transit oriented development
DESCRIPTION
2011 studio reportTRANSCRIPT
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University of Pennsylvania | 706 City Planning Studio | Spring 2011
TRANSIT-ORIENTED DEVELOPMENT IN PHILADELPHIA
TOD TyPOLOgIES fOR A DIVERSE cITy
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TransiT-OrienTed develOpmenT in philadelphia:TOD typologies for a diverse city
cPLN 706Instructor: Nando Micale
University of PennsylvaniaSchool of Design
Report by the Philadelphia Transit-Oriented Development Studio at the University of Pennsylvania, Department of city Planning
May 2011
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aCKnOWledGemenTs
insTruCTOr:
sTudenTs: Market East Station
Donald Carson
Jeffrey Hreben
Alex Sweet
John Tatum
Girard Station
Alison Baumann
Adam Tecza
Andrew Zalewski
James Willmer
PCPC
Alan Urek
Clint Randall
Anthony Santaniello
Matt Wysong
Laura Spina
David Fecteau
MOTU
Steve Buckley
Patricia Ellis
SEPTA
Byron Comati
Erik Johanson
parTiCipanTs :
Nando Micale
Tower Investments
Tina Roberts
The Ingerman Group
Geoffrey Long
PREIT
Chris Mrozinski
Community Retail Catalysts
Catherine Timko
Wayne Junction Station
Erich Bilal
Jillian Nameth
David Streim
Ariane Burwell
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Center City TOd i market east station
destination TOd i Girard station
neighborhood TOd i Wayne Junction station
summary of Findings
Wayne Junction Tod 8Area Analysis 11Development Concept 22Impact 44Conclusion 47Image Citations 48Data Sources 49APPENDIX: Wayne Junction 168
Area Analysis 102Market Assessment 114Case Studies 127Program Concept 134Development Strategy 148Conclusion 160Image Citation 162APPENDIX: Girard Station Pro Forma 184
Area Analysis 52Market Assessment 60Initial Development Concepts 68Final Development Concept 70Implementation & Execution 80Conclusion 94Work/Image Citation 96APPENDIX: Market East 178
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While the 20th century is characterized by a political and economic system that
subsidized auto-oriented development fueled by the construction of the federal
highway system and availability of cheap land, the 21st century must seek more
sustainable development solutions and find economic models for urban infill within
regional policies and regulations that favor multi-modality and mixed-use. Higher value
locations such as transit-oriented development (TOD) will be one of the major planning
and development challenges as the United States faces population growth of an
additional 100 million people in the coming decades. TODs will continue to offer one
of the most compelling solutions to the challenges posed by the continued need for
urban development. The trend toward TOD across the country is rooted in high-value
quality of life issues. Americans are struggling with fuel costs increases which have
contributed to a destabilized real-estate market that has been driven by auto-oriented
development policy. TOD offers an attractive alternative, providing residents with
amazing access to employment and leisure activities across the city and impeccable
local access to everyday goods and services.
At the Federal level, the Obama administration’s focus on integrated planning
and design has charged the departments of Housing and Urban Development,
Transportation, and Environmental Protection with creating programs that leverage
investment across programs. This shift in Federal policy, a new focus on sustainability,
and smart growth initiatives have spawned grant programs, such as the Sustainable
Communities Planning Grant Program, the TIGER Grant, and Community Challenge
Grant. All of these programs have focused on TOD as the urban development typology
for regions and communities to target their resources.
summarY OF FindinGs
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Philadelphia has a rich history of transit and some of the best neighborhoods in the
city. Despite this vibrant past, more recently the national trend toward transit-oriented
development seems to have passed Philadelphia by. To remedy this situation, the City of
Philadelphia, through its dual zoning code revision and comprehensive planning processes
has identified criteria and locations for future TOD development. Four categories for TOD
have emerged in Philadelphia: Center City, Destination, Neighborhood Center, and Park
& Ride. The charge of the Super TOD studio was to evaluate these categories through
three selected station sites – Market East, Girard, and Wayne Junction - to create detailed
development plans that the City can use to integrate into their policy thinking, regulatory
frameworks, and dialogue with the development community and SEPTA. What follows is
the result of that work in addition to some highlights of the opportunity and complexity
that the TOD model provides.
The studio hopes that work found in this document can serve as a jumping off point for
stakeholders invested in improving Philadelphia through transit oriented development.
While each station will have its own challenges and opportunities, the categories outlined
by the City are helpful in framing the issues that are likely to be encountered at stations
associated with a particular typology. Transit needs to be at the center of any TOD. SEPTA
and private developers need to consider the impact that high-quality, competitively priced
transit has on the viability of any proposal. The presence of a station is not enough to
make for attractive development. Riders must have reliable levels of transit service to make
this form of transportation a viable option, and thus make the development around these
nodes successful.
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Wayne Junction Station
The station area plan for Wayne Junction targets its potential to support increased ridership, better integrated land uses, and ultimately to serve as a model of neighborhood TOD for the City of Phila-delphia. The plan takes a three-pronged approach to unlocking that potential by proposing a mixed-use redevelopment program, a set of public realm and infrastructure improvements, and adjustments to SEPTA’s regional rail operations that would make travel to Center City cheaper and more convenient. The proposal calls for new residential units within a half mile of the station, additional retail develop-ment including a co-op grocer and national credit tenant drugstore, a small amount of commercial and flex industrial space, enhanced streets, new parks and a central bus hub that connects directly to the train station. This $134 million investment - com-bining private capital, city resources and federal funding - would complement the $50 million Wayne Junction station renovation that SEPTA plans to undertake in the near future. By leveraging public dollars to induce private development, Wayne Junc-tion will generate higher population density, more diverse land uses, greater transit ridership, and a high quality public environment for residents and visitors alike.
• Higher quality of life • Better places to live, work, and play • Greater mobility with ease of moving
around • Increased transit ridership • Reduced traffic congestion and driving • Reduced car accidents and injuries • Reduced household spending on transporta-
tion, resulting in more affordable housing • Healthier lifestyle with more walking, and
less stress • Higher, more stable property values • Increased foot traffic and customers for area
businesses • Greatly reduced dependence on foreign oil • Greatly reduced pollution and environmen-
tal destruction • Reduced incentive to sprawl, increased
incentive for compact development • Less expensive than building roads and
sprawl • Enhanced ability to maintain economic
competitiveness
Benefits of TOD
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Market east station
Located just 3 blocks from the epicenter of Phila-delphia, Market East Station has long been one of the city’s most important transit stations. Despite incredible access by subway, regional rail, Amtrak, trolley, and bus, the station has somehow failed to capture the many types of people who pass through the area on a regular basis. The area is rich in resources, including the Reading Terminal Market, the Gallery Mall, the recently expanded convention center, Thomas Jefferson University, Chinatown, and the Historic District and Independence Mall. The studio suggests that an uninviting public realm and a lack of residential living are the principle challenges facing a revitalization of the area. The plan for Market East intends to capture a variety of submarkets (residents, students, commuters, tour-ists, and conventioneers) through a combination of improved transit accessibility, new attractions and amenities, and the creation mixed-use buildings. At the heart of this plan is a creation of a highly visible station entrance on Market Street, three new large format hotels, a variety of housing options, and urban big box retailers that all makes for a lively residential and destination neighborhood.
Girard Station
Girard Station anchors the fast growing, vibrant neighborhoods of Fishtown and Northern Liberties. While both neighborhoods and the nearby water-front have attracted new residential and commercial development, vacant and abandoned land along I-95 and the elevated railway continue to divide the neighborhoods from one another. For Girard Station, the studio envisions an ambitious project to repurpose vacant land as a new development called Canal Square. Canal Square hopes to become a major entertainment and retail node for the region, while still serving the surrounding communities through exciting public amenities, space for creative entrepreneurs, and workforce affordable housing.
Park and ride
The fourth typology, Park & Ride, at Holmesburg Junction, was not studied for a variety of compelling reasons, most notably for the site constraints that significantly limited any development and a concern about the validity of Park and Rides as true TODs developments. This mismatch underscores the need for City agencies to consider carefully the way that TOD works on the ground. TOD is a place-based phenomenon that simply does not work in every location.
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WaYne JunCTiOn TOd
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This station area plan for Wayne Junction targets its potential to support increased
ridership, better integrated land uses, and ultimately to serve as a model of
neighborhood TOD for the City of Philadelphia. The plan takes a three-pronged
approach to unlocking that potential by proposing a mixed-use redevelopment
program, a set of public realm and infrastructure improvements, and adjustments to
SEPTA’s regional rail operations that would make travel to Center City cheaper and more
convenient. The proposal calls for 550 new residential units within a half mile of the
station, 115,000 SF of retail development including a co-op grocer and national credit
tenant drugstore, a small amount of commercial and flex industrial space, enhanced
streets, new parks and a central bus hub that connects directly to the train station. This
$134 million investment - combining private capital, city resources and federal funding -
would compliment the $50 million Wayne Junction station renovation that SEPTA plans to
undertake in the near future. By leveraging public dollars to induce private development,
Wayne Junction will generate higher population density, more diverse land uses, greater
transit ridership, and a high quality public environment for residents and visitors alike.
WaYne JunCTiOn TOd
WA Y N E J U NC
TIO
N
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inTrOduCTiOn TO WaYne JunCTiOn
Of the Transit-Oriented Development (TOD) typologies that Philadelphia has defined, the neighborhood model will be the most widely applicable throughout the City. The development concept described below uses Wayne Junction station in Northwest Philadelphia to demonstrate the potential of TOD as a strategy for increased density, decreased driving and neighborhood revitalization. Philadelphia can realize the potential of these transit-rich areas by combining investments in infrastructure, public spaces and private development, and by carefully phasing plans to leverage tax dollars into more new businesses, real estate and transit ridership.
The proposed TOD plan for Wayne Junction begins by recognizing the existing transit strengths on which to build. First, Wayne Junction is an important train station along the trunk of the regional rail network. In addition to the five train lines that pass through the station, Wayne Junction is a half-mile from two stations along the Broad Street Subway and a stop along three bus lines. The station is also located at the end of an exit ramp from V Boulevard.
At the heart of this TOD proposal is SEPTA’s $50 million planned station renovation (including improvements to the nearby substation). To compliment SETPA’s commitment to updating Wayne Junction, this proposal calls for a three-pronged strategy to turn this underused train station into a neighborhood TOD prototype.
The first prong is a strategy to redevelop the properties and diversify the land uses around the station (approximately one to two blocks on both the Germantown and Nicetown sides of the Wayne Junction). The program calls for 227 units of market rate apartments and 224 affordable housing units comprised of mostly new construction with some converted historic industrial loft buildings. While the proposed building programming is dominated by housing, there are retail, commercial and light industrial elements as well. The major retail anchors include a co-op grocer and national credit tenant drugstore, like Walgreens.
The platform at Wayne Junction station.
Wayne Junction in relation to the city at large.
Wayne Mills Narrow Fabric Machine.
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One of the unique features of this proposal for Wayne Junction is the repurposing of several buildings on the block bounded by Berkley St and the inbound train platform, currently owned and occupied by Wayne Mills, a narrow fabrics manufacturer established here in 1910. Wayne Mills intends to continue occupying their buildings, but they lease some of their excess space to other local manufacturing and commercial tenants. By constructing a new flex industrial facility across the street, these tenants can be consolidated, making room for new retail tenants that can use the ample back-of-house space for on-site production of their goods, such as a coffee house and roaster or brew pub. On the Germantown Avenue side, a new park with a small amphitheater and old restored rail cars with shops and food will create a place for both active and passive uses. Modeled after the American Historic Tobacco District in Durham, NC, the goal of this reprogramming is to capitalize on the unique campus-like layout and industrial history of the Wayne Mills block and introduce uses that serve the local population as well as attract visitors from other neighborhoods, adding new uses in the buildings and people on the streets.
To help catalyze and compliment this development, the second part of the three-pronged approach is investments in public spaces. Design and infrastructure interventions will focus on greener streets, new parks that integrate storm water management features, and re-aligning streets that create better access to the station and a new central bus hub on Windrim Ave next to the train station entrance.
The final piece of this three-pronged strategy is a set of adjustments to SETPA’s regional rail operations that would prioritize Wayne Junction by reducing fairs to Center City and increasing service. By making regional rail travel more competitive with car and bus costs, SEPTA could help Philadelphia capture more of the value of one of the most extensive train networks of any city in the country. With so much infrastructure already built, the key to successful neighborhood TODs in Philadelphia
is not to build new transit lines, but to unlock the value of existing stations.
Since local incomes are quite low and the market for real estate development is not strong, the earliest phase of this plan includes a large proportion of the proposed affordable housing. This strategy leverages the subsidies available for low-income housing production to add high quality new housing and increase density that helps supports new retail development. As a larger and more diverse population moves to this area, the more viable the second and third phases of development become, with additional market rate housing, retail and industrial space.
The proposed plan for Wayne Junction.
The new vision for Windrim Avenue.
inTrOduCTiOn TO WaYne JunCTiOn
The proposed plan for Wayne Avenue.
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Wayne Junction is at the confluence of many things, it is a central transit node, the meeting
point between neighborhoods, surrounded by a wealth of historic buildings, and in an
ecological basin. At the heart of all of this is the historic SEPTA station. These existing
characteristics have the potential to be enhanced, buttressed, and celebrated to highlight the
unique place that Wayne Junction is now and could become in the future. The following
analysis contributes to a comprehensive understanding of the challenges and opportunities
that can be built upon.
area analYsis
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neiGhBOrhOOd CharaCTerisTiCs
Wayne Junction’s place character reflects North Philadelphia’s industrial history. The place character manifests itself in existing public infrastructure and the continuation of retail corridors from surrounding neighborhoods. Originally a hub of manufacturing, North Philadelphia has de-industrialized, and this is reflected in the built environment.
The first way place character manifests itself is in the historic nature of the station area. Berkely Street, just north of the station, was the home of factories that worked in conjunction with larger manufacturers around the city, including Wayne Mills. For instance, an old sign for a pushpin manufacturer exists on the side of a building, reflecting its history. Thus, the buildings on Berkley Street are mostly brick with large floor plates to suite industrial needs. Several of them have the original occupant and year built on their front facades, acknowledging the history of the building. The campus of Wayne Mills also reflects this. The company still uses the buildings that it originally operated in. Additionally, a more historic character exists along Germantown Avenue, anchored by Stenton and Loudon Mansions.
Second, place character exists in the retail corridors of Wayne and Germantown Avenue that intersect with Wayne Junction and continue through the Nicetown Neighborhood. Retail along Wayne Avenue exists at a small scale, with some neighborhood shops and auto-related uses lining the streets. Along Germantown, there are more active retail uses including a suburban-style strip mall development. In the warmer seasons, impromptu outdoor markets appear along vacant lots in the retail corridor.
Public infrastructure is another aspect of the place character surrounding Wayne Junction. The infrastructure exists at several different levels including a CSX rail line that goes underground in front of the Windrim side of the station. This sunken rail line is lined with a wall for safety. On the other extreme is the Roosevelt Expressway that exists southwest of the station. Above ground level, but lower than Roosevelt Expressway is the Regional Rail Line that traverses the site.
Finally, Wayne Mills and other industries bring a unique place character to the station area. As a company, Wayne Mills has existed at this site for over 100 years specializing in the manufacturing of narrow fabrics. The company itself is very transparent, welcoming community and educational tours. Currently, the company uses approximately 60% of the space, and rents out 40% of it to other complementary businesses.
Highway infrastructure is a defining feature of the site.
Informal retail exists along Germantown Ave. during the warmer months.
Row house typology common around the Wayne Junction station.
A view of the Wayne Mills manufacturing campus.
