This report is organized such that each market creation project is presented as an independent and discreet, “stand alone” document. However, ideas, examples and strategies identified in one may be ultimately applicable to other projects. 33 1

3. Westobou Arts Center Village 4. Marbury 5. Augusta Canal Park 6. St. Sebastian Heath Sciences Park 7. 35 81 Harrisburg Canal Village 8. Dyess Canal Village 51 9. Sand Bar Ferry Riverside 67 94 127 113 Table of Contents Market Creation Projects In North Augusta In Augusta 1. North Augusta Town Center Crossing 2. Westobou 3 17 2009 Master Plan Appendices

The name given the urban area for purposes of this report and for the branding of this ongoing process is The Westobou Vision, hereafter referred to in these reports as Westobou or the Westobou Urban Area. The name is a Native American name for the Savannah River. This phrase is used to represent a “Shared Vision” for the area that encourages spirit of collaboration and cooperation across this river, devoid of political, special interest or proprietary boundaries. 2 In North Augusta

Nine illustrative “Market Creation Projects” have Augusta Canal Park, Harrisburg Canal Village, The Master Plan divides Westobou’s urban area in been identified and developed as part of the over-all Dyess Canal Village and Sand Bar Ferry Riverside North Augusta into 3 distinct districts. master plan for Westobou. These are large projects, provide a wide range of family-oriented housing in any one or all of which could be catalytic in bring- dramatic neighborhood settings. District NA.1–Historic North Augusta ing about major redefinition of the urban area and District NA.2–Westobou Crossing its region. Each ties back into the dominant three All of these projects lie along and, indeed, are a part themes for the project, i.e. Linked Garden Cities, of an integrated open-space network which ties the District NA.3–Buena Vista a Place of Learning and Innovation and a Vibrant Westobou Community together and to the rest of the region. Place to Live, Work and Play. While these North Augusta districts have much in common with one another, each has its own One project, St. Sebastian Health Sciences Park, Again, these are large projects, requiring an extensive character, assets, opportunities and issues, which focuses on dramatically increasing jobs in Westobou. public/private collaboration, considerable amount of money and time frame that can extend over the next considered together, form the building blocks of this The Westobou Arts Center aims to provide an twenty years. Plan. Illustrative projects, which offer a high degree unparalleled venue for a museum and a variety of of Market Creation in each of these districts are performing arts. These projects are illustrative, but each is calibrated identifi ed and discussed in greater detail. to the quantity and quality of the attributes the area Marbury Village, the North Augusta Town Center has to offer. These plans will evolve and change, but and Westobou Crossing offer commercial and resi- they do represent an achievable dream, assuming North Augusta Action Districts dential living in exciting urban environments. their “Champions” can be found.

2009 Master Plan Appendices 1 c to North Augusta Town Center

2009 Master Plan Appendices

District NA.1-Historic North Augusta Market Creation Project 1: 1.1 The Big Idea The realization of the new Municipal Center at foot Georgia Avenue, where it curves eastward to align with bridge in Augusta, forms a near-perfect visual southern gateway to historic Georgia Avenue and the downtown commercial area. Within this area, atop the Savannah River Bluff, a highly identifiable, much needed, new Town Center can be created, by extending publi open-space fronting the new Municipal Center northward to create a public common around which development can occur. 2 Market Creation Project 1: North Augusta Town Center

North Augusta Town Center

2009 Master Plan Appendices 3 c along Georgia Avenue, a Avenue, c along Georgia Master Plan and to create, along Georgia along Georgia and to create, Plan Master a vibrant main street, Avenue, neighborhoods and Hammonds Vista Buena and with open space for outdoor events Ferry activities, major thoroughfare, out in the original Boeckh Plan. The goals and objectives of the new Town Center are Center are Town of the new The goals and objectives multiple: 1. complete the goals of original Boeckh To 2. West connections to the and strengthen Create 3. traffi vehicular Slow 4. laid Park, Place the historic Hampton Renovate NA.I-H NA.I-I NA.I-A NA.I-D NA.I-B NA.I-J NA.I-F NA.I-C NA.I-MCP1 NA.I-K N N NA.I-E NA.I-G 2009 Master Plan Appendices Market Creation Project Area of Influence Recent and proposed project Project proposed by Master Plan Market Creation Project Area of Influence Existing Project Project proposed by Master Plan LEGEND LEGEND Historic North Augusta District Boundary with Key Projects and Initiatives Projects Historic North Augusta District Boundary with Key District NA.1-Historic North Augusta 1.2 Goals and Objectives 4 Market Creation Project 1: North Augusta Town Center

1.3 The Scene Today

This area is bounded by the bluff to the south, the mid-block alley beyond West Avenue to the west, one block east of East Avenue, and Buena Vista Avenue to the north. The historic Hampton Place Proposed Park has been severely impacted by a series of public Town Center and private “roadway improvements” which have severed it into three disjointed segments. Many of the commercial properties along Georgia Avenue are more suited to outlying, strip commercial areas in form, massing, style, materials, set-back, and contribute little to the desired ‘town center’ urban GEORGIA form. The land slopes toward the river, offering the AVENUE opportunity to create an interesting sequence of terraces, plazas and pathways.

The new Municipal Building is nearing completion. Traffi c improvements have been made along Georgia Avenue, complete with new signals that can better control vehicular movement through the area. A not- for-profi t organization, North Augusta 2000, has acquired key undeveloped or under-utilized parcels to the west and north of the Municipal Building and is holding them for redevelopment. On the west side of the new municipal building, a new street provides direct access to the future commercial center of Hammonds Ferry, the riverfront and a new ecology venue at Brick Pond Park. Looking northwest over the Historic North Augusta District along Georgia Avenue.

2009 Master Plan Appendices 5 ce and upper storey residential residential ce and upper storey mixed-income development on the blocks development mixed-income the new from Avenue, side on Georgia the west Avenue Vista Buena West to Building Municipal the historic park. and around Building, of the new Municipal west linking the new Municipal improvements along with with the historic parks, Building Park. Place of Hampton renovation the new blocks between Avenue for the Georgia Avenue Grove and Spring Building Municipal wall urban street a strong aimed at developing Overlay Avenue Georgia building on the current Standards. Design Works Water particularly through Greeneway, to the east. park This argues for smaller scale mixed-use projects as the future of urban/suburban development, such as: 1. offi retail, New 2. on the bluff to development Hotel New 3. Center plaza and associated public Town New 4. guidelines design and development Updated 5. the new plaza to the connections from Pathway In the short run however; and, as a means of getting started, the plan proposes a 60,000 square foot development programmed as a lifestyle/Main Street Center. The mix of tenants would include restaurants, women’s ready wear, and services such as day spas, barber and beauty establishments, book stores, coffee houses, gift shops, electronic and card flower shops. Some outlet center stores include Adidas, American Eagle Outfitters, Burberry, COACH Factory, Kenneth Cole, PUMA, Calvin Klein, Michael Kors and NIKE just to name a few. There has been a dramatic shift in retail away from the enclosed shopping center to Lifestyle Center and the Power Center. The shift has been so dominate that enclosed malls have been adding lifestyle and/or power centers in some cases as additions. However, the problem is that people do not generally live or (with the exception of mall employee’s) work at enclosed mall and are likely to seek a lifestyle center environment that includes residential and office. Center have been useful as a concept 2009 Master Plan Appendices

District NA.1-Historic North Augusta 1.4 Illustrative Full Development Program The Master Plan proposes an expanded town center for North Augusta consisting of the new Municipal Building, a City Hall Plaza, restored Hampton Place Park, Georgia Avenue streetscaping, a new frontage road along the west side of Park and surface public parking. The mixed-use program includes a mid-rise (4-6 story) hotel of approximately 100 rooms, with conference center, and 186,000 square feet of commercial/retail space. It is assumed appropriate to view the concept more broadly as a Lifestyle/Main Street Center made up of a mix retail, office and residential uses in this location. This is because even though the term Lifestyle over the last decade, we believe that as concept continues to evolve it will become an old fashion style “main street”. This is supported by a housing and office with a mix of national local retail and service tenants. With coordinated phasing development this could happen the length of Georgia Avenue commercial area. A further twist on this approach might be to lease the lifestyle/Main Street Center as an outlet center featuring name brands at highly discounted prices. 6 Market Creation Project 1: North Augusta Town Center

North Augusta Town Center Illustrative Site Plan

This is a multi-phased developments made up NORTH a several individual private development which AUGUSTA could total $40 million to $50 million in private W. BUENA VISTA AVENUE investment. The public infrastructure component TOWN would likely range from $ 4-5 million. CENTER E. BUENA VISTA AVE NUE A ) Upgrade

Georgia Avenue WEST AVENUE

Design Guidelines B EAST AVENUE W. CLIFTON VICTORIA LANE AVENUE B ) Renovate Historic Parks C C ) New Commercial District BLUFF AVENUE D ) New Civic Plaza D RIVERSIDE BOULEVARD

GEORGIA AVENUE

N

LEGEND Residential A Commercial Religious/ Cultural Greenspace Water Surface Proposed Municipal P Works Parking New Hotel Greeneway Building Park

2009 Master Plan Appendices 7 2009 Master Plan Appendices

Table 1.1 Cost Estimate for North Augusta Town Center District NA.1-Historic North Augusta 8 Market Creation Project 1: North Augusta Town Center

1.5 Comparable Projects in other Cities

There are hundreds of Lifestyle Centers around the While the architecture and environmental approach In so far as we can determine, only one outlet center country but hardly any that have been leased as outlet should mirror that of conventional Lifestyle Centers, that has been built to date in the U.S.A. as a Lifestyle centers as we have proposed. In the past the Lifestyle the leasing approach should feature outlet stores. Center. This is the recently opened Tanger Mall in Center has been built around the strong performance For examples of a leasing strategy one might look Deer Park, Long Island, New York. While it will be of the luxury sector in which developers want to at centers such as Prime Outlets, Williamsburg, interesting to follow the performance of this mall take shopping opportunities closer to where affl uent, Virginia or Prime Outlets, Mercer, Pa. The top ten as a concept, it does not help us much because of professional people live. We believe the market is outlet stores for this center are the following: its large scale and the fact that it only opened in moving toward a luxury bargain sector in which the October 2008. Because of this we believe that older Outlet Center designed as a Lifestyle Center will be more conventional models such as Oyster Point in • BCBG Factory Store a big hit. Most outlet centers are designed to realize Newport News, Virginia might be a better model for a good mix of leading designer and brand name • COACH full build-out. stores that offer everyday savings of up to 65 percent • J. Crew off regular retail prices. This new trend has been described by Prime Outlet Centers as “chic-onomics”. • Johnston and Murphy • Le Creuset There are a number of conventional Lifestyle Centers that might serve as models for the kind of • Ann Taylor Factory Store environment that we might want to achieve in the • BOSE Factory Store North Augusta Town Center. Among them are the Promenade Shops at Briargate in Colorado Springs, • Brooks Brothers Factory Store The Summit Louisville, in Louisville, Kentucky, • Henry and David or the Shops of Saddle Creek in Germantown, Tennessee which is recognized as the fi rst Lifestyle • NIKE Factory Store Center to be built. While all of these centers have been leased as luxury centers they nevertheless demonstrate the type of environment which can be created to achieve high sales volumes.

2009 Master Plan Appendices 9 Table 1.2 Development Cost for Cost Components Footage Cost Hard First Phase Commercial 60,000 Square Soft Cost $140.20 $8,400,000 Cost PSF Land Cost 60,000 Total $32.20 80,000 Total $10.00 Source: ICON and George Henry Partners $1,932,000 80,000 $800,000 N/A $11,132,000 rst Financing Strategy indicated, the total fi As has been previously will be Center Project Town phase cost for the this amount $16 million. Of approximately $4.8 million will be in public cost and approximately investment. about $11.13 million will be in private than a generate more The public cost will therefore 1.1 provides Table investment. 2-1 match in private cost development estimates of the private ICON’s 1.2 indicates initial phase costs. Table and Land cost has been estimated at ten dollars per 64% This estimate is approximately foot. square of purchase higher than the cost of city’s foot in for $6.07 per square 1.80 acres approximately has been a surge in land lately there 2005. However, that our in to assure factored have prices that we realistic. more estimates are for the rst phase project 2009 Master Plan Appendices

town center which would consist of the following center which would consist of the following town elements: • retail 1–commercial Building feet of 60,000 square • road frontage New • public parking Surface • $11,332,000 Plaza City Hall • historic parks Restore • cost $450,000 streetcaping Avenue Georgia $210,000 • Soft including soft cost Total $500,000 $2,500,000 $200,000 $15,161,632 $969,632 District NA.1-Historic North Augusta 1.6 Start-up Program Start-up Project Concept a fi recommending are We 10 Market Creation Project 1: North Augusta Town Center

Projected Operating Results Table 1.3 Pro Forma Income and Operating Statement The operating results shown in this summary are based our operating expenses by $56,533 and increase our net for Phase I upon the developer’s ability to attract a mix of strong operating income to approximate $607,000. We make Income and Revenues and national and local tenants. Rents have been established this point only to strongly suggest that there are always Operating Analysis Expenses at a level that would require minimum annual sales of variables in pro-forma that need to be adjusted to the Rental Income @$17psf $1,020,000 $250 per square foot for a viable operation. Table 1.3 local market. Developers always do their own fi nancial Expense Recovery $183,600 provides our estimation of the probable operation of analysis based upon their own assessment of the market CAM Administration Fee $11,220 such a center if the right tenant mix can be attracted. and market requirements. Total Gross Income $1,214.820 Less: Vacancy and Credit Loss @ 3% $36,445 These results are based upon a sampling of income Our sample pro forma also shows that our prototype Effective Income $1,178,375 statements from several different shopping centers and model would have net operating income of $551,165 if Less: Operating Expenses adjusted for size. One of the key variables is property we expensed the depreciation. Maintenance and Repair $58,919 taxes. For example, the property tax rates in North Utilities $23,568 Augusta are substantially lower than other places in This pro forma also would show that when depreciation Administration $58,919 the country and this would benefi t the project. If we is added back in we would have a cash fl ow of $895,565 Property Taxes $108,411 assumed a property valued at $11,200,000 and applied to meet any debt service requirements. Security $4,714 Marketing $10,605 the 6% value assessment we would end up with an Insurance $17,676 assessment ratio of approximately $672,000, which Depreciation $344,400 would be the amount of the property’s value that is Total Operating Expenses $627,210 subject to taxation. If the tax rate is 77.20 mils (exclusive Net Operating Income $551,165 of county and school district levies) then the annual taxes would be $51,878 which would be less than one- half that of our sample of centers. This would reduce

2009 Master Plan Appendices 11 Table 1.5 Debt Service and Net Operating Income Add Back Depreciation: $551,165 Analysis Profitability $344,400 Net Cash Flow Less Debt Service: $8,905,600 @6% for 30 yrs $895,565 Less: Tenant Improvements -0- Cash Flow Before Taxes $254,842 $640,723 Estimated Cash on Return Source: George Henry Partners 11% nanc- ow as a re- ow ow from the from ow nanced nancing sources. nancing nancing requirement requirement nancing cient to cover the debt service cient to cover This would leave a debt fi This would leave of $8,905,600 which could either be fi or with a mix of fi conventionally can obtain fi that if the project 1.5 shows Table annual debt serviceing at 6% for 30 years would be The net cash fl $641,000. approximately would be suffi project an estimated $250,000 in cash fl and leave turn to the investors. cash on This would generate an 11 percent in present would be attractive believe which we return 2% and 4%. paying between are times when CD’s nancing approach. approach. nancing nancing of $11,132,000 rst phase. It further shows that further shows rst phase. It 2009 Master Plan Appendices nancing approach may generate a stronger may generate a stronger nancing approach

District NA.1-Historic North Augusta Debt Service and Profitability Analysis has been to make a initial approach Our could be determination as to whether the project this case we basis. In funded on a conventional though a that it might be possible even believe fi creative bottom line return. fi a conventional 1.4 shows Table The table shows that total fi The table shows will be required to cover the total development cost the total development to cover will be required sector fi for the private the assumption is that the developer either in his or the assumption is that developer right or with limited partners will make a her own 20% equity contribution, or $2,226,400. Table 1.4 Project Financing Strategy Total Financing Required $11,132,000 Developer Equity Debt Financing Required $8,905,600 Source: George Henry Partners $2,226,400 12 Market Creation Project 1: North Augusta Town Center

1.7 Realizing the new Town Center

Key Early Actions and Overall Timetable

Key elements required for successful implementation Town Center Champions must step Development of a Town Center Area of this development include: forward Action Plan The town center concept will necessarily be a city- A detailed plan for the redevelopment of this area Vigorous Public and Private Support led initiative, with likely state assistance, particularly is well beyond the scope of this Master Plan. The A first step is that North Augusta City officials regarding further improvements to Georgia Avenue intent of an Area Action Plan is to further define the formally adopt the recommendations of the in terms possible traffic calming. North Augusta goals and objectives of the development, as well as Master Plan. Discussions should be initiated with 2000 should continue active site assembly and set forth use, zoning and design requirements. Given remaining, adjacent property owners regarding the private developers must be attracted to work in the location, a “Formed Based Zoning” approach benefits of working together to achieve this plan. coordinated fashion in redeveloping individual seems desirable. The Area Action Plan should be parcels in accordance with the uses and design based on solid and up-to-date market feasibility guidelines developed for the area. analysis. It must include a well-defined physical and activity program that stakeholders believe in, that The public sector, would likely be responsible, at has the approval and support of governing officials, a minimum, for the open space infrastructure and and that includes an agreed upon implementation public improvements i.e. the new plaza, new public approach. on-street and off street public parking, streetscape/ traffic calming improvements and, depending on the size and scale of new development, joint development of new structured parking in this area.

Private developers, yet to be identified, could be identified through a “Request for Developer Interest” process.

2009 Master Plan Appendices 13 2009 Master Plan Appendices

District NA.1-Historic North Augusta Control of key sites North Augusta 2000 has acquired a number of parcels in the area already, and this initiative should be accelerated and expanded along Georgia Avenue up to the new Jackson Square project at West Buena Vista Avenue. The properties would be held by new owners, with present tenants remaining on site, until that individual parcel or a combination of parcels would be ready for redevelopment. At that time the City should issue to private developers a Request for Development Proposals, based on requirements established as part of the Area Action Plan. 14 Market Creation Project 1: North Augusta Town Center

1.8 Immediate Next Steps

Potential Funding Sources

This is a classic urban-area, Public/Private This should be an aggressive plan, focused on 2. Fund, develop and undertake the Area Action partnership development deal, wherein the city and maximizing the creation of an identifiable Town Plan that stakeholders believe in, that has the state make certain public improvements in order Center that puts a pleasant and attractive face approval and support of governing offi cials, and to encourage new development in the preferred on North Augusta and is both economically and that includes an agreed upon implementation direction. environmentally sustainable. The core strategy approach. would necessarily be made up of a number of The first phase also calls for $4.8 million in public funding components in order to make it a viable 3. Continue discussion with South Carolina DOT financing cost. It is expected that all of the public undertaking. The conceptual strategy includes: regarding the traffi c consequences on Georgia improvements will be funded by the City of North Avenue of actions proposed in this plan. 1. Complete site assembly and interim tenant Augusta. Potential sources of funds include Aiken agreements whereby the city or other agent County Capital Projects Sales Tax, TIF Funds, would hold the land for this development. or possibly EDA Public Works funds and state DOT funds. In addition, there is also a very likely possibility that some of these infrastructure projects (if they can be moved quickly) could qualify for subsequent rounds of federal economic stimulus funding.

Ultimately, the major portion of any private development in this project area will be privately fi nanced, either as equity or as loans. Further incentives, such as tax relief, property purchase price write-downs, or others to be identifi ed, should be considered.

2009 Master Plan Appendices 15 de new , boat iver and Westobou River Crossing 2009 Master Plan Appendices

District NA.2- River Crossing/Hamburg Market Creation Project 2: 2.1 The Big Idea By tying the North Augusta and communities together with new development that literally spans river, a destination attraction for both cities could be created. The highlight of the development would a pedestrian/bike bridge, spanning r wide enough to host on-going activities and events. In North Augusta, the long abandoned site of historic Hamburg would be rema into an inviting, recreationally-themed waterfront community of high density, mixed-uses including housing, restaurants, retail dock and fishing venue in the brick pond. The Augusta anchor includes existing marina River Walk, as well proposed development on the Pension site and in adjoining former Coca-Cola bottling plant to east. 16 Market Creation Project 2: Westobou River Crossing

Westobou River Crossing

2009 Master Plan Appendices 17 cooperative, joint-development effort, joint-development cooperative, into this very desirable attracts people to move location, downtown and entertainment destination that recreation Urban Westobou attracts people to visit the Area, at its edges and development coordinated and pathway street connect to the broader systems, and the Hamburg focusing on the river, railroads. The goals of this project are multiple, requiring multiple, requiring are The goals of this project the on-going collaboration of both public and listed below: sectors. A few key ones are private 1. this the two cities closer together through Bring 2. community that residential a riverfront Develop 3. a unique, nationally recognized Create 4. to encourage further, this development Manage 5. an important story-telling venue, Provide NA.2-D NA.2-C NA.2-A NA.2-B 2.2 Goals and Objectives N N 2009 Master Plan Appendices Market Creation Project Area of Influence Recent and proposed project Project proposed by Master Plan Market Creation Project Area of Influence Existing Project Project proposed by Master Plan NA.2-MCP1 LEGEND LEGEND District NA.2- River Crossing/Hamburg and Initiatives Projects River Crossing/Hamburg District Boundary with Key 18 Market Creation Project 2: Westobou River Crossing

2.3 The Scene Today

North Augusta’s Hamburg site is a largely overgrown and under-utilized area, some of which is owned by the city, but several parcels of which are privately held. The core site area is bounded on the west and north by railroad tracks, on the east by the Gordon Highway/ US 1 corridor to the south by the river. Plans are going forward to build a new ramp system from the Gordon Highway into the site, which will greatly improve 5TH STREET accessibility. An abandoned viaduct on this site could BRIDGE easily be converted to pedestrian and bicycle path as part Proposed of a connecting link from the existing North Augusta Westobou Greeneway to this site, Horse Creek and into downtown Crossing Augusta.

Four bridges cross the Savannah in this general location, including the I-520, Gordon Highway and 5th Street car/truck bridges and the 6th Street railroad trestle bridge on the western edge. Discussion is ongoing about converting the historic 5th Street Bridge, now owned by the City of Augusta, into a pedestrian/bicycle path connecting the two cities. The piers of a former railroad bridge still exist in the river and, given its lower height, which would bring people closer to the water, could be an attractive alternate site for a pedestrian/bicycle span if the 5th Bridge were kept in service. Looking northeast over the River Crossing/Hamburg District along the Gordon Highway.

