Prepared for: Colvin Institute University of Maryland, College Park Prepared by: Zachary Hicks Spring 2016 MRED Graduate Capstone Mentor: Tim Pula Architects: Aren Knudsen, Christiane Machado, and Abby Winter Effective Date: May 16, 2016 Site Inspection: February 3, 2016 Table of Contents 1. General Context .................................................................................................................... 5 A. Discussion of General Context Analysis .......................................................................... 5 B. Property Location ............................................................................................................. 5 C. Property Characteristics ................................................................................................... 7 D. Traffic ............................................................................................................................... 8 E. Pedestrian Flow .................................................................................................................... 9 F. Transit .................................................................................................................................. 9 G. Physical Geography ........................................................................................................ 11 H. Community Benefits ...................................................................................................... 12 I. Architectural Character ...................................................................................................... 13 2. Market Analysis .................................................................................................................. 15 A. Market Area .................................................................................................................... 15 B. Demographic Characteristics ......................................................................................... 16 i. Basic Demographics of the Area .................................................................................... 16 ii. Population ................................................................................................................... 17 iii. Population Trends ....................................................................................................... 17 iv. Income ........................................................................................................................ 18 C. Employment ................................................................................................................... 19 i. Labor Force .................................................................................................................... 19 ii. Unemployment ........................................................................................................... 20 iii. Employers ................................................................................................................... 21 | 1 D. Market Demand .............................................................................................................. 22 i. Methodology .................................................................................................................. 22 ii. Retail Demand ............................................................................................................ 23 iii. Multifamily Demand .................................................................................................. 24 E. Project Comps .................................................................................................................... 26 i. Methodology .................................................................................................................. 26 ii. The Metropolitan Downtown Columbia ..................................................................... 27 iii. The Verona at Oakland Mills ..................................................................................... 28 iv. Columbia Choice ........................................................................................................ 29 3. Zoning Analysis ................................................................................................................... 30 A. Current Zoning ............................................................................................................... 30 B. Parking Requirements .................................................................................................... 31 C. Height Limits .................................................................................................................. 33 D. Does my Program Fit with the Current Zoning? ............................................................ 33 E. Major Village Center Redevelopment Process .................................................................. 34 i. Step 1: Village Center Community Planning Process .................................................... 34 ii. Step 2: Zoning Process to Amend Preliminary Development Plan (PDP) ................. 35 iii. Step 3: Land Development Review Process ............................................................... 36 F. Planned Unit Developments .............................................................................................. 37 G. Covenants ....................................................................................................................... 38 H. Stormwater Management and Erosion and Sediment Control Regulations ................... 38 4. Design and Environmental Analysis ................................................................................. 41 | 2 A. Importance of Design ..................................................................................................... 41 B. LEED .............................................................................................................................. 42 C. Stormwater Management and Erosion and Sediment Control Features ........................ 44 D. Design Features .............................................................................................................. 45 E. Building Materials ............................................................................................................. 46 F. Building Amenities ............................................................................................................ 47 G. Operations ...................................................................................................................... 49 i. Loading Docks ............................................................................................................... 49 ii. Dumpsters ................................................................................................................... 49 5. Financial Analysis and Project Financing ........................................................................ 50 A. Methodology .................................................................................................................. 50 B. Sources of Funds ............................................................................................................ 51 C. Uses of Funds ................................................................................................................. 51 D. Calculation of Returns .................................................................................................... 52 E. Exit Strategy....................................................................................................................... 53 F. Calculation of Property Tax Credits .................................................................................. 54 6. Construction Management and Scheduling ..................................................................... 56 A. Construction Contract .................................................................................................... 56 B. Construction Costs ......................................................................................................... 57 i. Parking ........................................................................................................................... 58 C. Construction Schedule .................................................................................................... 58 D. Project Schedule ............................................................................................................. 59 | 3 7. Marketing and Management ............................................................................................. 61 A. Marketing Options .......................................................................................................... 61 B. Marketing Target Demographics ................................................................................... 64 C. Management ................................................................................................................... 65 D. Absorption and Lease-Up ............................................................................................... 65 E. Rent Concessions ............................................................................................................... 67 | 4 1. General Context A. Discussion of General Context Analysis The general context analysis of Owen Brown Village Center will analyze the current arrangement and ownership of the buildings