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After it’s genesis in 1881, Wayne Junction was a station of great significance for both Philadelphia and the United States. The station was a central hub for a number of surrounding neighborhoods including Germantown, Nicetown, Tiago, and Logan. In the early 20th century, the transit stop - which was part of the Pennsylvania Railroad system and, at one time, saw more train stops than any other place in the world - brought an immense amount of prosperity to the region. Bustling industry, manufacturing, shipping, and trading were commonplace, and the local residents were the beneficiaries of the booming commerce. In the late 1890’s the station provided a sleeper car service that travelled across the country, to Los Angeles, through Chicago and St. Louis.
The rail service, however, became more and more infrequent, and eventually the passenger service trains were discontinued in 1958. During this time of service decline, there was also a certain amount of economic decline that paralleled it. The station, and the neighborhoods around it began to fall into disrepair with the de-industrialization of Philadelphia. Nevertheless, Wayne Junction maintained it’s significance as an integral station in the northern portion of Philadelphia. For this reason, the idea of the potential for Wayne Junction to be a prominent modern transit hub has never fully been abandoned, as evidenced by the recent public investment into the station.
hisTOrY
Another Historic Image of Wayne Junction Station from the early 1900’s
North
PA
Railro
ad e
stabli
shed
stop
at f
utur
e
Way
ne Ju
nctio
n Si
te
Way
ne Ju
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n co
nstru
cted
Way
ne Ju
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n re
built
End
of re
gular
slee
per c
ar se
rvice
to
the
Wes
t (Ch
icago
, St.
Louis
, and
Los
Ange
les)
SEPT
A Pl
ans $
27m
reno
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18811832 1900 1958 2011
Wayne Junction Timeline
Historic images of Wayne Junction station from the early 1900’s
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The development and infrastructure around Wayne Junction has negatively impacted many of the environment functions around the site. Much of the area is covered in concrete which prevents storm water filtration and causes higher summer temperatures. When it rains, water moves rapidly over the impervious concrete surfaces and collects in the bowl formed by the topography around the station or flows through the storm drains out to the river carrying with it the oils and garbage from the street. In the summer, the dark colored cement traps heat causing the surrounding area to be several degrees warmer by way of the urban heat island effect.
Projections for the impacts of climate change on Philadelphia show that in addition to more severe weather events, the summers will be longer, have higher temperatures, and result in extended dry periods. When there is precipitation much of it will fall as heavy rain or be a wet snow that melts quickly. These changes will compound the issue of storm water management, and the urban heat island effect and have compound the environmental problems around Wayne Junction.
envirOnmenTal
R
To avoid the worst impacts of climate change, there will need to be significant efforts to reduce greenhouse gas emissions both in Wayne Junction and worldwide. Reduction targets in the Kyoto Protocol call for an 80% reduction in emissions below the 1990 baseline by 2050. Residential energy use and transportation account for close to 60% of greenhouse gas emissions in the United States. Though Wayne Junction already has many public transit riders, to go from the existing built environment in Wayne Junction to one that is more sustainable necessitates using a variety of options for emission reductions. These include everything from reducing waste to increasing public transportation to renewable energy to carbon sequestration through urban forests, and a variety of other measures.
One final environmental concern are the noise and air quality problems from the Roosevelt Expressway. Given the large traffic volumes moving over the roadway, the area directly around the freeway experiences higher amounts of particulate matter. In high concentrations, such as those found along a roadway, particulate matter has adverse impacts on health.
Topography Map: Wayne Junction as a sinkhole.
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Residents of Wayne Junction work all over the City and 99.4% are employed outside the Wayne Junction area. Only 23 people live and work in Wayne Junction. Wayne Junction is a small employment center with 720 people employed in the station area and 3,994 people that live in the area and leave for work. To get to these jobs, people use a variety of transit options.
Wayne Junction is a transit rich location having a complete car network, sidewalks for pedestrians, a smattering of bike lanes, regional rail, bus, and subway service. However, many of the systems are not well integrated physically, in the fare structure,
or in the service that they provide, resulting in a number of missed opportunities.
The most complete transit network is for autos. Around the site, all of the buildings are serviced by roadways and there is ample parking. Directly adjacent to the site is the Roosevelt Expressway, which makes Wayne Junction accessible and in turn gives the area access to the entire metropolitan region. When compared to other modes, the auto has the shortest time to downtown and is a convenient option for making any type of trip. Running through the site, there are a number of bus lines including the 53, 75, and 23. The 23 is the
TransiT
Subway
Drove
52%
Bus
33%
Walk
5%
Rail
4%
Subway
3%
Trolley
1%
Workat Home
2%
Cost
Time to Center
Frequency
Drawbacks
Best Low CostMost Time Efficient
$5
14 min
Anytime
None
$2
18 min
8 min
Access
$3
15 min
15 min
Access
Regional Rail
Subway
$2
36 min
6.6 min
Slow and Access
Bus Car
FREE
106 min
Anytime
Limited Range and Weather
Walk
FREE
35 min
Anytime
Weather
Bike
Modal Split In Wayne Junction
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Downtown
Fox Chase
Trenton Transit Center
Doylestown
Chestnut Hill East
Chestnut Hill West
Thorndale
Norristown
Warminster
Newark
Elwyn
Cynwyd
Philadelphia International Airport
Glenside
Wayne Junction
Shopping
Academic Institutions
Food
Multi-Modal Connections
Art
Housing
Sporting Events
New Jersey - New York
New Jersey - New York
West Trenton
most popular route in the city and stops in Wayne Junction before running downtown and on to South Philly. To accommodate the high volume of riders, the 23 comes every 6.6 minutes. The short wait time and the two dollar fare make the bus the lowest cost transit option.
The regional rail has an important position in the Wayne Junction area and also on the regional rail network. It is not meeting that potential in part because it is not competitive with other modes in terms of service or price and by extension is not as convenient or cost effective. The network geometry of the system reveals that Wayne Junction is located along the trunk as opposed to being situated along a branch. A number of regional rail lines converge at the station, bringing high volumes of people through the area each day and ensuring that it is easily accessible with direct service throughout the
TransiT
network. Despite the large number of lines running through the station, the structuring of the service means that very few trains are stopping at Wayne Junction. The area is missing an opportunity to capitalize on Wayne Junctions important position in the network.
Unlike other stations along the trunk, Wayne Junction provides far fewer amenities and none that are of regional import to attract visitors to the stop and options to residents. The amenities lag behind those of other stops along the trunk suggesting there is the potential to reposition the neighborhood to better take advantage of its location along the central core of the Regional Rail network. What exists around the train station has potential but needs to be improved to leverage the investment in the station upgrades will bring economic development to the community at large.
Area amenities along the SEPTA regional rail “trunk”
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demOGraphiC hiGhliGhTs
To create a thorough and current profile of the demographic composition of the area, the analysis in this section relies on several sources, including the 2000 Census, the 2005-2009 American Community Survey (ACS) five-year estimates, and Policy Map, a tool developed by The Reinvestment Fund. Two geographies were used to gather and evaluate the data: the seven closest census tracts to Wayne Junction Station (for Census and ACS data), and a half-mile radius around the station (for Policy Map data).
The size of the population in the study area is expected to remain stable in the next five years with projections for a slight loss of less than 2% or 200 people. Three out of every five residents is currently of working age (18-64) while school-aged children account for 22% of the population. Nearly 98% of residents identify as Black or African-American. Two-thirds of households have no children under 18 years old. Of those with children under 18, single parent households outnumber married-couple households nearly three to one.
Education attainment of residents near Wayne Junction is well below the citywide levels. Only 8% of adults in the study area have a college degree, although that number has increased as a proportion of the total from 6% in 2000. The most significant shift in the past decade has been in the number of adults with and without a high school diploma (or equivalent). In 2000, one third of adults (25 years or older) had not finished high school; approximately 7 years later, only about 22% did not have a diploma.
The median home value ($76,000) and household income ($30,000) help explain the lack of private investment in the area. With relatively low incomes and a weak local housing market, new retail businesses and real estate developers have not shown much interest in the Wayne Junction station area. Purchasing power is limited by the fact that over 40% of households earn below 30% of AMI. This is a challenge to transit-oriented development at Wayne Junction because transit alone does not make a successful TOD – there must be increased development as well. Therefore, the market for new housing and necessary additional demand for new retail will likely have to come from a combination of existing and new residents.
$
Only 9% of households are married couples.
Median home value is $76,000.
42% of households earn < $25,000/year.
Only 10% of adults have college degrees.
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The primary obstacle to private development around Wayne Junction is the relatively weak housing market. Philadelphia’s high cost of construction is not justified by the market demand for housing without significant subsidy. Without an increase in density and income, retail amenities are not likely to be added to the neighborhoods around the station. This section highlights the key residential and retail market study findings that informed the programming and tenant mix of this proposal.
Residential
The residential analysis assesses the market for housing within a 7 square mile boundary. This area is large enough to capture demand from all adjacent neighborhoods without including too wide a variety of submarkets. While the renter/owner split is well balanced in the Wayne Junction area, incomes are generally too low to support new construction of market rate ownership units, particularly given the risks associated with the current credit crisis in local and national housing markets. For this reason, the analysis for Wayne Junction focuses on rental housing, and the affordable multifamily market in particular.
In the past two decades, real (adjusted) incomes in Philadelphia have failed to keep pace with inflation, falling further among renters with respect to rising housing costs. This trend holds true in the market area, with median household incomes at $30,000 and median rents at $800, or 32% of gross income. Since affordability is of particular concern in areas of concentrated poverty, this market study included an analysis of the undersupply of housing affordable to low-income households. The results show that the greatest demand for additional supply (12,000 units within the boundary) is for those households earning between 30-50% of area median income.
Retail
The retail trade area boundary is large enough to capture demand for unique establishments like restaurants and theaters, but small enough to focus on the target market, which is residents of the immediate and adjacent neighborhoods.
marKeT analYsis
Germantown Ave
Roosevelt Blvd
Primary Trade Area
Wayne Junction
Primary Trade Area For Residential Market
Germantown Ave
Roosevelt Blvd
Source: ESRI
Source: Census
Primary Trade Area For Retail Market
Primary Trade Area
Wayne Junction
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The trade area is undersupplied with several retail categories according to an analysis of ESRI and Census data. Even without forecasted growth in population and income, there appears to be market potential for additional drug stores, restaurants (both sit-down and casual) and liquor stores. All of these categories are included in the proposed retail programming.
According to a database maintained by The Reinvestment Fund, such a high concentration of low-income households and a limited number of supermarkets and food outlets has resulted in is poor access to fresh food around Wayne Junction, as well as in pockets throughout the retail trade area. As an urban food desert with an otherwise central location, the Wayne Junction station area appears to be a good strategic investment opportunity for a green grocer, co-op or supermarket developer.
Germantown Ave
Roosevelt Blvd
Primary Trade Area
Wayne Junction Source: The Reinvestment Fund
Low Food Access
HHs earning $40-75,000 HHs earning $25-40,000 HHs earning < $25,000
4,146 6,693(11,984)
20,626
9,276
13,045
Over(Under) supply of 80% AMI Units:Over(Under) supply of 50% AMI Units:Over(Under) supply of 30% AMI Units :
Demand Analysis for Affordable Housing
marKeT analYsis
Low Food Access Areas
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Because Wayne Junction has been identified as a site that has immense potential for growth and development, there have been a number of plans released that identify many of the possibilities for the area. These local plans, in concert with a number of city-wide plans and initiatives, worked to inform the direction of the following proposals and concepts. On the city level, the new development proposals were intended to cooperate with the Philly Greenworks plan. With the idea of contributing to the plan’s goal to turn Philadelphia into the greenest city in the world, there were a number of ecologically centered issues to be addressed.
The Philadelphia Industrial Development Corporation’s industrial land use study was references as a result of the industrial history of the site. A number of manufacturing buildings and industrial land uses, dating back to the early 1900’s, occupy the site and contribute to the character of Wayne Junction. Considering the employment statistics and labor market opportunities of local industry, this plan was a crucial factor in determining the programming for the site.
SEPTA’s “Sep-tainable” plan, which focuses on the environmental, social, and economic impacts of the comprehensive transportation planning efforts was also taken into consideration. Initiatives such as reducing air pollutants, integrating transit with livable communities, improving access to local food, and increasing mode share were right in line with the new vision for Wayne Junction as a neighborhood TOD.
At the local level, a number of plans and development concepts were referenced. In the plan for Nicetown, the pertinent proposals included new RDA housing located on the south side of the station across Windrim Ave., a plan for new parks - including a skate park underneath the elevated portion of Route 1, and the potential for a new historic building designation. In a Germantown/Nicetown comprehensive plan, there were elements extracted that informed the treatment of the urban fabric, including public realm improvements, adaptive reuse of existing building stock, and a public market area/inter-modal station.
The identification of a possible federally registered historic district in Wayne Junction
A reimagining of housing options along the south side of Windrim Avenue
Urban design implementations along Windrim Avenue
previOus plans
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There are a number of opportunities in the Wayne Junction TOD overlay district, chief among them, being the SEPTA transit stop and the parcels of land immediately around it. Directly to the north of the station, there is an entire block occupied by Wayne Mills, a manufacturing company whose operations date back to the early 1900’s. The block is oriented as an industrial campus, with a number of mid-size, brick manufacturing buildings. While Wayne Mills does operate out of this industrial campus, they do not occupy all of the buildings, and have recently been leasing industrial space to local manufacturers. This particular block, bordered by Wayne Ave., Berkeley St., Germantown Ave., and the SEPTA station represents an incredible opportunity for urban design and programming implementations to showcase both the industrial character of the site, and the significance of the Wayne Junction district.
To the west of the site, there is a large parcel of land occupied by a junkyard. While the current use of the land is a scrap metal junkyard, the location of the parcel lends itself to being repositioned as an integral part of the Wayne Junction programming. As the first property within the district that is seen arriving from the east via Route 1 and Regional Rail, this site, along with Wayne Ave. becomes a very important threshold.
Furthermore, the multi-modal access to the site represents another significant opportunity for Wayne Junction. The Route 1 expressway crosses the site from east to west to the south of the transit station, providing highway access directly to the heart of the district. Additionally, two of Philadelphia’s main corridors, Wayne Ave. and Germantown Ave. flow north and south directly on either side of the transit station. These corridors both carry a great deal of name recognition throughout the area and have the potential to be utilized as assets to development. Finally, the Wayne Junction transit stop itself benefits from being located on the trunk of the SEPTA regional rail system - all five of the regional rail lines have access to the station.
The last major opportunity identified at the Wayne Junction site is the large swaths of rail yards located adjacent to the station. Because of the large rail infrastructure needed to facilitate a station as accessible as Wayne Junction, there are two large areas of rail yards located on the southwestern and north eastern sides of the transit stop that, along with the elevated SEPTA lines, effectively dissect the site into two parts. While this land is not ideal for traditional commercial or residential development, there may be more progressive and innovative uses for the virtually inhabitable land that could raise the value and put the land to it’s highest and best use.
R
R
R
Parcels and properties that are opportunities for redevelopment.
Large swaths of SEPTA tracks to the north and south of the station.
R
The location of the Wayne Junction station.
Two major retail corridors, Wayne Ave., and Germantown Ave., run through the site.
OppOrTuniTies and COnsTrainTs
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After assessing our development opportunities and conducting a thorough investigation
of the existing conditions around Wayne Junction, we considered two concepts for the
station area. One concept focused on historic revitalization, the other concept focused on
bringing new residents to the station area with different residential typologies. Ultimately,
our development concept combined both of these goals and encompassed our overall
visions and planning principles for the project.