2009 Master Plan Appendices 19 On the Bridge and its Approaches as necessary to convert a portion of Improvements to a multi-purpose path, the bridge and approaches Augusta. and North linking Augusta and utilities for vendors space with power “Set-up” and activities. to trellis overhead a permanent, all-weather, Possibly shade and rain protection. provide planters, benches and Lighting, trash receptacles, other improvements. shing piers shing In Hamburg Riverside, Mixed-use Residential Development to high-rise construction (5-10 stories) along Mid parking. with structured the riverfront, along the pond, and entertainment area Recreation shops bar and small Center’, including a ‘Fishing restaurant. include a riverside open space improvements Public pathways and fi plaza, small boats ramp, the pond, and bike/foot connections around and the Bridge, to the 5th Street this area through Greeneway. Augusta North 2009 Master Plan Appendices

District NA.2- River Crossing/Hamburg 2.4 Illustrative Full Development Program opportunity spans both creation While this market communities, the focus of this analysis is on component and the bridge, given Augusta North state of both the public improvements the advanced in Augusta. development Site and the Pension with destination park this is an active Ultimately, intermingled lots of activities and special events, Thus, an illustrative development. with private might be as follows: program development 20 Market Creation Project 2: Westobou River Crossing

Greeneway Connection

Westobou Crossing Illustrative Site Plan

In Augusta MIXED-USE DEVELOPMENT

Coordination with abutting private A ) Docks and Waterfront interests in insure an integrated product Plaza

B ) Canoe Launch In Augusta, the existing River Walk and the marina Abandoned area, with its attendant parkland offer a good place D P Viaduct C ) Retail and R.R. for the bridge activities to land and expand into. Condominiums South of the levee, the future Pension fund property development, the 5th Street bridge access ramp area D ) Day Parking and the vacant Coca Cola bottling plant would be A C P integrated into this plan. New Ramp 5TH STREET B Area This is a multi-phased development made up a BRIDGE SAVANNAH RIVER several individual private developments, which CONVERSION E LEGEND could total $80 million to $90 million in private Residential investment. The public infrastructure component E ) Multi-purpose path Commercial could range from $ 20- 25 million to be shared by Religious/ Cultural the two cities. F ) Events area REET Greenspace

5TH ST F P Surface G ) Specialty Retail/ 6TH STREET N Parking Dining/Entertain- G WAY

IGH ment REYNOLDS STREET

GORDON H

Repurposed Former Connections Historic Pension Coca Cola Hamburg to Future Road Train Fund Bottling Brick and Greeneway Depot Site Plant Pond Expansion

2009 Master Plan Appendices 21 2009 Master Plan Appendices

Table 2.1 Cost Estimate for Westobou River Crossing District NA.2- River Crossing/Hamburg 22 Market Creation Project 2: Westobou River Crossing

2.5 Comparable Projects in other Cities

The Hamburg development is all about creating a which nevertheless should be looked at. These A second model that might be explored would be the new activity center in North Augusta where people include more passive parks such as the Riverfront Chattanooga Riverfront. This is the launch point for can come down and enjoy the Savannah River Park in Nashville, Tennessee which largely serves the Tennessee Aquarium, River George Explorer, the waterfront. When fully developed, people from all as an outdoor area for concerts, festivals, and other Fat Cat Ferry and Chattanooga Water Taxi. over the region will have one additional choice in special events on the Cumberland River. The terms of where they can live, be closer to work, visit park also hosts the Music City Independence Day An even more passive model of a park that would and play. Concert and the Music City Jazz, Blues and Heritage be more supportive of the housing and hotel Festival. components of the proposed development would be The basic components of this new waterfront activity the North Charleston Riverfront Park. It is a more center will be extensive public open space, housing, The popularity of the park has attracted a number family oriented 10 acre recreational park with a small eating and drinking activities, and a hotel facility. of eating and drinking establishments as well as amphitheater, pavilion and stage, and fi shing pier. hotel facilities including a Broadway Diner, Crab This would be a good supporting environment for There are a number of examples of riverfront Shack, bar and grill, Japanese restaurant, and Hard the housing and retail that is being proposed as well developments around the country that may be of Rock Café. Hotels that have been attracted to the as the hotel component. different scales because of market conditions but location include a Marriott Courtyard, a Hilton, a Doubletree, and a Hunt. This type of park is a more passive alternative to riverfronts developed as active entertainments districts such as Newport of the Levee in Newport, Kentucky or the Flats District in Cleveland.

2009 Master Plan Appendices 23 including real estate taxes including real Market Support for Housing In determining market support for a start-up project of this type we are making the following assumptions: payment Down • 20% • @ 5.5% for 30 years 80% Mortgage • foot condo fees of 30 cents per square Monthly Using these assumptions a 1 bedroom unit would require the following: 1. payment of $46,400 Down 2. mortgage payments of $1,054 not Monthly 3. condo fees of $240 Monthly Source: George Henry Partners Unit Mix, Size and Prices The unit mix, size and prices for the proposed 80 start-up project can be found in Table 2.2 below. Table 2.2 Unit Mix and Pricing Number Type Units of 30 1Br Size 20 Price 800 $232,000 20 1BR + Den 10 2 Br 950 Unit sizes would range from a low of 800 square feet 2 BR +Den $275,500 for the one bedroom unit to a high of approximately 1350 1350 square feet for the two bedroom unit with den. 1150 $391,500 Prices would range from a low of $232,000 to high $333,500 of approximately $391,500 for the 2 bedroom unit with den. 2009 Master Plan Appendices

District NA.2- River Crossing/Hamburg 2.6 Start-up Program Startup Project Concept Given current and probable future conditions in the market, George Henry Partners have concluded that the five year plan for implementation should include the following components: • 80 unit Condominium Buildings Park-Waterside • feet of miscellaneous retail 5,000 square Riverfront Park-Landside • • access road New Riverfront • The condo building will provide additional housing choices for buyers seeking urban core waterfront housing with respect to the type, location, and price. Its location in a proposed new activity center should make it attractive for singles, and childless couples, and its price ranges should be competitive for riverfront views. 24 Market Creation Project 2: Westobou River Crossing

Therefore the total monthly housing cost, excluding About 2.70 percent of these 69,000, or 199 will 2. The housing financial markets have been sta- utilities, would be approximately $1,300 per month. be making a decision each year about which proj- bilized and credit is again readily available for Using the same assumptions, a 2 bedroom plus den ects within the urban core that they will consider. home mortgages. unit would require the following: Approximately 10.7 percent or 7,383 will have a propensity to live in the urban core. This project will 3. The economy has rebounded from its current 1. Down payment of $78,559 have to compete with this market plus any new resi- slowdown. 2. Monthly mortgage payment of $1,777 not dents to the city. 4. An Urban Core Promotion and Marketing Pro- including real estate taxes Our estimates of demand have been based upon a gram has been developed and implemented. 3. Monthly condo fee of $345. project start-up in early 2012 when we believe that 5. There has been sufficient absorption of non- the following events have occurred: obsolete housing units in the local housing Therefore the most expensive unit would require a 1. An access road has been completed and the riv- market to bring the vacancy rates for non-obso- monthly housing cost of $2,122. erfront parks have been put in place. lete residential units below 5%. Using a 30% of household income standard to sup- port housing cost, there are currently over 52,000 households in the housing market primary trade area who earn sufficient income to support a monthly housing budget of up to $1,550. There are approxi- mately 17,000 households capable of supporting a monthly housing budget of $2,500.

2009 Master Plan Appendices 25 retail retail The financial analysis of the first phase devel- opment activity for Westobou River Crossing will include three components of the development plan. These components are as follows: • feet of condo with 5,000 square 1 Mixed–Use • access road New • park–landside front River • park–waterside front River ICON has provided preliminary cost estimates for each of the project components shown above. A sec- ond phase of an additional 120 units would be built when the first phase has been proven successful. First Phase Activity Source: U.S. Census Bureau and George Henry Partners We have previously estimated that given the antici- pated growth in households the urban core, new retail expenditure from those household would likely support nearly 70,000 square feet of new retail, including eating and drinking by 2014. While the current slowdown in housing is likely to slow some- what the amount of retail expansion, we nevertheless believe that there will be sufficient growth in the market to support a relatively small project of this size in this new and exciting location. The key to the success of strategy is insure good high quality access to the site. The strategy would be to sell the commercial retail space a small space, retail developer or directly to tenants for about $300 per square foot. Financial Analysis of First Table 2.3 Market Base for Condo Project Price Range Household Income $50,000-$74,999 32,729 Primary Trade $75,000-$99,000 Households Households Area 19,455 $100,000-$149,999 Total Percent of 17,031 Budget 19.49%` Annual Housing 11.59% 10.14% Budget $18,600 Monthly Housing $37,500 $26,100 $1,550 $3,125 $2,175 2009 Master Plan Appendices

District NA.2- River Crossing/Hamburg Market Support for Retail Component The vision for the retail component of project calls for a fishing center of approximately 10,000 square feet and an additional 10,000 of miscellaneous retail. In the first phase of project we would propose building 5,000 square feet of mis- cellaneous retail on the ground floor of 50 unit condo project. The retail component of the project combined with the public improvements proposed will be the key to establishing this area as a new activity center in the urban core. The leasing strategy should be to lease or sell high sales volume tenants that can both attract people to the site and retain people at site. This strategy suggests that the tenant targets should be eating and drinking establishments that have a high sales vol- ume per square foot potential. For our purposes we have assumed $350 sales per square feet and occu- pancy cost of 8% which would yield rents about $28 per square foot. 26 Market Creation Project 2: Westobou River Crossing

Financial Analysis for Condo Table 2.4 Hamburg Condo/Retail Financial Analysis Development Cost Housing/Retail Project Our financial analysis of a proposed first phase hous- Development Cost Per Square Foot Per Unit Total ing condo project has been based on building the 80 Land Cost $10 $15,000 $1,200,000 unit mid-rise condo proposed by the Plan. Table 2.3 Hard Construction $160 $240,000 $19,200,000 shows our analysis of what we think might be pos- Gov. Permits & Fees $12 $18,000 $1,440,000 sible. The numbers and assumptions used are based Other Soft Costs $32 $48,000 $3,840,000 upon other similar projects in the southeast of the Construction Financing $11 $16,500 $1,320,000 USA. However, these assumptions may or may not Total Development Cost $225 $337,500 $27,000,000 fit existing market conditions in the North Augusta Revenues market after additional research and study. However, they are designed to help in making a determination Sales Price (Avg.) $307,980 $24,638,400 as to whether a project of this type might be doable. Less: Sales Expenses $15,399 $1,231,920 Total Revenues $327,893 $32,789,250 Table 2.4 shows that gross unit cost will be approx- Per Unit Sales of Retail Space 18,750 $1,500,000 imately $337,500. This amount includes the Total Revenue $311,331 $24,906,480 development of the garage and common area space in the project. Total development cost excluding Total Development Cost $337,500 $27,000,000 developer fees, will be approximately $27,000,000. Net Revenues ($26,160) ($2,093,520) Required Developer Return@20% $67,500 $5,400,000 Sales prices have been established at approximately Project Subsidy Requirements $93,660 $7,492,800 $290 per square foot. This would yield an aver- age unit price of $307,980 for the mix of units that Source: George Henry George Partners we are proposing. While these are high end prices for the market they nevertheless should have strong However, the market weakness will require some the subsidy requirements may be in the $7.5 mil- appeal due to their riverside location and almost form of public subsidy to close the gap between the lion range, but could be higher or lower based upon immediate access to regional urban core employment total development cost, including developer fees, and the number of variables which might affect the final opportunities. anticipated project revenues. We have estimated that implementation of the project.

2009 Master Plan Appendices 27 ne, ned ne the Master Plan concept for Plan ne the Master upon cials, and that includes an agreed Development of a Westobou Crossing Development of a Westobou Crossing Area Action Plan A and high priority. has high value This project joint effort of the two cities and property owners should be launched immediately to further defi enrich and refi This plan would include a well-defi this area. that stakeholders physical and activity program and support of in, that has the approval believe offi governing implementation approach. t Champions for Westobou Crossing Champions for Westobou Crossing must step forward in the public sector, role, addition to its oversight In at a would likely be responsible, Augusta North and publicminimum, for its open space infrastructure around i.e. the pond and parkland improvements, bank, public parking, it, adjustments to the river as, all multi-path as well plazas, boat ramp, riverfront connections to the bridge and existing Greeneway. is the chosen, City of Bridge the 5th Street If will have Bridge, of the 5th Street as owner Augusta, required primary for the improvements responsibility as to convert it to a destination attraction, as well the two a bike and pedestrian connection between for improvements They will also be responsible cities. such as the on existing public land in Augusta, with and coordination access ramp area 5th Street entities. abutting private benefi side, abutters can greatly the private On and may become active the focus on this area, from participants of the very in development substantial components. and retail residential 2009 Master Plan Appendices

supportrst step in achieving broad is to District NA.2- River Crossing/Hamburg 2.7 Realizing Westobou Crossing Key Early Actions and Overall Timetable elements for successful implementation of this Key include: development Vigorous Public and Private Support requires project Augusta/Augusta This joint North the long term collaboration of both cities. Private will It owners. and potentially private developers, that closely to insure the need to work also require as the public as well and pond resources, the river used to best advantage. amenity components are The fi Plan, both cities, of the Master by obtain approval, of an organizing task force, creation and secondly, Westobou a detailed charged with developing Plan. Area Crossing 28 Market Creation Project 2: Westobou River Crossing

Control of key sites In North Augusta, the city presently owns much of the land, however, key parcels remain in private hands. These parcels need to be committed to this project as soon as possible so that fi nal planning of infrastructure elements can proceed.

On the Augusta side, the city controls the central core site. While it could move ahead without the abutters, the Westobou Area Action Plan should set forth guidelines for both the Pension Site and the Bottling Plant site to insure full integration into this project.

2009 Master Plan Appendices 29 It is expected that all public improvements of this is expected that all public improvements It initial phase, at a total cost of $9.2 million will be Potential Augusta. the City of North funded by or possibly TIF, of funds will likely include sources addition it is also a very funds. In Works EDA Public likely possibility that some of these infrastructure could qualify quickly, if they can be moved projects, of federal economic for possible subsequent rounds stimulus funding. nancing nancing nancing construction lending (new) • construction loan fi Bank • fi increment Tax • fi tax credit market New • housing loan fund for downtown Revolving • fees (new) development of government Waiver • write-downs of some portion fees of developer Waiver • Land • tax abatements term (1-5 years) Short needs to be done button While additional work our analysis the actual cost of this project, down costs can be suggest that unless total development a will require that, this project substantially reduced Augusta the city of North commitment from strong to initiate a new activity center in the riverfront should note that similar condo projects We location. being built in other cities at more and are have prices. competitive t mixed-use mixed-use t 2009 Master Plan Appendices

District NA.2- River Crossing/Hamburg Potential Funding Sources is both a public recreation- Crossing Westobou for profi and a private oriented project focus strategy should aggressively The core venture. on maximizing the potential of this unique river- spanning site. As such, it would necessarily be made up of a number funding components in order The partial list to make it a viable undertaking. includes: 30 Market Creation Project 2: Westobou River Crossing

2.8 Immediate Next Steps

This site has been deemed high-priority by both 3. SPLOST, and/or other funds should be cities. In order for this project to have any near-term approved and released to allow planning, design credibility on this site, several actions need to be and construction of the key openspace, health, taken as soon as possible safety and welfare, infrastructure components. The SPLOST monies, in particular would apply 1. The two cities must develop a Memorandum only to Augusta sponsored projects, especially of Understanding that, at a minimum, sets the bridge crossing and the Augusta-side forth the intention to work together to realize approaches. this concept on this site. Ideally, roles and responsibilities would be spelled out and agreed North Augusta would identify funding sources for to for each. public improvements on their side of the river.

2. Site assembly should be accelerated and 4. Finally, the two cities would develop a joint agreements executed whereby the city or other “Area Action Plan” which would layout the agent would hold the land for this development. fi nal program of size and use, a strategy and a schedule for development.

2009 Master Plan Appendices 31 2009 Master Plan Appendices

32 In Augusta

Augusta Action Districts The Urban Area in Augusta is divided into six districts:

District A.1–The Augusta Downtown Core

District A.2–The Medical District

District A.3–Harrisburg

District A.4–Laney Walker/Bethlehem

District A.5–Old Town/East of East Boundary

District A.6–Higher Education Focus District

While these districts have much in common with one another, each has its own character, assets, opportunities and issues, which considered together form the building blocks of this Plan. Illustrative projects, which offer a high degree of market creation within each district are identifi ed and discussed in greater detail.

2009 Master Plan Appendices 33

in ies. e to the Westobou Arts Center 2009 Master Plan Appendices

District A.1- Downtown Core Market Creation Project 3: 3.1 The Big Idea Augusta is well known as a regional center for the performing arts, from classical to contemporary performances. It also hom Morris Museum, which houses the finest collection of Southern Art anywhere, as well a number other special interest entit The setting on the Savannah River, surrounded by history and adjacent Augusta Convention Center, new Trade, Exhibit Event Center and the Augusta Common offers a unique opportunity to provide state-of-the-art regional national destination the heart of Westobou. 34 Market Creation Project 3: Westobou Arts Center

Westobou Arts Center

2009 Master Plan Appendices 35 ce them the purpose-built facilities they need to and thrive. grown an arts-oriented destination attraction creating into the brings the river destination unto itself, types of city and which can host many different both landside and waterside. events, historic buildings, including the Cotton a system of large and so as to create Exchange, small outdoor spaces and pathways that together of shops, labyrinth” form a memorable “urban that people will want to cafes and restaurants to time and again. return adequate parkingbuilding managers to insure of new joint-use, the joint development through Street. facilities along Reynolds parking structured to the river. Street Broad within the arts center Street along Broad and, Miller concept, including the Imperial, theaters. possibly the Majestic, The goals of this project are multiple, requiring multiple, requiring are The goals of this project the on-going collaboration of both public and listed below: sectors. A few key ones are private 1. giving by in the region arts and culture Promote 2. by people to visit downtown, more Entice 3. a large outdoor civic space which, as Develop 4. the new facility within the fabric of Integrate 5. commercial/offi Collaborate with nearby 6. the long-discussed connection of historic Realize 7. historic venues a number of related Incorporate N A.I-F Market Creation Project Area of Influence Recent and proposed project Project proposed by Master Plan LEGEND A.I-MCP1 A.I-A A.I-B A.I-D 2009 Master Plan Appendices A.I-C A.I-E A.I-MCP3 A.I-MCP2 District A.1- Downtown Core 3.2 Goals and Objectives and Initiatives Projects Downtown Core District Boundary with Key 36 Market Creation Project 3: Westobou Arts Center

3.3 The Scene Today

This is the heart of Augusta’s traditional downtown, and the historic center of arts and cultural activities for the region. It remains the region’s principal gathering area for special events and activities. The Convention Center and the proposed Trade, Exhibition and Entertainment Augusta Proposed Center as well as several existing and proposed hotels, are Common Westobou Arts situated nearby. The Augusta Common, between 8th and Center 9th Streets provides an axial connection from Broad to the proposed ‘Arts’ core site and the river beyond.

Ownership of the proposed site is in just three hands, and BROAD STREET thus site assembly could be less complicated than in other ar- eas. There is much undeveloped land along Reynolds which development of the Westobou Art Center and associated parking structures would fi ll and reestablish the urban fabric.

While the river is a very important feature of this area, recent development of large riverfront homes on the far side, with their backsides facing Augusta, presents an unattractive view from the Augusta side. While the levee forms a barrier be- tween the city and the river, strategic openings are possible. 8TH STREET The Downtown Urban Core needs a strong brand to distin- guish it from other activity centers in the metropolitan area. Establishing itself as the cultural and entertainment center of the region and beyond is one obvious way to accomplish that branding. There is suffi cient household income in the market to support such an initiative. Further, other areas of Looking north over the Downtown Core District and the Savannah River. similar size have already proven that this type of branding can be accomplished.

