NORWALK LAND DEVELOPMENT NORWALK PLANNING COMMITTEE AND REDEVELOPMENT AGENCY NOVEMBER 19 th 2014
Providence Place Towson Town Center Natick Collection Glendale Galleria Streets At Southpoint GENERAL GROWTH PROPERTIES Streets At Southpoint Our mission is to own and operate best-in-class retail properties that provide an outstanding environment and experience for our Communities, Retailers, Employees, Consumers The efforts of General Growth Properties have enhanced our city s status as a prime retail location which has extended shopping, dining and entertainment beyond the mall itself into other areas of our community. - Tim Tingey, Director of Administrative and Development Services, Murray, Utah
Providence Place Towson Town Center Natick Collection Glendale Galleria Streets At Southpoint GENERAL GROWTH PROPERTIES Streets At Southpoint Our mission is to own and operate best-in-class retail properties that provide an outstanding environment and experience for our Communities, Retailers, Employees, Consumers GGP has proven to be receptive to any concerns of the residents or the city by taking the time to meet, to listen and to collaborate. This responsive approach has resulted in a healthy partnership between the city and GGP that benefits both parties. - Jim Doutt, Director of Development, Beachwood, Ohio
WEST AVENUE CORRIDOR
RETAIL VOID / OPPORTUNITY Between vibrant SoNo and a resurgent upper West Avenue, exists a half mile long stretch of road devoid of retail activity.
RETAIL VOID / OPPORTUNITY Between vibrant SoNo and a resurgent upper West Avenue, exists a half mile long stretch of road devoid of retail activity. GGP s critical mass will help stitch the two together and encourage pedestrian activity.
Residential HEAD OF THE HARBOR Main Street Revitalization Residential WALL STREET REDEVELOPMENT PLAN Residential AREAS Street Retail WAYPOINTE GGP Site REED PUTNAM PARCELS 1,2 & 4 Residential Office Historic Preservation REED PUTNAM PARCELS 3,5 & 6 WASHINGTON STREET
REED PUTNAM PARCELS 1,2 & 4
REED PUTNAM HISTORY 1983 - URBAN RENEWAL PLAN 70 Acres Divided by Danbury Branch RR East: Aquarium, Oyster Shell Park, & Waterfront West: Preservation + Redevelopment 1998 - URBAN RENEWAL PLAN Parcels 1,2 +4 888,000 SF Office 10,000 SF Retail 2001: FRENCH NORWALK 1,100,000 SF Office 50,000 SF Retail 2007-95/7 VENTURES 601,000 SF Office 125,000 SF Retail 250 Residential Units 145 Hotel Rooms 898,000 SF Total 1,150,000 SF Total 1,144,000 SF Total
MARKET ANALYSIS OFFICE RESIDENTIAL High Vacancy Rate Vacancy Rate Increasing ¾ Million SF Vacant in Norwalk Office Not Feasible -Source: HR&A May 2014 Nearly 2,000 units planned for Norwalk An additional 5,500 units in Stamford Vacancy rates expected to increase Becoming a Saturated Market -Source: Johnson Controls Summer 2014
MARKET ANALYSIS RETAIL HOTEL Demand exceeds supply Connecticut is #1 in Average Household Income Site and SoNo have best Strategic Location Support for Additional Rooms in Norwalk No Demand for Full Service Hotel Potential for Limited Service Offering
Central Location Beautiful Harbor Cultural Amenities Mixed Use District Successful Entertainment District NORWALK: LOCATION, LOCATION, LOCATION Transportation Infrastructure Critical mass of cultural amenities including museums, parks, and history Excellent visibility to I-95 and regional access SoNo s historic district is a vibrant pedestrian-friendly destination with complementary uses AAA municipal bond rating exhibiting stability and strength Central to Fairfield County and a hub for the surrounding communities
COMMUNITY INPUT MEETINGS Civic Government Business Not For Profit Educational Cultural Religious Neighborhoods WHAT WE LEARNED Development of this site is a community priority Minimize Traffic and Parking Impacts Activate West Avenue and North Water Street Connect to and expand on existing SoNo Historic District Complement and not compete with existing area businesses Provide Visibility and Transparency between Indoor and Outdoor Space
PROPOSED MIXED-USE PROGRAM RETAIL RESTAURANT INDOOR PUBLIC SPACES EDUCATION / COMMUNITY HOTEL PUBLIC / CULTURAL
CONCEPT PLAN
PROPOSED AMENITIES Circulator / Trolley On Wheels Education / Community Space Job Training Program Sustainable Design Initiatives Bike/Pedestrian Trail Improvements Cultural and Performance Space Civic Plaza and Gathering Space
ECONOMIC IMPACTS CONSTRUCTION PHASE
ECONOMIC IMPACTS OPERATING PHASE 26,000-100,000+ RANGE
LAND USE CURRENT APPROVED USES Retail / Restaurant Office Residential Hotel Indoor Public Space Education & Community Public & Cultural 125,000 SF 601,000 SF 250 Units 145 Keys ---- ---- 2%-4% 1,144,000 SF PROPOSED USES Retail / Restaurant Office Residential Hotel Indoor Public Space Education & Community Public & Cultural ~ 780,000 SF ---- ---- ~ 150 Keys ~ 180,000 SF 5,000 SF 2%-4% 1,144,000 SF
PRECEDENT FOR CHANGE: WAYPOINTE 2007 TODAY 535K SF 127K SF 350 UNITS 529 UNITS 75K SF 0 0 620 SEATS RETAIL HOUSING OFFICE THEATRE
PRECEDENT FOR CHANGE: REED PUTNAM PARCELS 3,5 & 6 1998 TODAY 15K SF 135K SF 172K SF 0 275 UNITS 207 UNITS 10K SF 7.5K SF 964 SPACES 1,080 SPACES OFFICE HOTEL HOUSING RETAIL PARKING
PROPOSED MODIFICATIONS Changes to the Land Disposition Agreement Definitions Concept Master Site Plan Phasing, Improvement Plans & Completion Covenants and Rights Exhibits Urban Renewal Plan Permitted Land Use, Scale and Massing Zoning Regulations
TIMELINE APPROVALS CONSTRUCTION OPERATIONS LAND DISPOSITION AGREEMENT URBAN RENEWAL PLAN PLANNING AND ZONING CONSTRUCTION: 30 MONTHS GRAND OPENING 2018
QUESTIONS NORWALK PLANNING COMMITTEE AND REDEVELOPMENT AGENCY NOVEMBER 19 th 2014