We envision Wayne Junction as a place that works with the historic fabric of the area to
create a new image for the station. Wayne Mills is a great asset to the surrounding neigh-
borhoods that we wish to capitalize on by creating more design interventions that make
the industry more transparent and building off the flex industrial typology with comple-
mentary programming. Wayne Junction will be a place for neighborhood conveniences
as well as a destination for the surrounding neighborhoods due to the addition of public
space and new residential and retail typologies.
Transit and infrastructure improvements are integral to the success of the new station de-
velopments as well. We have proposed interventions on several levels that encompass all
modes to capitalize on the importance of Wayne Junction’s location in the SEPTA Region-
al Rail Network. Additionally, we have proposed interventions to make Wayne Junction a
more prominent bus hub, and an area that is safer for bicyclists and pedestrians.
develOpmenT COnCepT
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prinCiples and visiOns
Five Planning Principles summarize our goals and visions for the area.
1. Leverage Public infrastructure investment to increase transit ridership & multi-modal con-nectivity.
One of the primary reasons that Wayne Junction has the potential to become a Super TOD is because of its connectivity on the SEPTA Regional Rail, as a stop on the trunk. Additionally, due to the need for restoration, SEPTA has invested in a station renovation that is over $50 million dollars. It is our hope that our plan will also help increase transit ridership, and give SEPTA some tangible ideas with how to make Wayne Junction a truly multi-modal station through public investment. A change in frequency, and a new pricing strategy to encourage multi-modal transportation is one of the first steps. In addition, a more pedestrian friendly station area and essentials for bicyclists will be built to account for all modes. A more formal bus station will exist on Windrim to make the train directly accessible to bus and trackless trolley riders, and vice versa.
2. Create a mixed-use neighborhood center around the train station that supports resi-dents and welcomes visitors.
Wayne Junction is at the confluence of three different neighborhoods, and should serve as a central hub of activity. Our goal is to create mixes that encourage residents to get out of their cars and walk to the station, and to motivate more visitors to take the train. Currently, one form of housing exists around the station, a single-family row home. Our plan promotes the introduction of different housing types including multi-family apartment buildings and townhomes. In addition, the plan provides much needed retail to promote activity around the station. TODs should also include neighborhood-serving retail that allows residents to travel to and from the train station, on foot, for their most common needs, and our programming reflects this. A bank, pharmacy, and grocery store exist around our station due to market demand and its compatibility with transit use. In addition,
A walkable and dense neighborhood center for residents.
Prioritization of the bicycle network to encourage more riders.
Utilizing SEPTA investments as leverage for private development.
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Ecologically and Envrionmentally conscious development.
prinCiples and visiOns
a diner, bookstore, and cinema will provide novelty uses that can help create not just a neighborhood center, but a destination for those in surrounding neighborhoods.
3. Focused station area redevelopment that catalyzes infill development.
One of the main opportunities around the station area exists in the form of small vacant lots peppered throughout the neighborhood. It is our hope that construction around the station will help create more sensitive and contextual redevelopment of smaller lots within the neighborhood.
4. Become a model for green development and infrastructure.
As Philadelphia has become a pioneer in green and environmentally friendly policies, our station area design and development will be at the forefront of this. In addition to providing alternative energy for the substation, all new construction and adaptive reuse around the station will be environmentally sensitive. Wayne Junction has a problem that faces several Philadelphia neighborhoods, that of stormwater management. We will account for this with an aggressive plan to collect water at the bottom of Wayne Avenue and Germantown Avenue in the sinkholes that exist around the station. This will not only help the residents of Wayne Junction, but also the businesses that are located at the bottom of the hill.
5. Work with the historic fabric of the neigh-borhood to revitalize the area and form a new future.
The area surrounding Wayne Junction is one of the most historic in Philadelphia, including the station itself. In our designs, we hope to create a place that harkens back to historic Philadelphia. This will be done through our use of historic rail cars and the restoration of early 21st century factory buildings. In addition, informational signage will exist on the station platform and around the station itself to identify the historical significance of the station and station area.
Increased neighborhood interaction through improved public space.
Utilizing existing buildings be introducing adaptive re-use.
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Historic Revitalization
The first concept was to celebrate the history of the neighborhood through the reprogramming of flex industrial buildings to have a greater mix of uses and the integration of railcar follies to punctuate the public space. Through this adaptive reuse, there would be the creation of new jobs, and activity in the station area which would result in positive co benefits for SEPTA as it balances boardings and aligtings and spurred on residential development in the many small vacant parcels around the station area.
A Growing Neighborhood
The second concept was to create a new residential units, supporting amenities, and vibrant public spaces, around the station area to attract more resi-dents to the area. Permeating through this concept were themes of livability and neighborhood ori-ented development to fuse existing and new into a vibrant place.
COnCepTs COnsidered
R
R
In the concept generation phase, two alternative plans were created to attempt to optimize new in-vestment in the Wayne Junction area:
Historic Revitalization Plan
A Growing Neighborhood Plan
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prOGram
After carefully reviewing the market study and existing conditions of our site, the program was finalized. The location for several programs was based on financing mechanisms available for certain programs, adaptive reuse, and access to the train station and major streets. All affordable housing in the station area is new construction, as there are financing sources available for this program. The multifamily buildings exist at the edge of the station area at 229 units total and three stories each. They are meant to change the building typology by adding density, while keeping with the character of the neighborhood. Affordable housing also exists as row homes with approximately 58 row homes total, that vary from two to three stories.
In what currently exists as a Comcast parking lot and storage area, stands a building whose programming is shared by a Walgreens and Wine and Spirits store. This building is set back from the street to allow the area to act as stormwater management for the site. Walgreens was chosen as the tenant because they are looking to expand in this market. A new diner will exist next to the train station, in the form of an old rail car. Other old rail cars on the site have been restored and programmed as a bike shop/storage, bookstore, and art gallery. Along Wayne Avenue, a building has been programmed as a coffee shop and roaster on the first floor, with the current tenant, a martial arts studio, occupying the second and third floors. Next to the coffee shop exists a brewpub, meant to echo the nature of storefront and production that is found at the coffee shop, while providing a new
Roberts and Wayne
Wayne Mills
Berkely Street
Windrim Avenue
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prOGram
New construction housing typologies in Philadelphia
American Historic Tobacco District in Durham, NC
restaurant in the area to address demand. Next to the brewpub and closest to the train station, is a tutoring center, meant to be developed in the style of 826 Tutoring centers, a national organization that houses tutoring centers in buildings in which they program the storefronts for retail, bringing artists and writers to the tutoring center as well. Wayne Mills will stay in its current building, as we feel it has brought jobs to the area and is an active, light industry.
Along Wayne Avenue, a building has been programmed as a coffee shop and roaster on the first floor, shared office space on the second floor, and business incubator on the third floor. Directly next to the coffee shop on the first floor is a family restaurant that is accessible by the street and takes advantage of nearby open space.
Wayne Mills will stay in its current building, because of its ability to bring jobs to the area and is an active, light industry. However, because Wayne Mills does not use their entire campus, and currently leases some of their space to small-scale manufacturers, this concepts proposed a space for creative/design firm offices. On Berkely St., the property immediately west of the exiting church property would be three stories of dedicated flex industrial space totaling 21,000 square feet. This building provides large enough footprints for businesses that would be removed from the Wayne Mills campus. On the corner of Germantown Ave. and Berkeley St., there will be new construction, market-rate residential units, with a 3,000 square foot corner retail space. There will also be adaptive reuse of the large brick manufactureing building to the west of the proposed industrial space. These new urban lofts, along with the new housing proposed on the corner of Germantown and Berkeley, will introduce 76, market rate units into the area. On the southern side of the station, off of Windrim Ave., there is a proposed 200 units of new construction, market rate housing. This development would occur on the site curently occupied by Extra Space Storage, and would complete the transformation of the space immediately around the area into a truly walkable, residential center.
Eastern Market in Washington, DC
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Cine Independant Theatre and Venue in Athens, GA
prOGram
On the southern corner of Wayne Avenue and Berkeley Street there would be a new construction retail building totaling 7,000 square feet. The storefront would be oriented along the street to emphasize the commercial corridor. Because of the size of this particular building, the new development could potentially house a number of uses. A 1,000 square foot community bank, a 3,000 square foot dry cleaner/laundromat establishment, and an independently owned 3,000 square foot pizza shop would occupy the space and serve both the neighborhood, and visitors. Anchoring the corner of Wayne Avenue and a newly constructed access boulevard would be a 24,000 square foot co-op grocery store. Because of the poor food access in the area, this development would provide locally sourced produce and grocery options. Additionally, because of the organization structure of food retail cooperatives, the neighborhood members would have the option of ownership – strengthening the bond between the development and the community, while providing avenues for social and economic empowerment to the local population. Because of its strategic placement, the grocer would be immediately accessible from a major arterial and act as an entry threshold from the west for the rest of the retail development. The grocer could potentially build off of this increased potential for consumer traffic, and in turn, attract outside dollars to the area.
As the prices for electricity continue to increase because of deregulation, it will be important for Septa to control costs and manage risk. In the extensive rail lands around the Wayne Junction Station, there is the opportunity to install a field of wind turbines that could easily tie into the existing electrical substation while simultaneously providing both a new image and industry for the area.
Urban Walgreens, Memphis, TN
Carruth Housing Development, Boston, MA
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The major design moves for our site are discussed in detail in the following sections. Our main goals in redesigning the site include creating a more easy transition between transportation modes through street design, protected bike lanes and new station entrances. Additionally, creating a more pedestrian friendly station area with less parking and hidden driveways, shorter and safer crosswalks and a tree canopy were important considerations. Having an open space system that is useful and connects to the surrounding amenities is also extremely important. Ultimately, our urban design aims to create a new identity for the Wayne Junction Station Area.
urBan desiGn
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Site Section
Wane Mills Campus PlanLeft: Detailed site plan of the Wayne Mills Campus Area. Right: A Rendering of the Proposed Amphitheater and Railcar Park.
Below: A site section cutting across Berkely Street through the station and onto Windrim Avenue.
urBan desiGn - WaYne mills Campus
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urBan desiGn - WaYne mills parK
Perspective of Wane Mills Park
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Currently, Windrim Avenue has several obstacles, including a wide, unprogrammed sidewalk, and a dangerous intersection for pedestrians. In redesigning Windrim Avenue, the proposal aimed to create a place that is more comfortable as a multi-modal hub, where one can wait for the bus or train in a central location, surrounded by trees. The headhouse hides the CSX line and provides food and small convenience retail. The street itself has been narrowed with bike lanes and given an identifiable arch to make crossing the street more comfortable for pedestrians, and generally, more multi-modal.
urBan desiGn - Windrim ave.
Top: A rendering of Windrim after urban design intervention. Bottom: An existing photograph of Windrim Avenue.
Perspective of Windrim Ave
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The Wayne Mills campus will be identifiable with a unique pavement pattern that gives the area a sense of place. The pavement pattern is inspired by the narrow fabrics produced in Wayne Mills, with bright ribbons that act as pedestrian paths that continue onto other areas of the site, across Windrim and Wayne Avenue, linking them together. An area that currently exists as a gas station and old industrial building will become a new open space. This open space will help frame the rail cars and provide an amphitheater for surrounding communities. The land currently slopes down, collecting water. Thus, the space will also be a tool for stormwater management, with rain gardens and trees. A fountain will exist at the bottom of the sinkhole as an interactive site for children during the summer months that turns off when the railcar band shell is in use. Finally, an opportunity for stormwater management also exists on the northwest corner of the site, as a receptacle for roof water runoff. This has been designed as a flexible space that can double as a farmers market, as it sits diagonally from the co-op grocery store.
urBan desiGn`- WaYne ave.
Top: A view along Wayne Avenue of pro-posed urban design interventions. Below: existing view of Wayne Avenue.
Perspective of Wane Ave
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The area of our site that acts as a gateway from Roosevelt Expressway into Wayne Junction, currently sits as a junkyard. We feel this land is an opportunity for new housing and retail options around the station area. We propose that Roberts Avenue continues as an extension of an off-ramp from Roosevelt Expressway so that it intersects with Wayne Avenue. The boulevard has been designed as a curvy street that slopes downward. The corner of Wayne and Roberts will house a co-op grocery store on one side and the dry cleaners, pizza shop, and bank on the other side, extending the retail corridor of Wayne Avenue. Additionally, bike lanes on Roberts will feed into the protected bike lanes on Wayne Avenue, connecting this street to the larger site.
urBan desiGn - rOBerTs ave.
Top: View of design intervention along Wayne and Roberts Avenue. Bottom: Exist-ing condition of Roberts and Wayne.
Perspective of Roberts Ave
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Wayne Ave.
Wayne Junction is a unique site because it is not, in and of itself, a Philadelphia neighborhood. In fact, it is at the confluence of two large Philadelphia neighborhoods: Germantown and Nicetown. Because of this reason, Wayne Junction is afforded the opportunity to draw from two separate and strong identities in the formation of it’s own. A comprehensive branding strategy to introduce a consistent and clear demarcation of the new transit oriented development zone would expedite development efforts and shifts in public perception. New logos to reinforce the sense of place and celebrate the rich history of Wayne Junction, along with coordinated wayfinding signage and kiosks would breath new life into the district and provide a tangible sense of place for both residents and visitors.
BrandinG
WA Y N E J U NC
TIO
N
Proposed Wayne Junction logo: Emphasiz-ing the new dientity of the area and changing the public perception
Various possiblities for wayfinding and branding signage.
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6 am 7 am 8 am 9 am
Regional RailTo 30th Street
Wayne Junction Train Station
R
TranspOrTaTiOn inTervenTiOns
Residents of the area around Wayne Junction have been making decisions about which mode to take based on cost and convenience. As a result, private vehicles and the bus are both popular options. The Regional Rail is used by only a small percentage of the population, however, with new policies, it could be cost competitive, convenient, and provide economic, environmental, and social benefits to the surrounding area and the city at large. To support these goals, several changes could be implemented to form a TOD Impact Zone. A TOD Impact Zone is a new designation which is analogous to a free fare zone found in downtown areas in cities including Denver and Seattle. Utilized in a neighborhood context, this TOD Impact Zone will provide transit improvements as a catalyst for development. Wayne Junction could be the first of these zones but this designation could be used for TODs throughout the city.
To make the station area both a node and a place, the Regional Rail system will have to restructure transportation incentives. These would include strengthening and integrating all modes around the station area and simultaneous making Regional
6 am 7 am 8 am 9 am
Regional RailTo 30th Street
Wayne Junction Train Station
If all the trains that passed through Wayne Junction stopped there, the station would
go from a train every 15 minutes to every 5.6 minutes.
SERVICE FREQUENCY
A 1/4 and 1/2 mile radius around the Wayne Junction Regional Rail stop
Before Transit Intervention
After
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R
R
Rail more attractive to area residents and the city at large. To make Regional Rail more attractive, there will need to be increases in service and decreases in fare. Decreasing the fares on Regional Rail will make the service more desirable to area residents as well as making the area a destination. To make the fare competitive with other inner city transit modes, the Wayne Junction stop will have to cost two dollars or the same price of the token, and be a free transfer point so transit riders can easily switch from the Regional Rail to the bus. This will make the Regional Rail stop cheaper and accessible from a large number of origins. These changes will effectively increase the volume of people traveling through the station area and potentially providing more customers to SEPTA.
Though Wayne Junction occupies a unique position on the trunk where a number of lines converge, a train only stops every 15 minutes. However, if every train that passed through Wayne Junction stopped there, wait time could be decreased to 5.5 minutes, effectively tripling service. Since people are more frustrated by wait time than in vehicle time, this will provide inordinate benefits to users of the Wayne Junction station area without inordinately impacting other riders. Finally, having more trains stopping there will help handle some of the increases in passengers using the Regional Rail to access other points along the network and make the station more desirable.
