Bryn Mawr TRID Plan
Total Page:16
File Type:pdf, Size:1020Kb
Bryn Mawr TRID Plan Prepared for Lower Merion Township Bryn Mawr, PA Submitted by Economics Research Associates, an AECOM company (ERA) December, 2009 ERA Project No. 16959 1101 Connecticut Avenue, NW Suite 750 Washington, DC 20036 202.496.9870 FAX 202.496.9877 www.era.aecom.com Table of Contents I. Executive Summary ................................................................................................... 3 Introduction .............................................................................................................. 7 II. Rationale and Authority .......................................................................................... 11 Rationale .......................................................................................................................... 11 Authority ......................................................................................................................... 12 III. TRID Implementation Process .................................................................................. 13 Planning Phase ................................................................................................................. 13 Program Management Phase ............................................................................................ 13 Implementation Phase ...................................................................................................... 13 IV. Public Process in Developing the TRID Plan ............................................................ 15 V. TRID Boundary ......................................................................................................... 17 VI. Existing Conditions .................................................................................................. 20 Context ............................................................................................................................ 20 Pedestrian Environment .................................................................................................... 22 Parking ............................................................................................................................ 23 Community Facilities and Historic Resources ..................................................................... 25 Infrastructure ................................................................................................................... 27 Existing Land Use ............................................................................................................. 29 Zoning ............................................................................................................................. 33 Reinvestment and Redevelopment Potential ...................................................................... 37 Proposed Land Use ........................................................................................................... 40 Source: Bryn Mawr Master Plan, 2006 ........................................................................... 42 Property Availability .......................................................................................................... 43 VII. Economic Profile ...................................................................................................... 44 VIII. Real Estate Market Conditions ................................................................................ 48 Office and Retail Market ................................................................................................... 48 Residential ....................................................................................................................... 52 IX. Infrastructure Improvements: Selected Key Projects .............................................. 53 X. Transportation-Related Improvements: Selected Key Projects ............................... 55 XI. Financial Plan ........................................................................................................... 56 Build-out Analysis and Valuation Timeline ......................................................................... 57 XII. Tax Revenue Projections .......................................................................................... 62 Future Maintenance Requirements ................................................................................... 65 XIII. Implementation ....................................................................................................... 66 TRID Management ........................................................................................................... 66 TRID Implementation ........................................................................................................ 66 Required Agreements ....................................................................................................... 66 XIV. Appendix A-TRID Legislation ................................................................................... 67 XV. Appendix B- Public Presentations and Meeting Notes ............................................ 77 XVI. Appendix C- TRID Boundary Rationale .................................................................. 345 XVII. Appendix D- Bryn Mawr Village Zoning District ................................................... 351 XVIII. Appendix E- Draft TRID Agreement ....................................................................... 378 General & Limiting Conditions ........................................................................................ 379 Bryn Mawr TRID Plan Project No.16959 Page 1 Index of Tables Table 1: Public Participation .......................................................................................................... 15 Table 2: Existing Parking, TRID ..................................................................................................... 23 Table 3: Proposed Future Uses ...................................................................................................... 42 Table 4: Population, 2000-2013 ................................................................................................... 45 Table 5: Households, 2000-2013 ................................................................................................. 45 Table 6: Household Income Characteristics, 2008-2013 ................................................................ 45 Table 7: Households by Income, 2008 ......................................................................................... 46 Table 8: Office Market Profile, 2002-2007 .................................................................................... 49 Table 9: Retail Market Profile, 2002-2007 ..................................................................................... 50 Table 10: Multi-Family For-Sale Residential Comparables, 2008 .................................................... 52 Table 11: TRID Value Capture Summary ........................................................................................ 57 Table 12: Buildout Analysis ........................................................................................................... 59 Table 13: Valuation Timeline.........................................................................................................63 Table 14: TRID Revenue Timeline, Scenario I (including LMT, Montgomery County) ........................ 63 Table 15: TRID Revenue Timeline, Scenario II (including LMT, Montgomery County, LMSD) ............ 64 Table of Figures Figure 1: TRID Boundary ............................................................................................................... 19 Figure 2: Regional Context ............................................................................................................ 21 Figure 3: Railroad Corridor Crossing ............................................................................................. 22 Figure 4: Existing Parking ............................................................................................................. 24 Figure 5: Community Facilities and Historic Resources ................................................................... 26 Figure 6: Existing Surface Drainage and Pervious Areas ................................................................. 28 Figure 7: Existing Land Use ........................................................................................................... 31 Figure 8: Previous Zoning (prior to 2008) ..................................................................................... 33 Figure 9: New development will be in scale with existing buildings. .............................................. 35 Figure 10: Infill development will contribute to the economic vitality of the district. ....................... 35 Figure 11: New Bryn Mawr Village Zoning ................................................................................... 36 Figure 12: Verizon Lot ................................................................................................................. 38 Figure 13: Available Development Sites and Ownership ................................................................. 39 Figure 14: Proposed Land Uses .................................................................................................... 40 Figure 15: Potential long term development sites ......................................................................... 41 Figure 16: Proposed Lot 7 Redevelopment Site