Town of Clinton, Connecticut Action Plan for the Historic Unilever Property and Area. Steering Committee Meeting #5 Implementation Strategies

Transcription

1 Town of Clinton, Connecticut Action Plan for the Historic Unilever Property and Area Steering Committee Meeting #5 Implementation Strategies Wednesday, March 19, :30pm

2 Steering Committee Meeting #3 Workshop Results Agenda 1. Status Update a) Project Schedule b) Public Strategies Workshop 2. Draft Redevelopment Strategy and Approach a) Architectural Redevelopment b) Preservation c) Site Redevelopment d) Financial Feasibility e) Implementation Strategy 3. Draft Village District Strategy 4. Draft Historic District Strategy 5. Draft Transit-Oriented District Strategy 6. Next Steps a) Preparation for Public Strategies Workshop b) Workshop Results and Draft Report

3 1 Status Update Project Schedule

4 1 Status Update Public Strategies Workshop 1. Date: Wednesday, April 23, 2014 at 7:00pm 2. Location: To be Confirmed 3. Purpose: Presentation and discussion of draft Strategies Review of Concept Alternatives and Strategies: Alternative 1 Alternative 2 Alternative 3

5 Preferred Strategy Central Ave

6 Preferred Strategy Central Ave

7 Preferred Strategy Central Ave

8 Preferred Strategy

9 Preferred Strategy

10 Preferred Strategy

11 Preferred Strategy Central Ave

12 3 Unilever Property and Area Redevelopment Strategy Preferred Strategy Building Total Area (GSF) Retail (NSF) Office/ Manuf. (NSF) Res.Units Parking Need Parking Provided Existing 1 105,000 12, Existing 2 39, ,792 0 Included on site Building 1 20,000 8, Building 2 39, Building 3 60, Building 4 60, Townhouses 34,100 (8) Included in unit cluster Total 357,840 20,000 31, ,000 SF/unit avg 1.75 space/unit; 1/200 SF office

13 Architectural Redevelopment Redevelop historic building core 2 Market and prepare office for new tenant 3 Flexible: retain manufacturing floor as desired for tenant 4 Site circulation benefit for removal 5 Redevelopment benefit for removal 6 New construction compatible with surrounding context Central Ave

14 Architectural Redevelopment Remove approx. 185,000 SF (64%) Central Ave

15 Preservation 1 Preserve 1929 Pond s Building with attention to the Art Deco façade facing John Street 2 98 High Street 3 22 High Street 4 Conservation Area Central Ave 2

16 Site Redevelopment 1 Building clusters with orientation to an open space and street 2 Improved street network connectivity to rail and Main St Improved pedestrian network 4 Parking integrated into site plan in unobtrusive locations Central Ave

17 Financial Feasibility 1. Conceptual pro forma assumptions a) Cost assumptions: Land value is $0, site remediation is $0 Demolition at $10/SF Gut rehab of existing historic building at $124/SF Simple fit out of office building at $33/SF New construction at $160/SF New roadway infrastructure at $120/LF Site improvements including parking/landscape/grading at $10/SF Package treatment for sewage at $3,500 per unit b) Conceptual cost calculation: Component Cost Historic Structures to Remain $13M Non-historic Structures to Remain New Construction $1.3M $45.2M

18 Financial Feasibility 1. Conceptual pro forma assumptions a) Revenue and operation assumptions: Average rent per unit of $1,200 per month Vacancy rate of 10% Maintenance/management cost of $5,000 per unit Retail rent of $15/SF NNN Office rent of $14/SF NNN Supportable debt at 5.5%, 30 years b) Baseline conceptual pro forma analysis: Component Cost Annual Revenue Historic Structures to Remain Non-historic Structures to Remain Supportable Debt Financing Gap $13M $761,000 $11M $2M $1.3M $445,000 $6.4M None New Construction $45.2M $1.5M $22.2 $23M