To make Regional Rail more convenient, it is important to also have good multi-modal integration to accommodate a variety of trips from the regional scale down to the community level. Other transit options in the station area include walking, biking, and bus trips. Throughout the community, pedestrian access will be improved through complete sidewalks, pedestrian bump outs at intersections, and the integration of a street tree network to provide shade.
The station area will also feature a complete bike network with lanes on all the roadways. On Wayne there will be a separated bike lane for all levels of
The bike network and bike parking at the train station
Pedestrian bump outs shorten the crossing distance at the intersections of Windrihm and Germantown
The bus hub on Windrihm where the 23, 53, and 75 all come together and stop
TranspOrTaTiOn inTervenTiOn
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1 unit = .25cm
Wayne Ave
5’Bioswale
5’Bike
11’Lane
10’Ped
5’Bike
8’Parking
10’Ped
8‘Parking
11’Lane
users, around the station area there are divided bike lanes, and on the smaller collector streets are sharrows. At the intersections, bike boxes will allow cyclists to safely make left turns and avoid conflict with autos turning right. Protected bike parking is provided in the station area to encourage people to park and ride other forms of transit and also to use bikes to access the amenities in the station area. On Windrihm, there will be a new bus hub. By rerouting the 23 and 53 to pass through the same
5’Bike
9’Lane
10’Ped
5’Bike
8’Parking
10’Ped
8‘Parking
9’Lane
station area as the 75, there will be a new place to wait for the bus supported by the surrounding amenities of the market stalls. In addition, there will be a new sign notifying users when the next bus is coming.
Finally, the station area and surrounding development will employ progressive parking policies. There will be no free parking in the station area. The grocery store will have free parking
Street Section - Windrim Ave.
Street Section - Wayne Ave.
TranspOrTaTiOn inTervenTiOns
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through a validating system for customers and limited progressively priced parking for area visitors and transit users. Within the new residential developments, there will be .33 parking spaces per unit. These low ratios are in response to a variety of Philadelphia and Wayne Junction specific factors. Traditional projections for trip generation and car ownership tend to over predict car usage when they are based on suburban context. Currently, 48% of residents do not use the car to get to work and since the new developments are going to be all within a ¼ mile of the station and with some directly across the street and a new package of amenities including a grocery store in the area, additional parking
TRANSIT
AUTO
4,045
5,703
TRANSIT
AUTO
3,680
5,235
Modal Share Impact
Before After
= 10 regional rail riders
TranspOrTaTiOn inTervenTiOn
adds unnecessary cost to the development. Finally, through a car sharing service such as city car share, residents will have access to cars should they need them.
Assuming that the existing mode split held true for new residents, SEPTA ridership at Wayne Junction would increase from the existing 640 riders to 1,005 riders. Though there is no way to predict without more sophisticated models, with all the transit and station area improvements, it is expected that the split would be even higher and that there would be some existing residents that became new transit riders.
Total Transit Projection for New Residents
Assumes all residents ride regional rail
Total Transit Projection for New Residents
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With much of the investment in the station area headed to the substation, wind could be used to repower the station area forming an iconic gateway as people arrive at Wayne Junction and providing SEPTA with ongoing energy price reliability. Initial projections suggest that in the lands around the station 15MW of energy could be generated annually. In just 7 years, this project would pay back. In addition, the use of wind power as compared to the traditional energy mix in Philadelphia would reduce annual greenhouse gas emissions by roughly 28,000 tons.
R
Diagram of potential sites for wind along the train tracks and in the vicinity of the
substation.
0
30
60
90
120
150
Wind Generation Potential and Total Substation Load at Wayne Junction
15 mW
29 mW
Wind poten-tial
existing load
TranspOrTaTiOn inTervenTiOns- reneWaBle enerGY
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Phase I
By delivering a significant amount of affordable units along with the station renovation and improved public spaces, the station area will become a more attractive investment opportunity for developers and businesses. Phasing affordable housing first – which typically has very fast lease-up periods and high occupancy – will also ensure a large enough increase in density to support new early phase retail, like a co-op grocery and small in-line tenants. Coordination of land acquisition and development for this phase may be the most challenging because of the realignment of Roberts Ave and the irregular existing parcel lines. The success of Phase I will depend on a creative and cooperative approach to land assembly and development partnerships among the City, affordable housing builders and a grocery store/retail developer.
develOpmenT sTraTeGY - phasinG
PHASE I
Res (Market Rate)Res (A�ordable)RetailCommercialParkingFlex IndustrialPublic RealmTOTAL
Units/Size-20246,970 SF5,943 SF85-
Cost-$35.7M$7.2M$1.3M$1.8M-$3.3M$53.9M
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Phase II
Once the first phase of public interventions, housing and retail are complete, the second phase will focus on those elements that create a more distinct sense of Wayne Junction as a local destination. These include the renovation of lofts on Berkley Street, the repurposing of select buildings on the Wayne Mills campus, and the construction of a public park with amphitheater, programmed rail cars and fountain.
As with Phase I, public sector assistance in assembling properties along Berkley St would ensure a more cohesive and timely redevelopment process. On the other side of the street, Wayne Mills owns nearly the entire square block on which they operate, making it easier to coordinate and control renovations, new retail tenants and semi-private space improvements.
develOpmenT sTraTeGY - phasinG
PHASE II
Res (Market Rate)Res (A�ordable)RetailCommercialParkingFlex IndustrialPublic RealmTOTAL
Units/Size76--31,152 SF-26,468 SF
Cost$13.8M--$7.0M-$3.8M$3.3M$27.9M
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Phase III
The third and final phase will benefit from improved market conditions that allow for new market rate housing and larger retail tenants like Walgreens and a state store. By then, the addition of approximately 1,000 local residents will have increased density and pedestrian flow around the station enough to support new head house retail stalls along Windrim Ave.
The third phase is perhaps the easiest to implement from the perspective of land assembly. Of the three areas to be redeveloped, each is controlled by a single owner, two of which are commercial entities (Comcast and Extra Space Storage).
develOpmenT sTraTeGY - phasinG
PHASE III
Res (Market Rate)Res (A�ordable)RetailCommercialParkingFlex IndustrialPublic RealmTOTAL
Units/Size2006516,570 SF---
Cost$36.4M$11.5M$2.5M---$3.3$55.3M
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By strategically phasing development, Wayne Junction will leverage affordable
housing, infrastructure and transit investments to then generate the maximum
potential private development. The impact of these public and private expenditures
is measured in several ways. In addition to increased transit ridership, a more
balanced commuter mode split, and energy generation from new wind infrastructure
described above, the fiscal benefits help justify the initial development outlays,
abatements and subsidies. Without major station improvements, streetscaping, and
new public spaces, privately financed construction would continue to be unattractive
to developers, so the returns on one-time investments are significant and necessary.
The following section also measures the fiscal benefits to the City of Philadelphia.
By providing minimal additional annual services, the City can expect property, sales,
wage and other tax revenues that far exceed the net new expenses. Finally, there will
undoubtedly be a positive impact on the neighborhoods around Wayne Junction that
will provide retail and leisure amenities, make the area more pedestrian friendly, and
create a strong sense of place.
impaCT
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COsT esTimaTes
Private
The following table illustrates the estimated development costs for each element of the proposed program, broken down by land, construction and soft costs (architecture, engineering, etc). Construction costs reflect the latest available estimates from RSMeans for each product type and size. While the data used may be accurate for 2011, these estimates can fluctuate over time as material and labor costs shift. Nonetheless, this represents the best approximation of the actual build out cost of the proposed program.
In order to generate sufficient returns for investors and secure reasonable debt financing terms, each element requires public subsidy, either in the form of tax credits, soft second and low-cost loans,
grants or some combination of these. Over 75% of the subsidy is allocated to new affordable housing as low-income housing tax credits. Conservative financing, land costs and rents ensure that the total private and public costs are not understated.
Public
In addition to the public subsidies (tax credits, grants, etc) to make private development possible, this proposal also calls for investments in the public environment around the station. The new parks, street furniture, trees, and re-aligned roads carry a price tag of approximately $10 million, to be phased over time, complimentary to private development. Assuming that build out of the proposed development would take 15-20 years, this public outlay could be spread out at an average of only $500,000 per year.
Residential (Market rate)Residential (Affordable)
RetailCommercial
Flex IndustrialParking $1,800,000
$3,800,000
$15,400,000
$17,500,000
$41,600,000
$41,300,000
Private Investment
Wayne Junction RenovationPassive/Pocket Parks
New/Realigned StreetsRain GardensStreetscaping $700,000
$1,100,000
$1,100,000
$1,300,000
$50,000,000
Public Investment
Estimated Developmetn Costs
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FisCal impaCT
Assuming the level of subsidy for each element described in the Cost Estimates section, the following returns could be generated by each proposed use:
Returns on the public investments required can be measured several ways. First, the one-time capital investments in the station and public spaces are expected to strengthen the real estate market area around Wayne Junction. While it may be impossible to isolate the precise effect of these public improvements on private investments, it is reasonable to assume that much of the early phase development and associated tax revenue would not occur without contributions from SEPTA and City departments (streets, parks, planning, etc). Returns can also be measured in increased transit ridership. By adding 1,000 new residents to the Wayne Junction station area, SEPTA can expect to gain several hundred new daily riders assuming the modal split remains constant.
The majority of tax revenues generated from new development in a primarily residential TOD will come from property taxes which are abated as-of-right in Philadelphia on improvements for ten years after a building is placed (or re-placed) in service. Although the 10-year tax abatement significantly reduces the short-term tax revenue benefits, as these abatements expire, the net fiscal impact will be greater in the long-term. Despite uncertainty of the timing of development, the following summary of fiscal impacts establishes a baseline estimate (in nominal dollars) for both the short-term annual impact without new property tax revenue, as well as the long-term impact after abatements have expired. Other tax revenue sources include wage, business, sales and parking taxes. These are based on total proposed development size and estimates of sales per square foot and operating expenses. The current Philadelphia tax rates are applied to each category to estimate the gross tax revenues generated from Wayne Junction at full build out.
Revenue (w/ Tax Abatement)Residential 1,000,000$ Commercial 300,000$ TOTAL REVENUE 1,300,000$
Revenue (w/o Tax Abatement)Residential 2,700,000$ Commercial 1,200,000$ TOTAL REVENUE 3,900,000$
ExpensesMunicipal Services 500,000$ Maintenance 500,000$ TOTAL EXPENSES 1,000,000$
(w/ Tax Abatement)TOTAL NET FISCAL IMPACT 300,000$
(w/o Tax Abatement)TOTAL NET FISCAL IMPACT 2,900,000$
SUMMARY
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The implementation of the neighborhood transit oriented development plan at Wayne
Junction will be an example of how transit oriented development can serve to revitalize
Philadelphia by leveraging the strengths of existing infrastructure and form new partner-
ships with developers. The station area is an exciting opportunity to catalyze positive
change for surrounding neighborhoods so they can be appropriately integrated into
transit areas.
These neighborhood nodes of transit and development will attract new residents and
bring a range of amenities to existing neighborhoods, activating spaces to provide Phila-
delphia with a vibrant future. Philadelphia has the potential to turn transit stations within
their neighborhoods, both on the trunk and along the branch, into nodes of activity that
encourage an increase in transit ridership and real estate development, and we have pre-
sented Wayne Junction as a model for those stations.
COnClusiOn
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imaGe CiTaTiOns
inTrOduCTiOn TO WaYne JunCTiOnWayne Junction Ariane Burwell
Windrim Avenues Erich Paul Bilal
Loudon Mansion Ariane Burwell
Site Plan Jillian Nameth
area analYsisAll Photos Ariane Burwell & Jillian Nameth
hisTOrYWayne Junction Station Photos Existing Railroad Stations in Philadelphia County, Pennsylvania.
http://www.west2k.com/papix/waynejunction.jpg
previOus plans
Windrim Rendering Germantown and Nicetown Transit-Oriented Plan. Philadelphia City Planning Commission. 2009
Potential Historic District Designation
Germantown and Nicetown Transit-Oriented Plan. Philadelphia City Planning Commission. 2009
Proposed Apartments along Windrim
Nicetown Plan. Philadelphia City Planning Commission. http://www.philaplanning.org/plans/areaplans/NicetownRAP.pdf
prinCiples and visiOns
SEPTA Bus http://upload.wikimedia.org/wikipedia/commons/thumb/1/1c/SEPTA_New_Flyer_DE40LF_5606H.jpg/800px-SEPTA_New_Flyer_DE40LF_5606H.jpg
Evanston, IL http://farm4.static.flickr.com/3416/3547978170_a3b38ebe76_o.jpg
Mayor Nutter on Bicycle http://lh4.ggpht.com/_JxQOEWrH4SM/S__QCjy6jNI/AAAAAAAAAng/hBTCX3R-Lo0/MayorNutterBikeToWork2010.JPGok, ill take what ever
Compost Bin http://www.flickr.com/photos/eskepe/4932721837/
Adaptive Reuse http://www.fritzhaeg.com/webpic/gl-pic/gl-ae-pic/prototypes/07-utrecht/ae06-postcard-butterfly-a.jpg
Urban Garden http://bic.org/who-we-are/interns-bic-blog/topic_images/Urban-farm-brooklyn-4.JPG
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imaGe CiTaTiOn
prOGramAmerican Historic Tobacco District
http://www.flickr.com/photos/mrjincks/3806911710/
Philadelphia Rowhomes (Juniper St.)
Google StreetView
Eastern Market http://www.flickr.com/photos/sarahanddennis/4984567441/
Cine Movie Theatre http://www.athenscine.com/cine_ext2_.jpg
Memphis Walgreens http://4.bp.blogspot.com/_SYIwwsvNixM/R8L-hWLgzIiI/AAAAAAAACOc/Dtpc9aLXM_o/s320/Memphis+downtown+Walgreens.JPG
Carruth, Boston http://cache.boston.com/bonzai-fba/Globe_Pho-
to/2008/05/11/1210518771_7324.jpg
urBan desiGnWindrim Ave. Before Ariane Burwell
Wayne Ave. Before http://www.flickr.com/photos/alankin/5045514398/
Roberts Ave. Before Ariane Burwell
TranspOrTaTiOn inTervenTiOnsSEPTA Regional Rail Ariane Burwell
daTa sOurCes
US Decennial Census, 1990
US Decennial Census, 2000
ACS 2005-2009 Estimates
Social Explorer, 2010
TRF Policy Map, 2010
US Bureau of Labor Statistics, Consumer Expenditure Survey
US Census Bureau, Longitudinal Employer-Household Dynamics, 2008
City of Philadelphia, Annual Budget, 2010
School District of Philadelphia, Annual Budget, 2010
ULI Dollars and Sense Shopping Center Report, 2007
Philadelphia Office of Property Assessment
ESRI Business Analyst
Real Capital Analytics
RS Means Construction Cost Estimator
Delaware Waterfrton
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marKeT easT TOd
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Transit oriented development refers to a “pattern of dense, diverse, pedestrian-friendly
land uses near transit nodes that, under the right conditions, translate to higher ridership”
(TCRP 112, 2004). While the Market East Station area has pockets of dense development,
a large number of transit users on multiple modes, and a central city location, it does not
fulfill this definition because it lacks a diversity of land uses and a pedestrian-friendly pub-
lic realm. Through the development of the right type of uses, Market East Station and the
surrounding area can maximize Market East’s assets and capture the economic value of its
existing population.
area analYsis
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Regional Location
.25 Mile / .5 Mile Walking Radius
exisTinG COndiTiOns
TOD would serve a variety of purposes, but mainly, it would be designed to serve as the catalyst for redeveloping a currently under-utilized area that is ripe with opportunities for future growth. This report will provide an outline of the existing conditions found in the district, as well as a conclusion highlighting the strengths, weaknesses, opportunities, and threats observed in the area. Finally, this report will serve as the foundation upon which our ultimate TOD proposal(s) will be grounded.
