Showing posts with label mixed-use. Show all posts
Showing posts with label mixed-use. Show all posts

12 April 2010

Is REDEVELOPMENT the future for Mission Viejo?

In a recent article titled: Urban Core Growing Faster Than Outer 'Burbs, By Jenny Sullivan on Builder Online the EPA study finds that permits in central cities and first-ring suburban neighborhoods are outpacing greenfield developments.
Smart growth proponents have long predicted that the ever-greater expansion of suburbia would one day reach its limit, prompting a renewed interest in central city living. “Residential Construction Trends in America’s Metropolitan Regions," a new report from the EPA, suggests that this trend is well underway, with residential permits in downtown areas and close-in suburbs more than doubling since 2000 in 26 of the nation's largest metro regions.

The shift has been especially pronounced in some big cities, such as New York, which saw its share of regional permits increase from 15% in the early 1990s to 48% by 2008. In Chicago, housing permits inside city limits rose from 7% to 27% over the same time period.

Rapid revitalization is sweeping many smaller cities as well. In Portland’s downtown neighborhoods and close-in 'burbs, permit activity jumped from 9% to 26% over the last two decades. Home building in Atlanta’s core neighborhoods grew similarly, from 4% to 14%, according to the analysis, which examined Census residential permit data for the nation’s 50 largest metro regions over 19 years. In this examination, researchers compared the number of permits issued by central cities and core suburban communities with the number issued in suburban and exurban communities.

They found that a geographic shift in residential permits was indeed occurring, with the most notable spurts in urban redevelopment over the past five years. Data indicates that this trend is continuing in spite of the real estate slump, and the study's findings suggest that urban revitalization may be intensifying as local and regional jurisdictions implement smart growth measures. National policies also are likely to support this trend as the Obama administration’s Sustainable Communities Initiative begins to gain traction.

“When you look at the regions that are really embracing walkability, investing in transit, and thinking about natural resources protection, these are the regions that are weathering the downturn best,” Shelley Poticha, director of HUD’s newly-created Office of Sustainable Housing and Communities, told BUILDER in a recent interview. “I think we’re going to see more and more regions reinvesting in their downtown areas, in suburban town centers, and in neighborhood centers,” she said.

In medium-sized cities, some of the most dramatic shifts have occurred in regions that have aggressively promoted growth boundaries and urban redevelopment, such as Portland, Denver, Sacramento, and Atlanta. In larger metro regions such as New York, Chicago, Boston, Miami, and Los Angeles, “market fundamentals are shifting toward redevelopment even in the absence of formal policies and programs,” the study's authors noted.

Some experts say economic and demographic factors such as constrained consumer finances, smaller households, and changing lifestyle preferences are driving increased demand for urban-style neighborhoods. “Consumers want ‘value retention’ and this portends a shift to closer-in communities and infill sites closer to transit,” says Ed McMahon, a senior resident fellow at the Urban Land Institute.

Still, the infill frenzy has yet to significantly alter America’s housing landscape. New residential construction projects continue to move forward on greenfields at the urban fringe in many markets, the study found. And even in cities with significant urban revitalization, this market segment continues to represent only a small slice of the housing pie; urban core neighborhoods still account for fewer than half of all new residential units in most regions.

Where exactly the pendulum is, and how far it could swing remains a point of debate. “If you believe the economist Richard Florida, every phase or epoch of capitalism has its own distinct geography, or what geographers call the ‘spatial fix’ for the era,” says McMahon. “Suburbanization was the spatial fix for the consumer/industrial age. The economy is different now. It no longer involves simply making and moving things. Instead, it depends on generating and transporting ideas. This occurs in cities and other places of density. Low-density sprawl is ill-fitted to a creative, post, industrial economy. We are seeing the beginning of the reshaping of the landscape to fit the post industrial economy.” end of article

So, it sounds like Mission Viejo should likely expect redevelopment to increase in the near future. With that being said, I think it is more important now than ever to encourage the City and local groups to embrace this new trend and participate in the shaping of its community. How can we get our voices heard???



Images courtesy of: SRF Consulting & Farm2

17 August 2009

The Project Renovation Paradox

When times are good, property owners don't want to impact revenues by embarking on a renovation project; causing site disruptions which impact tenants, visitors and shoppers. Paradoxically, today, poorly performing properties in need of a facelift lack the necessary revenue to do anything about it.

Alas, a Catch-22: If your property is making money, you don't feel the need to renovate. But when sales and rents are down and you feel the need, you don't have the money to renovate.
So, when is a good time to renovate?


