HomeMy WebLinkAboutSEOPW-CRA-2003-03-31-Discussion Item 30 ITEM 3
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OFFICIAL REPORT
Mr. Donald Zuchelli, ZHA, Inc.
To give an update on a feasibility economic strategy report for
Downtown Overtown Development Programming.
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SEOPW / CRA
SOUTHEAST OVERTOWN/
PARK WEST COMMUNITY
REDEVELOPMENT PROGRAM
ECONOMIC FINDINGS AND
RECOMMENDATIONS
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Prepared for:
CRA BOARD
CD
SEOPW Community
Redevelopment Agency
March 31, 2003
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• • • • • • • • • •
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APPROACH
• Determine workable capacity for
investment in the SEOPW CRA
• "Tract -by -Tract" actions not achieving a
new compelling economic order
• Private institutional alliances must be0
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APPROACH
Four Distinct -Areas of SEOPW CRA
• Park West Entertainment District
• Downtown Overtown
• West Overtown (Expansion Area)
• North Overtown (Expansion Area)
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APPROACH
Set Forth Specific Recommendations
• Short-Termp
9 Medium/Long-Term:
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2003-2007
2008-2017
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COMMUNITY INPUT
• BAME Development
Corporation
• The Black Archives
• The Beacon Council
• Overtown Civic
Partnership
• Overtown Advisory
Board
• Touching Miami
With Love
• St. Agnes Church
• Bank of America CDC
• St. -John's CDC
• Local Initiatives Support
Corporation -Miami
Office
• City of Miami Planning
and Zoning
• Miami -Dade Housing
Agency
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PARK WEST
Existing Conditions
Issues
• One-way streets
• Lacks quality pedestrian environment
• Land speculation/ Biscayne Boulevard Treatment
Proposed Reuse:
• "After-hours" entertainment uses/Housing/Parking
• New health industry,"free-cycling" location of non-
invasive medical and holistic practices
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PARK WEST
Biscayne Boulevard
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PARK WEST
Bicentennial Park
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PARK WEST
FEC Alleyway:
Key to Pedestrian Movement in District
• Providing. a Promenade -between facing.
renovated buildings is critical
• Extend alleyway spine across to Park
(people seeing people)
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o t C: Public Street Arts way (local artisans)
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Ground -level transit along Promenade
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PARK WEST
Entertainment District:
Recommendations
• Unique CRA-profit center could emerge-from
parking facilities- for projected 9,700 new parking
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CQ
spaces
Retain parking revenue surplus/ directed to
"Special Overtown Affordable Housing Fund"
Specialized parking. study must confirm findings
and set up organizational arrangements
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PARK WEST
Grande Promenade
Existing Conditions
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High degree of infrastructure control by public (parking,
open space, and graphics)
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Perfect location for high tolerance living (music/art
scenes/noise)
Proposed
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Street culture, ethnicity, artistic diversity and.
experimentation makes work/live housing workable
Design to create a place combining observation and
participation by visitors and residents
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PARK WEST
Recommended Development Program would be:
— Nearly 344,000 square feet of entertainment/
commercial reuse
— Approximately 9,700 parking spaces
— Roughly 286,000 square feet or 6.5 acres of
open space
—Approximately 1,835 apartment units
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Partnerships/Funding Sources
• C RA must form subsidiaries with private entities �
• Investigate Community Development District (CDD)
under Chapter 190
• Uniqueness of Assessment Bonds
• Currently 166 CDDs exist in Florida and -have issued �
2.5 billion in bonds
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PARK WEST
Programming for
7th Street Spine Development
• Extended Role for Miami Sports &Exhibition
Authority (MSEA)
• MSEA returns much of its County funds ($4.5 M)
,as excess
• MSEA should consider aiding the area to the west
and the 7th Street spine
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PARK WEST
Regional Health Services Potential- in
Non -Invasive Medical
and Holistic Services
Park West could accommodate new medical -
related complex
Industry gaining $17.8 billion in Florida
• Nearly $2.2 billion expansion in Miami -Dade
County
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PARK WEST
Reuse Suggestion for 7th Street Spine
• About 800,000 square feet of medical -related
first/second floor space
• Support commercial totaling about 134,000
square feet
• Approximately 1,265 condo, high-rise units
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• Anticipate need for 5,400 parking spaces and
Cn about two acres in o ace.
n penspace.