The Market Street East district – bounded to the West by Broad Street, to the North by Arch Street, to the East by 6th Street, and to the South by Walnut Street – serves as one of Center City’s most visible commercial corridors, as well as a nexus for some of Philadelphia’s most important institutions, such as Thomas Jefferson Hospital and the Pennsylvania Convention Center. The district is also adjacent to some of the city’s most vibrant and historical neighborhoods, such as Chinatown and Washington Square, as well as a handful of Philadelphia’s proudest cultural and government institutions, like Independence Mall, Reading Terminal Market, and City Hall.
Historically, Philadelphia’s Market Street East district has served as one of the city’s busiest retail destinations. The former home of various major department stores such as Lit Brothers, Strawbridge & Clothier, Snellenburgs, and John Wanamaker as well as the world famous Reading Terminal Market. The Market Street East district has a proud history of providing options to city residents. However, today, most of the major department stores have been replaced by discount retail and the Gallery Mall, which includes as its anchor tenants K-Mart and Burlington Coat Factory. Needless to say, the spectrum of shopping opportunities has changed over the decades.
Physical ContextAt the heart of this collection of diverse retail opportunities, rich civic institutions, innovative medical facilities, and colorful neighborhoods is a complex network of multiple transportation modes, including regional rail services, trolley and subway lines, bus routes, bike lanes, access to nearby highways, and ample parking. City residents, both near and far, have the benefit of accessing the district through a half-dozen different transportation options, making Market Street East one of the most accessible locations in Center City. Ultimately, the combination of attractive amenities and a robust transportation infrastructure suggests that the Market Street East district would be a prime location for the implementation of Transit Oriented Development (TOD).
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TransiT COnneCTiOns
Market Street is a heavily used main thoroughfare that provides a variety of different transportation options. Market Street is less than five blocks from the Vine Street Expressway (I-676), which provides convenient access to both the Schuylkill Expressway (I-76) and I-95, which connects Philadelphia with the Northeast corridor. Because of its central location in the CBD, the site is also served by numerous SEPTA bus connections on both Market and Chestnut Streets. There is a Greyhound bus depot located at 10th and Filbert Street, connecting passengers to the rest of the Northeast.
Rail and light rail connections also exist within the subject area. The Market East Station is the main transportation node in the area, providing SEPTA regional rail access, as well as connectivity to PATCO (trains to New Jersey) and Amtrak services at 30th Street Station. In addition, at the Northeast corner of 8th and Market Streets is a SEPTA station for the Market Frankford line, connecting the subject area with points West and Northeast. Finally, the subject site is only ten miles from the Philadelphia International Airport. One of the largest concern is the lack of a Market East entrance on Market St.
Bike Lanes
A number of bike lanes begin and end within the site however as a system they are not effective because they are not connected between and through areas. The city recently announced plans for bike lanes along 10th and 13th streets to help with this problem.
Parking
The Market Street East district provides ample structured and surface parking lots, most of which serve nearby office tenants, tourists, and shoppers. Within the district, there are approximately 7,902 parking spaces in more than twenty parking facilities, comparable to the amount of parking at O’Hare International Airport.
Zoning
The study area is located in a C5 zoned district -the highest level of commercial density in Philadelphia. It allows mixed-use development, including commercials, residential, hotel, and entertainment. Buildings in the C5 district may have a 200% Floor Area Ratio (FAR) and heights up to 700 ft. The City is in the process of updating its zoning code, but it does not anticipate zoning changes to the subject area.
Market East is located in a C5 Zoned District.
SEPTA Regional Rail, Subway, Trolley, and PATCO
Parking Lot Locations Scaled by # of Spaces
C5 designation
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The Entrance to market East
The Outside of the Gallery Mall
There is an incredible amount of activity in and out of Market East station and the Gallery Mall during the morning and afternoon as well as during the day (60,000 people pass through the Gallery Mall daily), however it tapers off after 9 pm. In some ways, the Station is the life blood of the area. It is the central hub of activity bringing people in and or taking them where they are going.
Market East is an extensive underground network at this site and near City Hall. It is at the convergence of many different transportation networks and provides access to the Gallery Mall. Generally the un-derground ares are well maintained, well lit, and active however there are a number of entrances that could be cleaned and improved to more clearly show access. A major challenge for any proposed renovation is the complex ownership structure between PREIT, Vornado, City of Philadelphia, and SEPTA. When the Gallery closes at 9pm, do does the connecting hallway between Market East station and SEPTA, even when trains continue to run.
Despite the proximity to multiple transit options, the plethora of amenities, including a handful of large employment centers and a robust selection of retail opportunities, the district simply has very few local inhabitants. Only 2411 people live in Market East. Much of the commercial activity in the district is buoyed by denser surround-ing neighborhoods such as Washington West, Old City, and beyond; however, the high level of commercialism seems to have dissuaded residents from locating within two blocks of Market Street. One of the key missing components of the Market Street East district, especially if it is to be transformed into a TOD destination, is substantial residen-tial housing options.
GallerY mall & marKeT easT sTaTiOn
Underground Concourse Area
Center District (4)
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urBan desiGn
The Market East District has a variety of architecture and design in its built environment. Market Street has well-design streetscaping, though the district’s public realm is inconsistent in its attractiveness as a welcoming pedestrian-friendly place. Altogether, the urban design of Market East can be deduced to five points.
Unattractive and Difficult to Find Entrances
The Market East Station entrances are often difficult to find and unattractive in appearance. Many entrances are located on side streets or inside the Gallery Mall. The station seems to be hiding from the public realm when, as the transit node of the district, it should be an easily accessed and celebrated hub.
The Gallery Ignores The Street
The Gallery Mall is one of the retail anchors of Market East, but as an indoor mall the building aces inward while its exterior walls ignore the street. By turning its back to one of the busiest streets in Philadelphia the Gallery Mall not only misses the opportunity to capture a wider retail net, but its lank street walls hurt the quality of the public realm.
Large, Low-Rise Buildings in Urban Core
There are several large, low-rise buildings in Market East, most of which will not be able to accommodate the mixed-use amenities that support a successful high-density TOD. Most of these house in-line retail along Market Street, a prime location for higher-density development.
Entrances to Market East Station are unattractive and difficult to find.
The exterior of the Gallery mall ignores the street.
Low-rise retail buildings do not meet the potential for a dense, urban core.
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Overpasses Are Dark And Inhospitable
The Gallery Mall has a number of sky-bridges that connect the second and third floors of the mall. The skybridges cross 9th Street and 10th Street. Although they provide convenient pedestrian access between buildings, the skybridges create dark and inhospitable environments for pedestrians on the street.
Urban Street Wall and City Hall View
Market Street is one of the prime corridors for Philadelphia. Its consistent street wall frames a view of City Hall. Market Street’s viewshed should be preserved and sustains in future development. They Gallery Map skybridges create inhospitable environments for pedestrians on
the street.
Market Street has a street wall whose view shed frames iconic City Hall.
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landmarKs & ameniTies
The Gallery
Opened in 1977, The Gallery at Market East is a 1.1 million square foot urban mall, prominently located in the heart of the Market Street East district. More than 40,000 people enter The Gallery each day for its 180 stores and food court, all accessible through one of the city’s busiest transportation hubs, SEPTA’s Market Street East rail station. The mall’s anchor tenants are K-Mart and Burlington Coat Factory. (5)
Convention Center
One of the largest convention centers in the Northeast with more than 1.3 million square feet of space, the Convention Center is currently undergoing an expansion that will add 1 million square feet of saleable space and re-orient the main entrance of the building to Broad Street. The expansion is expected to bring more than 280,000 additional room nights and more than $140 million in economic impact annually. Moreover, the expansion has helped create the need for 2,000 additional hospitality-related jobs equaling more than $150 million in economic impact. (6) The convention center also helps support a robust hospitality industry in the surrounding region, with more than twenty five hotels within a fifteen minute walk of the center. (7)
The Gallery
Map of Landmarks and Local Amenities.
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activity inside as people grab a quick lunch or shop. Unfortunately, the life inside doesn’t extend to the street. More importantly, the entrance is uninviting, dark, dirty, and tucked away from the rest of the place.(9)
Market Street Shopping
In addition to Reading Terminal Market and The Gallery, Market Street also hosts a variety of street-level retailers, including Foot Locker, Modell’s Sporting Goods, FedEx, Starbucks, Stereo Sound, Walgreens, Rite Aid, Payless Shoes, Ross Dress for Less, and many others. It also provides numerous fast-food and middle-range dining establishments.
Chinatown Neighborhood
Chinatown is a neighborhood of roughly 1,000 inhabitants mainly of East Asian descent. It is a colorful, vibrant neighborhood with a host of authentic Asian dining and shopping options. The Chinatown Friendship Gate, located at 10th and Arch Street, is an internationally known landmark and a symbol of cultural exchange and friendship between Philadelphia and its Sister City, Tianjin, China. (10)
Thomas Jefferson Hospital & UniversityEstablished in 1825, the Hospitals now have 957 licensed acute care beds, with major programs in a wide range of clinical specialties. Services are provided at five locations, the largest of which are the main hospital facility and Jefferson Hospital for Neuroscience, both in Center City. Thomas Jefferson University Hospitals, an academic medical center within the Jefferson Health System, serves patients in Philadelphia and the surrounding communities in the Delaware Valley. As of July 2010, the number of annual admissions is approximately 45,000, with more than 450,000 outpatient visits and 108,000 emergency room visits. The hospital system employs more than 6,200 personnel. (8)
Washington Square West Neighborhood
Washington Square West is a colorful neighborhood between 7th and Broad Streets and between Walnut and South Streets. It is a relatively desirable residential community that offers a diverse array of shops, restaurants, and coffee houses. The area takes its name from Washington Square, a historic urban park in the northeastern corner of the neighborhood. Philadelphia’s Antique Row lies in the area as does the nation’s oldest hospital. Educational and medical facilities associated with Thomas Jefferson Hospital & University are also located within the neighborhood. The neighborhood’s real estate is characterized by two, three, and four-story townhouses interspersed with condominiums, mid-rise apartments, and offices with ground-floor retail.
Reading Terminal Market
Reading Terminal Market is an enclosed public market located at 12th and Arch Streets. Over 80 merchants, including representatives from the Pennsylvania Dutch community, offer fresh produce, meats, fish, groceries, ice cream, flowers, baked goods, crafts, books, clothing, and specialty and ethnic foods. Although in operation since 1893, the market has been housed in the former terminal of the Reading Railroad since the 1980s. It caters both to locals as well as tourists, and is a unique place that is full of life. There is always
Market Street Shopping
Chinatown Entrance on 10th Street
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residential market
Residential
4 Center City District & Central Philadelphia Development Corporation www.CenterCityPhila.org
Percent Decline from Market Peak, Q2 2010
Prec
ent
Dec
line
inH
ousi
ngPr
ices
from
Peak
Dal
las
Phila
delp
hia
Den
ver
Cha
rlot
te
Cle
vela
nd
Bos
ton
Port
land
New
York
Atl
anta
Sea
ttle
Was
hing
ton
DC
Chi
cago
Min
neap
olis
San
Die
go
San
Fran
cisc
o
Los
Ang
eles
Tam
pa
Det
roit
Mia
mi
Phoe
nix
Las
Veg
as
Source: Case Shiller & Econsult, 2010
-60
-50
-40
-30
-20
-10
0
-56%
-51%-48%
-46%
-42%
-36%-35%-35%
-28%-28%-27%-24%
-21%
-15%-14%-14%
-9%-7%
-5%
-21%-21%
New Center City Residential Development byType, 1997–October 2010
Dev
elop
men
ts
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Source: Center City District, 2010
Apartment Conversions
Apartment New Construction
Condo Conversions
Condo New Construction
Single FamilyConversions andNew Construction
0
500
1,000
1,500
2,000
4338146
16
Res
iden
tialC
onve
rsio
nA
bate
men
tE
nact
ed
New
Con
stru
ctio
nA
bate
men
tE
nact
ed
51
Philadelphia has retained residential values better than all but one major city.
12,385 new units of housing
Philadelphia residential values have actually fared relatively well during the recent recession. While the national apartment vacancy rate came in at 7.8% in second quarter 2010, the overall vacancy rate for the Philadelphia metropolitan area stood at 4.2%, down from 6.9% at the midpoint last year. Rents across the metro area rose 3.8% compared with second quarter 2009. In Center City, the vacancy rate dropped to 1.9% from 7.6% at the same point last year, and rents increased by 7.4% to an average of $1,918 or $1.88 per square foot. (12). There has been a significant lull in residential development in Center City since 2009, as the chart below illustrates. Few, if any, of these developments have occurred in the Market Street East district.
Although the Market Street East submarket has little residential development, that which is found in the district exemplifies a wide variety of multifamily property types, including high-rise and mid-rise apartment buildings, as well as brownstone apartments, and very few owner-occupied dwellings. The most notable recent addition to the area has been the 45-story, 415,000 square foot, St. James luxury residential skyscraper, located two blocks south of Market Street on Washington Square. The St. James provides rental units, as well as some office and retail space. The building was built in 2004 and commands rents of between $1,400 and $7,000 per month. (13)
14
marKeT assessmenT
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61
OFFiCe
12
Office Market
Center City District & Central Philadelphia Development Corporation www.CenterCityPhila.org
City Hall
INDEPENDENCE NATIONALHISTORICAL PARK
BROADST
12TH
ST
11TH
ST
10TH
ST
9THST
8THST
7THST
6THST
5THST
4THST
CITY HALL MARKET ST
CHERRY ST
ARCH ST
JFK BLVD
CHESTNUT ST
SANSOM ST
WALNUT ST
LOCUST ST
East Market Submarket
Total Square Feet:
5,532,969Average Class A Rent:
$22.90Occupancy:
91.3%Source: Grubb & Ellis, 2010
East Market Submarket Square Feet Year Complete
Mellon Independence Center 640,000 1906
Sovereign Building 226,222 1920
1234 Market 665,000 1974
Aramark Tower 600,000 1983
Notable Buldings in the East Market Submarket
Source: Grubb & Ellis
1900–1986 1987–1996 1997+
Office Buildings (year built)
The Market Street East office submarket (as defined by CoStar) is composed of 209 buildings, representing roughly 12.7 million square feet, of which only 8 buildings are Class “A”, representing 3.6 million square feet. As such, the majority of office space in the MSE submarket is Class “B” and below. Overall, the Philadelphia CBD is currently comprised of 750 office buildings, representing 61 million square feet, across all classes. There has been only one new delivery in the CBD since third quarter 2006 – the 1.2 million square foot Comcast Center in fourth quarter 2007. Obviously, there have been no new office deliveries in Market Street East.
As of second quarter 2010, vacancy in the broader CBD is 10.3%, with net absorption of negative 85,010 square feet. Net absorption, although negative since fourth quarter 2008, has improved since first quarter 2009 when net absorption equaled negative 390,292 square feet.
Quoted rental rates are approximately $24.77, which reflect a slight decline from $24.87 in second quarter 2009. The Market Street East submarket boasts stronger vacancy of only 9.5% and net absorption of negative 43,022 square feet, across all classes. However, rental rates for the MSE are lower than the CBD, at only $22.12. Moreover, Class “A” within the MSE submarket has vacancy of only 7.5% with positive net absorption of 18,622 square feet and rental rates of $23.37.