2009 Master Plan Appendices 37 Public Area café/ entry/visitorIncluding services, main lobby, dining, meeting rooms/assembly, Exhibit Space including permanent and temporary exhibits areas, Administrative Offices room with conference of a new Morris This is a multi-phased development symphony hall, which Westobou and Museum could total $70 million to $80 in private/ The public foundation/corporate sponsor investment. $25-30 component could range from infrastructure could of existing historic venues million. Renovation add an additional $15-20 million to the cost. cant historic cant ces including conference ce, toilets and miscellaneous other, Box offi Box 2200 seat hall, stage and back-of-house lobby, functions, hall, a number of hall, a large recital small recital practice and class rooms, room, meeting rooms/assembly, Westobou Arts Center The River Center Facility, the program of which would include: • Entry/visitor services–including entry lobby, The Morris Museum • performance hall (2200 seats)–including Main • Secondary performance a venues–including offi • Administrative • includes café/dining areas, Ancillary Space- Outlying Venues number of beautiful and signifi are Here that such be incorporated under the ‘performing venues Theater (600+ including the Imperial umbrella, arts’ Theater (1200+ seats) and possible the Miller Seats), Street. particularlyother venues, along Broad 2009 Master Plan Appendices

District A.1- Downtown Core 3.4 Illustrative Full Development Program to the south, Street Reynolds is bounded by The area to the north, and levee 8th to the east and the river aspects of the development Major 9th to the west. plan include: Public Open Space Infrastructure Riverside Area would include the boat basin, levee This area and the Walk opening, adjustments to River riverbank. Along Reynolds The new art/fountain plaza would lie opposite the Common. Alleyways and small plazas Augusta the new center facilities and existing adjacentbetween to the City fabric. historic buildings tie the venue Broad to Greene and Telair and to Greene Broad A mid-block connection from area. into this venue which would tie that area Telfair, 38 Market Creation Project 3: Westobou Arts Center

Westobou Arts Center Illustrative Site Plan

SAVANNAH RIVER

WESTOBOU D PERFORMING E ARTS CENTER A A ) New Morris C P Museum

B ) New Civic Plaza/ Arts forecourt B REYNOLDS STREET C ) River basin/ Waterfront P F amphitheater P

D ) River Walk flyover

G REET E ) New Riverside

8TH STREET

9TH STREET Symphony Hall/ 7TH ST Performance Complex BROAD STREET

F ) Proposed LEGEND Parking Garage Residential H Commercial G ) Restored Religious/ Imperial Theater ELLIS STREET Cultural Greenspace H ) Restored N P Structured Proposed Miller Theater Other Parking Marriot TEE Mid-Rise Potential Augusta P Surface Hotel Center Hotel Arts Venue Common Parking

2009 Master Plan Appendices 39 2009 Master Plan Appendices

Table 3.1 Cost Estimate for Westobou Arts Center District A.1- Downtown Core 40 Market Creation Project 3: Westobou Arts Center

3.5 Comparable Projects in other Cities

There are a number of different projects that might The Koger Center was developed at a cost of $15 complex encompasses three other buildings. The serve as a barometer for the type of development million in 1989 and was funded by public and Capitol Theater opened originally in 1906 as an that might take place in downtown Augusta. The private contributions. opera house and the Strand Theater opened in 1925 most frequently mentioned are the Peace Center in for vaudeville shows and silent fi lms. The center Greenville, SC and the Koger Center for the Arts However, it appears that the City of Augusta is serves as the leading arts presenter in the south in Columbia, SC. Both are worthy models with the proceeding on the premise that it will begin with the central Pennsylvania area. Koger Center opening in 1989 and the Peace Center renovation of the two existing theater venues before opening in 1990. building a new performing arts center. While this In 1976 a group of York, Pennsylvania business approach may lack the “WOW” factor of a “Market and civic leaders formed an ad hoc committee to The Peace Center facility program includes a concert Creation Project” it nevertheless does contribute to determine the potential for a performing arts center hall with 2100 seats, 60 pit seats, 1 star dressing sustaining the development of the downtown core. in the downtown. This effort led to the reopening of room, 2 chorus dressing rooms for 15 people, 5 solo In this context it may be more important to look at the Strand Theater in 1980 after four years of fund dressing rooms, a wardrobe room, green Room and theater renovations as comparable models. One such raising and renovations and the reopening of the rehearsal hall. Affi liated facilities include the Gunter model is the Strand-Capitol Performing Arts Center, Capitol Theater in 1981. In 2003 a two-year, $17.5 Theatre and the Dow Brands Amphitheatre. Inc, in York, Pennsylvania. million facility renovation was undertaken. This, included increasing the Strand’s stage and backstage The Peace Center was built at a cost of The performing arts center is composed of two support areas; enlarging the lobby with expanded approximately $42 million with both public and renovated theaters, the Strand Theater which has a concession and hospitality areas; a balcony and private fi nancing. Approximately $13.25 million seating capacity of 1,268 and the Capitol Theater new seating; an educational wing; and new HVAC came from city, county, and state sources and $28.75 which has a seating capacity of 647. Together equipment. million came from private or philanthropic sources. these two venues have a capacity of 1,915 seats. In addition to these two historic theater buildings the The Kroger Center is slightly larger with a main auditorium of 2,256 seats, an orchestra pit for 80 musicians , 2 star dressing rooms, 2 chorus rooms with 30 people capacity each, wardrobe room, green room and engraving shop.

2009 Master Plan Appendices 41 All of these Metropolitan Statistical Areas in the Areas Statistical All of these Metropolitan of about a low from 2000 census range in size year 480,000 to a high of about 560,000. All the However, steady growth. showed have MSA’s exceptional Colorado has shown Colorado Springs, as a suburb to the city due largely to its role growth Colorado. of Denver, surveyedAs a part each of have of this analysis we presently are to determine which areas the areas supporting a performing arts center. 2000 1990 Change Percent Change 2000 1990

similar ed areas Table 3.2 MSA’s of Comparable Size MSA Rank Greenville, SC Charleston- N. Charleston, SC Colorado Springs, CO. Harrisburg- Carlisle, PA. 85 Madison, WI Augusta-Richmond, GA-SC Jackson, MS 549.033 Portland-S. Portland, ME. 86 87 Lakeland-Winter Haven, FL. 84 89 Des Moines, IA 506,874 Source: US Census Bureau and George Henry Partners 537,484 Population 509,074 91 92 559,940 499,684 42,148 88 409,482 474,242 435,763 487,568 472,153 483,924 90 128,002 501,774 8.30 34,832 63,921 87,787 93 441,257 405,382 497.197 432,323 31.30 46,311 78,642 481,394 14.70 7.30 16.40 446,941 69,451 416,346 10.50 19.40 50,258 16.10 65,048 11.20 15.60 Market Support GA-SC Metropolitan The Augusta-Richmond, is ranked 89th in population out of Area Statistical may size Since States. the 360 MSAs in United be one factor in determining the type and quality of identifi have we initiatives urban core MSA. to the Augusta-Richmond in size and Carolina, in South found two similar areas We one each in the states of Colorado, Pennsylvania, and Iowa. Florida Maine, Mississippi, Wisconsin, the population rank for each, 5 shows Table between 1990 and 2000 population, total growth growth. 1990 an 2000, and the percentage ce nancial resource requirements, would requirements, nancial resource 2009 Master Plan Appendices ve year period. year ve ve year period, they would then set the year ve

home for the Augusta Symphony home for the Augusta Plaza) (Morris stage for a phase two which would include the new performing arts center building, the Morris the and the 500 space garage over Museum, fi following If these improvements could be implemented over could be implemented over these improvements If the next fi District A.1- Downtown Core 3.6 Start-up Program Startup Project Concept A good start to implement this concept, especially in view of the fi be the following: • as interim Theater, of the Miller Renovation • Theater of the Imperial Renovation • Improvements Space Open Public Basin River • Offi to Post Walkway 42 Market Creation Project 3: Westobou Arts Center

Table 3.3 Performing Arts Center Analysis Table 3.3 shows the results indicating that all of the MSA’s with a ranking above the Augusta-Richmond Population Performing Arts Center Performing Arts Center MSA have all established performing arts centers MSA Rank Yes No with the exception of Colorado Springs. This is Greenville, SC 84 X largely due to its market link with the City of Charleston- N. Charleston, SC 85 X Denver. Colorado Springs, CO. 86 X Harrisburg- Carlisle, PA. 87 X There are two metro areas ranked below Augusta- Madison, WI 88 X Richmond, GA-SC MSA that have fully operating performance arts centers. These include Portland, Augusta-Richmond, GA-SC 89 X Maine and Des Moines, Iowa. Jackson, MS 90 X Portland-S. Portland, ME. 91 X The Downtown Augusta/North Augusta Urban Lakeland-Winter Haven, FL. 92 X Core needs a strong brand to distinguish it from Des Moines, IA 93 X other activity centers in the metropolitan area. Source: US Census and George Henry George Partners Establishing itself as the cultural and entertainment center of the region is one strong way to accomplish that branding. There is suffi cient household income in the market to support such an initiative. Further, other areas of similar size have already proven that this type of branding can be accomplished.

2009 Master Plan Appendices 43

In addition to these Phase I capital costs, the plan should also include a five year plan for operating support for the two renovated theaters. According to several national surveys most large budget perform- ing arts center operations have earned income (ticket sales, rentals, other income, and investment income) of about 66%. This would require operating sup- port for approximately 34% of the total budget that would have to be funded by memberships, corporate sponsorships, special fundraisers, local government subsidies, foundation grants, etc. Total $15,840,000 Table 3.4 First Phase Financial Requirements for Westabou Arts Complex Core Development $38,029,008 Imperial Theater Miller Theater Unit Qnty Gross/Unit Cost/sf Sub-Total SF Soft Cost @20% Total 1 Bldg. Cost SF 24,000 Public Open Space Land 1 River Basin (Morris Plaza) Sub Totals $112.50 45,000 $3,600,000 Waterside $200.00 0 Totals Landside /Amphitheater $9,600,000 LS $3,600,000 River Walk 0 $3,600,000 Reynolds Arts Forecourt $9,600,000 LS $9,600.000 Pathways and Plazas LS Walkway to Post Office LS Infrastructure Cost LS LS Soft Cost Total Infrastructure Cost $2,640,000 Total $13,200,000 Source: U.S. Census Bureau and George Henry Partners $4,000,000 TBD $3,000,000 N/A TBD $7,000,000 $600,000 TBD $1,000,000 N/A N/A $2,000,000 TBD TBD N/A TBD N/A N/A N/A $17,600,000 N/A $22,189,008 N/A N/A N/A N/A $4,589,008 The first phase financial requirements make clear that the renovation of Imperial and Miller Theaters are key building blocks in the process of developing a viable performing arts district within the urban core of Augusta-Richmond, GA-SC metropolitan area. It also makes clear that building the physical environment for a new performing arts center building and a Morris Museum are equally important if the longer term goal is to be achieved within a reasonable time period. Only about $15.8 million of the projected $38 million, not including land cost, is expected to go toward the renovation of the two existing theater properties. The other nearly $22 million plus any land costs will be in support of Phase two activities. 2009 Master Plan Appendices

fund the public support needed to get first phase of the project off ground? operating revenue expectations in support of an expanded program of dance, music, and theater events that will appeal to people of all cultural and ethnic backgrounds at an affordable price? sector, and philanthropic interest in the initia- tive to meet operating endowment, rainy day funds, or capital campaign requirements? District A.1- Downtown Core Financial Feasibility The financial feasibility of the first phase Westabou Arts Center is largely dependent upon making a determination of the following: • Will sufficient financial resources be available to • Will there be a sufficient market base to meet • Will there be sufficient private sector, public These are difficult questions to answer but for the fact that we have clearly noted they been done in other venues comparable with Augusta and therefore should be possible in Augusta-Richmond, GA, and in South Carolina as well. Table 3.4 below projects ICON’s estimated financial requirements for the first phase of activities. 44 Market Creation Project 3: Westobou Arts Center

Table 3.5 provides our estimates for the initiation of the Westabou Performing Arts Center in the Table 3.5 Performa Operating Statement for Miller & Imperial Theaters Augusta-North Augusta urban area, using the Miller Percentage 2010 2011 2012 2013 2014 and the Imperial Theaters as the two venues with start-up in 2010. The $2.5 million budget assump- Artistic salaries, travel, and other fees for presentations 28% $710,000 $781,000 $859,100 $945,010 $1,039,511 tion is only about one-third of the Peace Centers 2005 operating budget that was about $7.5 million. Stage and Direct Production Cost 14% $357,500 $393,250 $432,575 $475,833 $523,416 As Table 3.5 shows, we have made an assumption Direct Marketing Expenses 9% $235,000 $258,500 $312,785 $312,785 $344,064 of a start-up budget of $2,500,000 in the first full Fundraising Expenses 5% $130,000 $143,000 $173,030 $173,030 $190,333 year of operation with a ten percent annual increase thereafter. The distribution of operating expenses is Management and General Expenses 23% $572,500 $629,750 $761,998 $761,998 $838,197 based upon surveys of large performing arts orga- All other Expense 19% $485,000 $533,500 $645,535 $645,535 $710,089 nizations which are defined as organizations having annual budgets of more than $2 million per year. Total 100% $2,500,000 $2,750,000 $3,025,000 $3,327,000 $3,660,250

Revenues Earned Income: Ticket Sales 45% $1,125,000 $1,237,500 $1,361,250 $1,497,375 $1,647,113 Other Earned 16% $400,000 $440,000 $484,000 $532,400 $585,640 Contributed Income 34% $850,000 $935,000 $1,028,500 $1,131,350 $1,244,485 All other Income 5% $125,000 $137,500 $151,250 $166,375 $183,013 Total Income 100% $2,500,000 $2,750,000 $3,025,000 $3,327,000 $3,660,250 Source: George Henry George Partners & The Urban Institute, Center for Nonprofits and Philanthropy

2009 Master Plan Appendices 45 Control of key sites The site. the proposed control interests three Today, Communications Morris by owned property currently Both theis the largest and most central of parcels. contribute to the planproperties to the east and west envisioned and should be a part of anyas currently land the city’s Potentially, of this area. redevelopment either of these parcels, bank could take ownership gifting or acquisition, and hold for eventualthrough into the arts center complex. redevelopment ne cials, and that ned physical and ne, enrich and refi activity program that stakeholders believe in, that has that stakeholders believe activity program offi and support of governing the approval upon implementation approach. includes an agreed the Master Plan concept for the this unique civic center. concept for the this unique civic center. Plan the Master This plan would include a well-defi and, once opened, these entities would operate the as as well facilities in joint cooperation with each other, the City of Augusta. Development of a Westobou Arts Center Master Area Action Plan major stakeholders and the together the three Working would further defi property owners rst step is approval cials, affected property 2009 Master Plan Appendices

Key elements for successful implementation of this Key include: development and business owners, most importantly, the Morris most importantly, and business owners, Arts Council, the arts groups the Augusta Museum, The fi and the community at large. District A.1- Downtown Core 3.7 Realizing the Westobou Arts Center Key Early Actions and Overall Timetable Vigorous Public and Private Support a Arts Center concept will require Westobou The offi collaboration of government and immediate follow- Plan, the City of Master by of a mechanism including development up initiatives, collaboration of public/private to facilitate follow-up to carry the concept to next level. “Champions” Champions for the Westobou Arts Center must step forward at a would likely be responsible, The public sector, and publicminimum, for the open space infrastructure i.e. the boat basin, adjustments to improvements, the arts/ bank, the new opening in the levee, river in joint as work fountain plaza, the alleyways, as well new regarding building owners with downtown venture in this area. parking structured joint capital campaign isA community-sponsored envisioned for the new museum and performing arts and staffed jointly byThis would be directed facilities. the two facility sponsors,. Both during implementation 46 Market Creation Project 3: Westobou Arts Center Table 3.6 Potential Funding Sources Core Development Bldg. Cost Land Possible Funding Sources Imperial Theater $4,320,000 0 SPLOST funds Capital Campaign Funds EDA Public Works Funds New Market Tax Credits Historic Tax Credits Miller Theater $11,520,000 0 SPLOST funds Capital Campaign Funds EDA Public Works Funds New Market tax Credits Potential Funding Sources Historic Tax Credits Public Open Space There are a number of potential financing resources River Basin (Morris Plaza) $13,000,000 TBD TIF Funds that should be considered in coming up with a cre- Waterside EDA Public Works Funds ative financing strategy for the first phase activity. A Landside /Amphitheater SPLOST Funds capital campaign should be considered as one of the River Walk Federal Stimulus Package major sources of funding for the theater renovations. Reynolds Arts Forecourt $4,600,000 TBD TIF Funds In York, PA. the effort consisted of a paid capital Pathways and Plazas EDA Public Works Funds Walkway to Post Office SPLOST Funds campaign administrator who served as a staff liaison Federal Stimulus Package to the chairman of a 28 member capital campaign Infrastructure Soft Cost $4,589,008 TIF Funds leadership committee, 154 volunteer campaign solici- EDA Public Works Funds tors, the fund raising counsel, architectural firm and SPLOST Funds other parties involved in the center’s $15.7 million Federal Stimulus Package capital campaign. The capitol campaign should be Sub-Total $38,029,008 considered as a 5-10 year effort to assist in the reno- Operating Support 4,600,000 Corporate Sponsors vation of the two existing theaters but also to build a Memberships capitol fund for the new performing arts building. Fund Raisers Foundation Grants Table 3.6 identifies in our view, the funding sources Public Support with the highest potential to generate funds for the Total Requirements $42,629,008 implementation of the first phase of the Westabou Source: U.S. Census Bureau and George Henry George Partners Complex. However, as the history of the Peace Cen- ter in Greenville, SC suggests much work needs to • Develop an outreach program to broaden public Strong public support will be required in order to be done to accomplish the following: support. maximize the use of some of the resources that have • Overcome a concern that the Augusta –Rich- been identified in the table below. This will be espe- • Maximize partnership potential with local arts cially true for Capital Campaign Funds as well as for mond Metropolitan area might not embrace a groups. performing arts center. next term SPLOST funds and other forms of public • Create a strong outreach to students and support. • Make the center appeal to a broad audience. teachers.

2009 Master Plan Appendices 47 t, while t, nanced, either as equity ed, should be considered. Joint Capital Campaign Arts Center that the Performing is recommended It consider Museum constituents and the Morris design and implementation of a joint fund-raising corporate private, campaign to solicit donations from and foundation sponsors. Land Gifting Alternatives may be in the The land is in very few hands. It to gift owners of the current of one or more interest a tax benefi the land in such a way as to reap serving an important public purpose. Joint Development with ‘for profit’ Entities may be adequate land on site to consider other There uses, such as condominium development. private for the arts center would be a combination Funds of foundation grants and corporate individual would also be sought from contributions. Funds as well. state and local funding programs Private Project Funding Gap Assistance on development most of any private Ultimately, fi the site will be privately such as tax relief, incentives, or as loans. Further or others to be price write-downs, property purchase identifi Seed Funding e.g. 2009 SPLOST funding programs, Identify the planning and that can “kick start” program, performing artsdesign components of the entire as facility, including the new riverside program, of the Imperial as for funds the renovation well would be a full The Imperial Theaters. and Miller to a would be renovated and the Miller renovation that it would servelevel as a home for the Augusta purpose- until such a time as the new, Symphony, is completed for their Pavilion built Riverside for construction funding as permanent home. Apply soon as possible. Other Governmental and Institutional Assistance with its and the region, to Augusta Referred in the military, federal and state programs numerous national intelligence, natural sciences, education is a strong and health sciences. Certainly there tradition of contribution to the essence Augusta and program these sectors. Every that comes from and funding opportunity that these governmental local, state and institutional sectors can come from should be examined for this project, federal sources as was done, for example, in the partnership between and their university. Columbus, Georgia 2009 Master Plan Appendices

District A.1- Downtown Core Arts Center is a civic Westobou essence, the In development (with a potential private project, and element) that will serve of the region citizens strategy would necessarily be The core beyond. well made up of a number funding components in The partial list to make it a viable undertaking. order includes: 48 Market Creation Project 3: Westobou Arts Center

3.8 Immediate Next Steps

In order for this project to have any near-term Until such agreements are in place, ad-hoc, special credibility, following approval by the Commissioners interest groups should coordinate efforts to take of this Master Plan, several actions need to be taken advantage of upcoming funding programs to assist as soon as possible: in planning, design and implementation of known and agreed upon component parts of the overall 1. The three major stakeholders (City, Morris program. These should be seen as integral early Museum and the Augusta Symphony) must action initiatives, vital to realization of the full agree to a Memorandum of Understanding program and thus supported as part of an overall that, at a minimum, sets forth the intention to implementation strategy for the Westobou Arts work together to realize this concept on this Center. site. Ideally, roles and responsibilities would be spelled out and agreed to for each. For example, it is understood that the performing arts sector is presently formulating a phased strategy 2. Agreements would be executed whereby the for creating a multi-site venue in this downtown city or other agent would hold the land for this area. Phase 1 would renovate the two primary development. historic venues, the Imperial and the Miller theaters, the latter into an interim home for the Augusta 3. SPLOST, and/or other funds would be Symphony. Phase 2, would realize the new central approved and released to allow for development facility on the river thus providing a permanent, of an Area Action Plan for this area, particularly “purpose-built” home for the Augusta Symphony, as as it pertains to required public infrastructure well as a state-of-the-art facility for national touring improvements. companies.

2009 Master Plan Appendices 49

ing, and long-term t, as well in the Marbury Village 2009 Master Plan Appendices

District A.1- Downtown Core Market Creation Project 4: 4.1 The Big Idea Marbury Village revitalizes three blocks of Broad Street (10th to 13th Street) into a unique and exciting up-scale living, work retail environment within Augusta’s Downtown Core. Building on recent and ongoing entrepreneurial business efforts, the unusual street width and the significant historic fabric, this concept establishes a unique “Urban Village” at strategic location downtown, which is distinct and readily identifiable. Self-contained, able to establish a safe controllable enclave for economic stability, it also serves as an anchor and a catalyst for adjacent revitalization both east west along Broad Stree to the river north and historic canal system south. 50 Market Creation Project 4: Marbury Village

Marbury Village

2009 Master Plan Appendices 51 cant luxury cant ll projects. ll strategically located to servec area, both return to downtown, by creating a desirable, high- creating by to downtown, return district with signifi end residential in new buildings. high amenity, housing, enjoying open into a pedestrian friendly, Street Broad with cafes, shops, activities Place, space Market for and a range of amenities built into the street all age groups. uses that can furthernew specialty retail the district. energize existing buildings. rehabilitating units by and appropriate reuse adaptive sensitive through new infi of the district and build its reputation. advantage and the medical area downtown bring Augusta’s closer together. traffi Augusta. and North Augusta The goals of this project are multiple, requiring multiple, requiring are The goals of this project the on-going collaboration of both public and listed below: sectors. A few key ones are private 1. disposable income to people with more Entice 2. revitalizing destination by this a regional Make 3. efforts and encourage existing retail Support 4. housing affordable to create investment Attract 5. and enhance the historic character Preserve 6. that will take and programming events Support 7. a critical link in the chain that will Provide 8. grocery in this high store in-town new, Develop N A.I-F Market Creation Project Area of Influence Recent and proposed project Project proposed by Master Plan LEGEND A.I-MCP1 A.I-A A.I-B A.I-D 2009 Master Plan Appendices A.I-C A.I-E A.I-MCP3 A.I-MCP2 District A.1- Downtown Core 4.2 Goals and Objectives Downtown Core District Boundary and Marbury Village 52 Market Creation Project 4: Marbury Village

4.3 The Scene Today

This part of Broad Street, from 10th to 13th, is one 13TH STREET of the most historically intact sets of downtown blocks in the Westobou Urban Area. While this is Proposed Augusta’s “main street”, auto traffi c is light except for Marbury Village a few times during the day. BROAD STREET While some upper story adaptive reuse has occurred, even with a concentration of newer restaurants, antique and specialty shops, the retail activity is far less than 10TH STREET what historically occurred along the street. The sidewalks are lined with a pleasant canopy of Chinese elms. This stretch of Broad Street was spared the “median parking lot improvements” that occurred to the east, however, this part of Broad is characterized by an unattractive surface parking area in the middle of the street.

Both Ellis Street to the south and Jones Street to the north are primarily service alleys for Broad Street. Each has marginal uses and signifi cant open land which could be redeveloped in support of the village concept.

13th Street is a major north-south connector to the medical area and to North Augusta. The area will have good access via 12th Street to the proposed riverfront ballpark and adjacent venues.