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PARK WEST
Critical Key to Marketing Health Services
• CRA should petition federal government to be
declared a CRE
• Tap into federal Treasury's New Market Tax
Credit Program
• Create tax credits for investors/provide "patient"
equity
• Create a guaranteed return on equity of 39% in
first seven years
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OVERTOWN.9
A STRONG HERITAGE
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DOWNTOWN OVERTOWN
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DOWNTOWN OVERTOWN
Existing Conditions
• Total land area: 68 acres
• 306 parcels
• Average parcel: .22 acres
• 50.7% (34.4 acres) of land area currently
vacant
• Next largest land uses: Multi -family (13.5
acres) and Parking lots (10.8 acres)
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DOWNTOWN OVERTOWN
Significant Pending Projects
1) Folklife Village: 2ndand 3rdAvenues between"
8th and lOth Streets - Anchor Project includes
Lyric Theater Enhancement and Expansion,
Reception Area, Gift Shop, Improved
Facilities, Ancillary uses
Potential Impact.* Re-establishment of
community anchor, symbolic center point,
revenue generation
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DOWNTOWN OVERTOWN
Food & Beverage Estab.
Other Entertainment
Other Commercial
Tptal/Average
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.COMMERCIAL DEVELOPMENT COSTS
OVERTOWN AREA DEVELOPMENT PROGRAM
Development
Tenant Improvements
TOTAL
Gross
Development
Development
Leasable
Tenant
Tenant
Total
Area
Cost SF
Cost
Area
Improvements /SF Improvements
Cost
52,000
$100.00
$5,200,000
49,400
$70.00
$3,458,000
$8,658,000
28,000
$100.00
$2,800,000
26,600
$55.00
$1,463,000
$4,263,000
55,000
$100.00
$5,500,000
52,250
$45.00
$2,351,250
$7,851,2500
135,000
$100.00
$13,500,000
128,250
$56.70
$7,272,250
$20,772,250
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DOWNTOWN OVERTOWN
GROSS SUPPORTABLE GROUND FLOOR RETAILING,
FOLKLIFE VILLAGE CENTER INCLUDING
SALE/RENT INFORMATION OF TENANTS
Food and Beverage Other Entertainment Other Commercial Total
Establishments Outlets Operations Program
Villaae Center Sizin
Gross Floor Area
52,000
28,000
55,000
135,000
Gross Leaseab/e Area
49,920
26,600
50,380
126,900
Ratio of GLA/Bldg Area
96%
95%
0.92%
94%
Gross Sales Per Square Foot
$13,507,765
$6,157,407
$12,284,438
$31,949,610
Rent as Percent of Gross Sale!
8.50%
8.10%
7.30%
7.96%
Sales Per GLA Foot
270.59
231.48
243.84
251.77
Total Operatinq Receipts:
Base Rental Amount
$23.00
$18.75
$17.80
$20.04
Projected Overage Paid
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Total Rent Paid
$1,148,160
$498,750
$896,764
$2,543,674
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DOWNTOWN OVERTOWN
Significant Pending Projects:
Sawver's Walk
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DOWNTOWN OVERTOWN
Significant Pending Projects
2) Sawyer's Walk.: West side of NW 2nd. Avenue
between 6th and 8th Streets, 602 1-3 bedroom
units. Complete in 3-4 years. Proposed price
range (assuming subsidy) $79,040-$250,0000
Potential impact.* 1,100+new residents with
$321000-$80,000+ household incomes and
"move -up "opportunity for Overtown residents
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DOWNTOWN OVERTOWN
Jficant Pending Projects
3) Poinciana Village Phase II: 2°d Avenue
between 61hand 71hStreets - 12-story tower, 58
1-3 bedroom units. Complete in 1-2 years.
