

• Comparable Properties

15
Horton Plaza, San Diego

• Opened in 1984
• 865,000 SF
• 140 stores restaurants
• 14-screen cineplex
• 2,615-space garage
• 8/hour (standard rate)
• Validation up to 3 hours (w/purchase 7A-9P)
• Highest sales per unit area in city (800/SF)

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The Grove, Los Angeles

• Opened in 2002
• 575,000 SF
• 90 stores restaurants
• 14-screen cineplex
• 2,000-space garage
• First hour of parking is free, 3 up to 3 hours,
  1/20 minutes thereafter
• Validation up to 2 hours (w/purchase)
• Valet for 8 up to 2 hours, 2/30 minutes
  thereafter
• Gold Standard Lifestyle Center

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Bay Street, Emeryville (CA)

• Opened in 2005
• 400,000 SF of retail and entertainment
• 350 residential units
• 16-screen cineplex
• 1,900-space garage
• 1 up to 3 hours, 2 for 4 hours, 2/hour
  thereafter
• Validation w/purchase _at_ Barnes Noble
• Landmark center in Bay Area

18
Newport Centre, Jersey City

• Opened in 2001
• 900,000 SF
• 130 stores restaurants
• 11-screen cineplex
• 2,700-space garage
• Variable rates (weekday vs weekend)
• 2.50 for 3 hours
• Third highest grossing center in Hudson County

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Shops at Sunset Place, Miami

• Opened in 1999
• 515,000 SF
• 40 stores restaurants
• 9-screen cineplex
• 1,765-space garage
• 2 for the first hour, 1/hour thereafter
  (weekdays)
• 6/car after 6 PM and weekends
• Gross sales have increased an average of 5
  annually

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Cambridgeside Galleria (MA)

• Opened in 2001
• 900,000 SF
• 100 stores restaurants
• 1,300-space garage
• 2 for the first hour, 2/hour thereafter
  (weekdays)
• 4 for up to 10 hours nights and weekends
• Restaurant validation 2 up to 3 hours

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Copley Place (MA)

• Opened in 1998
• 1,242,000 SF
• Retail, restaurants, four office buildings, two
  hotels, 100 residential units
• 1,400-space garage
• Market rate pricing (24 for 3 hours)
• Validation reduces cost to 10 (for 3 hours)

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Providence Place (RI)

• Opened in 1999
• 1,260,000 SF
• 170 retail stores
• IMAX Theater
• 4,300-space garage
• 1 for 3 hours, 5 for 4 hours
• Recent upgrades to Pay on Foot System
• Busiest center in Rhode Island

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MacArthur Center, Norfolk

• Opened in 1999
• 1,100,000 SF
• 140 retail stores
• 18-screen cineplex
• 4,000-space garage
• 1 for 3 hours, 1/ hour thereafter
• Replace 17-acres of free surface parking
• Sparked redevelopment of Granby Street

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Risk Controls Included in Analyses

• Revenue Reductions
• Use of Alternative Transportation
• Interaction between Uses
• Collection Loss
• 3-year Absorption Factor (Source Norwalk
  Redevelopment Agency)
• Operating Expense Additions
• Provision for Fully Staffed Operation
• Reserve Replacement Fund
• 75/Space

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Risk Controls Included in Analyses

• Revenue
• Use of Alternative Transportation
• Interaction between Uses
• Collection Loss
• 3-year Absorption Factor (Source Norwalk
  Redevelopment Agency)
• Expense
• Provision for Fully Staffed Operation
• Reserve Replacement Fund
• 75/Space

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Risk Controls Included in Analyses

• Revenue
• Use of Alternative Transportation
• Interaction between Uses
• Collection Loss
• 3-year Absorption Factor (Source Norwalk
  Redevelopment Agency)
• Expense
• Provision for Fully Staffed Operation
• Reserve Replacement Fund
• 75/Space

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Walker Parking Consultants
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