Broadway Corridor Framework Plan Pearl District Business Association November 10, 2015

Transcription

1 Broadway Corridor Framework Plan Pearl District Business Association November 10, 2015

2 Opportunity Central City Growth 2035 ~21,500 new households ~42,500 new jobs USPS Site Redevelopment ~2,400 new households ~4,000 jobs 2

3 Opportunity USPS Relocation Downtown Property Acquisition Cost Public Improvements & Benefits Environmental Costs Residual Land Value Framework Plan 3

4 Framework Plan USPS Union Station (PDC) Block Y (PDC) Block U Greyhound Park PNCA (PDC) Block R (PDC) 4

5 Purpose Broadway Corridor Framework Plan Strategic Vision (Phase I) SWOT Assessment Guiding Principles Market Study Traffic Circulation USPS Development Concept (Phase I) Conceptual Site Plan Infrastructure Plan Regulatory Assessment Financial Feasibility Parking Strategy Master Plan (Phase II) Site Programming Urban Design Standards Refined Connectivity Plan Code/Policy Amendments (TBD) Sustainability Plan Implementation Strategy 5

6 Stakeholder Involvement: ~1,000 Points of Feedback Allow more height to gain more density and absorb growth Provide good bicycle/ pedestrian connections Create visual and physical links to Union Station and activate under the Broadway bridge Ensure new public spaces are comfortable for all Portlanders 6

7 VISION STATEMENT: The Broadway Corridor offers a once-in-ageneration chance to transform a downtown development and the Union Station multimodal transportation hub in a uniquely Portland way that honors history and equity, cultivates culture, builds density and diversity, and reimagines how Portlanders live, work, enjoy and move through the city. 7

8 GUIDING PRINCIPLES 1. COMPETITIVE: Create opportunities for innovation, education and economic growth and add a net gain of jobs in the region. 2. ACCESSIBLE: Enhance the public realm to create vibrant community spaces to enrich the quality of life for all Portlanders. 3. CONNECTED: Leverage regional assets to strengthen multimodal transportation connections and improve accessibility to and through the area. 4. HEALTHY: Develop the site so that it reflects environmentally-friendly practices, opportunities for resource sharing, high-quality construction, and social responsibility. 5. ACCOUNTABLE: Create an implementable strategy that attracts private investment and delivers appropriate and equitable public benefit. 8

9 Financial Framework 9

10 Strategic Framework 10

11 Public Survey & Feedback Financial Feasibility & Transportation Impact Analysis CASCADE STATION EMPLOYMENT EMPHASIS STITCH BALANCED EMPHASIS PREFERRED INNOVATION WEAVE RESIDENTIAL EMPHASIS

12 Preferred Concept Streets Johnson Street & Park Avenue = 80 ROW Parks & Open Space Two new park blocks + 8 th St and Irving St Green Loop Bridgehead/Viaduct activation Affordable Housing Financials modelled at 25% reservation of residential FAR Set aside commitment = 30% reservation of residential FAR Entitlements Increase to 7:1 FAR Major Streets 17% Park 11% Development 72%

13 Preferred Concept

14 Preferred Concept (30% affordable housing or ~700 units) 14

15 Development Phasing Phase 1 ( ) Phase 2 (2025 ->) 1M SF residential = ~1200 units ~300,000 SF for affordable housing 100,000 SF retail Full or partial reuse of USPS building Reuse of existing garage 1M SF residential = ~1200 units ~300,000 SF for affordable housing 100,000 SF retail 850,000 SF commercial Demolition of USPS bldg and garage

16 Affordable Housing: 2015 Set Aside Policy Review Recommendations Combination of River District TIF debt proceeds and ownership interest in the Broadway Corridor/USPS acquisition equal to $20 million With USPS acquisition, PHB anticipates investing at least $13M to acquire rights to develop affordable housing Secures PHB rights to approximately 30% of residential FAR PHB will determine whether and how to use the remaining $7M, either at the USPS site or at another location in the River District Urban Renewal Area PHB will participate in development of the USPS site Master Plan and scoping a solicitation for the sale of the property PHB investment and development decisions will help deliver on the Master Plan requirements 16

17 Sources & Uses Assuming Affordable 30% Residential FAR SOURCES (Assumes PHB Affordable Residential FAR Acquisition ~$13M) Phase 1 Phase 2 PDC Land Sales + TIF Interim Financing repayment $27M $69M Parks/PBOT SDCs $7M $12M BASELINE USES Sources Subtotal $34M $81M Streets ($13M) - Open Space/Green Loop ($9M) ($11M) Site Demo - ($10M) Sources Uses Subtotal $12M $60M ADDITIONAL USES Additional Public Benefits ($ TBD) PNCA Park, Union Station, Union Station, District Systems, Affordable Commercial, etc.

18 River District Financing Amount Authorized Financing Instrument River District Tax Increment Financing River District Program Income Interim Financing Not to exceed $90M N/A Not to exceed $45M Interim bonds (line of credit) secured with City s full faith and credit (General Fund) and/or tax increment revenues N/A; income from property and loan portfolio Interim bonds (line of credit) secured with City s full faith and credit (General Fund) Paid off with Proceeds of tax increment bonds N/A Sale of Post Office Property Proposed uses Post Office Site acquisition Post Office Site remediation OT/CT Action Plan Multnomah County original commitment Affordable Housing Will pay interim bond interest first Post Office Site public improvements Centennial Mills selective demo 10 th & Yamhill garage Union Station Multnomah County amended commitment 18

19 Measures of Success: Public Realm and Transportation Parks North Park Blocks extension 2 blocks Exchange Place under and adjacent to Broadway ramp near Union Station 20,000 sq. ft. overlook plaza at Broadway Y Pedestrian/Bike/Auto Connections Multi-Modal Streets on Johnson St. and Park Ave. Regional Green Loop pedestrian & bicycle connection Cycle tracks on Broadway & Lovejoy Pedestrian/local connections within and trhough private parcels Commute Trip Goals 85% non-sov mode split (Auto <15%; Bike 25%; Pedestrian 20%; Transit 40%) COMPETITIVE ACCESSIBLE CONNECTED HEALTHY ACCOUNTABLE

20 Measures of Success: Sustainability Water Use: 50%+ reduction in potable water use Energy Use: 50%+ reduction below ASHRAE Waste: 85% Landfill Diversion Transportation: 85% Non- SOV Mode Split Carbon Goal: Net Zero by 2030 Share heating and cooling byproducts effectively. Generate and use recycled water efficiently COMPETITIVE ACCESSIBLE CONNECTED HEALTHY ACCOUNTABLE

21 Measures of Success: Shared Prosperity Mixed Income Community 30% residential units affordable to low to moderate income households (700 units) Commercial space for firms with a middle income wage or higher ($42,000+/yr.) Commercial space for firms owned by underrepresented populations in Portland looking to grow in the Central City Contracting: 20+% of construction and professional services costs performed by Minority- Owned, Women-Owned, Disadvantaged and Emerging Small Businesses Job Density 300+ jobs per acre, on par or better than the Central Business District 4,000 jobs in final build-out Return on Public Investment Private investment leverage Property tax generation COMPETITIVE ACCESSIBLE CONNECTED HEALTHY ACCOUNTABLE

22 Next Steps USPS Site Due Diligence USPS Site Control/Purchase and Sale Agreement Central City 2035 FAR and Master Plan Requirements USPS Replacement Facility Design & Construction Development Solicitation/Agreement USPS New Facility GMP Final Acquisition Price Master Plan (FAR; height; Refined design & program) USPS Relocation River District Site Prep and First Sale Complete City Council Action PDC Board Action 22

23 Questions?