Economic Development Action Plan

Transcription

1 Economic Development Action Plan

2 Summary of Vision Profiles Waterfront City Center Entertainment Cultural High Density

3 Comparable Vision Concepts Miami Beach North Beach 1-10 stories (along Collins Ave) 8 60 u/acre Low to Medium density Single family and multifamily South Pointe Up to 50 stories +150 u/acre high density Large waterfront public open spaces

4 Comparable Vision Concepts - Monterey Cannery Row 1-5 stories 8 u/acre 48 u/acre Low to Medium density Historic main street along Cannery Row with commercial and mixed use buildings Single family, multi family adjacent

5 Comparable Vision Concepts - Jupiter Harborside Jupiter 8.96 acre site 920 linear feet of waterfront 5 stories 36 u/acre 60 u/acre Medium density 32K sq. ft. Restaurant: 50K sq. ft. Retail 60K sq. ft Office 179 Hotel Keys 22 Leased Marina Slips 9 Public Daily Transient Marina Slips 2,500 sq. ft Cultural Use 915 Parking Spaces

6 Comparable Vision Concepts Granbury, Texas

7 Comparable Vision Concepts Panama City, Panama

8 Comparable Vision Concepts Lima, Peru

9 The BusinessFlare Approach Investment Drivers

10 Investment Drivers Land Little office usage; Retail pricing is competitive, space is smaller and limited; Industrial rents are low, and significant space is available; Industrial is the CRA s strongest real estate cluster; The City owns the 7.39 acre marina property.

11 Investment Drivers Labor Strong, educated regional workforce; Average commute is 26 minutes; Harris Corporation s new facility is an asset; Quality of Life is critical to attracting talent

12 Investment Drivers Capital City is too dependent on residential property tax; More than 4,000 employees in 900 businesses within a 5-minute drive of the Bayfront; Transportation All Aboard impacts, road repair shortfall, and the lack of transit on US1 are challenges; CRA has made infrastructure investments; but CRA funding will be limited in the future.

13 Investment Drivers Markets Lower median income than surrounding area; Housing values are lower than larger market area; Half of the housing is owner occupied; Larger market is attractive to millennials, current trends show a decline of younger population through 2019 in the immediate area; Restaurants are an attractor to the Bayfront CRA area. Hotel offerings are limited to the beachside and the I-95 corridor;

14 Investment Drivers Markets - TripAdvisor Sebastian is the #2 ranked thing to do in Melbourne; Turkey Creek is #1 in Palm Bay, not on the Melbourne list; Melbourne Top Ten are: 1. Brevard Zoo 2. Sebastian 3. Nature and Wildlife Tours 4. Treetop Trek 5. Wetlands 6. Paradise Beach and Park 7. Boat Tours 8. Kayaking and Canoeing 9. King Center for Performing Arts 10.Melbourne Civic Theater

15 Investment Drivers Regulation City is SNAP Certified; Continue improvements to the development processes; Correct perceptions of poor customer service; Impact fees may be an opportunity to differentiate Palm Bay; Building and maintaining infrastructure is challenging; Residential development capacity is limited.

16 Market Demand BCRA 5-Minute 15-Minute City of Palm Bay Brevard County Projected Housing Unit Growth 4.3% 4.8% 4.9% 10.2% 5.1% Workforce Projected Housing Unit Demand ,771 4,670 14,193 Planning Projected Retail Sq. Ft. 31,618 92,621 70,490 Infrastucture 533,852 1,336,865 Projected Restaurant Sq. Ft. And 2,440 9, ,527 34,346 Total Commercial Sq. Ft. 34, ,551 70, ,379 1,371,210 Visitation Summary of Market Demand And residential units; Comparison 51,000 square feet of retail; Criteria 6,000 square feet of restaurant; Match No office development; No hotel development. Negotiation Selection and HR Financial Quality of Life Process And Reputation Market Analysis Marketing and Brand Site Conditions and Development

17 Market Demand Planning Criteria Match Visitation And Comparison Negotiation And Selection Workforce and HR Default Quality of Life Financial Process And Reputation Market Analysis Infrastucture Marketing and Brand Site Conditions and Development

18 Market Potential $25-50K $50-75K $75K+ Total Owner ,151 2,544 Renter 4,414 1,728 3,029 9,171 Vacation/2nd Home n/a n/a Market Potential 5,298 2,237 5,027 12,562 Summary of Market Potential to Tap Into Up to 12,000 residential units; 325,000 square feet of retail; 67,000 square feet of restaurant; 40,000 square feet office development; Significant, uniquely branded hotel development. Not everything that counts can be counted, and not everything that can be counted, counts.

19 The BusinessFlare Approach Investment Drivers Economic Opportunities PRESERVE ENHANCE EXPOSE INVEST CAPITALIZE

20 Bayfront Opportunities Preserve Views, recreational opportunities and waterfront access Enhance Transportation connectivity, development capacity, and social offerings Expose Uniqueness of setting and connection of nature and commercial opportunity Invest Impact Fees, infrastructure and service Capitalize The Marina property and the presence of Harris Corp.

