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Tuesday, March 5, 2013 Worksession (Council Chambers)

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Tuesday, March 5, 2013 Worksession (Council Chambers) TUESDAY, MARCH 5, 2013 WORKSESSION (COUNCIL CHAMBERS) 7:30P.M. COLLEGE PARK MISSION STATEMENT The City of College Park encourages broad community involvement and collaboration, and is committed to enhancing the quality of life for everyone who lives, raises a family, visits, works, and learns in the City; and operating a government that delivers excellent services, is open and responsive to the needs of the community, and balances the interests of all residents and visitors. CITY MANAGER'S REPORT PROPOSED ITEMS TO GO DIRECTLY TO AGENDA PROPOSED CONSENT AGENDA ITEMS WORKSESSION DISCUSSION ITEMS 1. Presentation by AECOM of marketing analysis for College Park Metro Station area 2. Discussion of reorganization of College Park Neighborhood Watch- Robert Boone, Chair, Neighborhood Watch Steering Committee 3. Status Update and Discussion of Possible Redevelopment and Land Use Concepts for former Sigma Chi Fraternity House, 4600 Norwich Road- Matt Tedesco and Barry DesRoches 4. Preliminary Plan of Subdivision for the Litton Technology Center- Miriam Bader, Senior Planner 5. Renewal of Dental, Workers Compensation and General Liability Insurance- Jill Clements, Director of Human Resources 6. Charter Amendment Resolution to enable Special Taxing Districts in the City- Suellen Ferguson, City Attorney 7. Discussion of Council Retreat- Councilmember Mitchell 8. Discussion of a Senior Advisory Committee- Councilmember Mitchell 9. Review of recommendation letter for AI-Huda School 1 1 10. Final Review of Draft FY 2014 Action Plan- Chantal Cotton, Assistant to the City Manager 11. Review of Legislation (Possible Special Session)- Chantal Cotton, Assistant to the City Manager 12. Appointments To Boards And Committees, Including The Biennial Appointment Of The Board Of Election Supervisors COUNCIL COMMENTS INFORMATION/STATUS REPORTS FOR COUNCIL REVIEW This agenda is subject to change. For current information, please contact the City Clerk. In accordance with the Americans With Disabilities Act, if you need special assistance, you may contact the City Clerk's Office at 240-487-3501 and describe the assistance that is necessary. 2 2 . Marketing • ana s1s or o e e ar e ro .......,. a 1on• area 3 MEMORANDUM TO: Mayor and Council FROM: Michael Stiefvater, Economic Development Coordinator fr) y THROUGH: Miriam Bader, Senior Planner "?It~ Joseph L. Nagro, City Manager DATE: March 1, 2013 SUBJECT: Metro Station TOD Market Analysis ISSUE In July 2012, the City of College Park was awarded a grant through the National Capital Region Transportation Planning Board to enable a consultant to conduct a market analysis ofthe 14.2 acre study area (Attachment 1) located between Paint Branch Parkway and the College Park Airport. City staff selected AECOM to analyze the market potential for this area and provide recommendations for its redevelopment. SUMMARY This market analysis is a follow up to the 2008 Technical Assistance Panel Report completed by the Urban Land Institute, which addressed items including the study area's market potential, possible development scenarios, and implementation strategies. Given the drastic changes in the real estate market since that report, this analysis provides a realistic and in-depth look at the development potential of the study area. The analysis is data-driven, as AECOM used various sources to compile demographic and economic information, real estate trends, and the context of the study area. In particular, the real estate trends are important indicators used in forecasting demand and absorption. Using those sources of information, AECOM analyzed potential demand for residential, office, and retail development in the study area over a period from 2013 to 2023. The purpose of this analysis is to serve as the basis for discussions with Prince George's County, M-NCCPC, developers, and other entities. Highlights of the analysis include the following: Residential For-Sale Market • The residential for-sale market is largely unproven in the surrounding areas. o Hyattsville Arts District • The first phase of 140 townhomes built by EYA sold at a rate of2.7 units per month, with an average sales price of$285 per square foot. Sales opened in mid-2006 and ended in mid-2011. • The second phase of 172 townhomes built by Pulte Homes is currently selling at a rate of 1.9 units per month, with an average sales price of $219 per square foot. 4 o University Town Center • One Independence Plaza, which contains 112 condominiums, is currently selling at a rate of 1.2 units per month, with an average sales price of $333 per square foot. There are currently 37 units remaining on the market. • Plaza Lofts, which contains 22 units, did not see any sales