Although there have been notable lease signings in both the Market Street West and Independence Hall submarkets, as of second quarter 2010, there have been no new reported signings above 13,000 square feet in the Market Street East submarket. (15) The map to the right illustrates the major office buildings, and year built, within Market Street East. It is important to note that there are smaller offices available, especially between Chestnut and Walnut Streets, that provide medical offices, in support of the nearby Thomas Jefferson Hospital & University.
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Market Street is one of four primary East-West corridors for retail activity in the Philadelphia CBD. Although it does not attract the same luxury brands or high rents as nearby Walnut Street, Market Street East provides a wealth of retail establishments. The Market Street East submarket is also home to The Gallery, a large urban mall with 180 shops, including a K-Mart and Burlington Coat Factory, and on-site rail connection, and Reading Terminal Market, a large collection of local food and craft shops.
Moreover, there are a collection of low- to moderate- income street-level retail establishments lining Market Street, including Foot Locker, Modell’s Sporting Goods, FedEx, Starbucks, Stereo Sound, Walgreens, Rite Aid, Payless Shoes, Ross Dress for Less, and many others. The map below illustrates the lack of purchasing power of the district’s local residents, despite its retail density. It also shows why retailers in the Rittenhouse Square area can command higher rents - because of the much higher purchasing power of the surrounding community.
Although the resident population does not possess the purchasing power to sustain higher end retail establishments, the Market Street East district does indeed attract a sizable amount of daytime foot traffic, as shown below. Albeit transient, it suggests
reTail
and regional patrons of more than278 fine-dining restaurants. CenterCity’s emergence as the third-largestresidential downtown in the UnitedStates, with an extraordinary concen-tration of well-educated and profes-sionally employed residents, hascreated an entirely new source ofdemand for household goods, personaland professional services, as well asfood and dining. Finally, Center City’score strength as a dense, compact andwalkable downtown provides anextraordinary concentration of retaildemand unmatched by any other partof the region.
Center City Demographics
Among the 159,300 residents livingbetween Girard and Tasker Avenues isa steadily increasing population ofhighly educated individuals with house-hold incomes that generate significantconsumer spending. In the core of thedowntown, more than 40% of residentswalk to work, while in the next ringout, residents commute primarily bypublic transit. Few Center City house-holds thus have more than one car, andmany have no car, eliminating a largeannual expense that can be devoted toother spending, making the residents ofCenter City an even more attractivemarket than a casual glimpse of demo-graphic indicators may suggest.
• Center City Population: 159,300
• Center City Households: 82,700
• Center City Average Age: 39.9 years
• CBD Educational Attainment:66% with bachelor degree or higher
• CBD Average Household Income:$74,317
• Center City Aggregate Income:$4.9 billion
To this population can be added thepurchasing power of nearly 90,000 stu-dents who attend college in or adjacentto Center City.
Retail
2 Center City District & Central Philadelphia Development Corporation www.CenterCityPhila.org
5-Minute Walk 15-Minute Walk 30-Minute Walki (1/4 Mile) (1/2 Mile) (1 Mile)
Worker Market
Office Sq Ft 11,506,247 25,643,563 36,270,370
Office Workers 51,202 114,113 161,402
Non-Office Workers 15,776 35,160 49,730
Total Workers 66,978 149,273 221,132
Residential Market
Owners 6,610 18,107 49,369
Renters 4,872 14,080 33,300
Population 11,482 32,187 82,669
Visitor Market
Hotel Rooms 3,223 7,316 8,111
Visitors 415,542 943,254 1,005,725
Dollars of Demand for Shoppers’ Goods
Office Workers $54,479,000 $121,416,000 $171,732,000
Non-Office Workers $8,345,000 $18,599,000 $26,307,000
Residents $22,045,000 $61,799,000 $158,724,000
Overnight Visitors $65,683,000 $126,396,000 $134,767,000
Total $150,552,000 $328,210,000 $491,530,000
Radius from City Hall
The number of office workers is derived from the amount of occupied square feet of office space within the defined geographies and standardindustry estimates of workers per square foot. All other worker numbers are based on 2006 Census data. Residential population is based on Censusand CCD counts of new residential units. Visitor population is extrapolated from occupied hotel room data from PKF Consulting, as well as 2007visitor data fromTourism Economics/Longwoods International, and GPTMC. Dollars of demand for each market segment are CCD calculations basedon retail industry standards.
Retail Demand for Shoppers’ Goods 2010
City Hall
INDEH
WASHINGTONSQUARE
RITTENHOUSESQUARE
LOVEPARK
City Hall
ConventionCenter 100 block
N. 10th:1,233
1600 blockJFK:1,347
700 blockChestnut:1,077
1100 blockChestnut: 1,593
1300 blockMarket:2,004
1000 blockMarket:2,049
100 blockSouth 13th:983
1100 blockWalnut:1,134
200 blockSouth Broad:1,677
1700 blockWalnut:2,247
1600 blockChestnut:2,485
Pedestrians were counted at each mid-block location at 15-minute intervals for three consecutive hours(11:30am–2:30pm) for five weekdays in June 2010. Reported totals are one-hour averages.
Center City Daytime Population: 2010 Pedestrian Counts
that there may be a way to better capture this daytime traffic to boost retail sales.Despite national weakness in the retail real estate market, Philadelphia’s broader retail market has been relatively healthy, even showing signs of improvement in recent quarters. As of second quarter 2010, the direct vacancy rate for retail in broader Philadelphia has declined from 6.6% mid-year 2009 to 4.7%. Absorption totals continue to hover on the positive side at a total of 71,276 square feet, and they have not been negative since second quarter 2008. After dipping to $25.58 per square foot in second quarter 2009, the lowest rental rate since 2007, rates have jumped to $29.32 per square foot in mid-year 2010, the highest they have been since fourth quarter 2008.
There is reason to believe that this increase in rents has been a result of a lack of supply. There has been no new retail construction added to the CBD since first quarter 2009; however, there are currently 606,755 square feet of retail space under construction in the broader CBD. (16) Despite these encouraging signs for Philadelphia retail, evidence suggests that the Philadelphia retail has been buoyed more by activity west of Broad Street, particularly along Walnut Street in the Rittenhouse Square neighborhood, and less so by activity in Market Street East.
17
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hOTel
There are more than 30,000 hotel rooms in the greater Philadelphia region, and more than 8,000 within walking distance of Market Street East. Most of the lodging options within the MSE submarket cater to tourists visiting the attractions in Independence Mall and Old City, and business people attending events at the Philadelphia Convention Center, which is located only a few blocks from the subject area and slated to expand in March 2011. Because of the expansion, the MSE submarket is expected to add demand for between 2,000 and 2,500 new rooms by 2013.
The three most prominent hotels in the MSE submarket are the 581-room Loews Philadelphia Hotel, the 1,408 room Philadelphia Marriott Downtown, and the recently built Four Points by Sheraton Philadelphia City Center. (18) It is important to note that the hospitality sector, on a national level, has been a real estate market laggard over the past few years. Still, the Convention Center expansion is expected to increase demand for hotel rooms in the MSE submarket.
19
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Census Tracts
Philadelphia County census tracts 1-12 and 15-129 were used to gathering data for Center City. This covers, by and large, the area between Poplar Street on the north, South Street to the south and stretches from the Schuylkill River to the Delaware River. Tract 5 centers on the immediate area of the project site along Market Street and includes the area between Broad and 6th Street and Arch Street to Chestnut Street. Tract 6 adds to Tract 5 the thin swath of land between Chestnut Street and Walnut Street.
Population
The population of Tract 5 stood at 1,126 in 2000 and Tract 5 & 6 together was 2,441. Center City had a population of 55,914. Whereas Center City has a 50/50 gender split, these two tracts show a gender imbalance with 64% male/36% female.
Transportation Mode
Just 24% of those employed in the study area drive to work, with a full 60% walking and another 15% taking public transportation. The Center City employed population shows similar percentages, with 46% walking, 21% using public transportation and a slightly higher proportion of people driving (30%). Of those taking public transit, the bus or trolley is more popular than the subway or railroad.
demOGraphiC hiGhliGhTs
1.5 Million + conventioneers will attend conventions
each year
20 million commuters board
@ the Gallery each year - 61,000 daily
4.8 million tourists visit the Historic District
each year
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Income
Based on 2000 Census figures, Tracts 5 & 6 exhibit lower income distribution than for the general Center City area. A full 28% of those employed make less than $10,000 (2000 dollars). The other income bands are relatively similar, though those making more than $75,000 is only 15% in the study area, while 25% of the labor force in Center City.
Employment
As of November 2010, 267,000 jobs are located downtown, providing work for nearly half of Center City’s residents. The SEPTA regional rail system carries more than 300,000 passengers into Center City each day. Center City has the capacity to provide 20% of all jobs for residents of Southwest Philadelphia, 17.4% of all jobs for residents of the Far Northeast, and 13% of all jobs for residents of Montgomery County. (20)
Industry
The three most important employment industries in the study area are, in rank order, health & education (31%), other services (excluding public service) (15%), and retail trade (14%). Health and education is also the most important industry in Center City (38%), but professional and management is second (22%), followed by both finance & insurance and arts & entertainment (9% each).
87,000 workers within a 1/2 mile
88,000 students @ 4 area universities, all within 12 minute
transit ride
159,000 residentsin Center City - 3rd
largest in the country
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• Small population in immediate area : Subject area Census tracts have just 2,441 residents
• Highly educated, young population: Center City 58% between 20 – 35 and 66% have bachelor’s degree or higher
• Center City median and average income > than Philadelphia: $46,523 > $41,221 me-dian and $70,026 > $51,929 average
• Eds + Meds, Services drive employment: top employment sectors in study area
marKeT easT realiTies
• Central location
• Small residential population
• Prime tourist destination with unmet hotel demand
• Mall ignores the street
• Multimodal system with weak connections
COre QuesTiOns
• How can this site accommodate a larger residential population?
• How can existing structures re-engage with the public realm?
• How can this site capture tourists, shoppers, and residents?
• How can our proposal balance market realities and long-term development goals?
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visiOns FOr marKeT easT sTaTiOn
1 Market East will be a residential and mixed-use
district with complementary amenities.
2 Market East will be a regional urban big box retail
destination.
3 Market East will be a multimodal hub centered
around regional rail with bus, subway, bike and
pedestrian uses.
4 Market East will have a reinvigorated public
realm, that connects Chinatown to Thomas
Jefferson University, City Hall to Independence
Mall.
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COnCepT 1 I Residential Variety
• Remove Gallery sky bridges
• Turn the Gallery inside out + ground floor
retail
• Transit visibility: enhance Market Street
Station entrance, bust station renovation
• Modern City Retail: Home Depot, CVS,
Nordstrom Rack, grocery store, food + bev,
ground floor retail
• Residential Amenities: dog park, gym, culi-
nary school, movie theater, center median
+ pedestrian refuges
• Residential Options: Market-rate Housing,
student Housing, Senior Housing
• Hotel + Conference
ResidentialOptions
Retail ForModern City
Living
TransitVisibility
MarketEast
iniTial develOpmenT COnCepTs
Residential
Gallery Conversion
Student Housing
Culinary School
Hotel
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COnCepT 2 I Big Box Retail & Attractions
• Remove Gallery sky bridges
• Turn the Gallery inside out + ground floor
retail
• Big Box Retail: Best Buy, DSW Shoes, Crate
& Barrel, Home Depot, Nordstrom’s Dept.
Store
• Tourist and Convention Attractions: Wax
Museum, IMAX + Movie Theater, Read-
ing Discovery Zone, culinary school +
restaurant, Terminal Market expansion
• 2 Hotels + Conference Centers
• Multi-modal Infrastructure: bike station,
two-way cycle track
• New, Market-Determined Housing
Multi-ModalHub
TouristAttractions
Big BoxRetail
MarketEast
Residential
Gallery Conversion
Attractions
Hotel
Cycle Track
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The prOpOsal
Rental 416 units $55,517,456
For-Sale 128 units $29,934,650
Student 200 units $20,876,00
Senior 215 units $28,434,250
Existing Retail 225,000 sf $32,197,500
New Retail 400,670sf $71,104,706
Hotels 2,124 rooms $542,982,090
Cinema 16 screens $9,158,400
Entertainment 40,000 sf $4,470,000
Culinary School 80,000 sf $9,900,00
Bike Station 6,000 sf $742,000
Gym 31,800 sf $5,159,512
Infrastructure various $22,000,000
• Improves transit connections
• Provides destination retail and amenities
• Satisfies unmet hotel demand
• Attracts new residents
• Reorients the Gallery
• Reengages with the public realm
• Provides a base for profitable long-term devel-
opment
Our proposal presents a financially
feasible, multi-phase development plan
for Market East that provides attractive
short-term returns for private investors
and long-term gains for the city of
Philadelphia.
Final develOpmenT COnCepT
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Chestnut
Market
Filbert
11th10th
9th
Residential
Retail
Hotel
Amenities & Attractions
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reTail
1
2
3
4
5
6
7
8
9 9
10
1112
13
1. Existing Underground Concourse
2. Market Street Entrance
3. Gallery Mall Turned Inside Out
4. 10th St. Skybridge Removal
5. At-Grade Plaza
6. CB2 / Nordstrom Rack
7. DSW /
8. Best Buy / CVS
9. Ground Floor Restaurants / Retail
10. Reading Terminal Expansion
11. Fresh Market
12. Home Depot
13. Ground Floor Retail
Chestnut
Market
Filbert
11th
10th
9th
Retail comprises a significant portion of the pro-posed program. In total, the proposal is adding or renovating more than 400,000 square feet of retail space in the Market Street East area. Composed of a combination of national brand department stores, urban big box centers, and additional street-level retailers, our proposal expects new retail establish-ments to attract new residents as well as additional shoppers from the Greater Philadelphia area. The new retail centers will also create jobs, as well as a 24/7 urban destination along one of Philadelphia’s most historic thoroughfares.
Ultimately, our proposal strives to accomplish two goals pertaining to retail: first, help suburban big box retailers expand into an urban core market; and second, create a downtown retail destination, ap-pealing to conventioneers, local graduate students, commuters, and regional and local shoppers and residents.
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ameniTY
1
2
3
4
51. IMAX Theater
2. Bike Station
3. Gym
4. Wax Museum
5. Cooking School / Cookology
Chestnut
Market
Filbert
11th
10th
9th
The goal of the amenity investments is to create locusts of activity during the day and night. The variety of infrastructure investments appeal to tour-ists, conventioneers, bikes, residents, and cooking enthusiasts. The five proposed amenity investments are listed below. These proposed amenity invest-ments will serve as just one draw and in many ways can be the face of Market East, especially the IMAX theater.
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residenTial
1
2
3
4
5
1. Market Rate Apartments
2. Market Rate Condos
3. Student Housing
4. Senior Housing
5. Market Rate Apartments
Chestnut
Market
Filbert
11th
10th
9th
The success of Market East area will be determined in large part by the addition of a residential community. With great transit access to the city and region, the sites developed in our plan, coupled with the other retail and neighborhood amenities proposed, provide a great opportunity for the construction of many new units of market-rate and student focused housing. The proposal calls for two market rate apartment buildings, one student housing apartment building, one market rate condo building, and one senior living building. The scale of these properties has been made consistent with the buildings around it, but the parcels allow additional height should density need to be increased in subsequent phases.
There are over 88,000 students (27,000 grad) at Penn, Drexel, Temple and Thomas Jefferson. These students, with their propensity to have more discretionary income for housing (when compared to other renter groups), would be drawn to the Market East neighborhood. It takes just 5 minutes to travel from Market East station to the 34th Street Station using the MFL. By pricing apartments at discounted rents to Rittenhouse Square, the development can capture a significant share of these renters. Moreover, 87,000 workers are within ½ a mile of the Gallery. Market East could be a destination residential community for a significant portion of these populations.