Looking northwest over Marbury Village within the Downtown Core District

2009 Master Plan Appendices 53 Residential Commercial Religious/ Cultural Greenspace Structured Parking Surface Parking

P

P

LEGEND

T 10TH STREE 10TH

P

P

T 11TH STREE 11TH

P B E

JONES STREET P

REYNOLDS STREET

P A

Proposed Mixed- Use Ball Park and Condominiums

T 12TH STREE 12TH Springfield Village Park A

ET C

P

P

ELLIS STRE D

BROAD STREET Proposed Urban Grocery and Parking Garage A A

P

P

P

N

Marbury Village Illustrative Site Plan Marbury Village 13TH STREET 13TH 2009 Master Plan Appendices c parking ) Mid-block pedes- ) New mixed-use ) Vibrant urban street ) Revitalization of ) Ellis Street residential on non-con- forming sites existing buildings and businesses MARBURY VILLAGE A B C D E plaza on Broad Street trian connections to ball park and Augusta Canal Park publi and service area District A.1- Downtown Core 54 Market Creation Project 4: Marbury Village

4.4 Illustrative Full Development Program

Public Infrastructure Private Build-out

The area is bounded by Reynolds Street to the north, Along Broad Street… Along Broad Street… Greene Street to the south, 10th to the east and 13th • Conversion of Broad Street in this area into an inno- • Substantial, new, up-scale residential mixed- to the west. Major aspects of the total development vative and vibrant, pedestrian-friendly market place use mid-rise to high-rise development on four plan include: zone, with vehicle speeds and volumes reduced and well located properties, (currently occupied easy access across the street via a wide center median by buildings deemed non-contributing to the hosting restaurants, shops, open seating, activity/per- urban fabric of the area). formance space, water features and interactive public art. This programmed center median would serve to Along Reynolds and Jones Streets… enclose and defi ne the street and serve as a stepping- • New grocery store at ground level in new central stone from one side of Broad to the other, public/private parking facility.

• Development of an incentive plan to Along Ellis and Greene Streets… encourage renovation and reuse of existing • Encourage new private development at the ends of historic structures to residential and other uses blocks compatible with the objectives of the plan. Along Reynolds and Jones Streets… • New mixed-use, central, public/private parking facility with retail grocery store at ground level, • Develop mid-block connection to Reynolds adjacent Springfi eld Sculpture Park. Along Ellis and Greene Streets… • Convert Ellis Street and the rear area of private buildings into coordinated surface parking areas. • Develop mid-block connections where possible to Greene Street and the new Augusta Canal Park.

2009 Master Plan Appendices 55 2009 Master Plan Appendices

Table 4.1 Cost Estimate for Marbury Village District A.1- Downtown Core 56 Market Creation Project 4: Marbury Village

4.5 Comparable Projects in Other Cities

The premise behind Marbury Village is that a In a larger city and on a larger scale, the Arena Urban Villages speak to an urban lifestyle in which it people-centered environment in downtown Augusta District on Columbus, Ohio is worth noting because is possible to come out of your home in the morning where people can live, be close to work, and play will of the way that the urban village was planned as a and walk to an establishment for your morning add considerable long term value to the downtown. part of the development of a new sports venue. The coffee or have a drink and perhaps dinner in the The basic components are residential dwellings, both district contains the Nationwide Area which is home evening without having to get into your car to drive owner-occupied and rental, entertainment venues to the National Hockey League Columbus Blue home. This is an emerging trend nationally and such as eating and drinking establishments, and Jackets; 79 condo’s ranging in price from $229,000- we believe that the momentum to create an urban specialty retail shops. These are often developed in a $650,000; 251 rental apartment units renting for village along Broad Street between 10th and 13th revitalized neighborhood where there can be a mix of between $625-$1,835 per month, and over 100,000 has already begun with the coming of new retail and the old and new. square feet of retail space. In a similar way, when eating and drinking establishments and the reuse of Marbury Village is linked to a new downtown some buildings as residential. There are numerous examples of urban villages ballpark it could also create a smaller version of an around the country but two are put forth here to arena district. We should note that the Arena District make different points. The Church Street Market in Columbus, Ohio also has an offi ce component, Place in Burlington, Vermont, with a population of which has yet not been included in the Marbury 38,000 and a metropolitan population of 206,000, Village development concept. smaller than Augusta, is a classic example of how to bring a downtown retail street alive. There are over Other examples worth noting for their urban design 50 shops, 50%-60% of them locally owned selling and program mix are Bethesda Row, MD, historic everything from fi ne jewelry, men’s, women’s and sections of Savannah and Charleston, and even children’s apparel to fl owers. There are also 28 dining Gervais Street in Columbia. establishments and events for every season. The area is a major tourist attraction. Major events include the Discover Jazz Festival, Market fest, and the Christmas Tree Lighting Ceremony.

2009 Master Plan Appendices 57 The unit mix, size and prices for the proposed start- up project can be found in Table 4.2. While we are suggesting an initial development of 100 units, market conditions may suggest the need for a smaller development of perhaps 50 units, should annual absorption suggest that full might require a term of more than 18 months. Under current assumptions, we are proposing a mix of forty one bedroom units; thirty five plus den units; fifteen two bedroom and ten two bedroom plus den units. Table 4.2 Unit Mix and Pricing Number Units of Type 40 1Br 35 Size Price 775 $251,875 15 1BR + Den Source: George Henry Partners 10 2 Br 982 Unit sizes would range from a low of 775 square feet $319,150 2 BR +Den for the one bedroom unit to a high of approximately 1500 square feet for the two bedroom unit with den. 1480 Prices would range from a low of $251,875 to high 1140 $481,000 $370,500 of approximately $481,000 for the 2 bedroom unit with den. square feet of retail Startup Project ConceptGiven current and probable future conditions in the market, it is concluded that five year plan for implementation should include the following components: Unit Mix, Size and Prices • 50-100 unit condominium building with 5,000 • Ellis Street surface parking lot • Broad Street Market Place improvements The condo building will help to create more houses choices for buyers seeking downtown houses both with respect to the type, location, and price of hous- ing as compared with the White’s Building and other potential projects. The dedicated parking cre- ated on Ellis Street will address a critical marketing problem faced by most downtown projects and, the Broad Street Market Place Improvements will send a strong signal to developers and potential buyers that the city has made a serious commitment to sustain- ing the revitalization of section downtown. 2009 Master Plan Appendices

District A.1- Downtown Core 4.6 Start-up Program The Plan envisions the development of an urban village along the three blocks of Broad Street between 10th and 13th Streets into a “unique exciting upscale living, working, and retail envi- ronment within the urban core. The proposed development program would include 400 units of housing, and 10,000 square feet of retail in four buildings, a reuse incentive program for 100 resi- dential units and 125,000 square feet of retail along Broad Street. These developments would be sup- ported by a 400 space surface parking lot on Ellis Street and the creation of a Broad Market Place with mid-block cross connections. This is a relatively large-scale project, which while transformative, is likely to take more than a decade for total absorption. Given this prospect, it will be important to focus on what might be possible during the first five years of plan implementation. 58 Market Creation Project 4: Marbury Village

Market Support

In determining market support for a start-up The most expensive unit would require a monthly • The housing financial markets have been sta- project of this type we are making the following housing cost of $2,627. Using a 30% of household bilized and credit is again readily available for assumptions: income standard to support housing cost, there are home mortgages. over 52,000 households in the housing market pri- • 20% Down payment mary trade area making sufficient income to support • The economy has rebounded from its current slowdown. • 80% Mortgage @ 5.5% for 30 years a monthly housing budget of $1,550. • The City of Augusta and perhaps the City of • Monthly condo fees of 30 cents per square foot There are an additional 17,000 households capable of supporting a monthly housing budget of $3,125. North Augusta have put into place CBD hous- Using these assumptions a 1 bedroom unit would ing incentive programs. (Such a program may require the following: While only a very few of these households are likely not be required in North Augusta, SC) to be captured by the downtown market, we have • Down payment of $50,375 previously projected that if the right incentives are • An Urban Core Promotion and marketing pro- put in place an annual demand of between 61-99 gram has been developed and implemented. • Monthly mortgage payments of $ 1,144 units per year beginning in 2011 would be possible. excluding real estate taxes • There has been sufficient absorption of non- Our estimates of demand have been based upon new obsolete housing units in the local housing • Monthly condo fees of $235. Therefore the projects start-ups in 2011 when we believe that the market to bring the vacancy rates for non-obso- total monthly housing cost, excluding utilities, following events have occurred: lete residential units below 5%. would be approximately $1,379 per month. • Using the same assumptions, a 2 bedroom plus den unit would require the following: • Down payment of $96,476 • Monthly mortgage payment of $ 2,183 exclud- ing real estate taxes • Monthly condo fee of $444.

2009 Master Plan Appendices 59 retail space. Table 4.3 shows our analysis of what we think might be possible. The numbers and assump- tions used are based upon other similar projects in the southeast of USA. However, these assump- tions may or not fit existing market conditions in downtown Augusta after additional research and study. However, they are designed to help in making a determination as to whether project of this type might be doable. Financial Analysis for Condo Housing Project Our financial analysis of a proposed first phase housing condo project has been based on the 100 unit project proposed by The Plan as one of four that is projected to be built. The project has been conceived as a mixed-use project with 100 units of housing, garage support, and some retail. Since we do not know the actual dimensions of retail component at this time, we have made an assump- tion that the condo will contain 5,000 square feet of Table 4.3 Market Base for Condo Project Price Range Household Income $50,000-$74,999 32,729 Primary Trade $75,000-$99,000 Households Households Area 19,455 $100,000-$149,999 17,031 Total Percent of Budget Source: U.S. Census Bureau and George Henry Partners 19.49% 10.14% 11.59% Annual Housing Budget Monthly Housing $18,600 $37,500 $26,100 $1,550 $3,125 $2,175 2009 Master Plan Appendices

square feet of retail crossing) District A.1- Downtown Core Financial Analysis of First Phase Project Activity The financial analysis of the first phase develop- ment activity for Marbury Village will include three components of the development plan. These compo- nents are as follows: • 1 Mixed-use condo with garage and 5,000 • Broad Street Market Place (including street • Ellis Street surface parking lot Preliminary cost estimates for the Broad Street Mar- ket Place and street crossing component the Ellis Street surface parking lot are shown in Table 4.1. This includes an estimated cost of $15 million for the Broad Street Market Place including street crossings and about $2.8 million for the Ellis Street surface parking lot. It is expected that all of these improvements, at a total cost of $17.8 million will be funded by the City of Augusta. 60 Market Creation Project 4: Marbury Village

Table 4.4 shows that if gross development cost can be held in the $225 per square foot range; and sales prices Table 4.4 Marbury Village Condo Financial Analysis held at $325 per livable square foot it would give the Development Cost Per Square Foot Per Unit Total project a fighting chance in this market. Nevertheless the Land Cost $10 $15,000 $1,500,000 negative return would make it difficult to attract a devel- Hard Construction $160 $240,000 $24,000,000 oper unless it was made clear by the City of Augusta that Gov. Permits & Fees $12 $18,000 $1,800,000 a substantial subsidy was available to support the project. Other Soft Costs $32 $48,000 $4,800,000 We have estimated a subsidy requirement of approxi- Construction Financing $11 $16,500 $1,650,000 mately $6.2 million. Much of this could be made up Total Development Cost $225 $337,500 $33,750,000 Revenues Sales Price (Avg.) $345,150 $34,515,000 Less: Sales Expenses $17,258 $1,725,750 Net Condo Revenues $327,893 $32,789,250 Net Sale of Retail Per Unit $14,250 $1,425,000 Net Revenues $342,360 $34,236,800 Actual Return $4,860 $486,000 Required Developer % 20%-22% 20%-22% Subsidy Requirements Required Return $67,500 $6,750,000 Actual Return $4,860 $486,000 Total Project Subsidy $62,640 $6,264,000 Source: George Henry George Partners

2009 Master Plan Appendices 61 ned nes the Master Plan Plan nes the Master upon cials, and includes an agreed nes, enriches and refi concept for the village. This includes well-defi concept for the village. that stakeholders physical and activity programs and support of in, that has the approval believe offi governing implementation approach. Development of a Marbury Village Area Development of a Marbury Village Area Action Plan stakeholders, public and private the area’s Working further defi parcels. on private oor retail Marbury Village Champions must step Marbury Village Champions must step forward forward, the moves as the process Village, Marbury In for at a minimum, will be responsible public sector, plazas and mid- sidewalks, medians, parks, the streets, as public surfaceblock pathways, as well and structured The public sector will also likely provide parking. to help underwrite programs incentive the cost of private of quality desired. to the level development mid-rise to high- sector will develop The private with affordable-housing residential, rise, market-rate fl components and ground rst step rst cials, property and 2009 Master Plan Appendices

District A.1- Downtown Core 4.7 Realizing Marbury Village Key Early Actions and Overall Timetable elements for successful implementation of this Key include: development Vigorous Public and Private Support a concept will require Village The Marbury offi collaboration of government into the area and new ventures business owners The fi for of successful implementation. and Plan, of the Master the City, by is approval, including initiatives, immediate follow-up secondly, of a mechanism to facilitate follow-up development to carry collaboration of “Champions” public/private the concept to next level. 62 Market Creation Project 4: Marbury Village

Control of key sites The city should move to obtain site control of future parking sites, through purchase of land between Jones and Reynolds and through easement agreements along Ellis Street. As they come up for sale, the city’s Land Bank could acquire key under-performing, or incompatible private parcels within the village, and hold them for eventual redevelopment into higher and better use.

Alternatively, within the private sector, key property owners could 1) agree to redevelop their individual properties in accordance with the Area Action Plan, or 2) pool their properties to allow a single larger developer to take responsibility for realizing a larger, more integrated development.

2009 Master Plan Appendices 63 construction lending (new). US Stimulus Package addition that is also a very likely possibility that In planning design and construction of infrastructure could qualify quickly, if they can be moved projects, for the federal economic stimulus package that is during the early days will be approved almost surely of the next federal administration. is not only is critical that this public investment It jobs, but also that it is generating private creating investment. Other Financing Sources There are a number of financing sources that might prove helpful in funding this project. They include the following: • New market tax credit financing. • Revolving loan fund for downtown housing • abatement. Waiver of government development fees (new). • Tax write-downs. • Land nancing, nancing. However, according to analysis according nancing. However, oor of the proposed Jones/Reynolds parking garage, parking Jones/Reynolds oor of the proposed nanced, as equity and/or construction loans and TAD financing to build in public open space amenity allow programs (TAD) Tax Allocation District to new development from tax revenue future underwrite and public sector additional infrastructure trees, including, but not limited to street improvements, Street graphics, signage, and in the Broad environmental median: fountains, outdoor art, multi-use pavilions and to attract people downtown. other improvements median and Street to 50% of both the Broad Up the sidewalks could be leased to businesses for retail, the ground dining and entertainment uses. Similarly, fl would be and serviceincluding parking ideally, areas, leased to an upscale grocery chain. Private Project Funding and Gap Assistance will be privately most of the development Ultimately, fi permanent fi propertyto date, further such as tax relief, incentives, fi tax credit new market write-downs, purchase housing construction loan fund for downtown revolving fees will be development of government lending, waiver project. creation this market needed to realize 2009 Master Plan Appendices

District A.1- Downtown Core Potential Funding Sources area is a commercial Village essence, Marbury In but sector business objectives, private dominated by with a larger public purpose that will serve the entire The as the immediate neighborhood. as well region, public funding strategy could include several core that can help to make it a viable undertaking,sources and on-going operations realization both it project listed below: are key programs Several and up-keep. SPLOST funding for core infrastructure improvements along Broad Street funds for basic street, in 2009 for SPLOST Apply and associated utility improvements median. Sidewalk 10th and 13th Streets. between Street along Broad EDA Public Works funding of ways, both in These could be used in a variety the planning and in construction of infrastructure components of this project. 64 Market Creation Project 4: Marbury Village

4.8 Immediate Next Steps

While additional work needs to be done to button In order for this project to have any credibility, 2. Agreements would be executed whereby the city down the actual cost of this project, our analysis following approval of the Master Plan by the or other agent would acquire and hold land for suggests that this is the type of project can be done Commissioners, several early actions need to be this development. in Augusta if there is strong commitment on the part initiated: of the city and development community to build a 3. SPLOST, and/or other funds would be approved vibrant urban residential sector. 1. The City of Augusta and a strong majority and released to allow planning, design and of individual property owners should agree construction of the key open-space, health, safety Ongoing Operations to a Memorandum of Understanding that, at and welfare, infrastructure components. Having a strategy and a program for ongoing a minimum, sets forth the intention to work management, maintenance and updating the together to realize this concept this area. Ideally, product is critical: roles and responsibilities would be spelled out and agreed to for each. Public Space Operation of activity programs and ongoing development and maintenance may become a critical component of the Business Improvement District (BID) mission. The Downtown Development Authority is a likely candidate to carry forth this mission.

Private Facilities This will remain the responsibility of the individual owners and developers, however joint public assistance programs should be examined to insure and uniform standard of upkeep throughout the project area.

2009 Master Plan Appendices 65 h

. Augusta Canal Park 2009 Master Plan Appendices

Market Creation Project 5: District A.1- Downtown Core 5.1 The Big Idea A new central park between downtown and the emerging Third Level Canal redevelopment area medical could act as bot a connector and catalyst to surrounding development, while new in-town neighborhood around this park, large enough enjoy for recreation or outdoor events, would tie this park directly to the Third Level Canal and extend neighborhood east 66 Market Creation Project 5: Augusta Canal Park

Augusta Canal Park

2009 Master Plan Appendices 67 ll residences along Greene along Greene ll residences ll projects. ll residential development, encouraging families with development, residential to downtown, disposable income to return more and mid-rise buildings.into new townhouse picnicking and canal boating. recreation, and infi rehabilitation and Telfair. and reuse adaptive sensitive through the area new infi appropriate capability. and the medical area downtown bring Augusta’s closer together. Health Sebastian Center and the St. Cultural on the park. frontage Sciences District The goals of this project are multiple, requiring multiple, requiring are The goals of this project the on-going collaboration of both public and listed below: sectors. A few key ones are private 1. rate for market another high amenity venue Provide 2. for passive park, downtown a real Provide 3. a catalytic setting that will encourage Create 4. and enhance the historic character of Preserve 5. outdoor performance School’s Davidson Expand 6. a critical link in the chain that will Provide 7. Heart Sacred to give westward the park Expand N A.I-F Market Creation Project Area of Influence Recent and proposed project Project proposed by Master Plan LEGEND A.I-MCP1 A.I-A A.I-B A.I-D 2009 Master Plan Appendices A.I-C A.I-E A.I-MCP3 A.I-MCP2 District A.1- Downtown Core 5.2 Goals and Objectives Neighborhood Downtown Core District Boundary with the Augusta Canal Park 68 Market Creation Project 5: Augusta Canal Park

5.3 The Scene Today

This central downtown location is highly underdeveloped though it sits along the 13th Street Corridor and Telfair and Greene Streets, which are two of the most elegant urban residential and civic streets in the area. There is a large amount of open land and numerous vacant or near-vacant buildings, typically one to two story mid-fi fties in- Proposed THIRD LEVEL fi ll commercial or light industrial structures. The Augusta CANAL original Davidson School sits empty. Canal Park Neighborhood The Calhoun Expressway noses back down to ground in this area and undoubtedly has had a negative effect on this area. The remarkable Sacred Heart Cultural Center is part of this area, as are a number of historic churches and residences. The Third Level of the Augusta Canal runs along the edge of this area, across from which sits the new Davidson School facility. The area lies adjacent the proposed Marbury Village and the Medical District expansion area.

Looking northeast over Augusta Canal Park Neighborhood within the Downtown Core District.

2009 Master Plan Appendices 69 9TH STREET 9TH

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THIRD LEVEL CANAL 13TH STREET 13TH Augusta Canal Park Neighborhood Illustrative Site Plan Augusta Canal Park Residential Commercial Religious/ Cultural Greenspace Surface Parking

P LEGEND 2009 Master Plan Appendices se residential ) Large, centrally ) Extensive private ) New neighbor- ) Potential located city park along- side the Third Level Canal opposite the John S. Davidson Fine Arts Magnet School development along Greene Street and Tel- fair Street abutting the park and Third Level Canal hood retail center AUGUSTA CANAL PARK NEIGHBOR- HOOD A B C D alternative site for relocation of James Brown Arena mixed-u District A.1- Downtown Core 70 Market Creation Project 5: Augusta Canal Park

5.4 Illustrative Full Development Program

The area is bounded by Greene Street to the north, Canal-Side Residential the Third Level Canal to the south, 9th to the In this program the area along Telfair to the north side east and 13th to the west. Major aspects of the of the canal is proposed to be a water-side town-house development plan include:. community stretching from 12th to 9th Streets.

The Augusta Canal Park A Possible Alternative Use This would be the largest park in the downtown and An alternative use for portions of this area along the would serve as Augusta’s Central Park, a large informal canal has emerged based on conversations related to urban open space designed for multiple uses, including the possible relocation of the James Brown Arena. If passive recreation, pick-up games, dog park, Frisbee a decision were made to explore alternative locations throwing, picnicking and a great lawn for special to the present site for a new facility, a county- performances of the Davidson School and other groups wide search should be done. If an urban site were and events. The Third Level Canal would be integrated deemed preferable, the area between 10th and 11th, as a waterside linear park its entire length from 7th Telfair and the canal could be a good choice given to 15th and might widen out in this area to create a its central location. This would be particularly true, boating and water-viewing venue. if the adjacent area on the south side of the canal in this area were developed as an integrated, joint Park-side Residential transportation hub, as described in the Master Plan The new park presents an amenity around which to for the downtown and the health science community. build higher-end residential in the form of mid-rise, duplex, townhouse and renovated historic houses. In addition to the park amenity, these would be within an easy walk to downtown and to the medical district.

2009 Master Plan Appendices 71 2009 Master Plan Appendices

Table 5.1 Cost Estimate for Augusta Canal Park District A.1- Downtown Core 72 Market Creation Project 5: Augusta Canal Park

5.5 Comparable Projects in other Cities

Augusta Canal Park has the distinct advantage of While specifi c new residential development on In Europe, good historic examples exist along the lying proximate to the Downtown Core and the former industrial canals is relatively new in this Union Canal in England, in Amsterdam, Paris and Medical District. It also capitalizes on the water country, good examples do exist in Cambridge, Venice. A New York state program is developing amenity of the Third Level Canal and a new public Massachusetts, on the Lechmere Canal; on the canals residential use on stretches of the historic Erie Canal. park to leverage value. of downtown Lowell, Massachusetts; at Mission Bay The point is that where there is amenity at hand, in San Francisco; and in Georgetown, Maryland. In water or park, there is added value, pleasure and Typically, private developers prefer to develop another form, canal-side development has long been excitement. around a key amenities and parks and water are a staple along the Florida coast. Even in the original among the best. Historically, the best properties were town center of Reston, Virginia was built on a canal- situated on land surrounding an important public like water body. park or open space, such as Boston’s Common or Chicago’s Lincoln Park.

