REDEVELOPMENT THE DEVELOPER’S PERSPECTIVE ANTHONY L. MARCHETTA, VP LCOR INC.
LCOR INCORPORATED
REDEVELOPMENT ISSUES ABOUT LCOR • NATIONAL DEVELOPMENT AND MANAGEMENT COMPANY • SPECIALIZES IN LARGE REAL ESTATE PROJECTS AND PUBLIC/PRIVATE PARTNERSHIPS • HAS DEVELOPED +20,OOO RESIDENTIAL UNITS AND +16 MILLION SF OF COMMERCIAL & RETAIL SPACE • TOTAL PROJECT VALUES EXCEED $8 BILLION • HAS DEVELOPED NUMEROUS REDEVELOPMENT & TOD’S IN NEW YORK, NEW JERSEY AND THE WASHINGTON MARKETPLACES
GASLIGHT COMMONS PRIOR USE – BRUNNER CAR DEALERSHIP
• REDEVELOPMENT SITES OFTEN ARE IN OLDER TOWNS WITH TIGHT ROAD SYSTEMS • AGING INFRASTRUCTURE COSTLY TO UPGRADE • AVAILABLE PARCELS ARE OFTEN SMALL WITH ENVIRONMENTAL CONSTRAINTS • FRAGMENTATION AND RELOCATION ISSUES MAKE ASSEMBLY OF SITES DIFFICULT AND EXPENSIVE • ZONING AND DESIGN STANDARDS ¾ INSUFFICIENT DENSITY TO SUPPORT COSTS ¾ PARKING REQUIREMENTS ARE EXCESSIVE ¾ RESTRICTIVE DESIGN STANDARDS
• FINANCING IS MORE DIFFICULT IN OLDER CENTERS • LACK OF PUBLIC/POLITICAL CONCENSUS
GASLIGHT COMMONS PRIOR USE – BRUNNER CAR DEALERSHIP
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GASLIGHT COMMONS
GASLIGHT COMMONS
PRIOR USE – BRUNNER CAR DEALERSHIP
FACTOIDS • 100% LEASED AT ABOVE MARKET RENTS • .02 SCHOOL AGE CHILDREN PER UNIT • 1.35 CARS PER UNIT • 65% USE MASS TRANSIT TO GO TO WORK • 6 TIMES MORE TAX REVENUE TO COMMUNITY
• • • •
$34.5-MILLION, 200-UNIT, LUXURY RESIDENTIAL COMPLEX 4.7 ACRES DENSITY OF 42 UNITS PER ACRE FAR 1.25 ADJACENT TO NJ TRANSIT SLOAN STREET TRAIN STATION ‘2002 SMART GROWTH AWARD’ FROM ‘NEW JERSEY FUTURE’
GASLIGHT COMMONS
GASLIGHT COMMONS
HIGH QUALITY ARCHITECTURE AND DESIGN
ATTRACTIVE FLOOR PLANS AND FINISHES
GASLIGHT COMMONS EXTENSIVE COMMUNITY AMENITIES
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101 HUDSON JERSEY CITY • • • •
1.5M sf and 42 floors Developed by LCOR in 1992 for $233M NJ’s largest & tallest office building until 2004 Brownfield waterfront site in Jersey City opposite Lower Manhattan • Site of Colgate-Palmolive’s former manufacturing facility • Colgate-Palmolive turned to LCOR to create master plan
HOBOKEN TERMINAL & YARD
101 HUDSON (Cont’d) • LCOR’s predevelopment work: – – – – – –
• • • •
Rezoning Environmental Design Marketing Cost-planning Financing
A market maker 101 Hudson launched the Colgate Redevelopment Established new marketplace that is still expanding Sold in 2005 for $330M
HOBOKEN TERMINAL & YARD
HOBOKEN YESTERDAY
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HOBOKEN TERMINAL & YARD
HOBOKEN FERRY TERMINAL
HOBOKEN INTERMODAL CENTER
HOBOKEN TERMINAL & YARD
HOBOKEN TODAY
HOBOKEN TERMINAL & YARD
RECOMMENDATIONS TO LOCAL OFFICIALS • • • • • • • • •
INSIST ON HIGH QUALITY DESIGN & ARCHITECTURE SEEK TO CULTIVATE PUBLIC SUPPORT CONSIDER CREATING A REDEVELOPMENT DISTRICT DEVELOP VIABLE ‘MARKET BASED’ PLANS ZONE FOR ADEQUATE DENSITY & HEIGHTS ALLOW FLEXIBLE ZONING STANDARDS HELP CREATE & ENHANCE PUBLIC SPACES ASSIST IN PARCEL ASSEMBLAGE & RELOCATION ALIGN PUBLIC AND PRIVATE INTERESTS
HOBOKEN TOMORROW
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CONTACT LCOR: ANTHONY L. MARCHETTA, VP LCOR INCORPORATED ONE PENN PLAZA – SUITE 3310 NEW YORK, NY 10119 PHONE: 212-760-0060 AMARCHETTA@LCOR-NY.COM
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