19 Financial Feasibility 1. Conceptual pro forma assumptions a) Baseline Conceptual pro forma analysis: Component Cost Annual Revenue Historic Structures to Remain Non-historic Structures to Remain Supportable Debt b) Assume Historic Tax Credit Components at 45% of Cost Derived Land Value is $5.2M (compare to $8.4 appraised value) Financing Gap $13M $761,000 $11M $2M $1.3M $445,000 $6.4M None New Construction $45.2M $1.5M $22.2 $23M Component Cost Annual Revenue Historic Structures to Remain Supportable Debt Financing Gap $5.8M $761,000 $11M None

20 Financial Feasibility 1. Required rents approach a) To reduce the need for gap financing, revenue increased in rent, the rents shown below bring conceptual development costs in line with revenue and supportable debt Component Cost Annual Revenue Historic Structures to Remain Non-historic Structures to Remain Supportable Debt Required Rent $13M $899,000 $13M $1,375 $1.3M $381,500 $5.5M $12 New Construction $45.2M $3.1M $45.2 $2,025

21 Implementation Strategy Preliminary estimated annual absorption of: units per year 26 units 51 units 33 units 51 units 73 units 16 units Central Ave

22 3 Village District Strategy Village District Strategy Current Zoning R-20 R-30 B-2 R-20 R-10 R-10 I-1 R-10 I-2 B-4 Central Ave B-2 B-3

23 3 Village District Strategy Village District Strategy 1. Zone I-1 Industrial a) Residential uses not permitted 2. Dimensional Characteristics Zone Min. Lot Area (w/o water) Min. Lot Area (w/ water) Min. Setback from Street (FT) Max Height (Stories) Max Height (FT) R-10 20,000 10, % R-20 30,000 20, % R-30 40,000 30, % B-2 10,000 10,000 n/a % B-3 10,000 10,000 n/a % B-4 20,000 20,000 n/a % I-1 20,000 20, % I-2 40,000 40, % Max. Aggregate Ground Coverage

24 3 Village District Strategy Village District Strategy Existing I-1 Zoning Boundary Proposed Overlay District Boundary Central Ave

25 3 Village District Strategy Village District Strategy 1. Village District Overlay Zone Characteristics: 1. Overlay District 2. Permitted Uses: Encourage mixed uses within a single structure or within a complex of structures. Near the rail station, ground floor commercial uses with other uses above are encouraged. At residential edges, residential uses are encouraged. Multi-family residential allowed as of right. 3. Dimensional Characteristics: Maximum height of 4-stories; 55 feet 4. Parking Requirements: Refer to Section 29 Off-Street Parking and Loading, consider a parking ratio reduction in exchange for enhanced pedestrian connectivity (scenarios used 1.75 space/unit; 1/200 SF retail/office as per existing requirements) 5. Other Requirements: Design Standards review format and requirements of Section 15 Village Zone (VZ) for East Main Street

26 3 Village District Strategy Village District Strategy 1. Village District Overlay Zone Design Standards: a) Preservation of defined historic structures b) Architectural character to reinforce a village setting c) Higher density clustered toward southeast of district near rail station and Main Street d) Lower density respecting edges of district toward adjacent neighbors e) Development Setback to adjacent residential neighbors f) Components of traditional neighborhoods orientation to street frontage, framing open spaces, preserving site features and vegetation g) Cross circulation and connection for vehicles on the site h) Street type standards for width, character and landscape i) Pedestrian circulation and connections j) Parking integrated into the site plan, not a feature

27 4 Historic District Strategy Historic District Strategy Individually Eligible Contributing to a District Based upon Historic Resource Inventory (March 2013) District Boundary Central Ave

28 5 Transit-Oriented District Strategy Transit-Oriented District Strategy Central Ave

29 6 Next Steps Looking Ahead 1. Public Strategies Workshop a) Confirm location b) Preparation c) Outreach 2. Draft Report

30 6 Next Steps

31 Town of Clinton, Connecticut Action Plan for the Historic Unilever Property and Area Steering Committee Meeting #5 Implementation Strategies Wednesday, March 19, :30pm