John F. Kennedy once said, "The time to fix the roof is when the sun is shining." In terms of the economic climate, these are cloudy times at best (even stormy, in many locations). So, what can a property owner do today who is strapped for cash?

Find some money. Invest in capital expenditures and make decisions with an eye on ROI.

The most obvious advantage of renovating in this environment is cost savings. Now is the first time in the 30 years that construction costs have actually come down. Historically, they have gone up steadily, if not sharply. Today, in many parts of the world, costs are down by over 10% from just six months ago. According to statistics compiled by Rider Levett Buchnall (http://www.americas.rlb.com/documents/cost/reports/2009_q2_qcr.pdf), construction costs in cities like Denver and Seattle declined by as much as 8% in the first quarter of 2009 alone.

A second advantage: When business is slow and there are vacanies, there is less disruption to guests and less impact on cash flow from operations. On top of that, construction can proceed more quickly, and property owners and managers can get the word out that their property is newly renovated and open for business.

Properties that have been newly renovated will be in the best position to restore and/or raise rents and increase occupancies. Properties that defer needed maintenance and refurbishment and wait until times are better will miss being able to take full advantage of the inevitable upturn. When thinking about where to shop or go see a movie families most often go to the ones that are either new or newly renovated. Research data from a recent study conducted by STR shows that, over a five-year period, revenues for renovated properties increase at three-and-a-half times the rate of un-renovated properties.

Bottom line: Hard times are good times to prepare for better times.

Images courtesy of: Global Graphica, Mission Viejo Life
Some Text Courtesy of: WATG

19 June 2009

Vision for Future Developement

Although most of Southern California is not as urban as many of the metropolitan areas, as time goes by we may be seeing Southern California becoming more dense. This is the type of thinking for future development that will provide smart growth.

Retail + Workforce Housing + Transit Oriented Development + Sustainable Design x Green Technology = Wilson Yard’s Vision for the Future



What the developer requested: a mixed-use development on a wedge-shaped former rail yard site, including a vertical urban Target store, affordable and senior housing, new Aldi store, ground-floor retail and offices on upper floors.

What the design team responded with is not just Transit-Oriented Development-based mixed use integrated urban shopping, nor only a new Target store anchoring an environmentally-friendly, multi-use development project – through admittedly it is both of these. What they created – with shopping and a little political finagling – is nothing short of a complete transformation of a tired neighborhood into a thriving, living, breathing community.

What they created is Wilson Yard.


With Wilson Yard the future isn’t tomorrow or next year – the future is now. To evidence this you need not look any further than the Transit-Oriented Development: a vibrant, livable, compact and walkable shopping environment centered on high-quality train and bus systems – all perfectly attuned to our times.

Wilson Yard works on many levels. By incorporating the best tenets and practices of urban planning and design, sustainable design, affordable workforce housing and green technology, the project achieves something more, beyond the realization of a well-designed retail project. The development ultimately completes and heals the site, neighborhood and community where it resides. It’s a case of the universal in the particular. By providing exactly what is needed at the right time and in the right place you end up envisioning the shopping environment of the future.



Covering a full city block, the resulting project is a veritable Rubik’s cube offering shoppers and pedestrians a continuous, seamless shopping environment of integrated interlocking components.
Future-looking without being futuristic, Wilson Yard is an out-of-the-Big-Box, innovative idea that progresses everyone’s current understanding of what the shopping experience can ultimately be.

Anchor: The retail anchor, a new 180,000 square-foot two level Target store with an energy-saving green roof.

The Matrix: 25,000 square feet of additional retail – forming the proverbial simple line of outwardly facing stores and office space – here marrying the project’s anchor with the residences along an attractive new streetscape.

Urban Density: Two rental buildings with affordable units including a mixed-income building accommodating 84 families in one-, two-, and three-bedroom apartments and an accompanying seniors complex with 99 affordable one-bedroom unites.

Green Technology: In keeping with Mayor Daley’s ongoing commitment to make Chicago a showpiece city for green technology, the Wilson Yard project will be certified LEED SILVER, the nationally accepted benchmark for the design, construction, and operation of green buildings by the U.S. Green Building Council. The project’s sustainable components include green roofs and a solar-reflective roofing system for the residential buildings, collection of storm water and controlled release of waste water, a new green space to serve as the outdoor campus for a neighboring elementary school, and reclaimed parking space beneath the CTA ‘L’ tracks.

Our futuristic vision of the retail real estate industry? It’s being built right here today.


The above project is currently being developed and was designed by FitzGerald Associates based in Chicago.