2009 Master Plan Appendices 73 excluding real estate taxes real excluding estate taxes. real excluding Market Support support determining market for a start-up In making the following are of this type we project assumptions: payment down • 20% • 80% mortgage @ 5.5% for 30 years • $147 1% property taxes: foot unit these assumptions a 1400 square Using the following: would require 1. payment of $35,372 Down 2. amount: $141,487 Mortgage 3. mortgage payments of $803.35 Monthly 4. monthly: $147 estate taxes Estimated real the total monthly housing cost, excluding Therefore $950 per month. utilities, would be approximately foot the same assumptions, 1800 square Using the following: unit would require 1. payment of $50,531 Down 2. amount: $202,124 Mortgage 3. payment of $1,148 Mortgage Monthly 4. $211 estate taxes: Estimated real and ect both size nishes could add an ooring, cabinets, countertops, etc. $176,859 $202,124 $252,655 nishes such as fl Unit Sizes and Prices has made an assumption that the average The Plan This would feet. will about 1500 square unit size of units in the size for some differentiation allow 1800 square 1400 to approximately ranging from of the units and feet depending upon the layout and bathrooms. number of bedrooms for the units would refl Prices fi will use for purposes of this analysis we However, only base prices as a means of determining feasibility. that the 25 housing units be This example proposes These would include models. different built in three the following: • foot units with a base price of 13–1400 square • foot units with a base price of 10–1600 square • foot units with a base price of 2–1800 square and special type fi Options additional $50,000 to $100,000 the sales price at option. the purchaser’s 2009 Master Plan Appendices

• residences Street 25 unit Greene • program incentive reuse Residential • Canal Park Augusta District A.1- Downtown Core 5.6 Start-up Program Start-up Project Concept conditions, and as a means of market current Given of housing choices in the variety a greater creating it is our judgment that the most feasible urban core, startup would be as follows: project has be deferred program incentive reuse The retail of new housing units begins until the introduction climate. to change the retail been estimated to be costs have The private $4.5 million for the 25 single family approximately The public costs for the start-up housing units. ICON to be activity has been estimated by project and $5.4 million for the Canal Park approximately Program. Incentive Reuse the Residential 74 Market Creation Project 5: Augusta Canal Park

Financial Feasibility

As seen in Table 5.2 the most expensive unit would 1. The housing fi nancial markets have been In undertaking the fi nancial analysis for the Greene require a monthly housing cost of $1,359. Using a 30% stabilized and credit is again readily available for Street residences we are moving away from previous of household income standard to support housing cost, home mortgages. assumptions. Instead of using the construction there are over 32,729 households in the housing market estimates provided, we have evaluated current selling primary trade area making suffi cient income to support 2. The economy has rebounded from its current prices in the market for similar housing products and a monthly housing budget of $1,550. This would be slowdown. worked our way backwards (inductively) to make suffi cient to cover the base price of the units. an estimate of construction cost. This approach has 3. The City of Augusta has put into place CBD produced radically different results. There are an additional 17,000 households capable housing incentive programs. of supporting a monthly housing budget of $3,125. For purposes of this analysis we are making the Some of these households would compose the 4. An Urban Core Promotion and Marketing following assumptions for the development of the market for upgraded units with higher quality Program has been developed and implemented. single family units: fi nishes. 5. There has been suffi cient absorption of non- • Hard cost @ $65 per square foot Our estimates of demand have been based upon new obsolete housing units in the local housing • Soft cost @ 30% of hard cost project start-ups in 2011 when we believe that the market to bring the vacancy rates for non- • Developer fees @ 30% of combined hard and following events have occurred: obsolete residential units below 5%. soft cost • Land cost at 15% of total cost including developer fees

Table 5.2 Market Base for Condo Project Price Range The use of these assumptions yield a total Household Primary Trade Percent of Annual Housing Monthly Housing development cost of approximately $126.50 per Income Area Households Total Households Budget Budget square foot. This is substantially lower than our $50,000-$74,999 32,729 19.49%` $18,600 $1,550 previous assumptions but may be more consistent $75,000-$99,000 19,455 11.59% $26,100 $2,175 with the actual market climate in the Augusta- $100,000-$149,999 17,031 10.14% $37,500 $3,125 Richmond, GA-SC, MSA. Source: U.S. Census Bureau and George Henry George Partners

2009 Master Plan Appendices 75 t nancial resources for the nancial resources t in partnership with a private ts could be split by a predetermined agreement agreement a predetermined ts could be split by For the purpose of this analysis we have made the have the purpose of this analysis we For equity would have assumption that the developer have We $800,000 in the project. of approximately This two years. build-out over also assumed a project of about 23% annual return would yield an average build-out period. project the two year over that might be undertakenThis is the type of project a non-profi by would bring his or developer The private developer. while the non-profi to the project how her know might be able to access fi to the private which might not be available project tax credits. new market such as funds from developer Profi both parties.between Hard Cost Hard $2,457,000 Total $4, 448,235 $4, Total Table 5.3 Development Analysis Table 5.3 Development Analysis Greene Street Single Income at $176,859 13 Units at $202,124 10 Units at $252,655 2 Units Income Total Development Cost $2,299,167 $2,021,240 Cost Soft Construction Interest $505,310 Land Cost Preparation Site Cost Sales $4,825,717 to Developer Net $330,000 Source: George Henry Partners $737,100 $60,000 $622,850 $377,482 $241,285 nishes 2009 Master Plan Appendices

District A.1- Downtown Core our estimation of the feasibility 5.3 shows Table of 25 single-family housing development Street Greene should be able that the developer The table shows units. $375,000 on project a net income of over to achieve The net to the developer income of about $4.8 million. a purchased substantially if buyers could be increased substantial amount of the options and upgraded fi that would be available. 76 Market Creation Project 5: Augusta Canal Park

5.7 Realizing the Augusta Canal Park Neighborhood

Key Early Actions and Overall Timetable Key elements for successful implementation of this development include:

Vigorous Public and Private Support The development of a vibrant new neighborhood around the new park and the Third Level Canal will require signifi cant site assembly for both parkland and housing. Thus the concept will require a collaboration of government offi cials, property and business owners and new ventures into the area for successful implementation. The fi rst step is approval, by the City and the Augusta Canal Authority of the Master Plan; and secondly, immediate follow-up initiatives, including development of a mechanism to facilitate follow-up public/private collaboration of “Champions” to carry the concept to the next level.

Canal Park Champions must step forward For the Canal Park neighborhood initiative to succeed, the public sector, at a minimum, will be responsible for much of the required public infrastructure. The Augusta Canal Authority could assume responsibility for the new canal park and canal-side linear park.

2009 Master Plan Appendices 77 nancing ed can be t does the necessary and work preparation identifi have nancing tools that we However in this case, the money would be provided in in this case, the money would be provided However years. only loan for up to seven interest interest, a low is that Program important of the NMTC One value on projects loans for pre-development it can provide traditional funding. unlikely to receive that are These loans can be used for activities such as land construction,acquisition, demolition, site preparation, improvements. and infrastructure renovation if a CDC or This tool could be especially effective non-profi capacity to use this resource. the knowledge develops The fi fi creative an effective used in tandem to create The for land acquisition and development. approach would enhance theability to attract these resources developerpartnership the CDC and a private between dollars.due to its ability attract cheaper development ed as a Community t would need to be certifi Potential Funding Sources is a (NMTC) Program Credit Tax Market The New the that is designed to increase federal tax initiative for economic capital available amount of investment is low-income programs and urban development private provides Program The NMTC communities. such as banks, insurance companies, sector investors corporations, and individuals with federal income tax ranging from for new investments in return credits estate development. small business start-ups to real to qualify for such funds the CDC or non- order In profi if the CDC (CDE). However, Entity Development it may chose does not want to take this route to fund their Land to apply existing CDE’s Loan Fund. Revolving Acquisition Plannes the Master the Area Action Plan. Action the Area cials, and includes an agreed ned physical and activity programs parties theed private will develop 2009 Master Plan Appendices nes, enriches and refi

District A.1- Downtown Core to be identifi Yet and supporting neighborhood commercialresidential as part developed ofbased on criteria and requirements The public sector will also process. Plan Action the Area to help underwrite programs incentive thelikely provide of quality desired. to the level development cost of private Development of a Canal Park Neighborhood Area Action Plan stakeholders, public and private with the areas Working further defi This neighborhood. concept for this water park includes well-defi and the approval in, that have that stakeholders believe offi support of governing upon implementation approach. Control of key sites Third and the Greene between sites include the area Key to 11th the RR tracks to west Canal from Level in private is currently of this area to the east. Most Street The proper- and site assembly is a priority. ownership tenants with present new owners, ties would be held by or a com- on site, until that individual parcel remaining for redevelopment. would be ready bination of parcels developers that time the City should issue to private At based on require- Proposals, for Development a Request ments established as part of 78 Market Creation Project 5: Augusta Canal Park

5.8 Immediate Next Steps

This approach would be a much cheaper alternative Following approval of the Plan by the City. Several 2. In the meantime, assuming approval of this than the conventional fi nancing route but would also initial actions are appropriate. concept and the Master Plan, site assembly of require more coordination and cooperation. public parkland could commence. 1. The exact placement of this large park should be The $5.4 million in public fi nancing would require determined on the basis of the future disposition 3. The plan also suggests enlargement of the Third funds from the most typical sources. These include: of the J.C. Calhoun Expressway, so any action Level Canal into a boating lagoon in this area. would likely await the recommendation of the This would require study and approval by the • SPLOST Funds Urban Area Transportation Planning Review. If Augusta Canal Authority. • Municipal Bonds the Expressway remains, the potential of making • Community Development Block Grant Funds a strong connection to the Medical Area and All of the above suggests that the Area Action Plan • Canal Authority Capital Budget Funds the use of Sacred Heart Cultural center as a for this area should be done in concert with those of cornerstone of the park is diminished such that surrounding areas. While additional work needs to be done to button the park may be better situated a block further down the actual cost of this project, our analysis east. Therefore the Transportation Planning suggests that this is the type of project can be done reviews should be completed as soon as possible. in Augusta if there is strong commitment on the part of the city and development community to build a strong downtown residential sector.

2009 Master Plan Appendices 79

f St. Sebastian Heath Sciences Park 2009 Master Plan Appendices

District A.2- Medical Market Creation Project 6: 6.1 The Big Idea The city, indeed the county and region, joined with health sciences community, could realize a cutting edge, nationally significant, mixed-use health sciences park on the scale of University California San Francisco’s Mission Bay in this area o underutilized land between the present medical area and downtown core. 80 Market Creation Project 6: St. Sebastian Heath Sciences Park

St. Sebastian Heath Sciences Park

2009 Master Plan Appendices 81 this adjacency. t from industry as to a whole new economic level, as when move dramatic a city-building initiative more of the South” Lowell became “the Augusta ago. than 150 years into a world-class, of this area development Sciences Park, and sustainable Health green friendly buildings and with environmentally systems throughout. such that with multiple pathways to downtown, both will benefi and substantial research “best practices” minds”, around from drawn to this initiative dollars are the world. The goals of this project are multiple, requiring multiple, requiring are The goals of this project the on-going collaboration of both public and listed below: sectors. A few key ones are private 1. Sciences’ Health Augusta’s to move this area Use 2. for re- the canal system as a framework Use 3. in this particular Locate this development area, 4. that the “best so attractive this area Make A.2-G A.2-C A.2-B A.2-E A.2-D A.2-A A.2-F N 2009 Master Plan Appendices A.2-MCP1 Market Creation Project Area of Influence Recent and proposed project Project proposed by Master Plan

LEGEND Medical District Boundary with Key Projects and Initiatives Projects Medical District Boundary with Key District A.2- Medical 6.2 Goals and Objectives 82 Market Creation Project 6: St. Sebastian Heath Sciences Park

6.3 The Scene Today

This area is bounded by 13th and 15th Street and FIRST Broad Street. There are many acres of underutilized land within this area. This was the industrial heart of LEVEL BROAD CANAL STREET Augusta’s textile mill heritage. The fi rst, second and third levels of the Augusta Canal wind through this area. Today, only the Enterprise and the Sutherland Medical Area St. Sebastian Mills remain, and both have been restored to new Health Sciences uses. The Enterprise in particular is a beautiful, Park iconic reminder of those days and those activities, which turned a sleepy town into one of the nation’s premier manufacturing centers, The Medical College of Georgia.

The Calhoun Express way bisects the site on an elevated viaduct, forming an obvious barrier and deterrent to development. An active railroad line passes through this area, and often long train assemblies approaching one hundred cars run through the area.

Looking northwest over the Medical District between the Savannah River and the First Level Canal.

2009 Master Plan Appendices 83 Sacred Heart Cultural Center

Residential Commercial Religious/ Cultural Greenspace Structured Parking Surface Parking

CANAL

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wenty-first ) Direct ) New high-tech ) New parking decks ) T ) Greenway to connection from reconfigured J.C. Calhoun Express- way into the heart of the medical area downtown ST. SEBASTIAN A campus between Broad Street and Walton Way B to buffer railroad and provide emergency crossover C Century brick front townhouses along the north side of Broad Street D E HEALTH SCIENCES PARK 2009 Master Plan Appendices

District A.2- Medical 84 Market Creation Project 6: St. Sebastian Heath Sciences Park

6.4 Illustrative Full Development Program

Public Infrastructure

The fundamental question is whether or not this Completion of the St. Sebastian Way to the medical area, and re-establish a sense of the area is to be developed in a coordinated or ad Extension and the Greene Street/ historic scene. This would also allow for creation of hoc fashion in the future. In this scenario, a large Riverwatch Connection a well-balanced park in front of the Sacred Heart scale, coordinated development is assumed. The This project is currently under construction and will Cultural Center development program is divided into 1) Public provide the cross-spines on which a mega-project can Infrastructure and 2) Institutional and Private be built. Train Related Noise and Vibration Facilities which locate here. Mitigation Construction of the Linear Park and Continued freight train service through this area Greenway Connections along the Canal seems to be a given. Measures to mitigate the noise Network and vibration impacts, i.e. the establishment of This important amenity element will help attract no whistle zones and anti-vibration road beds, ties investment to the area, as well as meet one of the and rail connections are available and should be over-arching goals of the Master Plan, i.e. to develop introduced in these areas. an integrated open-space network of paths and nodes, which reinforce the theme of: “Garden Cities Rail Road Overpass in the Midst of a Green and Natural Region” and A railroad overpass from St. Sebastian Way to 13th connect the Medical Area to the Downtown Core. Street, would avoid train traffi c for those going from the medical area to Downtown or North Augusta. J.C. Calhoun Reconfiguration Direct connections to structured parking in this area This transportation initiative would end the could further facilitate ‘cross-track’ movements. expressway vehicular lanes at 15th Street and use the former ‘fl yover’ right-of-way for redevelopment and Parking Garages bike/foot paths leading to downtown. Auto traffi c The Plan recommends placement of parking and in the area could have better access into the medical utility structures in such a way that they buffer area, thanks to a ground level intersection at 15th inhabited facilities from noise and vibration. Street with an extension to old Bailie Street. The elimination of this “fl y-over” would open the area

2009 Master Plan Appendices 85

Market Creation Project 6: St. Sebastian Heath Sciences Park

Institutional and Private Build-out

The Plan envisions development of a nearly 1.3 • Agilent Technologies In addition to the buildings, the St. Sebastian Health million square foot health sciences park as a major • AtheroGenics Science Park should have a program that offers the expansion of the existing health science district, • Inhibitex following: made up largely of the Medical College of Georgia • Noramco and its teaching hospital, University Hospital, the • Clinimetrics • Venture Capital Veteran’s Hospital, Walton Rehabilitation and a • Milkart • Low Interest Revolving Loan Funds number of smaller health related businesses and • Theragenics • Technical Assistance Program organizations. The idea behind this vision is to • Bayer • Discounted Legal Assistance Fees capture the value of these health service anchors to attract a wide variety of entrepreneurial and research These companies are involved in a range of research The park, as envisioned, at full build-out, will consist activities in the health sciences fi eld to the urban area and product development including technology, of buildings ranging in size from 60,000 to 280,000 of the Augusta-Richmond County MSA. infl ammatory diseases, pharmaceutical ingredients, square feet. The buildings may be either single tenant medical devices, oral and tablet formulation, and or multi-tenant buildings based upon demand at the This is not just a physical development, it is an the manufacturing of drugs. Two companies were time of construction. The type of space that the park economic strategy using a market creation approach identifi ed in South Carolina, these were AA1Pharma will provide is very specialized space because generally initially to attract top biotech researchers and small in Charleston specializing in pain management there are a shortage of buildings that can meet the air biotech companies to the Augusta-Richmond, MSA. medications and Martek Biosciences in Kingstree that quality standards for certain kinds of biotech research. These are possible because talent is now portable manufactures and sells products derived from algae. These are buildings that have been engineered for and because similar type companies want to cluster compliance with NIH and FDA standards. Generally, in a single geographic area in order to leverage Experience has shown that it is nearly impossible for this requires large laboratories featured with metal their knowledge base. The current base of biotech small companies to grow in isolation and that they casework with epoxy tops served by central de-ionized companies in the States of Georgia and South require the technical assistance and the wisdom from water, gas and vacuum systems. The facility also Carolina is relatively small and scattered across the older executives that a research park can provide. requires emergency power equipment, an effective state. In Georgia we identifi ed the following: perimeter security system, and ample parking for employees and visitors.

2009 Master Plan Appendices 87 ce center. Uses could Uses ce center. ces. All would be done Jones and Reynolds Street for the two cities and medical This gateway area as an auto- district is prime for redevelopment oriented commercial/offi gas stations and fast food, to drive-thru range from offi banking, to doctor’s landscaped well under design guidelines that insure as building set back and edges, as well open areas that compliments and signage control requirements this important gateway. ce space, ce ce buildings fronting parking would be moved to structured facilities and to structured would be moved parking space would enhance the formal open green more of historic buildings. fronts From the Railroad Tracks north to Broad Street corridor along the a state-of-the-art research Create Sebastian the new St. Canal and around Level Third would orient development Mid-rise connector. Way As noted Canal and its linear park. Level Third to the would be a full College of Georgia the Medical above, partner of this new industry in development in this area. and four story and offi Three residential would line the north side interests private built by of the urban structure reestablishing Street, of Broad The few historic homes would this important street. to new uses. be preserved and renovated right-of-way, the railroad bounded by the area In the elimination of and 13th Streets, Greene of development would allow Calhoun in this area and offi residential new mixed and the beautiful Canal Park Augusta the proposed Center. Cultural Heart Sacred yover rst focus on creating 2009 Master Plan Appendices cation of the former Sears site will likely be cation of the former Sears District A.2- Medical From Walton Way to the First Level Canal Densifi College strategy for the Medical the major growth or mitigated by created the next decade. Sites over fl the elimination of Calhoun Expressway could accommodate additional MCG educational and converted from were existing parking clinical needs. If surface facilities, land would be available to structured feet of building thousand square hundred for several MCG campus. well-landscaped within an attractive, From the 1st Level Canal to Railroad Tracks Street, Canal and Broad Level the First Between should fi initiatives development sector and the partnerships the private between is Mill The Enterprise College of Georgia. Medical anchor, important as an existing mixed-use extremely to garages, and, with the consolidation of parking that property could be further primarily as developed adjunct and service uses. with a large percentage new development Denser would focus on the east side parking of structured The bulk of existing surface Way. Sebastian of St. 88 Market Creation Project 6: St. Sebastian Heath Sciences Park

6.5 Comparable Projects in other Cities

There are number of different university research At full build-out the park will contain 1.5 million The park offi cially opened in 1995 after the parks or life sciences parks around the country that square feet of research, offi ce and laboratory space in completion of the Virginia Biotechnology Center have been developed over the last two decades. more than one dozen buildings and employ 3,000 which housed the commonwealth’s fi rst technology However, one development that could be used as scientist, researchers, engineers and technicians, incubator and administrative offi ce space. The park a model because of its strong urban orientation working in fi elds that include drug development, has expanded its business assistance function to early is the Virginia Bio Technology Research Park medical diagnostics and devices, biomedical stage companies with the creation of the Virginia in Richmond, Virginia. The park is situated engineering, environmental biosciences, and Biosciences Development Center. The park has 16 on 34 acres of land that is next to the Virginia forensics and laboratory services. business partners in the Richmond area who support Commonwealth University Medical Center. the park with substantially reduced rates for service. The idea for a park of this type was started in the These include both law and CPA fi rms. The park now has over 55 public and private life mid 1980’s when the business and civic leadership science organizations that occupy more than 1.1 of the city began to discuss how a research park million square feet of space on nine buildings might attract life sciences companies into the and employ more than 2000 scientist, engineers, downtown area. However it took a new President technicians and support staff. Capital investment in at the university to get things going. The planning the facilities is already approaching $500 million. process began in 1992 as a partnership between the Commonwealth of Virginia, The City of Richmond, and Virginia Commonwealth University. The park was incorporated as a 501-C-3 in May of 1992 and began operating as the Virginia Biotechnology Research Park Authority in July of 1993.

