Atlanta Streetcar Corridor and Recommendations to Implement the Final Strategy
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Advisory Services to Provide Insight Regarding the Development Opportunities within the Atlanta Streetcar Corridor and Recommendations to Implement the Final Strategy. June 2012 ULI Atlanta 300 Galleria Parkway, Suite 100 Atlanta, GA 30339 (770) 951-8500 www.uliatlanta.org Technical Assistance Program ULI – The Urban Land Institute ULI ATLANTA The Urban Land Institute (ULI) was established in 1936 and has over 30,000 members from more than 90 countries. It TAPS COMMITTEE MEMBERS is one of America’s most respected resources of infor- mation and knowledge on urban planning, growth and de- Robert Newcomer velopment. ULI is a non-profit research and education or- (Chair) ganization. Its mission is to provide leadership in the re- sponsible use of land and in creating and sustaining thriv- Constance Callahan ing communities worldwide. To encourage an open ex- (Vice Chair) change of ideas and sharing experiences, ULI membership represents the entire spectrum of land use and real estate Stephen Arms development disciplines, working in private enterprise and Kerry Blind public service. Among its members there are developers, builders, property owners, investors, architects, planners, Jan Bozeman public officials, brokers, appraisers, attorneys, engineers, John Cheek financiers, academics, students and marketing and brand Kevin Clark identity experts. Chris Hall Josh Herndon Steven Hinkle Sarah Kirsch ULI Atlanta Jerrold L. Miller With over 1,000 members throughout Georgia, Alabama Darryl Moss and Eastern Tennessee, ULI Atlanta is one of the largest William Norris District Councils of the Urban Land Institute. We bring to- Amanda Rhein gether leaders from across the fields of real estate and John Rhodes land use policy to exchange best practices and serve com- Jay Silverman munity needs. We share knowledge through education, ap- Robert Svedberg plied research, publishing, and electronic media. Jimmy Thomas Jonathan Tuley Technical Assistance Program (TAP) Since 1947, the Urban Land Institute has harnessed the technical expertise of its members to help communities solve difficult land use, development, and redevelopment challenges. ULI Atlanta brought this same model of tech- nical assistance to the Metropolitan Atlanta area. Local ULI members volunteer their time to serve on panels. In return, they are provided with a unique opportunity to share their skills and experience to improve their community. Through Technical Assistance Program Panels, ULI Atlanta is able to enhance community leadership, clarify communi- ty needs and assets, and advance land use policies that expand economic opportunity and maximize market poten- tial. Technical Assistance Program TABLE OF CONTENTS ACKNOWLEDGEMENTS ................................................................................................. 2 Panel and Project Staff ............................................................................................... 2 Panel Photo ................................................................................................................. 3 EXECUTIVE SUMMARY .................................................................................................. 4 SUMMARY OF PANEL RECOMMENDATIONS ................................................................. 7 STREETCAR DISTRICT STRENGTHS .............................................................................. 8 STREETCAR DISTRICT CHALLENGES .......................................................................... 13 STREETCAR DISTRICT OPPORTUNITIES ...................................................................... 16 STREETCAR DISTRICT RECOMMENDATION ................................................................ 20 PICTURES FROM EVENT .............................................................................................. 31 PANELIST BIOS ............................................................................................................ 32 Technical Assistance Program ACKNOWLEDGEMENTS ULI Atlanta would like to thank Central Atlanta Pro- PANEL & PROJECT STAFF gress and the Atlanta Downtown Improvement Dis- trict for their sponsorship of the Technical Assis- ULI Atlanta would like to thank the panelists, tance Program Panel. The Panel would also like to moderator and TAP committee for their time, thank Jennifer Ball, Kristi Rooks and Phil Schaeffling energy and passion for ULI. all of Central Atlanta Progress for her hard work in securing our dinner & meeting location, providing the materials for our briefing packet, and working PANEL MEMBERS with stakeholders, which significantly contributed to Han C. Choi - Ballard Spahr, LLP the success of the Panel. Kevin Johnson - Invest Atlanta The