From Eye Sore to A Must See: Creating Urban Parks from Thin Air and Adding Real Estate Value (Vaughan Davies) - ULI fall meeting - 102811
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From Eye Sore to A Must See: Creating Urban Parks from Thin Air and Adding Real Estate Value (Vaughan Davies) - ULI fall meeting - 102811
- 1. ULI October 28, 2010 SCAG City of Los Angeles Friends of Park 101 AECOM Design + Planning The Robert Group
- 3. 2008 EDAW Summer Intern Program _ PARK 101 Endorsements
- 6. LA River Union Station Grand Alameda Temple Cesar Chavez PARK SUB-DISTRICTS
- 8. CONCEPTUAL PLAN Grand Ave Alameda Street Vignes Street Temple Street Cesar Chavez LA River
- 10. THE AMPHITHEATER
- 12. CASE STUDIES
- 15. NO ACTIVE PROPERTY LISTINGS
- 18. Phase 1_UNION STATION PROMENADE
- 20. MAIN STREET CAP PLAZA
- 23. All values in millions of dollars INFRASTRUCTURE COST Infrastructure Costs Phase 1 Phase 2 Phase 3 Phase 4 Phase 5 Total Freeway Cap Park 0% 76% 79% 90% 88% 85% Park 43% 1% 6% 2% 2% 3% Streetscape & New Roads 57% 23% 15% 8% 10% 12% Total Cost ($ millions) $2.5 $34 $77 $59 $215 $387 Induced Private Investment $ - $119 $208 $ - $81 $408 Infrastructure Funding Private Value Capture $ - $18 $31 $ - $12 $61 0% 53% 41% 0% 6% 16% Other Funding Required $2.5 $16 $46 $59 $202 $325 100% 47% 59% 100% 94% 84%
- 24. TDR Funding Option Components Park Station River Total Residual Value Created $83 m Redevelopment (acres) 18.2 Redevelopment (million SF) 1.5 m SF Residual Value per Acre ($ million) $4.5 m Implied FAR 2.0 New Park (acres) 22 13 10 Potential Development Rights (million SF) 1.9 1.1 0.9 Potential new value ($million) $100 $59 $49 Potential Capture (10-20%) $10-$20m $6-12 m $5-10 m $21-42 m
- 25. DIRECT COST SUMMARY Components Park Station River Total Cap Park ($millions) $328 $111 $0 $439 Park ($m) $12 $51 $63 $126 Streetscape($m) $47 $98 $20 $165 Total Infrastructure Costs($m) $387 $260 $83 $730
- 27. THE GREEN
Notas do Editor
- Each improvement has a cost and an associated benefit These are provided by component and by district
- Stages
- Change pie chart – infrastructure costs, then total value created.
- Change pie chart – infrastructure costs, then total value created.
- Change pie chart – infrastructure costs, then total value created.
- Potential revenue Gap to Fill
- CMAQ: Congestion Mitigation Air Quality STP: Surface Transportation Program TE Grants: Transit Enhancements Political Championship – City Council, Friends of Park 101, CRA, MTA, CalTrans High Speed Rail Design to include Park 101 Union Station Gateway: $1 million for park improvements $1 million for oadway improvements Potential Sources: HSR, Metro, CalTrans, Fed Program, City DPR Park 101 District-wide Environmental Documents: $1-7 million Non-capital transportation funding Caltrans: CMAC, T Grants, STP, TE HSR Mitigation