2009 Master Plan Appendices 89 ect this trend as well. This is re- as well. ect this trend nancial analysis for the 60,000 as similar local markets is soft as well ce market ected in Augusta by the amount of space that is still by ected in Augusta Financial Feasibility We have therefore concluded that the national commer- therefore have We cial offi conditions and Columbia. Further, such as Greenville refl probably in Augusta fl foot. and the offering prices per square for rent available the fact that a major private/All of these factors reinforce city/ county/ state joint effort will need to be made health sciences park. for the proposed a market create undertaking the fi In using the are foot health sciences building we square construction other similar estimates determined from and adjusted somewhat for pricing in the Au- projects purposes of this analysis we gusta-Richmond, MSA. For assumptions for the develop- making the following are foot health sciences building. ment of the 60,000 square • foot cost shell @ $120 per square Hard • @ 100 allowance improvement Tenant • cost = $36 cost @ 30% of hard Soft • foot Land cost at $10 per square • a @ $4,000 per space parking Surface a tenant contribution is generally addition there In Note: foot which is not $100-$120 per square from required borne the developer. by ciently rms in the ed as “the ed as “the lco Degremont, Degremont, lco are above 10%. above are liate of the world’s leading water liate of the world’s ce data for the Augusta market is not suffi market ce data for the Augusta Market Support support must The market for such a development demand is no traditional market There be created. as the history of the However for such a facility. Center Biotechnology Virginia of the development became identifi once the park shows, state and local government in the city, area” research 500 companies wanted to as Fortune as well example, Biotech For locate facilities in the park. American Research is the home of North Five Center for Infi and Development the U.S. affi Inc., is the Nine Biotech engineering company. treatment USA Center for Research Morris home of the Phillip This is a $350 million structure Technology. and worldwide R & D in which most of the company’s efforts been consolidated. have base of biotech fi The absence of a strong that there indicates that at present area metro Augusta spaceis little or no demand for the type of specialized noted that while have We in this plan. proposed offi accurate for good conclusions to be drawn on the statistics are where extent of demand. However, and in the Greenville, at the national level available we similar, which are SC and Columbia, markets, rates found that vacancy have ce space, ce rms in the 2009 Master Plan Appendices

Start-up Project Concept the start-up would include a biotech project Ideally, offi lab space, administrative wet incubator, biotech companies mature space for more and rental because of its positive who want to locate into the area business climate, location near the hospitals and Fort Plant. River or the Savannah Gordon, the following would propose As a startup we project initiatives. Table 6.2 Development Analysis Capital Fund Venture Loan Fund Revolving &FDA Assistance/Marketing/Financial Technical Process Approval Legal Services Discounted $1,000,000 feet) 1 (60,000 square HS Building $18,803,200 Road Internal $1,000,000 Parking Surface $21,561,200 Total $21.6 approximately This initial effort requiring $500,000 -0- cost with less than $2.7 million in total development million being in public cost would serve as the initial of technology fi catalyst to spur the growth MSA. Augusta-Richmond, $200,000 $528,000 District A.2- Medical 6.6 Start-up Program 90 Market Creation Project 6: St. Sebastian Heath Sciences Park

The use of these assumptions yield a total Table 6.3 Estimation of Total development cost of approximately $322.19 per Table 6.4 Development Analysis for Development Cost Health square foot. Table 6.3 shows our estimation of total Health Sciences Building 1 Sciences Building 1 development cost, not including an additional tenant Income @ $30per square foot $1,800,000 Land Cost @$10 psf $1,060,000 contribution of approximately $100 per square foot. Vacancy Rate @ 5% $90,000 Net Rental Income $1,710,000 Hard Cost @129 psf $7,200,000 It is therefore obvious that due to the specialized Contributions $566,898 Tenant Improvement @$100 psf $6,000,000 character of these type facilities, they can be expensive to develop, especially when considering University Support $353,937 Soft Cost@$36 psf $2,160,000 the additional tenant contributions that are likely to Interest Income $39,684 Surface Parking @$4,000 per space $528,000 be required. Miscellaneous Income $15,630 Builders Fee @ 15% $2,383,200 Total Operating Income $2,686,149 Table 6.4 shows our estimation of the operating Operating Expenses Total Development Cost $19,331,200 results for the 60,000 square foot health sciences Salaries and Benefi ts $315,299 Total Building Size 60,000 building assuming rents of $30 per square foot which Marketing and Promotion $131,377 Development Cost Per Square Foot $322.19* would be expected for this type of quality space. The table shows that the park authority should be able Occupancy Cost $601,335 Note: Does not include tenant improvement contribution of $100 per to achieve a net income of approximately $820,000 Administrative $ 70,183 square foot Source: George Henry George Partners on project income of about $2.7 million. However Amortization Expenses $107,616 we should note that if we add back depreciation and Depreciation Expenses $615,644 amortization expenses approximately $1.5 million Other $24,384 would be available annually to support debt service. Total Operating Expenses $1,856.836 Operating Income $820,312 Add Back Amortization Expenses: $107,616 Add Back: Depreciation $615,644 Net Available for Debt Service $1,544,572

2009 Master Plan Appendices 91 ned cials, and includes an agreed ne the Master Plan concept for Plan ne the Master ne, enrich and refi Development of a St. Sebastian Way Development of a St. Sebastian Way Health Sciences Park Area Action Plan this plan the consortium, with would work With stakeholders, further public and private the area’s defi This includes well-defi Sciences Park. the Health and time-tables that physical and use programs and in, that has the approval stakeholders believe offi support of governing upon implementation approach. cient land, cient to bring the table. gured rst step, is to have site control of suffi site control is to have rst step, Current land-owners must participate. For this must participate. For land-owners Current any chance of succeeding, a key to have endeavor fi located and confi properly are Power and Georgia DOT, Georgia The railroads, and must be convinced that it is in all key players to collaborate on this initiative. their interest Canal Park Champions must step forward leaders of the political, highest level Augusta’s business and medical institutional sectors, must further and sell this plan. An exploratory develop the heads of state committee, led by delegation, the county commissioners, congressional and a recognized the MCG president the mayor, should initiate this process. business leader, ed in this Master 2009 Master Plan Appendices

District A.2- Medical 6.7 Realizing the St. Sebastian Health Sciences Park Key Early Actions and Overall Timetable Vigorous Public and Private Support identifi and initiatives all projects Of of the health sciences industry development Plan, is the most complex but has biggest payoff and economic in terms of the long term growth and, indeed, the region. Area health of the Urban Plan, of the Master the City, by approval Following public/private a mechanism to facilitate follow-up to collaboration, a “Consortium of Champions” carry the concept forward must be developed. the focus is local, but state and federal Initially, In quickly. decision makers must be approached the leaders of City and medical particular, the MCG, should organize led by community, political and business community leadership of the Sciences this Health to rally around region entire initiative. 92 Market Creation Project 6: St. Sebastian Heath Sciences Park

Control of key sites This Master Plan identifi es the area between the existing railroad right-of-way and Broad Street as the site of Phase One Development. The land is in relatively few hands and there is interest on the part of some to sell or to participate in the development. This area is key in that it will be opened up and better connected to both downtown and the medical campus core by the new St. Sebastian Way. St. Sebastian Way Health Sciences Park is a massive undertaking which will require multiple fi nancing vehicles from numerous sources to realize. The core strategy includes at least four key public program components, designed to make it a viable undertaking.

2009 Master Plan Appendices 93 nancing would require nancing would require The $2.7 million in public fi These include: the most typical sources. funds from Funds • SPLOST Bonds • Municipal • Funds Government State needs to be done button While additional work our analysis the actual cost of this project, down can be done in suggests that this type of project commitment on the part is strong of if there Augusta the City of Augusta, College of Georgia, the Medical of Georgia. and the State rst would nance this project nanced, as equity or loans. Further incentives, such incentives, nanced, as equity or loans. Further For health sciences facility development will be privately much of the development Ultimately, fi may write-downs, and property purchase as tax relief project. creation this market be needed to realize means to fi preferred One have We bonds. the use of revenue be through bonds could be issued estimated that if revenue with coupon rates ranging for a period of 20 years one and escalating to in year 3.7 percent from 20 it would in year 6.1 percent approximately a small subsidy of about $200,000 in the fi require income did not unless rental but none thereafter year perform up to expectation. Another major funding fou is through source guration of the 2009 Master Plan Appendices to reconfi t analysis related nancing such as Tax Allocation District Allocation District Tax nancing such as

(TAD) programs allow future tax revenue from new from tax revenue future allow programs (TAD) to underwritedevelopment additional infrastructure including, but and public sector improvements, graphics, environmental trees, not limited to street signage, and other improvements. Foundation and Federal/State Grant Programs and corporate foundations to solicit private Actively NIH and out aid from support this concept. Seek sources. similar governmental District A.2- Medical Potential Funding Sources For Infrastructure SPLOST Funding for Core Infrastructure Improvements along Broad Street and Third level Canal Park funds for professional in 2009 for SPLOST Apply planning and design services to developing related which would include public Plan, Action an Area along the canals and improvements infrastructure cost/benefi in this area. J. C. Calhoun Expressway Public Financing to build in Open Space Amenity fi Public 94 Market Creation Project 6: St. Sebastian Heath Sciences Park

6.8 Immediate Next Steps

Efforts to develop this concept have been mentioned 2. If there is not adequate land available, there This initiative will likely require a decade and for several years, with little success, due largely to is no opportunity for support for anything more of devoted effort involving a skilled full-time lack a detailed strategy, adequate resources and other than ad hoc development. The City professional director and supporting staff, as well sustained, coordinated action on the part of the of Augusta, with the cooperation of others, as signifi cant dollar and political capital. Properly City and the Health Sciences entities. This project must move quickly to assemble the Phase One conceived and played, this is market creation at its redefi nes and expands earlier initiatives. area identifi ed above, and hold it until its full best, building on existing attributes and assets, to potential can be identifi ed and implemented. move to a whole new level. The pay-off is a large 1. Development of a mechanism to facilitate scale initiative which can grow across the entire public/private collaboration to carry the 3. SPLOST and/or other funds should be medical expansions area, and would redefi ne not concept to the next level. To this end, a high- approved and released to allow planning, design only the Urban Area, but also the entire region. level consortium (state and local offi cials, and construction of the key open-space, health, leaders in the medical community, the business safety and welfare, infrastructure components. community and other key stakeholders) should This will promote tangible early results which be established, properly staffed, fi nanced and have immediate public benefi t, while making charged with implementing this plan. This can the area more attractive to potential private/ be started through an Area Action Plan process, foundation investment. directed by this consortium.

2009 Master Plan Appendices 95

tward auto te, new lage providing Harrisburg Canal Village 2009 Master Plan Appendices

District A.3- Harrisburg Market Creation Project 7: 7.1 The Big Idea Harrisburg needs a new mixed-use retail center, in the spirit of one that served this area early twentieth century, needed services while giving the neighborhood a new image and identity. The First Level Canal, as it runs from Chaffee Park eas to the historic and iconic Butt Bridge, offers nearly a mile of high quality waterfront. An up-scale, European-styled canal vil with the canal-bordered, tree-lined path and near continuous row housing would facilitate more direct access to water access and parking in the rear. This canal-side parkway would be part of greenway network connecting to downtown. At Broad Street, the village would flow into historic mill scene with a new neighborhood center of mixed and site-appropria construction. This retail development would be supported by the combination of new surrounding residential and increased street traffic along the improved Broad Street corridor. 96 Market Creation Project 7: Harrisburg Canal Village

Harrisburg Canal Village

2009 Master Plan Appendices 97 ll projects. ll pleasant in-town Augusta neighborhood. Augusta pleasant in-town Harrisburg. mill village setting Area Heritage National and appropriate reuse adaptive sensitive through new infi a creating by Area, to the Urban to return desirable, waterfront, high-end new residential district along the canal. existing buildings in the rehabilitating units by neighborhood. the Calhoun Expressway. The goals of the Harrisburg Canal Village Village Canal The goals of the Harrisburg the on-going multiple, requiring are development sectors. collaboration of both the public and private listed below: A few key ones are 1. as a safe, stable and Harrisburg Reposition 2. in Street of Broad revitalization Promote 3. Canal and enhance the Augusta Preserve 4. disposable income people with more Entice 5. housing affordable to create investment Attract 6. neighborhood across the Harrisburg Reconnect N A.3-B A.3-MCP1 A.3-C A.3-H Market Creation Project Area of Influence Recent and proposed project Project proposed by Master Plan LEGEND A.3-G A.3-A 2009 Master Plan Appendices A.3-E A.3-F A.3-D

7.2 Goals and Objectives District A.3- Harrisburg Harrisburg District Boundary with Key Projects and Initiatives Projects Harrisburg District Boundary with Key 98 Market Creation Project 7: Harrisburg Canal Village

7.3 The Scene Today

The area generally runs along either side of the First Level Canal between the Butt Memorial Bridge Harrisburg and Chaffee Park and along Broad Street from 15th Canal Sibley Mill Village Street across. Crawford Avenue to the Ezekiel Harris House. The majority of properties along Broad Street are underutilized and in need of extensive repair.

While there are a number of active churches in the area, the blocks that lie between the Calhoun Expressway and the canal, running from 15th Street to Crawford Avenue are comprised of largely vacant parcels and distressed housing. Georgia Power has power line easements along canal banks through this area, which, at present, makes it impossible to develop this resource into a meaningful amenity. BROAD STREET The Proposed Kroc Center project at the corner of Eve and Broad will not only enhance the area, but will also provide a critical back drop for the Canal Village project. The proposed revitalization of Chaffee Park and reinterpretation of the historic scene, all of which is part of the Kroc Center development will further prepare this area for private redevelopment.

Looking over the Harrisburg District along the First Level Canal.

2009 Master Plan Appendices 99 Residential Commercial Religious/ Cultural Greenspace Surface Parking

P LEGEND

Butt Bridge Memorial Park

T

15TH STREE 15TH SAVANNAH RIVER SAVANNAH Georgia Power Substation

I WRIGHT AVENUE WRIGHT

H CANAL

AY FIRST LEVEL LEVEL FIRST

CAHOUN PARKW G B D A

BROAD STREET C

P D E

P F

N Harrisburg Canal Village Illustrative Site Plan Harrisburg Canal Village 2009 Master Plan Appendices lines ) Infill housing ) Establish resi- ) Sibley and King ) New Village Com- ) Residential devel- ) Recreated Historic ) Chaffee Park ) Kroc Center ) Relocate/bury mercial Center Mill Housing Setting HARRISBURG VILLAGE A B C D E F G H I opment along the First Level Canal Mills redevelopment along Broad Street revitalization utility dential buffer along Wright Avenue to halt encroachment District A.3- Harrisburg 100 Market Creation Project 7: Harrisburg Canal Village

7.4 Illustrative Development Full Program

Public Infrastructure Private Buildout

The Plan envisions capturing the value of the canal Broad Street Improvements Harrisburg Neighborhood Center in Harrisburg as one component of a major devel- These would include all of Broad Street as it passes Bounded by Crawford Avenue, Broad Street, the opment initiative that will build an additional 270 through Harrisburg, from Washington Road to Calhoun Parkway and the canal, this project would new housing units not including current plans for 15th Street, with a particular emphasis on street tree add new construction with historic structures in the renovation of the Sibley Mills. The new hous- planting and the burial of overhead utility lines from a mix of retail, church, civic and residential uses ing development would include 100 waterside town Eve Street to 15th Street. reminiscent of the vibrant historic scene supposed in house units, 120 apartment units, and 50 new units the early 20th century. This reinterpretation would of residential infill. In addition the vision calls for 12 First Level Canal Utility Line Relocation be designed to serve both the adjacent residents, as relocated houses and 80,000 square feet of commer- No signifi cant redevelopment can occur along the well as motorists along Broad Street. cial retail and service. First Level Canal until the existing lines, both high tension and distribution, are either relocated (likely Harrisburg Historic Millworker Over a 20 year period the area could see new and to the Calhoun ROW) or placed under ground. This Housing Setting improved roads and parking and quality open space is a high priority fi rst step for this area. This project would relocate and restore six to eight with improvements including a new canal front- historic mill worker houses on the north side of Broad, age road, surface public parking, and the conversion Calhoun Expressway Reconfiguration opposite the proposed neighborhood center, as part of the of J.C. Calhoun Expressway to a parkway. There While the Canal Village project could go forward Kroc Center Mitigation requirement for their new facility would be canal footbridges, canal path improve- without this initiative, reconfi guration of the which has negative impacts on the area’s Historic Scene. ments, Broad Street streetcaping, Chafee Park Calhoun Expressway would facilitate vehicular improvements, a Harrisburg Connector and Hawkes access, cross-connections within the neighborhood, Canal-side Residential Gulley Raceway. realignment of utilities and potentially make Once utilities are relocated, a high-end residential more land available for both parkland and private development can take advantage of this uniquely sited redevelopment. waterfront location. This project would after new construction infi ll of sites adjacent to on-going mill- worker housing renovation along Broad Street, and would re-use the former Martha Lester School and the historic city stables, thereby encompassing the area between the Calhoun and the Broad Street corridor.

2009 Master Plan Appendices 101 2009 Master Plan Appendices

Table 7.1 Cost Estimate for Harrisburg Canal Village District A.3- Harrisburg 102 Market Creation Project 7: Harrisburg Canal Village

7.5 Comparable Projects in other Cities

Harrisburg Canal Village lies in a nationally While specifi c new residential development on In Europe, good historic examples exist along the signifi cant historic setting, and within an easy walk former industrial canals is relatively new in this Union Canal in England, in Amsterdam, Paris and to the medical campus, the region’s major employer. country, good examples do exist in Cambridge, Venice. A New York state program is developing It capitalizes on the First Level Canal, Chaffee Park Massachusetts, on the Lechmere Canal; on the canals residential use on stretches of the historic Erie Canal. and a proposed Butt Bridge Park to leverage value. of downtown Lowell, Massachusetts; at Mission Bay The point is that where there is amenity at hand, in San Francisco; and in Georgetown, Maryland. In water or park, there is added value, pleasure and Typically, private developers prefer to develop another form, canal-side development has long been excitement. around a key amenity and parks and water are a staple along the Florida coast. Even in the original among the best. Historically, the best properties were town center of Reston, Virginia was built on a canal- situated on land surrounding an important public like water body. park or open space, such as Boston’s Common or Chicago’s Lincoln Park.

2009 Master Plan Appendices 103 Source: George Henry Partners The unit mix size and monthly rental amounts for the apartment building can be found in follow- ing table. Under our current assumptions, we are proposing 40 one bedroom units of 800 square feet; 30 two bedroom units at 950 square feet, 15 bedroom units with den at 1150 square feet, and 15 three bedroom units. Market rents for such units in the Augusta-Rich- mond market range from low of about 52 cents per square foot month to a high of $1.14 month. For the purpose of this analysis we are going to set our price points as 90 cents per square foot per month for the one bedroom; 85 cents square foot per month for the two bedroom unit; 80 cents per square foot month for the two bedroom with den unit; and, 75 cents per square foot month for the three bedroom unit. Monthly Rents Table 7.2 Unit Mix and Pricing Number of Units Type 40 30 1Br 15 Size Monthly 2BR 15 2 Br +Den Rent 3BR 800 1150 950 $720 $808 $920 1350 $1,013 Start-up Project ConceptGiven current and probable future market condi- tions, we have concluded that the initial start-up activities for the Harrisburg Village Canal, in Unit Mix Size and addition to the Sibley and King Mill renovation ini- Relocation tiatives should include the following: Utility • Power $15,000,000 • Footbridges 120 Unit Waterside Apartments • Canal $21,346,280 • Broad Street Streetcaping • $480,000 Canal Path Improvements Total Estimated Cost Phase I $1,000,000 While some of these public improvements are cer- $38,026,280 $200,000 tainly expensive, in addition to their obvious public open space benefit for the entire community, they are designed to generate over $90 million in private investment over the following 20 year period. The 120 unit market rate apartment building, in concert with the public improvements, would be a good start to the process. 2009 Master Plan Appendices

District A.3- Harrisburg 7.6 Start-up Program The plan envisions capturing the value of canal in Harrisburg as one component of a major develop- ment initiative that will build an additional 270 new housing units not including current plans for the renovation of the Sibley and King Mills. The new housing development would include 100 waterside town house units, 120 apartment and 50 new units of residential infill. In addition the vision calls for 12 relocated houses and 80,000 square feet of commercial retail and service. Over a 20 year period the area could see new and improved roads and parking quality open space with improvements including a new Canal Frontage Road, Surface Public parking, and the conver- sion of J.C. Calhoun Expressway to a parkway. These would include canal footbridges, path improvements, Broad Street Streetcaping, Chafee Park improvements, a Harrisburg Connector and Hawkes Gulley Raceway. An important precondition needed to capture some of these future development opportunities will be the need to relocate the power utility. 104 Market Creation Project 7: Harrisburg Canal Village

Development Cost Estimates

These rental rates would result in rental rates for the one Development costs do vary among regions, however bedroom of about $720; the two bedroom of $808; the we have based our estimates on what similar projects Table 7.4 Estimated Development two bedrooms with den of $920 per month; and the have cost. Some studies have shown that mid-rise and Cost for Harrisburg Canal three bedroom unit of $1,013 per month. high rise projects require relatively high construction Village Apartment Building cost methods because they are generally built of steel Market Support for Rental Housing and reinforced concrete, while townhouses and low rise Unit Cost 2008 Dollars Table 7.3 shows the distribution of households in housing up to four stories are usually less expensive, Average Square feet per Unit 1062 the PTA and monthly housing cost the households stick built construction not requiring elevators. We have Hard Cost per square feet $115 can afford the proposed rental units based upon the assumed the development cost will be as shown on a per Soft cost per square feet.20% $23 unit basis in Table 7.4. HUD standard. This 30% standard includes the Design Fees $8.50 payment of the cost of heating and electricity, as well Developer Fees $22 as other occupancy related expense We have estimated hard construction cost of about $115 per square feet, soft cost of approximately $23 Total Cost $167.50 Table 7.3 shows that the target household for this per square feet, design fees at $8.50, and developer Total Unit Cost $177,885 project would be households with incomes between fees at $22. This generates a total unit cost of Total Project Cost $21,346,200 $35,000 and $75,000. These households make up approximately $177,885 or about $167.50 per approximately 35% of the households in the trade square foot. This would create a total project cost of Source: George Henry George Partners area. There are approximately 59,000 of these house- $21,346,200. holds in the market however about 65% of them are probably home owners leaving only about 20,000 or so in the rental market. Further complicating this Table 7.3 Monthly Housing Budget problem is the rental market pricing structure which Household Primary Trade Percent of Annual Housing Monthly Housing is a low cost market. Income Area Households Total Households Budget Budget Nevertheless, the market base is sufficient to attract ten- $35,000-$49,999 26,462 15.76 $12,000 $1,000 ants to this project if environmental problems can be $50,000-$74,999 32,729 19.49 $18,600 $1,550 addressed and an exciting quality development could use Source: U.S. Census Bureau and George Henry George Partners the canal and canal park system as a quality amenity.

