PLAZA SALTILLO REDEVELOPMENT CRP 383 :: FALL 2015 Corey Rothermel
SITE ANALYSIS
SITE ● Examining 3 full blocks and 3 half blocks within the East Cesar Chavez Neighborhood (ECC) ● MetroRail Red Line cuts through the site ● Proposed realignment to shift rail to the southern edge of the site
RAIL REALIGNMENT â—? Relocation of the Capital Metro rail line opens up the equivalent of 4 full urban blocks for redevelopment â—? With the current alignment, the parcels are simply too small for wholesale economical development
DEMOGRAPHICS
87% 63% Hispanic (2000 Census)
Hispanic (2013 5-year ACS)
Austins Real Estate boom has led to many long time residents being forced out‌ (Gentrification)
HYDROLOGY ● Portions of the neighborhoods runoff flows towards Waller Creek ● The majority runs south towards the Colorado River / Town Lake ● Due to topography, much of the site water stagnates ● Need for on-site water management
PEDESTRIAN CIRCULATION ● Good existing sidewalk connectivity ● I-35 acts as a barrier to downtown ● Cap Metro site acts as a neighborhood barrier
CORE TRANSIT CORRIDORS ● The site borders the East 5th, 6th, and 7th Core Transit Corridors ● Promotes densification, form-based codes, mixed use, and affordable housing development
CONTAMINATION SITES ● Numerous underground storage tanks on site ● Lead, Mercury, and other heavy metals remaining in soil from railyard days
CURRENT LAND USE ● Redeveloping from industrial past ● Mixture of uses ● Heavily single family residential to the south ● “East 6th” commercial to the north ● Downtown to the west
FUTURE LAND USE ● Simplified and clear growth ● Site is within a sea of “mixed use” ● Will act as an interface with the ECC neighborhood
EAST CESAR CHAVEZ NEIGHBORHOOD PLAN
ECC NEIGHBORHOOD PLAN
“East Cesar Chavez is a neighborhood where people sit on their front porches and wave.”
ECC NP: GOALS 1. 2. 3. 4. 5. 6. 7.
Provide a mixture of housing types Ensure new structures and renovations are compatible with ECC Improve bicycle and pedestrian safety Increase the number of homeowners in ECC Preserve & enhance parks, greenspace, and recreational facilities Attract or develop businesses that serve essential neighborhood needs Provide opportunities for cultural arts, recreation, and leisure activities
ECC NP: CRITICAL DEVELOPMENT ISSUES ● ● ● ● ● ● ● ●
Residential and historical character of the neighborhood is threatened Need for affordable housing Need for owner occupied housing Need for housing for the elderly Need for housing for young families Increasing crime and need for increased lighting Creation of gateways to the neighborhood and downtown (inc. @ 4th-6th st) Plant trees and develop pocket parks
ECC NP: PLANNING PRIORITIES ● ● ● ● ● ●
Creation of gateways to the neighborhood and downtown (inc. @ 4th-6th st) Plant trees and develop pocket parks Increased educational opportunities for residents Need for day cares and afterschool programs Improved lighting along all streets Attract a neighborhood grocery store
ECC NP: VISION/ALLOWANCES ● Increased density and new residents are fine... AS LONG AS our neighborhood goals are accomplished ● Promote infill and small stores ● We want to become a neighborhood of gardens and parks ● A place for everyone; from artist to day laborer ● Strong connection to downtown ● Adopt Smart Growth principles
NEIGHBORHOOD PLAN ANALYSIS
KEY NEIGHBORHOOD PROGRAM NEEDS Diverse Housing Inventory ● ● ● ●
Affordable housing Owner occupied housing Elderly housing Housing for young families
Pocket Parks & Pedestrian Culture ● ● ●
Increased tree canopy (street trees and parks) Increased lighting to improve safety and promote walkability Provide recreation, leisure, culture and arts opportunities
Grocery Store
Educational Opportunities ● ● ●
Day-care Centers After School Programs Enrichment Centers
DESIGN GUIDELINES ● Reinforce the transit corridor with density and activity ● Reconnect broken street connections Missing vehicular and pedestrian links
● Provision of pockets of green ● Reinforce the “Neighborhood” street typology Porches & large windows Increased lighting Commercial corridors
● Develop buildings to an appropriate height and function for the neighborhood Scale development down from West to East Have a gradient of programs from West to East (Urban to Neighborhood)
DEVELOPMENT SCENARIOS
SITE REQUIREMENTS ● ● ● ● ●
TOD-Mixed Use District “Build to Street” requirements Minimum height = 2 stories Base max height = 40’ (60’ across street to the north) Base max FAR is 2:1
WAIVED IF AFFORDABLE HOUSING >10% (80% MFI) ● Would still require a variance/zoning change (but so does Endeavors…)
SCENARIO 1 (WINNING ENDEAVOR PROPOSAL)
SCENARIO 2 (NEIGHBORHOOD HYBRID)
SITE PLAN
30% Affordable Housing 70% Market Rate 30% For Sale Housing 100% Remediation
SITE PLAN
SITE PLAN
ACCOMPLISHING FRAMEWORK GOALS
FINANCIAL ANALYSIS
ACKNOWLEDGEMENTS THIS IS MERELY A DEMONSTRATION TO SEE IF IT WAS POSSIBLE TO PROVIDE A PROFITABLE DEVELOPMENT THAT MEETS NEIGHBORHOOD GOALS ● Pro forma accommodates 80% MFI housing ○ ○
● ● ● ● ●
LIHTC credits could be pursued to strengthen the proposal Appears to be “flexibility” to provide sub-80% MFI housing
Assumes flexibility on the city's park for increased/transferred development rights Rough order of magnitude cost estimates Assumes 70% LTV (Less risk for a “risky” project) Year 10 reversion - - - because that's how I learned (I would think this is unlikely) Assumed Cap Metro as the primary landowner and developer (not this simple)
CAPITAL BUDGET (CONSTRUCTION)
CAPITAL BUDGET (CONSTRUCTION)
OPERATING BUDGET (NOI)
SCENARIO IRR’s COMPARED Scenario 1: Endeavor
Scenario 2: Neighborhood Hybrid
note: could pursue LIHTC credits to increase IRR