Proposed price range (assuming subsidy):
$849850-$19595.00
Potential impact: 100+new residents with
household incomes of $32,000-$63,000+ and
"move up" opportunities for Overtown
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DOWNTOWN OVERTOWN
Significant Pending Projects: Poinciana Village II
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DOWNTOWN OVERTOWN
Specific Recommendations
1) Restore "heart of Overtown" by continuing
revitalization of commerciaUentertainment
corridor on 2ndand 3rdAvenues (Short-term)
a. Expedite Folklife Village plan
implementation (i.e., transfer land, etc.)
b. Redevelop vacant areas on 2nd between
gthandlothStreets - 3-4 four-story .mixed -use
(95,000 square feet retail, 335+ residences)
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DOWNTOWN OVERTOWN
RESIDENTIAL DEVELOPMENT PROGRAM
OVERTOWN AREA DEVELOPMENT PROGRAM �
1 Bedroom/1 Bath
2 Bedroom/2 Bath
3 Bedroom/3 Bath Plus Den
Total
Core Factor
Total Developed Square Feet
Unit
Unit
Units
Scl, Ft.
Area
' 67
835
55,945
107
1,050
112,350
161
1,640
264,040
335
3,525
432,335
10%
480 f372
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DOWNTOWN OVERTOWN
RESIDENTIAL PROGRAM DEVELOPMENT COST
OVERTOWN AREA DEVELOPMENT PROGRAM
Residential Square Feet
Residential Cost/Square Foot
Total
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Total
Cost
Developer Return @
Development Cost w/Return
480,372
$401831f639
$40,831,639
28%
$56,710,610
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DOWNTOWN OVERTOWN
- LAND VALUE
OVERTOWN AREA DEVELOPMENT PROGRAM
Commercial
Residential
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Total
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$646/700
$1,324,390
$1,971,090
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DOWNTOWN OVERTOWN
Specific Recommendations
2) Create connection between Folk Life Village
and Park. West Entertainment District (Short-
term)
a. Greenway connection to reinforce
complementary link between two
entertainment areas
b. Support/assist Trust for Public Land
efforts
CJ
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DOWNTOWN OVERTOWN
Specific Recommendations
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3) Bring about full realization of Poinciana
Village/Sawyer's Walk project to strengthen
community and -local market (Short to
intermediate term)
a. City/County to provide assistance to
develop entire project phase by phase �
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b. Accommodate current Overtown'
� n residents in projects with flexible income
_° eligibility criteria, etc.
DOWNTOWN OVERTOWN
Specific Recommendations
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4) Improve road connections within Overtown
and to and from interstates (Short-term)
a. Re -work access/signage to I-95 from 8th
Street
0 b. Remove road obstructions to re -connect
Cn historic Overtown community
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WEST OVERTOWN
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WEST OVERTOWN
Existing Conditions
• Total land area: 59.2 acres
• 113 parcels
• Average parcel: .5 acres
• 27.4% of area (16.2 acres) currently
vacant
Largest amount of land area (28.1 acres)
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in government/institutional uses
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C7
WEST OVERTOWN
Existing Conditions
• Minimal retail/commercial (1.1 acres)
and office (2.4 acres)
• Industrial uses (3.2 acres)
• Very little single-family residential —less
than .25 acres
Office has highest per -square -foot value
of land ($33)
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WEST OVERTOWN
Significant Pending Projects
New Hope Overtown/BAME Development:
40 new 3-4 Bedroom housing units, $82,000-
$92,000, HOME funded - 21 of 40 income -
eligible units (Ist 9 units in development with
likely buyers committed)
Potential impact: 95+ new residents in
households with incomes of $32,000-$65,000+
and Overtown "move -up "opportunities
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L•J
WEST OVERTOWN
Sip.nificant Pending Projects:
New Hope Overtown
N_N. 7Ti1 19TREET
N.K. 8TH SMREET
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WEST OVERTOWN
Specific Recommendations
1) Encourage diverse range of housing
development in area —strong market.