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hOTel
1
2
3
1. Large Format Hotel
2. Hotel above the Gallery
3. Boutique Hotel
Chestnut
Market
Filbert
11th
10th
9th
Roughly 1.5 million people are expected to attend events at Philadelphia’s newly expanded convention center. This increased activity creates a need for approximately 2,000 additional hotel rooms in the immediate Market East area. The plan calls for three hotel projects of various sizes and programmatic to create the type of lodging necessary to support the needs of Philadelphia’s modern convention space. Our plan calls for the
development of approximately 2,200 rooms, with parcels providing flexibility (in both scale and phasing) of 1,000 additional rooms. (total meeting space will be 300,000 sf). The first property is located on the 1100 block of Market Street, the second will be built on the pads atop the Gallery along 10th Street, and the third is at the 1000 block of Filbert Street, currently occupied by the Greyhound bus station.
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inFrasTruCTure imprOvemenTs
1
2
4
3
1. Market Street Cycle Track
2. Market Street Station Entrance
3. 10th St. Streetscaping
4. Reading Terminal Streetscaping
Reading Terminal Streetscaping
Reading Terminal is a central element of Market East, attracting over 6 million visitors a year. Despite its popularity, the surrounding urban design needs improvement. In this proposal, Reading Terminal will expand into the head house and have a presence on both sides of Filbert Street, between 11th and 12th. By removing a lane of parking and expanding the sidewalk, pedestrian connections under the sky bridge are made clearer. Traffic congestion will be alleviated through the use of a current lane of parking as a loading only zone. Trucks making deliveries will no longer need
Chestnut
Market
Filbert
11th
10th
9th
Existing View at Reading Terminal
to stop traffic while they parallel park. Overall, this proposal creates a valued space at a major locust of activity in Market East.
10th Street Plan
The purpose of the 10th street plan is to improve pedestrian connections, create a consistent tree-lined streetscape, and maintain as much street parking as possible. The plan is focused on 10th street between Thomas Jefferson and Chinatown. Currently, the sidewalk width of 10th street is inconsistent. In this proposal, the parking lane will be removed and the sidewalk will be expanded to be a minimum of 12 ft.
Filbert
12th
Str
eet
11th
Str
eet
Reading Terminal
Market East Entrances
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10th Street Looking South - Before
10th Street Looking South - After
Skybridge Removal
The removal of the Gallery skybridge is the final part of the 10th street plan. A representative rendering (below), looking South, shows what the area could look like without this intrusive part of the Gallery. Its removal is integral to creating a visual connection to Chinatown from Market Street, turning the Gallery inside out along 10th St, and creating a hospitable environment for pedestrians.
Market Street
Chestnut Street
10th
Str
eet
Public Space 8’
Sidewalk12’
Thru-Traffic12’
Sidewalk12’
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The goal of the infrastructure investments is to improve bike and pedestrian connections within and through Market East while also limiting public investment wherever possible. Overall, these investments, specifically the Market East Station entrance on Market Street, will increase the visibility of the multi-modal hub that is characteristic of Market East.
Cycle Track
In efforts to encourage more intermodal exchange at this transit hub, this project proposes a two-way cycle track down the middle of the Market Street. The cycle-track will be a separated two-way bike track that accommodates all levels of cyclists traveling between Penn’s Landing and City Hall. The track will replace one of the eastbound traffic lanes, effectively creating one thru-lane and one bus lane in each direction. Alternative bike routes were considered for the neighboring streets of Filbert and Chestnut; however both streets are one-way eastbound streets, which would therefore lack a westbound bike lane. Any over-flowing traffic from the lost East-bound Market Street lanes can filter on to the parallel streets of Filbert and Chestnut.
Market Street Entrance
At the center of the TOD is Market East Station, a multi-modal transit hub. Although considered the biggest asset to this project, it has a number of constraints to its use. One of the biggest complaints of transit users is that the Market East Station is often different to find. It has a number of entrances, including 11th Street, 10th Street, and Filbert Street, but it lacks an entrance on the most well-used street in the area: Market St. Creating a visible Market East Station entrance will improve way-finding for transit users, help instill a sense of place for pedestrians on the street, and make Market East Station a more accessible hub.
One of the constraints of the Market East Station is that it employs the Gallery Mall as part of its underground concourse. Unfortunately, when the Gallery Mall closes, it also closes off access between the Market East Station’s Regional Rail connections and the Septa Subway routes. This disruption means that passengers have to leave the station and walk down the street before they can find a separate
inFrasTruCTure imprOvemenTs
Septa subway entrance. A possible solution to this problem would be for the proposed Market Street entrance to provide a separate corridor that remains open and accessible after the Gallery Mall closes for the evening. Accessibility between transit modes is important to keep transit ridership convenient.
Cycle Track Down Market Street
New Market Street Entrance
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Market Street Looking East - BeforeMarket Street Looking East - After
A new Market Street entrance to the Market East Station will improve accessibility options for pedestrians.
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Build OuT summarY
Total Cost: $995 million
Total Build Out: 3,551,510 SF
Parking316,800 SF
Amenity244,800 SF
Hotel1,595,200 SF
Residential826,960 SF
Retail567,750 SF
privaTe invesTmenTs hiGhliGhTs puBliC invesTmenTs hiGhliGhTs
Equity Commitment: $299 million
NPV (@10%): $388 million
IRR: 23%
$22 million in public investment
$100+ million in tax benefit over 15 years
implemenTaTiOn & exeCuTiOn
Square Footage by Program Type
Public Funds
DeveloperEquity
Total Cost
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• Improves transit connections• Nordstrom Rack• DSW• Gallery Renovations• CB2• IMAX• Wax Museum• Fresh Market• Gym• For-Sale Housing• Rental Housing• Hotel• Parking
phase 1
Total Build Out: 1,493,650 SFTotal Cost: $364 million
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
GymWaxMuseum
IMAX
New Retail
Multi-Fam. Rental
Existing Retail
Condos
HotelParking
Residential
Retail
Attractions
Hotel
Open Space / Cycle Track
Station Entrance
Phase 1: Cost by Program Type
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• Senior Housing• Student Housing• Best Buy• CVS• Culinary School• Bike Station• Boutique Hotel• Parking• Reading Terminal Market Expansion
phase 2
Total Build Out: 1,078,000 SFTotal Cost: $187 million Bike
StationCulinary School
StudentRentalHousing
Hotel
Parking
SeniorRentalHousing
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Residential
Retail
Attractions
Hotel
Open Space / Cycle Track
Phase 2: Cost by Program Type
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phase 3
Total Build Out: 1,493,650 SFTotal Cost: $364 million
Components• Home Depot• Hotel• Rental Housing• Street Level Retail
NewRetail
Multi-Fam. Rental
Hotel
Parking
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Residential
Retail
Hotel
Phase 3: Costs by Program Type
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phase 1: deTail
PRIVATE INVESTMENT:NOI (2015): $5.5 millionNPV (@10%): $110,000IRR (Leveraged): 10%Commercial Rents: $35 PSFConstruction Cost: 49.8 millionCost PSF: $171 PSFStreet-facing retail: 160,000 SFIMAX Theater: 66,000 SF 16 screensWax Museum: 60,000 SF
PUBLIC INVESTMENT:Construction Cost: $8.2 millionCost PSF: $181 PSFNew MSE Entrance: 40,000 SFPlaza: 5,000 SF
The Gallery
NOI (2014): $1.1 millionNPV (@10%): $1.5 millionIRR (Leveraged): 16%
Commercial Rent: $35 PSF
Construction Cost: $6.7 millionCost PSF: $135 PSF
The Fresh Market: 50,000 SF
Strawbridge Building
Mall Conversion - Presidential Towers, Chicago (21)
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DSW
DSW, a leading U.S. specialty branded footwear retailer, operates stores in 39 states, offering a wide selection of brand name and designer dress, casual, and athletic footwear for women and men. Their core focus is to create a distinctive store experience that satisfies both the rational and emotional shopping needs of their customers by offering them a vast, exciting selection of in-season styles combined with the convenience and value they desire. DSW allows customers to personalize their shopping experience by offering a “sea of shoes” that are accessible, easy-to- shop, and fulfill a broad range of style and fashion desires.
Typical DSW stores are approximately 25,000 square feet, with over 85% of total square footage used as selling space. Over 30,000 pairs of shoes in more than 2,000 styles are displayed on the selling floor of most DSW stores, compared to a significantly smaller product offering at typical department stores. DSW stores feature self-service fixtures that allow customers to view, touch, and try on the product without relying on salespeople to check availability. DSW locations have clear signage, and well-trained sales associates are available to assist customers as desired. New footwear merchandise is organized by style on the main floor, and clearance goods are organized by size in the rear of the store. The store layout allows customers who do not have time for relaxed browsing to swiftly identify the shoe styles they are seeking and shop in a targeted, time-efficient manner.
DSW, like Nordstrom Rack, appeals to both market rate and discount shoppers. On the second floor, above Nordstrom Rack, of the proposed mixed-use building on the southeast corner of 11th and Market Streets, DSW will cater to the nearby conventioneers, as well as local and regional shoppers, as well as local graduate students attending one of Philadelphia’s major universities.
NOI (2015): $6.4 millionNPV (@10%): $4.1 millionIRR (Leveraged): 12%
Commercial Rents: $30-35 PSFHousing Rents: $2.24 PSF/moCondo Sale Price: $375 PSF
Construction Cost: $94.7 millionCost PSF: $182 PSF
Nordstrom Rack: 38,500 SFDSW: 38,500 SFCB2: 31,800 SFGym: 31,800 SFMultifamily Rental: 156,800 SF 160 units Condominiums: 160,400 SF 128 unitsParking: 208 spaces
1000 marKeT sT.
1000 Market St. will have a DSW, CB@, and Nordstrom Rack.
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CB2
CB2 is a modern destination from Crate and Barrel that first opened in Chicago in the year 2000. CB2 offers affordable modern furniture and accessories for the apartment, loft, or home. It is a subdivision of Crate & Barrel, geared towards young adults, which is owned by Euromarket Designs, and majority-owned by Otto GmbH.
Nordstrom Rack
Nordstrom Rack, the off-price division of Nordstrom, Inc., first opened in the basement of the Downtown Seattle store in 1972 as a clearance department. Since that time, it has grown into its own division. Currently there are 86 Nordstrom Rack locations in 28 states. Nordstrom Rack carries merchandise from Nordstrom stores and Nordstrom.com at 50-60% off original Nordstrom prices. Nordstrom Rack offers petite and plus sizes in selected stores, as well as a broad range of accessories, bath and beauty products, and home accents. Nordstrom Rack also provides in-store alterations and tailoring.
As mentioned above, Market Street East has a history of being the department store center for Philadelphia, and the proposal to add Nordstrom Rack at the corner of 11th and Market Streets
would attempt to restore this tradition. Located across from The Gallery and a proposed, full-service, convention-center hotel, Nordstrom Rack is expected to appeal to conventioneers, local and regional residents, and commuters. It will serve as one of the primary focal points of the destination retail scheme. Its bargain brands will appeal to both market-rate and discount shoppers alike. Similar to how a Nordstrom flagship store helped revitalize Pacific Place in Seattle, an urban infill project very similar in size and scope to Market Street East, Nordstrom Rack is expected to help catalyze the area as one of the premier shopping destinations in the region.
CB2 - Chicago (22)
1000 marKeT sT.
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NOI (2018): $95,500NPV (@10%): $94,700IRR (Leveraged): 18%
Commercial Rent: $25 PSF
Construction Cost: 742,000Cost PSF: $124 PSF
Bike Station: 6,000 SF
Bike Station
A new bike station will provide a safe, secure, and convenient place for bicyclists to store their bikes. This type of facility will encourage multi-modal trips: Commuters can take the train to Market East, pick up their bike from the bike station, and cycle to their office any number of blocks away. The Bike Station may offer a number of services, including secure bicycle parking, personal lockers, showers, bike rentals, and a bike repair shop. Membership dues and daily fees can cover the operating costs. The station may also be developed in tandem with a Philadelphia Bike Share program, or in conjunction with the proposed Gym within the development.
Bike Station - Washington D.C. (23)
1000 marKeT sT.
The Bike Station (in blue) at the corner of Filbert St. & 11th St.
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NOI (2016): $50.3 millionNPV (@10%): $185.4 millionIRR (Leveraged): 23%
Commercial Rents: $30-40 PSFADR (Year 1): $275
Construction Cost: $213 millionCost PSF: $292 PSF
Inline Retail: 45,000 SF Hotel Conf. Space: 150,000 SF Hotel: 535,200 SF 960 rooms Parking: 384 spaces
Convention Hotel
The site directly across the street from the head house and grand Market Street entrance to the Pennsylvania Convention Center will be developed as a 20-story nationally branded hotel. This project will reflect a similar concept as the Marriot at 1200 Market with double hung corridors wrapping three sides. The 72,000 sf building envelope allows for two floors of meeting space totaling approximately 150,000 sf, which meets the needs of large conference groups. The plan suggests that the hotel be operated by Hilton or Sheraton, each having the experience and brand recognition necessary to be competitive in today’s marketplace. Further, the sales & marketing staffs associated with these operators are essential to a project that will cater to business and conventioneers.
Convention Hotel - Marriott Marquee, Washington, DC (24)
1100 marKeT sT.
1100 Market St. will be home to a new convention hotel.
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Expansion of Reading Terminal Market
NOI (2018): $1.2 millionNPV (@10%): $395,000IRR (Leveraged): 12%
Commercial Rents: $30 PSF
Construction Cost: $11.3 millionCost PSF: $141 PSF
Culinary School: 80,000 SF
NOI (2018): $412,000NPV (@10%): $330,000IRR (Leveraged): 16%
Commercial Rents: $30 PSF
Construction Cost: $3.4 millionCost PSF: $141 PSF
RTM Expansion: 24,000 SF
CulinarY sChOOl
readinG Terminal marKeT expansiOn
A new culinary school on Market St.
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NOI (2019): $20.4 millionNPV (@10%): $62.7 millionIRR (Leveraged): 36%
Commercial Rents: $30 PSFADR (Year 1): $300 Construction Cost: $213 millionCost PSF: $291 PSF
Inline Retail: 28,000 SFHotel Conf. Space: 30,000 SFBoutique Hotel: 220,000 SF 300 roomsParking: 120 spaces
Boutique Hotel
Though the convention center will drive the majority of the lodging needs of Market East the plan calls for the development of a six floor boutique hotel concept operated by Kimpton Hotels. Though Kimpton recently completed the Hotel Palomar in Philadelphia we believe that the Market East area can offer a different product to business travelers and tourists that will complement the rest of the development program. Moreover, Kimpton often operates several properties in the markets in which they do business. The building envelope is at least 50,000 sf with the first floor containing the lobby, a restaurant, and a small amount of meeting space (30,000 sf).
1001 FilBerT sT
The existing bus station will move to 30th Street Station. 1001 Filbert St. will have a new boutique hotel.
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NOI (2018): $3.7 millionNPV (@10%): $3.7 millionIRR (Leveraged): 20%
Commercial Rents: $35 PSFHousing Rents: $2.03 PSF/mo
Construction Cost: $34 millionCost PSF: $155 PSF
Best Buy: 24,000 SFCVS: 24,000 SFStudent Housing: 136,000 SF 240 unitsParking: 120 spaces
Urban Best Buy - New York City (25)
Best Buy
Best Buy is a retailer of consumer electronics, home office products, entertainment software, appliances, and related services. The company’s stores offer video products, such as televisions, navigation products, digital cameras and accessories, e-readers, and DVD and Blu-ray players; and audio products comprising MP3 players, home theater audio systems and components, musical instruments, and mobile electronics. Its stores also provide home office products comprising notebook and desktop computers, monitors, mobile phones and related subscription service commissions, hard drives, and networking equipment; entertainment software products, such as video gaming hardware and software, DVDs, Blu-rays, CDs, digital downloads, and computer software; and small electric appliances, as well as snacks and beverages.