21 The BusinessFlare Approach Common Business Climate Themes No Brand Outdoors Recreation Waterfront Harris Transportation and Infrastructure Reputation Marina Redevelopment Land Use And Zoning

22 Strategy Areas Customer Service/Reputation Branding Harris Outdoors and Recreation Transportation and Infrastructure Marina Land use and Zoning

23 Connection to Investment Drivers Land Marina Labor Harris Outdoors and Recreation Capital Transportation and Infrastructure Markets Branding Regulation Reputation Land use and Zoning

24 Action Plan Reputation TIF rebate program for new investment Address Impact Fee issues Reinstate impact fee moratorium or create a TIF impact fee incentive fund in the BCRA Implement Economic Development Values Responsiveness Invest in staff and resources to remain competitive; Adopt private sector standards for customer service; Build a broker network; Information Maintain database of relevant, meaningful information; Participate in ULI, ICSC, FRA; Certainty Predictable, fair, timely processes;

25 Action Plan Branding Rebrand to differentiate from other Indian River Lagoon assets Connect outdoors, recreation, commerce and community Create a unique local brand for the scenic byway Palm Bay your dream getaway for life Spend less live better Salt Life concept If you dream it you can have it The We club join live outdoors the club carefree Bass Pro livable Your adventure starts here Gander Worlds The foremost adventurous outfitters life for Cabella less Unpretentious The good life Outdoor luxury The view Life s Getaway

26 Action Plan Outdoors and Recreation Introduce waterfront concessions Preserve and maintain open space through land use and zoning incentives Target recreation related special events

27 Action Plan Harris Corporation Turn Harris Corporation into more of a Bayfront stakeholder Get Harris Corporation Testimonials Survey Harris Corporation employees Create a Harris Night Out event on the Bayfront

28 Action Plan Infrastructure and Transportation Complete Palm Bay Road Improvements; Create a Palm Bay mooring field; Implement Complete Streets ; Implement transit throughout US1; Expand pedestrian connections; Use land use incentives to provide public benefits; Require new development to install bike racks; Neighborhood transit planning included as part of zoning rewrite; Complete retention pond and other stormwater/flooding improvements

29 Action Plan Marina Redevelopment Issue the RFQ for the Marina Public space; Hospitality; Recreational activities; Public parking; Connect to the area s brand; Include maintenance of the park on the east side of US1; Connect the Marina to the Boat Ramp; Encourage acquisition of and/or participation with the private marina; Do not change the process or terms once initiated.

30 Action Plan Limited Development Capacity Begin market-driven land use and zoning revisions Explore options to introduce civic and public sector operations and activity generators. Revise permitted, conditional, prohibited uses. Conditional Sidewalk cafes Dancing Marinas with boat sales/rentals Alcoholic beverages Mixed use 1+ acre commercial Prohibited Commercial Towers Permitted Offices Financial Inst. Funeral Homes Nurseries Repair Services

31 Action Plan Limited Development Capacity Begin market-driven land use and zoning revisions Revise permitted, conditional, prohibited uses. Step up heights from the bay to the FEC tracks;

32 Action Plan Limited Development Capacity Begin market-driven land use and zoning revisions Revise permitted, conditional, prohibited uses. Step up heights from the bay to the FEC tracks; Increase residential density; Acres Current Units Permitted 30/acre 3 stories 50/acre 3 stories 75/acre 3 stories 75/acre 4 stories 100/acre 6 stories 150/acre 8 stories ,109 Lot Coverage 53% 80% 133% 88% 71% 76% ,139 1,139 1,518 2,277

33 Action Plan Limited Development Capacity N Recommendations: 40 floors Require development pattern to be a system of streets and blocks Establish proper height transitions and buffers to protect adjacent single family Require public open spaces Require accessibility to waterfront edges Require streetscape improvements on all sides of development Require frontage on all waterfront edges and all streets Increase maximum permitted density to 100 units/acre

34 Action Plan Limited Development Capacity Begin market-driven, public benefit land use and zoning revisions Revise permitted, conditional, prohibited uses. Step up heights from the bay to the FEC tracks; Increase residential density; Consider western expansion of land use and zoning revisions

35 Action Plan Limited Development Capacity Project Example 100 Units per acre = 350 Units 6-8 stories 45,000 square feet commercial retail, restaurant 600 parking spaces 24 months construction Construction cost $66 million First year TIF = $598,861 in 2019 Net Present Value of TIF = $8,831,636

36 Action Plan Reputation Branding Harris Outdoors and Recreation Transportation and Infrastructure Marina Land use and Zoning

37 Economic Development Action Plan

38 Common Economic Development Themes Council Workshop New investment, commercial investment needed; Retail resident spending in Palm Bay; Impact fees; Use the Bayfront Village area to Drive a second renaissance ; Back to the city s roots the Bay; Infrastructure is a challenge; Harris Corp is a huge asset; Remember the arts Development General support for attracting investment; Height can be a way to attract investment, but views and water access should be preserved; Respect cultural and historic assets and culture s role in revitalization.

39 Public Input Common Economic Development Themes Opportunity Outdoor activities and recreation; Boat accessible; Marina can be the anchor; Waterfront; Millennials; Infrastructure Pedestrian/bicycle path along US1 needs to connect to other destinations; Roadway conditions; Lack of sidewalks; No north-south transit line along US1; Castaway Park;