Panel would also like to thank Central Atlanta Gene Kansas - Gene Kansas Commercial R.E. Progress for the use of their boardroom for the panel Andy Kitsinger - Memphis Center City Commission discussion and stakeholder interviews. David Marvin - Legacy Property Group The Panel is also grateful to have the benefit of in- Jack Pyburn - Lord Aeck Sargent Architecture put from the many stakeholders who attended the Tyrone Rachal - Invest Atlanta session, including: Bob Begle (Urban Collage), Rhon- Ross Wallace - Epsten Group, Inc. da Copenny (Butler Street YMCA), Marvin Fleming Sr. (Big Bethel AME Church), Matt Garbett (Fourth Ward Neighbors), Alfonza Marshall (Butler Street YMCA), MODERATOR Amanda Rhein (Invest Atlanta), John Skach (Urban Collage), Ramesh Vakamudi (Georgia State Universi- David Green - Perkins + Will ty) WRITER Sarah Kirsch - Blue Ground Consulting, LLC 2 Technical Assistance Program Panelists: (front) Gene Kansas, Ross Wallace, Han Choi, Andy Kitsinger, (back) Jack Pyburn, Tyrone Rachal, Kevin Johnson, David Green, David Marvin. 3 Technical Assistance Program EXECUTIVE SUMMARY Background Central Atlanta Progress and the Atlanta Downtown Improvement District in partnership with the City of Atlanta aim to leverage the federal and municipal investment in the Atlanta Streetcar by encouraging redevelopment along the route of this new transit line in Downtown Atlanta. The impact area extends through the heart of downtown Atlanta from the west at Centennial Olympic Park to the internationally and historically significant Auburn Avenue and Mar- tin Luther King National Historic District to the east. The planning work that supported the City of Atlanta’s application for federal transportation funding to support the Atlanta Streetcar identified tremendous economic development potential in the project corridor. The streetcar pro- ject is forecast to produce over $167 million in overall benefits, including 5,600 jobs, over the next 20 years. Sev- eral critical characteristics in the affected area are representative of the opportunity present if the planning pro- cess unfolds in a rigorous and effective manner. These include the following: Over 80 acres of land and many buildings and structures within 2 blocks of the proposed route are con- sidered underutilized. With the Streetcar’s connection to MARTA rail, and future connections to the BeltLine, accessibility can be expanded significantly throughout the region. In facilitating transit oriented development along this route, the quality of life for residents, employees, visitors, shoppers, and students will greatly improve and provide economic opportunities for businesses large and small to prosper. In addition to the proposed benefits to the area, precedent analyses of cities that have implemented modern streetcar systems demonstrate the successes of a streetcar system’s unique value creation, for example: Seattle: Between the announcement of the project and the opening of service, property values within 3 blocks of the line rose at higher rates than citywide average property values between 2003 and 2008. Charlotte: Since 2007, there has been $1.8 million development investment, 6,600 new housing units and 800,000 square feet of additional office space. Portland: An original streetcar system investment of $57 million led to $3.5 billion development invest- ment - a 42x multiplier – that, over a 10-year period, included 10,000 housings units and 4.6 million square feet of office space. Unlike many projects on the boards, the Atlanta Streetcar project is fully funded and under construction. In addi- tion, revenue service along the route is expected to commence in the third quarter of 2013. The need to guide and foster reinvestment along the corridor is immediate. TAP Assignment The ULI Atlanta Technical Assistance Program (“TAP”) panel was asked to contribute to the final ‘Strategy’ and to influence ‘Action Plan’ efforts to bring the Strategy to fruition. CAP/ADID sought insight from the TAP panel regard- ing the development opportunities within the Atlanta Streetcar corridor and recommendations to implement the final Strategy. The bottom line question was – “How do we make this happen?” Specific inquires include: 4 Technical Assistance Program What best practice public-private financing tools and strategies should be evaluated for applicability in the corridor? Identify specific incentives and programs that should be pursued. What are the appropriate roles for Central Atlanta Progress, City of Atlanta and Invest Atlanta to play in the advancement of the vision? Should additional detailed development financing investigations and/or site/building due diligence be per- formed for catalytic sites to encourage potential developers and investors to pursue these projects? If so, what kind of investigations should be considered?