prior to bank auctions. The units were originally listed for sale at an average price of $572,635. Residential Rental Market • The residential rental market in College Park has been driven by student housing development with less precedence for market-rate housing. • The Domain at College Park, set to deliver this summer, will be important to watch as a gauge for support for this product type. • Asking rents for Class A apartments in the submarket have recovered to 2008 levels. • Vacancy rates for Class A apartments in the submarket reached a high of 7.5% in 2010, but have since dropped to just over 5.0%. Office Market • There is likely to be minimal demand for new speculative space in the near-term due to high vacancy rates in Prince George's County, including a number ofbuildings near Metro stations. • Driven by M Square, College Park is a bright spot in the county office market with higher rents and lower vacancies than average. • Potential tenants for the study area, such as physicians, lawyers, and smaller professional offices, are likely to prefer office space in a mixed-use setting versus a research park and also are unlikely to have a research affiliation with the University, a requirement of tenancy at M Square. Retail Market • Retail vacancy is relatively low in College Park. • M Square and on-site employees are likely to drive demand for retail, restaurants, and services in the study area. However, in-building cafeterias in nearby facilities may limit capture of dining expenditures. • Retail is unproven in this location and a sense of place needs to be created for a successful retail component. However, this study area is unlikely to become a shopping destination. • Subsidies may be required in the near-term to establish adequate retail mass. Development Program • The study area represents near-term opportunities for residential development with retail and limited office space. • Early stage planning will be critical for the success of the overall development. This most likely will be achieved through a master developer and coordinated planning efforts. • Between 2013 and 2023, AECOM recommends the following potential development program including: o 314 residential units • 150 for-sale single family attached 5 • 60 for-sale multifamily • 104 for-rent multifamily o 125,000 square feet of office space o 32,000 square feet of retail space • 6,500 square feet of food and beverage • 3,600 square feet ofhealth and personal care • 7,200 square feet of shoppers goods • 7,100 square feet of full-service restaurant • 7,600 square feet oflimited-service restaurant RECOMMENDATION AECOM will present their findings at the worksession on March 5th and answer questions. ATTACHMENTS 1. Study Area Boundary 2. Metro Station TOD Market Analysis Draft 6 Attachment 1: Study Area Boundary 7 Attachment 2: Metro Station TOD Market Analysis Draft A:COM DRAFT Project Report College Park Metro Station TOO Market Analysis Prepared for The City of College Park College Park, Maryland Metropolitan Washington Council of Governments Washington, DC Submitted by AECOM February 7, 2013 Project No. 60281519 675 N. Washington Street Suite 300 Alexandria, Virginia 22314 '103.549.8728 FAX '103.549.9134 www.aecom.com 8 A:COM Table of Contents GENERAL LIMITING CONDITIONS ................................................................................................2 I. Summary of Findings ..............................................................................................................3 Site and Location ......................................................................................................................3 Demographics and Employment .............................................................................................. 3 Residential Market: ...................................................................................................................4 Office Market: ...........................................................................................................................4 Retail Market: ...........................................................................................................................5 Development Program ............................................................................................................. 5 II. Background and Site Context ................................................................................................ 7 Local Context. ...........................................................................................................................7 Study Area Characteristics and Constraints ............................................................................ 9 Ill. Demographic and Employment Overview .......................................................................... 11 Population and Household
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