2009 Master Plan Appendices 105

Market Rate Per Square Foot Foot Square Rate Per Market ft. per unit Square per Unit Rent 0.9 of Units Number Rents Monthly Total Annual Rents Factor Estimated vacancy Annual Gross 800 (Assume 5%) Factor Vacancy Loss Estimate Vacancy $36,000 50 0.05 $720 0.85 $432,000 $21,600 $432,000 $28,263 950 0.8 $808 0.05 35 $339,150 $16,95 $9,200 $339,150 1150 0.75 $5,063 $110,400 $920 0.05 $60,750 $ 110,400 $5,520 10 $60,750 1350 $1,013 $3,038 0.05 5 Categories 1BR 2BR 2BR+Den 3BR 2BR+Den 2BR Table 7.5 Project Income Estimates 1BR Categories Source: George Henry Partners 2009 Master Plan Appendices

ected in Table 7.6. Table ected in District A.3- Harrisburg Gross Income Estimates income estimates based our project 7.5 shows Table think is possible in the Augusta upon what we of income for the The major source market. regional As market. the rental will be generated by project projected units are the one-bedroom the table shows $432,000 annually in to generate approximately units will generate income; the two-bedroom project income; the two $339,000 in project approximately plus den units will generate approximately bedroom units about $61,000.. $110,000, and the 3 bedroom estimating are we is fully leased up, the project Once have of 5%, which we a normal operating vacancy income as will be gross the projected deducted from refl 106 Market Creation Project 7: Harrisburg Canal Village

Projected Operating Performance

Operating expenses have been held to 44.4% of Table 7.6 presents a “back of the envelope” operating Table 7.6 Projected Operating Performance pro forma for the 120 unit apartment complex based gross effective income, which we believe would be upon projected gross income of $942,300 less the reasonable for a project of this type. Net operating Potential Gross Rents $942,300 projected 5% vacancy allowance of $47,115 plus income is projected to be about $521,448. This is Less: Vacancy Allowance $47,115 about $43,346 in other income. This creates gross the amount that would be available to meet demand. Sub-total $895,185 effective income of approximately $938,531. Plus: Other Misc. Income $43,346 Effective Gross Income $938,531

Operating expenses are projected to be Less Operating Expenses approximately $417,083 or approximately or about Management Fee (5% of Gross) $46,927 44.4% of gross effective income. These expenses Salary Expenses $83,529 include management fees, salary expenses, utilities, Utilities $44,111 insurance, supplies, advertising, and maintenance Insurance $15,016 (including replacement reserves) and property taxes. Supplies $8,916 Advertising $13,609 Maintenance, Repairs and Replacements $77,335 Property Taxes $127,640 Annual Operating Expenses $417,083 Net Annual Operating Income $521,448 Source: George Henry George Partners

2009 Master Plan Appendices 107 Harrisburg Canal Village Champions Harrisburg Canal Village Champions must step forward Oddly enough, Georgia Power holds the key to revi- talization of this area. Relocation or burial existing overhead transmission and distributions lines along the canal and Broad Street, masking of existing substation site must be done before mean- ingful development can occur. The City needs to develop a strategy for the City Barns and other city- owned property in the area. Local churches, either individually or collectively, and others can become active participants. Private development interests currently involved in this area can embrace the idea. Property owners can participate in a number of ways. The Canal Authority is the natural leader for organizing this collaboration. Vigorous Public and Private Support The Augusta Canal Authority considers this one of their most significant areas. The Kroc Foundation is working with the Authority and Historic Augusta, inc. in the preservation and enhancement of key aspects of the historic scene, i.e. worker housing groupings. Private development efforts are ongo- ing to rehabilitate key housing clusters along Broad Street. The neighborhood has at least two active community groups and a neighborhood association who can support this initiative. The city’s Depart- ment of Housing and Community Development is showing considerable interest in the area. 2009 Master Plan Appendices

7.7 Realizing the Harrisburg Canal Village Neighborhood Key Early Actions and Overall Timetable A key strategy of the Master Plan is to create excit- ing new projects in those locations each of the surrounding neighborhoods, which are most proxi- mate and convenient to the downtown which are situated next to a major amenity. The Harris- burg Canal Village, situated on potentially attractive waterfront in the midst of a nationally significant historic area and adjacent the medical district, meets these criteria very well. Following approval of the plan by the City/County Commissioners, implemen- tation should commence through the Area Action Plan phase. Key components for realizing this plan include: 108 Development of a Harrisburg Canal Village Area Action Plan An Area Action Plan should be undertaken as soon as possible. This Area Action Plan would build on the concepts identified in this Master Plan and finalize a feasible plan, program, concept design, and development timetable for this project. To be successful, it must be inclusive and realistic, in order that stakeholders can embrace it and that governing officials can approve it, support it and that all can agree upon joint implementation approach.

Control of Key Sites There are a number of key sites, including the entire area bounded by Crawford Avenue, The Calhoun Expressway, Broad Street and 15th Street, where site assembly has begun and should continue. City- owned land should be inventoried in this area, and including the commercial buildings on Broad, just east of the Ezekial Harris House. Agreements must be made on properties just east of Chaffee Park.

2009 Master Plan Appendices 109 Given the enormous needs of this project, as well the townhouse project proposed, one might have to make a determination as to whether public subsidies might be leveraged better on other projects until the pre-condition of relocating the power lines has been met. On the other hand, as technologies improve and demands change, the utility company should immediately add the need to mitigate this negative impact into its future planning. Financing of the proposed public improvements The first phase public improvements have been estimated to require approximately $1.7 million in public financing. It is expected that most of these improvements will be funded by the City of Augusta or the Augusta Canal Authority. Potential sources of funds will likely include SPLOST funds, TIF Funds; EDA Public works funds or The Canal Authority Capital Budget. Special consideration should be given to the need finance the power utility relocation. Public policies differ as to who should pay for the relocation of power lines. In most cases it becomes a question of who benefits. For example, if lines have to be relocated in order to build a highway or put new street it is perceived as a public benefit and paid for by the public sector. On other hand, if relocation is seen as benefiting a third party such a private developer, then that party is expected to cover the cost. One approach might be to create a special tax allocation district that would float bonds for a portion of the cost with utility also bearing a part of the cost since it will also benefit from development of the Harrisburg Canal Village. 2009 Master Plan Appendices

included in the analysis) District A.3- Harrisburg Potential Funding Sources Since the $434,000 could only finance approximately $6.3 million in debt services on a $21.35 million dollar project, it is clear that operating income will not be sufficient. Project strategies to cover potential debt service requirements, even if a substantial amount could be raised through syndication. This is largely because market rents within the area are not sufficient to carry the costs of a new construction project. It would therefore require a creative financing approach that would perhaps require more subsidy tools then are currently available. Among the that may be available are the following: • Deferred note on portion of developer fee • Land write downs (which has already been syndication • Equity abatements tax • Property 110 Market Creation Project 7: Harrisburg Canal Village

7.8 Immediate Next Steps

Redevelopment of this area, with the wide First Level 1. Support of the ongoing neighborhood planning 3. Commence site assembly along the First Level Canal running through it, can transform this part efforts, as well as the activities of private Canal from the Butt Bridge to Chaffee Park, of town, can be a catalyst for realizing a whole new developers to provide high quality rehabilitation image of Harrisburg, and can link the downtown of historic mill worker housing along Broad 4. Work with Historic Augusta, the Canal to this neighborhood and all neighborhoods to Street, and the mitigation efforts of the Kroc Authority and interested parties to research the west. Following approval of the plan by the Center development in this area, fully, both the Revolutionary War and Commissioners, and the Augusta Canal Authority, industrial history of this area. the process of developing an inclusive Area Action 2. Realizing that this may be a decades long Plan process should commence as soon as possible. effort, commence investigation and analysis Key fi rst steps include: of the relocation of power transmission and distribution lines away from the canal and Broad Street, to the J.C. Calhoun corridor.

2009 Master Plan Appendices 111 stem. Dyess Canal Village 2009 Master Plan Appendices

District A.4- Laney Walker/ Bethlehem Market Creation Project 8: 8.1 The Big Idea Residential development around Dyess Park and the Third Level Canal will create a high-quality affordable neighborhood of renovated and new housing at the point most proximate to downtown core eastern terminus of historic canal sy The project would also capitalize on the presence of new Judicial Center to create a neighborhood commercial center. 112 Market Creation Project 8: Dyess Canal Village

Dyess Canal Village

2009 Master Plan Appendices 113 ll projects, ll neighborhood to the downtown core, neighborhood to the downtown Area, to the Urban to return neighborhood, Augusta pleasant in-town this area, and reuse adaptive sensitive through Area Heritage new infi appropriate existing buildings in the rehabilitating units by neighborhood, The goals of the Dyess Village development are are development Village The goals of the Dyess the on-going collaboration of multiple, requiring sectors. A few key ones both the public and private listed below: are 1. and Bethlehem Walker Connect Laney 2. disposable income households with more Entice 3. as a safe, stable and Walker Laney Reposition 4. within Way Walton of revitalization Promote 5. Canal National and enhance the Augusta Preserve 6. housing affordable to create investment Attract 7. the quality of new construction. Improve A.4-MCP1 A.4-E A.4-D A.4-B A.4-A N A.4-C 2009 Master Plan Appendices Market Creation Project Area of Influence Recent and proposed project Project proposed by Master Plan

LEGEND District A.4- Laney Walker/ Bethlehem 8.2 Goals and Objectives and Initiatives Projects District Boundary with Key Walker/Bethlehem Laney 114 Market Creation Project 8: Dyess Canal Village

8.3 The Scene Today

Dyess Park is a multi-use recreation facility, with Dyess swimming pools, basketball courts and ball fi elds, Park with the former fi rehouse converted to community Canal space. New residential development is occurring on Village the blocks to the west and north of the park. Parcels are being acquired in this area in anticipation of THIRD further development in the future. Dyess LEVEL Park CANAL Environmental clean-up of the Third Level Canal is complete, canalside parks and trails are planned that will convert this former liability into an amenity around which to focus redevelopment.

The new Judicial Center at 9th and Walton Way can become a catalyst for further development along both streets. Also at the northern edge, if the James Brown Arena were redeveloped or relocated to another location, a new residential neighborhood connecting corridor could open up to Greene Street and the downtown core.

Looking northwest over Laney Walker and Dyess Park.

2009 Master Plan Appendices 115 R.R.

P

P

T

7TH STREE 7TH

EET

E STR IGG TW

P

P

P

TAYLOR STREET

T 8TH STREE 8TH Post Office

T

CANAL D LEVEL Dyess Park

FENWICK STREET THIRD

D’ANTIGNAC STREE 9TH STREET 9TH C New Judicial Center

P

WALTON WAY A

P 10TH STREET 10TH Residential Commercial Religious/ Cultural Greenspace Surface Parking

P LEGEND

P

P B N Dyess Park Canal Village Illustrative Site Plan Canal Village Dyess Park ntial devel- ) Renovation of ) Mixed-use com- ) Enhanced Walton ) Development of ) Single-family DYESS CANAL PARK VILLAGE A B Way streetscape C single-family and town- house infill housing surrounding the park area D park facilities into passive use E opment from the Third Level Canal along 7th Street mercial development attendant to the new Judicial Center and multi-family reside 2009 Master Plan Appendices

District A.4- Laney Walker/ Bethlehem 116 Market Creation Project 8: Dyess Canal Village

8.4 Illustrative Full Development Program

Public Infrastructure Private Build-out

The Plan envisions the Dyess Canal Village initia- Walton Way and Ninth Street Walton Way Commercial Center tive as a mixed residential neighborhood featuring Improvements The new judicial center will spark offi ce and retail single family homes, town houses, garden apart- These would include continuation of the landscaped development around it. Given the potential for train ment buildings, residential historic renovation, center median along Walton Way from the medical related delays to the north, the city block on south and new commercial development associated with area, as well as street tree planting, curb and sidewalk side of Walton Way becomes an obvious preferred the new courthouse and a growing neighborhood. improvements along both streets. Along Ninth location for this type of development. A block long Specific projects include the 40 unit single family Street, double rows of trees would strengthen the commercial building with parking in the rear is development; a 30 unit Canal Townhouse develop- sense of “street wall” and specialty lighting would envisioned for this area. Similar development could ment; a 60 unit Canal Garden Apartments, and 40 reinforce connections to downtown. occur to the east and west, along Walton Way, as the units of renovated historic housing. In support of market allows. the neighborhood residential and the new court- Third Level Canal Improvements house ICON would also add 70,000 square feet of Control devices must be installed at critical points along Third Level Canal Housing commercial development. the canal to maintain proper water levels and fl ows. As mentioned above, getting more people, and a The canals need to then be cleared of debris, silt and healthy diversity of income and household types Public amenities would include Dyess Park, canal vegetation. Complete current plans for a linear park living in the Urban Area is a major goal of this way improvements and Walton Way and James alongside the canal, with a number of small, park nodes Master Plan. This is already happening in the area, Brown Boulevard streetcaping. Like Harrisburg, this developed along the way. Develop a new plaza area at however, we believe that a focused development project also requires the relocation of some power the terminus of the Third Level Canal (includes the around the southerly end of the Third Level Canal lines and a substation which ultimately could affect former Southern Milling Company site) at 7th Street. could be very attractive to many types of households, the financial feasibility of the project. It also calls for both renters and buyers. A combination of low-rise neighborhood improvement programs for both resi- Dyess Park garden apartments and town houses along the canal, dential and retail. Current plans, calling for conversion of the existing, with single family homes to in the adjacent blocks is high-activity, recreation facility to a more passive, proposed for this area neighborhood-oriented “village green” should be implemented to strengthen the identity and sense of place of this key neighborhood focal point.

2009 Master Plan Appendices 117 2009 Master Plan Appendices

Table 8.1 Cost Estimate for Dyess Canal Village District A.4- Laney Walker/ Bethlehem 118 Market Creation Project 8: Dyess Canal Village

8.5 Comparable Projects in other Cities

Dyess Canal Village lies along Walton Way at the While specifi c new residential development on In Europe, good historic examples exist along the location where the new judicial center is located. former industrial canals is relatively new in this Union Canal in England, in Amsterdam, Paris and It capitalizes on the adjacent Third Level Canal, country, good examples do exist in Cambridge, Venice. A New York state program is developing Dyess Park and proposed pathways to downtown to Massachusetts, on the Lechmere Canal; on the canals residential use on stretches of the historic Erie Canal. leverage value. of downtown Lowell, Massachusetts; at Mission Bay The point is that where there is amenity at hand, in San Francisco; and in Georgetown, Maryland. In water or park, there is added value, pleasure and Typically, private developers prefer to develop another form, canal-side development has long been excitement. around a key amenity and parks and water are a staple along the Florida coast. Even in the original among the best. Historically, the best properties were town center of Reston, Virginia was built on a canal- situated on land surrounding an important public like water body. park or open space, such as Boston’s Common or Chicago’s Lincoln Park.

2009 Master Plan Appendices 119 excluding real estate taxes real excluding In determining market support determining market for a start-up In making the following are of this type we project assumptions: payment down • 20% • 80% mortgage @ 5.5% for 30 years • 1% property taxes foot unit these assumptions a 1400 square Using the following: would require 1. payment of $50,000 Down 2. amount: $200,000 Mortgage 3. mortgage payments of $1,135.58 Monthly 4. monthly: $208 estate taxes Estimated real the total monthly housing cost, excluding Therefore $1,343.38 per utilities, would be approximately month. 32,700 approximately are that there 8.2 shows Table to purchase who can afford households in the market are There units at their base price. the townhouse an additional 19,450 households who could afford upgraded units. nishes such as nishes could add an ect options and fi ooring, cabinets, countertops, etc. However, for ooring, cabinets, countertops, etc. However, ICON has made an assumption that the average unit ICON has made an assumption that the average purposes of this feet. For will about 1600 square size will make the assumption that all 30 of analysis we feet. units will be 1600 square the townhouse prices for the units might be different However, since they may refl fl will use only base prices purposes of this analysis we as a means of determining feasibility. a base price of $250,000 is proposing GHG Partners that will be canal residences. Townhouses for the 30 and special type fi Options additional $50,000 to $100,000 the sales price at option. the purchaser’s period. year ve 2009 Master Plan Appendices

Source: U.S. Census Bureau and George Henry Partners District A.4- Laney Walker/ Bethlehem 8.6 Start-up Program Start-up Project Concept terms of testing feasibility for a start-up we project In the following: would propose Unit Sizes and Prices• improvements units canal townhouse 30 Residential • way road frontage New • Canal • line poles of power Relocation been estimated to be costs have The private Townhouse $6.1 million for the 30 approximately Market Support The public costs for the start-up project units. ICON to be activity has been estimated by $4.5 million for the new frontage approximately and the canal way improvements. road line poles the substation and power The cost to relocate the initial fi to beyond has been deferred Table 8.2 Market Base for Single Family Housing Units Household Income $50,000-$74,999 $75,000-$99,000 32,729 Primary Trade 19,455 Households $100,000-$149,999 Households Area Total 17,031 Budget Percent of 19.49%` 11.59% Annual Housing 10.14% Budget Monthly Housing $18,600 $26,100 $37,500 $1,550 $2,175 $3,125 120 Market Creation Project 8: Dyess Canal Village

Financing feasibility

There are also 17,000 households capable of supporting Instead of using the construction estimates provided we $1.4 million on project income of about $7.5 a monthly housing budget of $3,125. These households have evaluated current selling prices in the market for million. The net to the developer could be increased could afford premium options and upgrades to fi nishes. similar housing products and worked our way back- substantially if buyers purchased the options and wards (inductively) to make an estimate of construction upgraded fi nishes that would be available. As in other cases, our estimates of demand have been cost. This approach has produced different results. based upon new projects start-ups in 2011 when we For the purpose of this analysis we have made the believe that the following events have occurred: For purposes of this analysis we are making the assumption that the developer would have equity following assumptions for the development of the of approximately 20% of land and hard and soft 1. The housing fi nancial markets have been single family units: construction cost in the project. This would translate to stabilized and credit is again readily available for approximately $1.1 million for the project. We have also home mortgages. • Hard cost @$75 per square foot assumed a project build-out over two years. A net income • Soft cost @ 30% of hard cost of $1.4 million would yield an average annual return of 2. The economy has rebounded from its current • Developer fees @30% of combined hard and about 50% over the two year project build-out period. slowdown. soft cost • Land cost at 15% of total cost including Table 8.3 Development Analysis 3. The City of Augusta have put into place CBD developer fees Green Street Single Housing housing incentive programs. Income The use of these assumptions yield a total development 30 Units at $250,000 $7,500,000 4. An Urban Core Promotion and Marketing cost of approximately $145.76 per square foot. This is Development Cost Program has been developed and implemented. slightly higher than our assumptions for another similar Hard Cost $3,600.000 project but is consistent with our desire to develop a Soft Cost $1.080,000 5. There has been suffi cient absorption of non- higher quality unit along the canal. Construction Interest $359,441 Land Cost 547,488 obsolete housing units in the local housing Site Preparation $142,000 market to bring the vacancy rates for non- Table 8.3 shows our estimation of the feasibility Sales Cost $375,000 obsolete residential units below 5%. of the 30 unit Residential Canal Townhouse Total $6,103,929 Development. The table shows that the developer Net to Developer $1,396,071 should be able to achieve a net income of nearly Source: George Henry George Partners

2009 Master Plan Appendices 121 ed in this Master Plan and Plan ed in this Master cials can approve it, support it and that all can cials can approve nalize a feasible plan, program, concept design, a feasible plan, program, nalize Development of a Dyess Canal Village Development of a Dyess Canal Village Area Action Plan should be undertaken Plan as soon Action An Area would build on Plan Action This Area as possible. the concepts identifi fi be To timetable for this project. and development in order and realistic, successful, it must be inclusive that stakeholders can embrace it and governing offi upon joint implementation approach. agree t cant positive revitalization. The revitalization. cant positive Vigorous Public and Private Support Walker and Laney Both the Bethlehem entities a number of active neighborhoods have bringing that are in the works with projects about signifi and Community Department of Housing city’s and has recently in the area is active Development completed a neighborhood master plan, which should be supported. Dyess Park Champions must step forward and not-for-profi private are there As seen above, in invested already (eg. ANIC), who are developers either individually local churches, The city, the area. and others can become active or collectively, within this target area owners participants. Property The Canal can participate in a number of ways. is the natural leader for organizing this Authority collaboration. 2009 Master Plan Appendices

District A.4- Laney Walker/ Bethlehem 8.7 Realizing the Dyess Canal Village Key Early Actions and Overall Timetable new exciting is to create A key strategy of the Plan neighborhoods, in each of the surrounding projects to the and convenient most proximate which are situated next to a major and which are downtown meets these Village Canal The Dyess amenity. of the plan by approval criteria very Following well. the City/County Commissioners, implementation Plan Action the Area should commence through this plan components for realizing phase. Key include: 122 Market Creation Project 8: Dyess Canal Village

Control of Key Sites There are a number of key sites, along Walton Way—opposite the new Judicial Canter; around Dyess Park and, in particular, along the eastern end of the Third Level Canal—where site assembly has begun and should continue. The Southern Milling Company property is a key site upon which to build this concept. Contiguous properties at the end of the canal, on either side of /Twiggs/9th Streets should be considered. If the James Brown Arena were relocated, and the site set aside for housing, this neighborhood could grow up toward Telfair.

2009 Master Plan Appendices 123 nancing would require nancing would require The $9.5 million in public fi These include: the most typical sources. funds from Funds • SPLOST Bonds • Municipal • Funds Grant Block Community Development • Funds Capital Budget Canal Authority needs to be done button While additional work our analysis the actual cost of this project, down can be done suggests that this is the type of project commitment on the part is strong if there in Augusta community to build a of the city and development sector. housing residential downtown strong nancing. However we have noted have we nancing. However Potential Funding Sources could be would expect that this development One This would include developer funded conventionally. of construction sources and equity and conventional fi development housing fund designed the need for a city revolving to the urban to encourage the middle class return This would be an ideal project of the region. core interest construction loans or low interest for low property acquisition loans to assist the process. 2009 Master Plan Appendices

District A.4- Laney Walker/ Bethlehem 124 Market Creation Project 8: Dyess Canal Village

8.8 Immediate Next Steps

While the development of the Dyess Village 4. City and Canal Authority to complete the neighborhood may require decades to realize, restoration of the canal-way in this area, following approval of the Plan, several things should commence as soon as possible to realize the full 5. Complete site Assembly opposite the new potential of the Dyess Canal Village development: Judicial Center and around the Third Level Canal, and Dyess Park, particularly the 1. Formalize a collaborative arrangement, Southern Milling Company, the former with specifi ed meeting times, between the coroners facility and the adjacent industrial Department of Community Development building, and the Augusta Canal Authority to insure coordinated development, wherein the actions 6. Accelerate code enforcement and rehabilitation and approvals of each compliment those of the of historic properties in the area. other.

