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West Spring Valley Corridor Reinvestment Strategy

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West Spring Valley Corridor Reinvestment Strategy Cottonwood Heights Neighborhood Association February 2010 Background/Existing Conditions 2009 Comprehensive Planning ... – PowerPoint PPT presentation

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Title: West Spring Valley Corridor Reinvestment Strategy


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
  1. Name three elements of a revitalized West Spring
    Valley Corridor (land uses, business types,
    public amenities, etc.) .
  2. What opportunities could a revitalized corridor
    take advantage of (existing assets)?
  3. What challenges will have to be overcome in order
    to realize a revitalized West Spring Valley
    Corridor (regulatory, political, market,
    financial, physical)?
  4. Name and describe past efforts at revitalization
    either in the City of Richardson or elsewhere,
    that either succeeded or failed, in your opinion.
  5. 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 Areas
    10-year market rate demand 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
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