potential Short-term and ongoing
a. Develop additional housing, primarily
townhomes or detached
b. Market could support 50-60 such units in
short-term, another 50-60 in long-term
c. Funding sources : HOME, HUD 108, State
bonds, SHIP, MMAP, Enterprise/Empower-
ment Zones
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WEST OVERTOWN
Specific Recommendations 0
2) Develop neighborhood -serving and
convenience retail (up to 10,000 square feet)
Short-term and ongoing
a. Convenience/small food store (short-
term)
y � b Pharmacy, larger market, other services
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(e.g., laundry, dry cleaners, etc.) (Medium-
CD
long-term)
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IC
WEST OVERTOWN
Specific Recommendations
3). Solicit entrepreneurial development of
scattered vacant sites in area Short-term and
•
Ongoing
a. City funding sources (e.g., Beacon
Council Stability Loans) must earmark. funds �
for Overtown expanding and new businesses
b. Enterprise/Empowerment Zone
programs must be tapped more regularly
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WEST OVERTOWN
Specific Recommendations
4) Protect clean, compatible industrial uses that
employ area residents
a. It is unwise to push industry out if viable,
responsible, and employs Overtown residents
b. Work with Beacon Council to support, or
if appropriate, find satisfactory replacements
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NORTH OVERTOWN
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NORTH OVERTOWN
Existing Conditions
• Total land area: 44.3 acres
• 118 parcels
• 41.4% currently vacant (though
significant development coming soon)
• Aside from vacant parcels, largest
amount of land used for apartments
0
NORTH OVERTOWN
Existing, Conditions
• Minimal retail/commercial (1 acre)
• No office and no active industrial uses
• Lowest per -square -foot land values of
three Overtown areas
•
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NORTH OVERTOWN
Significant Pending Projects
1) Village of St. Agnes: Between 3rdand 4thN.W.
Avenues, 19th and 20th N.W. Streets, 88 new
single-family, 3-4 bedroom units, 80 for -sale
units, 8 special elderly family units (rentals), price
range of for -sale units $95,0004105,000
•
Potential Impact: 200+new residents in 80 units, �
incomes of new households $32,000-$65,000+ and
"move -up "opportunities for Overtown, elderly
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� � units are likely already Overtown residents
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NORTH OVERTOWN
Significant Pending Projects:
Village of St. Amecl
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��4v .,.. `? a�. cyv -, '� } i � � sue:' { j w � L �, r' � � �>�... � �' Sk. r,+ •Y3
?�`">, .. 7� ( t < i ,. y � � I f E j A {} .. rf ��, i '` I ie'4t -. r ✓- ski
"xg f i� � #. i� ' ++ r � �, <.�� � ) '� t 1 i - _ � �'� _ � �1. ��ti � � �' a tiY3•s � � ✓ ,t�..f � �� _
�� . �-�`j},,�i �1� iii�t� poi � •: � L ; � �_ � (i,�:�'i � ( fFt' � t 1` �; ■■1■y^■■) ,!'Y ., -� } -y��' ,}.J.{;(�f { ( ��erk
�,,, __ __�� � �-�Zi � � � or � eP•f� .�•:..�.:_.,
$ , f`�? .._.... :. q` �� ..�__ ;x.,., �.* i �y c f'F`"ttt.r �`j 717
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NORTH OVERTOWN
Significant Pending Projects
2) Carrie Meek Tower: Located on 19th Street
just south of St. Agnes Village, 70 elderly
subsidized rental units in 4-story building
Potential impact.* Property upgrade but
otherwise residents of Tower are already
Overtown residents
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NORTH OVERTOWN
Significant Pending Projects
3) St. John Village: Located at 1600 NW lst Street
(just outside CRA boundary), 14 3-bedroom
townhomes at $98,000
Potential impact: 30 new residents in households
with income of $32,000-$60,000 and "move -up"
opportunities for Overtown area
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NORTH OVERTOWN
Significant Pending Projects:
St. John Village
1600 N.W. IST AVENUE, MIAMiq FL
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NORTH OVERTOWN
Specific Recommendations
1) Add new local -serving and convenience retail
in area to better serve community (5,000
square feet). Focus: 13t'' and 14t'' Streets at
3rdAvenue Short-term
a. With St. John's CDC, develop local -
serving convenience retail from food stores to
Starbucks
b. Maximize leveraging of incentives to
attract new retail
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NORTH OVERTOWN
Specific Recommendations
2)
Upgrade existing retail in the 3rdAvenue
area
a. Reactivate CDBG facade improvement
program through City of Miami
b. Aim Urban Task Force Stability Loan
funding on this area to improve/expand
existing businesses
A
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NORTH OVERTOWN
Specific Recommendations
3) Perform critically needed streetscape
improvements —sidewalks, curbs, gutters,
landscaping (e.g., 3''d Avenue, 2°d Court, etc.)
a. Tap CDBG and FDOT funding to
do street improvements
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0