2. Undertake the Area Action Plan for Dyess Village.

3. Support the recently completed neighborhood master plan,

2009 Master Plan Appendices 125 re is re is Sand Bar Ferry Riverside 2009 Master Plan Appendices

District A.5- Old Towne/East of East Boundary Market Creation Project 9: 9.1 The Big Idea This project would create a new, regional, multi-use open space destination at the eastern edge of Augusta downtown core, including a ‘New Urbanist’ village with green, waterfront park, fields and rural amenities in this struggling neighborhood. The nearly a mile of forgotten, underdeveloped Savannah River waterfront in this neighborhood and the area between Sand Bar Ferry Road and the levee, which is underutilized crys out for higher better uses. 126 Market Creation Project 9: Sand Bar Ferry Riverside

Sand Bar Ferry Riverside

2009 Master Plan Appendices 127 elds’ recreation destination at recreation elds’ to return to the urban area, to the urban area, to return it as a safe, and reposition area, Road Ferry Bar Augusta of town” stable and pleasant “edge neighborhood, and the Underwood to rebuild proposals projects, Homes Marion taking by core gateway into the downtown of new I-520 connections, advantage open space network, Area’s this end of the Urban a home for symbiotic “Urban providing by area Club’s activities, such as the Exchange Agriculture” Harvest organic farm and the Golden annual fair, tourist carriage/city stables. The Goals of this project are multiple and will serve are of this project The Goals will alsoa very segment of the population. It diverse dedicated effort a number of groups. from require 1. disposable income households with more Entice 2. Sand of the entire Change the public perception 3. a setting and context for current Provide 4. into an attractive road Ferry Bar Sand Develop 5. and fi a ‘water Create 6. of town’ to the unique character of this ‘edge Add N A.5-B A.5-A Market Creation Project Area of Influence Recent and proposed project Project proposed by Master Plan LEGEND A.5-MCP1 A.5-C A.5-E A.5-F 2009 Master Plan Appendices A.5-D

Olde Towne/East of East Boundary District Boundary with Key Projects and Initiatives Projects of East Boundary District with Key Olde Towne/East District A.5- Old Towne/East of East Boundary 9.2 Goals and Objectives 128 Market Creation Project 9: Sand Bar Ferry Riverside

9.3 The Scene Today

The area today has three component pieces: Sand Bar The Sand Bar Ferry to the Levee; The levee; and the Levee to the River. Levee Ferry I-520 Village Along the western stretch of Sand Bar Ferry Road to the Levee, large under-utilized tracts open storage areas (vehicle holding lots, junk yards, etc.) are the SAND BAR dominant uses. A large church, the Greater Young FERRY ROAD EAST Zion Baptist Chapel sits strategically in the center. The BOUNDARY distressed Marion Homes and the Underwood Homes ROAD neighborhoods occupy the eastern end of the site along with light industrial and under-utilized commercial land along the road. With the completion of the I-520 Olde extension to I-20, pressure for commercial development of Towne this area will increase, which, if left unchecked, will further negatively impact the adjacent neighborhood to the south. The levee is cut in three locations, but remains a potential linear connection to the downtown to the west and the natural areas of swamp and riverfront east to the new Savannah Bluff Lock and Dam.

Looking east over the Olde Towne/East of East Boundary District, which is bordered to the north The area between the Levee and the river provides nearly a by the Savannah River. mile of open riverfront. There is some light industrial use in this area, however, the only “riverfront appropriate” use is the Augusta Rowing Club. Much of the land is in city ownership. While the area is relatively low lying, it is ideal for recreation development. Existing industrial buildings might be good for recreation related reuse. An existing road runs nearly the entire length of the site, up against the levee, maximizing the waterfront land available. 2009 Master Plan Appendices 129 Auto- Oriented Commercial Use

P Camping/ RV Park

Village Center and Street

B

DRIVE P VIEW EAST

D RIVER WAY RIVER Hornsby School A

Picnic Day Use

IVE

KENTUCKY AVENUE KENTUCKY RIVER FRONT DR FRONT RIVER

P Greater Young Zion Baptist Church

SAND BAR FERRY ROAD Proposed Golden Harvest Organic Farm

River Education Center BROAD STREET BROAD Proposed City Stables Augusta Marina

C SAVANNAH RIVER SAVANNAH Boat House Sand Bar Ferry Riverside Illustrative Site Plan Sand Bar Ferry Residential Commercial Religious/ Cultural Greenspace Surface Parking

P

LEGEND N 2009 Master Plan Appendices ) ‘New Urban- ) Regional Savan- ) Levee Way ) Multi-purposed

ncluding shops, nah View Park with multi-recreational and educational uses regional Sand Bar Ferry Park for orga- nized sports, picnics, games, fairs, and permanent “farm” operations SAND BAR FERRY RIVERSIDE A B C D linear park connecting linear park connecting downtown with Phinizy Swamp ist’ Sand Bar Ferry Village i single-family, townhouse, and garden apart- ment style District A.5- Old Towne/East of East Boundary 130 Market Creation Project 9: Sand Bar Ferry Riverside

9.4 Illustrative Full Development Program

Infrastructure

This is a large project with many components and for Sand Bar Ferry Road to the Levee Atop the Levee easier explanation is divided into three basic areas: 1) The Levee Trail This dedicated, paved recreational path along Sand Bar Ferry Road to the river, 2) atop the Sand Bar Ferry/ Broad Street intersection would provide ready access to both downtown and the levee and 3) from the levee to the river. Conceptual improvements This existing intersection natural areas of the swamp and river to the west. Future infrastructure and private build-out elements are de- confi guration is confusing and also a barrier to extensions into South Augusta are possible and foreseen. scribed for each below. accessing the site from Old Towne and downtown. Simplifying this intersection would open the site to Levee to the River The Plan envisions the development of the Sand Bar Fer- development of a Broad Street entrance This area offers all of Augusta the opportunity to ry Riverside as a major development initiative that will enjoy a variety of recreational activities along, on and be inclusive of the Marion Homes area. Over a 20 year Broad Street Extension This initiative would create potentially in the Savannah River including: period the area could see new and improved roads and a new access and development corridor for the entire parking and quality open space with a Riverfront Park, site, extending from East Boundary to the village RV Park and Camp Grounds at the quieter, and Levee Way improvements. These improvements in center of the proposed Marion/Underwood Homes easterly end of the site. infrastructure and open space will provide a competitive development. environment for the introduction of a mixed use com- Open fields for activities and passive use just across munity consisting of 160 units of mixed income rental Sand Bar Ferry Park Pastoral in character, the levee from the proposed new Village Center. housing, 80 single family homes, 80 town homes, and this would essentially be a large open multi-use 60 units of village housing over retail. Additional compo- fi eld occupying nearly one third of the frontage Wooded areas with picnic pavilions and pathways nents of the development would include 60,000 square along Sand Bar Ferry Road and the Broad Street to the river. feet of village commercial space, a Golden Harvest Or- Extension. A variation of the historic town common ganic Farm, and buildings for an Exchange Club Fair. found throughout the original colonies, this open Fishing and Boating Venues from pathway turnouts space would host a long list of events and activities, along the river bank or from docks and piers in the river. While a number of the public improvements need to be including ‘pick-up’ ball games, soccer programs, the implemented in conjunction with any private or non- fair grounds and even special activities such as kite Educational Programs These include community profi t sector initiative, it is equally important that the festivals, balloon and equestrian events. Above all, as sponsored programs such as nature walks and canoe private or non-profi t sector respond to the public invest- proposed at Dyess Park in Laney Walker, it provides trips out-of-doors and boat building in a former ment as a means of assuring the city that public funds are a signifi cant passive, non-urban, soft landscape with industrial shed, converted to that purpose. creating new market opportunities and tax base. which the neighborhood can identify.

2009 Master Plan Appendices 131 2009 Master Plan Appendices

Table 9.1 Cost Estimate for Sand Bar Ferry Riverside District A.5- Old Towne/East of East Boundary 132 Market Creation Project 9: Sand Bar Ferry Riverside

Private and Not-for-Profit Build-out

Ultimately, as with many of the other projects identifi ed Atop the Levee in other districts, private and not-for-profi t entities focus A new mid-rise mixed-use apartment complex that on residential revitalization of the Westobou Urban opens onto the levee and offers full waterfront view Area in these project areas where public improvements and access, similar to the proposed development in have created new or improved amenities. As seen below, downtown. given the recreation orientation of this development, opportunity also exists for participants interested in non- Levee to the River residential uses. This low lying waterfront area is best used for public purpose and as such is mostly publicly funded, Sand Bar Ferry Road to the Levee however, certain recreation programs and certainly New housing development along the Broad Street the RV/Camping elements could be developed on a Extension and the base of the levee, connecting to lease basis, by private and not-for profi t interests. the proposed new village on the Marion Homes and the Underwood Homes sites.

This plan recommends that the Exchange Club, relocate its Annual Fair from its present facility to this site, as part of a coordinated “Urban Agriculture” focused redevelopment focus for this plan.

The plan recommends location of the Golden Harvest Organic Farm in this area, with the possibility of livery and stable facilities for tourist horse-drawn carriage operations and law- enforcement horse-mounted operations.

2009 Master Plan Appendices 133 $14,044,368 9.6 Start-up Program Start-up Project Concept market future and probable current Given concluded that the initial start- have conditions, we in addition road, Ferry Bar up activities for Sand Project, Authority Housing Public to the proposed should include the following: Estimated Cost income An 80 unit 80/20 mixed apartment building. Park Riverfront Park Ferry Bar Sand Improvements Way Levee $2,000,000 Intersection Ferry Bar Broad/sand Extension Street Broad $1,500,000 I Estimated Cost Phase Total $10,000,000 $36,744,368 $2,000.000 may While some of these public improvements they will be designed to generate be expensive, the over investment $100 million in private over $7,200,000 income The 80 unit mixed period. 20 year following apartment building, in concert with the public would be a good start to the process. improvements, tness room, room, tness re sprinkler system, prewiring sprinkler system, prewiring re site management and maintenance, fi laundry storage space, walk room, business center, refrigerators, free in closets, electric range and frost dishwasher and garbage disposal, washer dryer hook-ups, emergency fi tot lot, for cable system and internet, picnic area, space per unit with garage parking. and a parking of $340 for the one-bedroom a low range from Rents $670 for housing units to approximately affordable for the unit. Prices affordable bedroom the three $700 for the rate units range from same market bedroom unit to $1,100 for the three one bedroom units. t nicely into nancing 2009 Master Plan Appendices

District A.5- Old Towne/East of East Boundary 9.5 Comparable Projects in other Cities a number of emerging models mixed are There positioned as workforce which are income projects in Raleigh, North such project housing. One has only This project is Carlton Place. Carolina is made The development been completed. recently The population units. up of 80 1, 2, and 3 bedroom that it is designed to serve would also fi The composition is as follows: market. the Augusta • AMI 8 units-special needs • units-50% AMI 8 units-30% of AMI • 32 units-60% • 16 • rate 16 units –Market units can the mix of affordable Obviously be changed depending upon the fi amenities include on- The project requirements. 134 Market Creation Project 9: Sand Bar Ferry Riverside

Unit Mix, Size and Monthly Market Support for Rental Housing Rents The unit mix size and monthly rental amounts for the Table 9.2 shows the distribution of households in The rental market is generally more heavily weighted to apartment building can be found in the following table. the PTA and monthly housing cost the households lower income ranges because higher income households Under our current assumptions, we are proposing 20 can afford based upon the HUD standard. This 30% are more likely to own than rent. Therefore, we would 1 bedroom units of 800 square feet; 20 two bedroom standard includes the payment of the cost of heating and expect that the depth of the market for market renters units at 950 square feet, 20 two bedroom units with den electricity, as well as other occupancy related expenses. would be in the $25,000-$35,000 household income at 1150 square feet, and 20 three bedroom units. range. As indicated earlier, these households can support Table 9.2 shows that as many as 38% of the housing expenses in the $625-$875 per month range. Table 9.1 Unit Mix and Pricing households in the trade area may have little choice Higher rents might be obtainable from higher income Number Monthly but to rent housing due to lower household incomes. households who are not yet ready to make a housing of Units Type Size Rent Most households having incomes of less than $30,000 investment decision. 20 1Br 800 $625 would qualify for some affordable housing assistance 20 2BR 950 $741 20 2 Br +Den 1150 $828 since their income is less than 80% of the median There are nearly 50,000 market households who could 20 3BR 1350 $918 for the area. Major subsidies would be required for afford the market rents for this project. In addition there Source: George Henry George Partners households making less than $15,000 per year. will be tenant assistance available for the families who Market rents for such units in the Augusta-Richmond might qualify for the 16 affordable housing units in the market range from low of about 52 cents per square The other 62% may have a variety of home ownership building through Section 8 or other programs. foot per month to a high of $1.14 per month. For the options given the relatively inexpensive housing purpose of this analysis we are going to set our price choices available in the metropolitan area and given points as 82 cents per square foot per month for the one the relative abundance of vacant housing units. bedroom; 78 cents per square foot per month for the Table 9.2 Monthly Housing Budget Analysis two bedroom unit; 72 cents per square foot per month for the two bedroom with den unit; and, 68 cents per Household Income Ranges Annual Housing Monthly PTA % Budget Budget square foot per month for the three bedroom unit. Income Less than $15,000 24,836 14.79 $ 3,000 $ 250 Income $15,000-$24,999 19,825 11.81 $ 6,000 $ 500 These rental rates would result in rental rates for the one Income $25,000-34,999 19432 11.57 $ 9,000 $ 750 bedroom of $625; the two bedroom of $741; the two Income $35,000-$49,999 26462 15.76 $12,000 $ 1,000 bedrooms with den of $828 per month; and the three Source: George Henry George Partners bedroom unit of $918 per month.

2009 Master Plan Appendices 135 ected in Table 9.4. Table ected in Gross Income Estimates income estimates based our project 9.4 shows Table think is possible in the Augusta upon what we of income for the The major source market. regional As the market. the rental will be generated by project projected units are the one-bedroom table shows $159,000 annually in to generate approximately units will generate income; the two-bedroom project income; the two $178,000 in project approximately plus den units will generate approximately bedroom units about $220,000. $199,000, and the 3 bedroom estimating are we is fully leased up, the project Once have of 5%, which we a normal operating vacancy income as will be gross the projected deducted from refl Estimated Development Cost Table 9.3 for Levee 80 Unit Apartment Building Cost Unit feet per Unit Square Average feet Cost per square feet 20% cost per square Soft Fees Design Fees Developer 1062 Cost Total $21.80 2008 Dollars Cost Unit $109.50 Cost Garage Cost Unit Total Cost Project Total Source: George Henry Partners $14.20 $7.50 $14,044,368.00 $162,805.00 $153.00 $175,555.00 $12,750.00 2009 Master Plan Appendices

District A.5- Old Towne/East of East Boundary Development Cost Estimates costs do vary however among regions, Development based our estimates on what similar have we that shown studies have cost. Some have projects relatively require mid-rise and high rise projects high construction cost methods because they are while concrete, generally built of steel and reinforced rise housing up to four stories and low townhouses stick built construction usually less expensive are assumed the have We elevators. not requiring on a per unit cost will be as shown development 9.3. Table basis in construction cost of about estimated hard have We feet, soft cost of approximately $110 per square feet, design fees at $7.50, $21.80 per square fees at $14.20 and garage spaces Developer This generates a $12,750 per space. approximately $175,500 or about total unit cost of approximately a total This would create foot. $165 per square cost of $14,050,000. project 136 Market Creation Project 9: Sand Bar Ferry Riverside

Projected Operating Performance

Table 9.5 presents a “back of the envelope” operating insurance, supplies, advertising, and maintenance Table 9.5 Projected Operating pro forma for the 80 unit apartment complex based (including replacement reserves) and property taxes. upon projected gross income of $746,640 less the Operating expenses have been held to 44.4 per cent Performance projected 5% vacancy allowance of $37,332 plus of gross effective income which we believe would be Potential Gross Rents $746,640 about $34,345 in other income. This creates gross reasonable for a project of this type. Net operating Less: Vacancy Allowance $37,332 effective income of approximately $743,500. income is projected to be about $413,000. This is Sub-total $709,308 the amount that would be available to meet debt Plus: Other Misc. Income $34,345 Operating expenses are projected to be service requirements. In order to achieve a debt Effective Gross Income $743,653 approximately $330,480 or approximately or about coverage ratio of 1.20 then maximum amounts Less Operating Expenses 44.4% of gross effective income. These expenses available for debt service would be $344, 311. Management Fee (5% of Gross) $37,183 include management fees, salary expenses, utilities, Salary Expenses $66,185 Utilities $34,952 Insurance $11,898 Supplies $7,065 Advertising $10,783 Maintenance, Repairs and Replacements $61,277 Table 9.4 Gross Income Estimates Property Taxes $101,137 Categories 1BR 2BR 2BR+Den 3BR Annual Operating Expenses $330,480 Market Rate Per Square Foot 0.78 0.78 0.72 0.68 Rent per Unit $800 $950 $1150 $1350 Net Annual Operating Income $413,174 Number of Units $624 $741 $828 $918 Source: George Henry George Partners Total Monthly Rents 20 20 20 20 Annual Rents $12,480 $14,820 $16,560 $18,360 Estimated Vacancy Factor Annual Gross $149,760 $177,840 $198,720 $220,320 Vacancy Loss Estimate $149,760 $177,840 $198,720 $220,320 Vacancy Factor (Assume 5%) 0.05 0.05 0.05 0.05 Vacancy Loss Estimate $7,488 $8,892 $9,936 $11,016 Source: George Henry George Partners

2009 Master Plan Appendices 137 Sand Bar Ferry Riverside Champions Sand Bar Ferry Riverside Champions must step forward The city, through the Departments of Recreation and of Housing Community Development, the Augusta Housing Authority, local churches, either individually or collectively, can become active par- ticipants. Special-interests such as the Exchange Club, Golden Harvest, rowing/ boating/ eques- trian/ specialty sports groups can each champion their respective interests. Property owners within this target area can participate in a number of ways. Housing and Community Development is the natu- ral leader for organizing this collaboration. Vigorous Public and Private Support- This is one of Augusta’s ‘forgotten’ waterfronts and once discovered, will generate significant interest and energy. The need for major improvement in this area already seems to have broad government and community support, particularly around the Underwood Homes and Marion sites. The neighborhood’s churches can play a large role in the implementation of this multi-phase, mixed-use effort. Several special interest groups have expressed interest in being involved particular programs and others will find this area. The key is to insure inte- grated, coordinated and collaborative development. 2009 Master Plan Appendices

9.7 Realizing Sand Bar Ferry Riverside Key Early Actions and Overall Timetable A key strategy of the Plan is to create exciting new projects in those locations each of the surround- ing neighborhoods, which are most proximate and convenient to the downtown and which are situated next to a major amenity. Sand bar Ferry Riverside, with its riverfront, levee way and frontage on the propose Sand Bar Ferry gateway. meets these crite- ria very well. Following approval of the plan by City/County Commissioners, implementation should commence through the Area Action Plan phase. Key components for realizing this plan include: 138 Development of a Sand bar Ferry Area Action Plan An Area Action Plan should be undertaken as soon as possible. This Area Action Plan would build on the concepts identified in this Master Plan and final- ize a feasible plan, program, concept design, and development timetable for this project. To be suc- cessful, it must be inclusive and realistic, in order that stakeholders can embrace it and that governing officials can approve it, support it and that all can agree upon joint implementation approach. Control of Key Sites There are a number of key sites, south of the levee and along the north side of Sand Bar Ferry Road, where site assembly has begun and should continue. These are typically large, open, semi-industrial sites, used for open storage of various sorts, inappropriate to the high quality redevelopment potential of this area. Much of this land is already in public hands. North of the levee, it is likely that there is sufficient public land available already that the initial phases of a new river- side park could commence. A first step would be an inventory of public land in this area. Additional prop- erties could be added as they come available.

2009 Master Plan Appendices 139 nancing. It is expected that most of these nancing. It rst phase public improvements have been have rst phase public improvements Financing of the Proposed Public Financing of the Proposed Public Improvements The fi $22.7 million approximately estimated to require in public fi the City of Augusta. will be funded by improvements of funds will likely include sources Potential or possibly EDA Public TIF Funds, funds, SPLOST extension Street for the Broad funds. Funding works intersection should Ferry Bar and the Broad/Sand funds. also target state and federal DOT is also a very addition, there likely possibility that In assuming they projects, some of these infrastructure could qualify for possible quickly, can be moved of federal stimulus funding. subsequent rounds nance up to 60 percent of project of project nance up to 60 percent Even though very competitive, the State and Federal and Federal though very the State competitive, Even worth pursuing because they are programs LIHTC designed to fi are the sale of tax cost with equity obtained from credits. Bond Financing Exempt addition, if the Federal In may be eligible for the is used the project Program rate plus an additional 4% credit bond interest low an additional 25% of that may be able to cover cost. project cient nancing cient to carry the costs of a 2009 Master Plan Appendices nancing approach that might have to utilize to utilize that might have nancing approach

nancing is a low interest long term bond fi interest nancing is a low District A.5- Old Towne/East of East Boundary Potential Funding Sources operating income will not be suffi The available if the even potential debt requirements, to cover fi within rents This is largely because market strategy. not suffi are the areas a require will therefore new construction It project. fi creative These may include subsidy tools. different several the following: • Assistance 108 Project Section • Credits Tax Income Low Federal • Credits Tax Income Low State • Downs Bond Financing Exempt Tax Federal Write • Land Fee of Developer on Portion Note Deferred Syndication • Equity • • tax Abatements Property 140 Market Creation Project 9: Sand Bar Ferry Riverside

9.8 Immediate Next Steps

This is the single largest project in the Westobou 2. Undertake the Area Action Plan for Sand Bar urban area, but interest and activity is building Ferry Riverside, coordinated with area wide to a level where immediate attention is required transportation and open space network plan to realize the full potential of the Sand Bar Ferry reviews. opportunity. Following approval of the plan by the Commissioners. Immediate next steps include: 3. Solicit program development interest in this area from potential participant “Champions, 1. Formalize a collaborative arrangement, specifi cally, churches having “Faith-based with specifi ed meeting times, between the Initiatives”, the Exchange Club, Golden Department of Community Development Harvest, the city’s recreation department and and the Augusta Housing Authority to insure others. coordinated development of the Underwood Homes and the Marion Homes neighborhoods, 4. Complete a site assembly analysis to assess the wherein the actions and approvals of each amount of land needed to create a critical mass compliment those of the other, as well as the and its likely cost. Commence assembly process. overall Master Plan concept for this area.

2009 Master Plan Appendices 141 Master Planning Team ICON Architecture, Inc. S. Lane, Principal-In-Charge Jonathan Director Project R. Shields, John Coordinator Project Apigian, Michelle Planner Designer/ Urban Project Linger, Jennifer Designer/Planner Urban Project Caitlin Bowler, George Henry Partners Consultant Economic Clifton Henry, The Woodhurst Partnership Associate Architect Woodhurst, S. Robert SlateBlue Design Design Graphic Catherine Stramer, Renderings Amy Rogovich, 2009 Master Plan Appendices

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