The Hub Student Housing - UPenn, Philadelphia (26)
940 marKeT sT - sTudenT hOusinG
940 Market St. will have new student housing convenient for student at Thomas Jef-ferson University or once of the other city universities.
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The GallerY hOTel
NOI (2026): $94.3 millionNPV (@10%): $90.7 millionIRR (Leveraged): 43%
ADR (Year 1): $275
Construction Cost: $387 millionCost PSF: $586 PSF
Hotel Conf. Space: 120,000 SFHotel: 540.000 SF 864 rooms
Initial construction of the Gallery in 1977 provided structural support on top of the current retail space for expansion of three towers of up to 27 floors each. The plan calls for developing one of the two pads on Gallery II along 10th Street between Market and Filbert Streets, with the flexibility of adding a second tower or constructing two shorter towers. This tower will be a 22-story full service national hotel and meeting center with a developable envelope of 72,000 sf and a room floorplate of 20,000 sf. The plan proposes 22 floors of rooms and 2 floors of meeting space yielding 864 rooms and 120,000 sf of meeting area.
NOI (2018): $3.6 millionNPV (@10%): $4.8 millionIRR (Leveraged): 17%
Commercial Rents: $30 PSFHousing Rents: $2.25 PSF/mo
Construction Cost: $34.1 millionCost PSF: $150 PSF
Inline Retail: 15,850 SFSenior Housing: 180,400 SF 215 unitsParking: 104 spaces
801 ChesTnuT sT - seniOr hOusinG
802 Chestnut St. will have senior housing.
A high-rise hotel will be built on top of the existing Gallery Mall
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NOI (2023): $5.5 millionNPV (@10%): $1.9 millionIRR (Leveraged): 16%
Commercial Rents: $30-35 PSFHousing Rents: $2.20 PSF/mo
Construction Cost: $56 millionCost PSF: $176 PSF
The Home Depot: 56,600 SFInline Retail: 31,500SFMultifamily Housing: 193,360 SF 256 unitsParking: 128 spaces
Home Depot
The Home Depot operates as a home improvement retailer. The company’s stores sell a range of building materials, home improvement products, and lawn and garden products to do-it-yourself, do-it-for-me (D-I-F-M), and professional customers. The Home Depot has 1,972 convenient locations throughout the United States (including the territories of Puerto Rico and the Virgin Islands), Canada, China, and Mexico. Stores average 105,000 square feet with approximately 23,000 additional square feet of outside garden area. Their store inventory consists of up to 40,000 different kinds of building materials, home improvement supplies, appliances and other home products.
Urban Home Depot - Chicago (27)
800 marKeT - marKeT raTe aparTmenT
800 Market St. will have market rate apartments.
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Private
Our proposal for Market East station is a market driven plan focused on limiting public
investment to critical components and using these strategic investments to leverage
the maximize private investment over a 15 year period. While aspects of our plan can
be pursued by private developers on a site specific or project basis, we believe that
at full buildout our plan accomplishes our visions and goals, specifically: improving
transit connections, providing destination retail and amenities, satisfying unmet hotel
demand, attracting new residents, reorienting the Gallery, reengaging the public realm,
and providing a base for profitable long-term development. Ultimately, our proposal
redefines the mall for Philadelphia, improves the image of the City, generates returns
for stakeholders, and serves as a successful urban, multi-modal transit-oriented
development.
Public
Generates attractive returns for private investors:• Total Equity Commitment: $299 million• NPV (@10%): $388 million
• IRR: 23%
Generates $100 million+ in taxes in first 15 years,
increasing to $300 million over 30 years
• Driven by hotel ($85M) + sales taxes ($10M)
• As abatements expire property taxes to make a
larger percentage
COnClusiOn
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Conventioneers Tourists Commuters Students Residents
Nordstrom Rack
DSW
Best Buy
Home Depot
CB2
Fresh Market
CVS
Reading Terminal Expansion
Gallery Renovation
In-Line Retail
IMAX
Wax Museum
Hotels
Culinary School
Housing
Gym
Cycle Track + Bicycle Station
This proposal’s mix of residential, retail, commercial, and cultural amenities will help capture the existing markets at Market East.
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Cover/intro1. Flicker: http://www.flickr.com/photos/henryofdjibouti/5008486750/2. Flicker: http://www.flickr.com/photos/jeremai/5643365382/
area analysis3. Transit Cooperative Research Program, Transit Oriented Development in the United States: Experiences,
Challenges, and Prospects. Report #102. Washington, D.C.: Transportation Research Board, 2004.4. Centercityphila.org5. Pennsylvania Real Estate Investment Trust. Gallery at Market East - About Us. [Online] 2010. [Cited: Janu-
ary 25, 2011.] http://galleryatmarketeast.com/about_us.6. Pennsylvania Convention Center Authority. PA Convention Center - Expansion Information. [Online] 2010.
[Cited: January 25, 2011.] http://www.paconvention.com/home2/expansion/.7. PA Convention Center - Hotels. [Online] 2010. [Cited: January 25, 2011.] http://www.paconvention.com/
home2/attendees/hotels.asp.8. Thomas Jefferson University Hospitals. About Us - Thomas Jefferson University Hospitals. [Online] 2011.
[Cited: January 25, 2011.] http://www.jeffersonhospital.org/About-Us.aspx.9. Reading Terminal Market. Reading Terminal Market - About. [Online] 2011. [Cited: January 25, 2011.]
http://www.readingterminalmarket.org/about/revitalized.10. Friendship Gate in Chinatown. The Philadelphia Inquirer. 2007.11. Readingtrminlamarket.org/about
market assessment12. Kostelni, Natalie. Phila.-area apartment market bouncing back. Philadelphia Business Journal. [Online] July13. 2010. http://www.bizjournals.com/philadelphia/blogs/real_estate/2010/07/phila-area_apartment_market_
bouncing_back.html.14. 2010. http://www.bizjournals.com/philadelphia/blogs/real_estate/2010/07/phila-area_apartment_market_
bouncing_back.html.15. CoStar. The CoStar Office Report, Mid-Year 2010, Philadelphia Office Market. 2010.16. Cushman & Wakefield. Marketbeat: Philadelphia Retail Report, Mid-Year 2010. 2010.17. Center City District & Central Philadelphia Development Corporation. State of Center City Philadelphia
2010. Philadelphia : s.n., 2010.18. Philadelphia Convention & Visitors Bureau. Places to Stay - PhiladelphiaUSA.travel. [Online] 2010. [Cited:
January 25, 2011.] http://www.philadelphiausa.travel/visitors/places-to-stay.19. pidc.org. May 2011.20. Central Philadelphia Development Corporation and the Center City District. Center City Reports: Residen-
tial Development 2010: Diversification Pays Dividends. Philadelphia : s.n., 2010.
implementation & execution21. N/A 22. Cb2.com23. http://www.ecovelo.info/images/bike-station-dc.jpg24. http://johnwilliamtempleton.files.wordpress.com/2010/11/image022.jpg25. http://go-digital.net/blog/wp-content/uploads/2009/07/IMG_6482-bestbuy-circuitcit.jpg26. http://www.rent.com/media/property/560/264/56026446.jpg27. http://www.flickr.com/photos/smart_growth/2454340567/
WOrK/imaGe CiTaTiOn
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Canal square TOd at Girard
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Canal square TOd
Few sites match the potential of Northern Liberties, Fishtown and the North
Delaware Waterfront for creating transit oriented development in Philadelphia.
The Girard Station on the Market Frankford Line (MFL) and 15 Trolley, make the
area a major transit hub. Coupled with extensive vacant land between Front
Street and the Waterfront, this area has incredible development potential.
Over the last 15 years the neighborhoods surrounding Girard Station have
become high growth markets, with a number of major developments helping to
transform the area into one of the most desirable in Philadelphia.
Evoking the industrial past of the Philadelphia’s northern waterfront, this studio’s
proposal for Girard Station is named after Canal Street, a winding road that
follows the course of the historic Cohockskin Creek. Just as the Cohockskin
once powered Northern Liberties, the proposal envisions a revitalized Canal
Street that will enliven the neighborhood. Canal Square will innovatively re-
purpose forgotten industrial lands into Philadelphia’s most exciting place to
live, work and play.
at canal square
CANAL the station | the pass | the shops
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inTrOduCTiOn TO Canal sQuare
This a vision for Canal Square, a new transit-oriented destination, that will build off of existing development and create a major retail, entertainment and cultural attraction for the surrounding neighborhoods as well as Greater Philadelphia. Stretching south from Girard Station, the TOD will establish a stronger link between the existing neighborhoods and the waterfront.
Adjacent to Girard Station a new affordable commercial and residential development will provide flexible spaces for Philadelphia’s creative economy. Front Street will be transformed from a dark and vacant place, to one lined with artisan studios, shops and restaurants. New connections within the street grid will knit together this 800+ unit development with the Piazza at Schmidt’s and the station.
The lower portion of the development will transform vacant land between Delaware Avenue and I-95 into a vibrant mixed use retail destination. The historic Canal Street will become a new pedestrian walk lined with a mix of major national and local retailers. Unlike strip mall development located elsewhere along the Delaware, this vision creates a walkable urban place that extends the urban fabric of Northern Liberties to the waterfront.
But the Girard TOD is more then a development, it provides an opportunity to capitalize on private investment to make the region more livable and healthy. The entire site will be built to encourage a healthy and active lifestyle. At its heart, a new community and recreation center will provide the neighborhoods of Fishtown and Northern Liberties a world class facility to learn, play and socialize. As part of an initiative for a healthier kind of community, Canal Square will incorporate sustainable technologies and active design to achieve a healthy living community.
The next few chapters describe a blueprint for transit oriented development around Girard Station from concept to financial strategy. While the size, scope and timeline for this project make this a complicated proposition, developing at this strategic location has transformative potential not only for the adjacent neighborhoods but also for all of Philadelphia. The Girard Station TOD will help redefine how Philadelphian’s shop, socialize, and live.
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Stepping out of the Girard Station places one at the crossroads of a quickly changing
portion of Philadelphia. Looking east and west from the intersection of Front and
Girard Streets, one sees a typical pattern of aging Philadelphia rowhomes, historic
commercial buildings, and decaying storefronts that frequently characterize many
of Philadelphia’s long-time commercial corridors. Looking south, the 90 year old
Frankford Elevated Rail line leads to a tangle of interstate overpasses in the distance.
However, Girard Station is also a gateway to the unexpected: moving just a few blocks
west will reveal new construction embracing eclectic urban design and architecture.
Moving less than two blocks south down Front Street, the sky opens and the
waterfront is visible within walking distance. A juxtaposition of history, innovation, and
natural qualities permeates the neighborhood character. Its location just outside of
Center City, has made the neighborhoods bordering Girard desirable for investment
and redevelopment.
Once known mostly as a post industrial area, in recent years new residents and visitors
have helped to redefine Philadelphia’s lower river wards. Today the neighborhoods
surrounding Girard Station have new shopping, nightlife and restaurants unlike what
is found elsewhere in the city. A transit-oriented development at Girard has the
opportunity to weave together the best aspects of surrounding neighborhoods while
providing concentrated development and rich transit connectivity.
area analYsis
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A strong arts scene, especially along the Frankford Avenue Arts Corrridor has emerged in the area
A tradition of embracing electric and expressive design permeates Fishtown
Fishtown is well known as a strong neighborhood of working class residents
Canal Square was imagined to take advantage of Girard Station’s strategic location at the junction of several important areas in Philadelphia including Fishtown, Northern Liberties, and the Delaware Waterfront. At the juncture of these areas, a transit-oriented development at Girard Station has the opportunity to capitalize on and link the best neighborhood characteristics and assets of these areas. Their dominant physical components as well as demographic composition influenced the final development concept.
Fishtown
Located north and east of Girard Station, Fishtown is generally considered to be bounded by Frankford Avenue at its western edge, York Street to the north, and Laurel Street to the south. Historically, its location adjacent to the waterfront made it a center for the shipping and fishing industries. In addition, its past as a strong, working class neighborhood continues to be a part of its character today.
Still a working-class residential community, the area has also seen a wave of new residents attracted to its unique neighborhood quality and availability of affordable housing stock. While Northern Liberties has had significant large redevelopment projects, Fishtown has been defined more by piece meal redevelopment and new construction with a focus on green or sustainable building. The opportunities for redevelopment have instilled a do-it-yourself culture in the neighborhood; there are pop-up parks in vacant lots as well as temporary public art projects in empty storefronts. The area has also become a center for burgeoning arts culture evident in the concentration of galleries especially along the Frankford Arts Corridor. This artistic quality extends to both the architecture and businesses of the area. Renovated, historic rowhomes bare unique design features and stand along specialty boutiques, music venues, and locally owned businesses.
Northern Liberties
Located between Center City and Fishtown, Northern Liberties has experienced a two decade long renaissance. Northern Liberties is a neighborhood that extends south from Girard Avenue, and Girard Station, to Callowhill Street, North 6th Street to the west, and the Delaware River to the east. While Fishtown has had a strong residential population through its history, Northern Liberties was more defined by its industrial uses including manufacturing and brewing. In recent years, large redevelopment projects have redefined this area as a new neighborhood desirable for young professionals as well as artists and creative professionals. These new projects, including the Piazza at Schmidt’s, have strengthened Northern Liberties as a destination for vibrant nightlife activity through its concentration of boutiques, dining and bar venues. Northern Liberties is now also
neiGhBOrhOOd CharaCTerisTiCs
The market has embraced innovative and modern architecture in new construction & redevelopment
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known for its urban design quality that is a unique departure from the historic urban pattern in the neighborhood. New real estate projects have introduced new public spaces differentiating the area as a destination. Northern Liberties has become a neighborhood well known in Philadelphia for urban transformation and innovation.
Delaware Waterfront
Girard Station is also in close proximity to the Delaware Waterfront. Access to the waterfront is an important, ongoing neighborhood issue for Fishtown as well as Northern Liberties. While the full realization of the Delaware waterfront redevelopment remains in question, making connections to the waterfront is an advantage for transit-oriented development in this area. The waterfront is home to some major developments, including the Sugarhouse Casino and Waterfront Square Condominiums. In addition, the waterfront is also a reminder that these dense, urban neighborhoods also border a significant, natural resource. Transit oriented development has the opportunity to capitalize on what will hopefully become a mix of high quality destinations and open space amenities along the Delaware waterfront.
The Delaware waterfront is a natural resource and asset available to new development here
Boutique retail has rebranded Northern Liberties
New projects make impressive urban design statements to draw visitors
Fishtown is well known as a strong neighborhood of working class residents
neiGhBOrhOOd CharaCTerisTiCs
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The paving is well preserved, and can be enhanced to create place character
hisTOriC Canal
Canal Street is well connected to the Market-Frankford corridor
Canal Street is one of the most unique aspects of the Girard Station TOD study area. The street winds its way through Northern Liberties, following the path of the historic Cohockskin Creek. In the 19th century the industries of Northern Liberties harnessed the power of the Creek, as the lower portion existed as a working canal.
As late as 1859, the canal continued to be exposed to open air and navigated through one of Kensington’s key industrial areas. Historical maps indicate that many area industries used the area around the canal as open space for storing goods such as coal. This was especially true in the large block south of Laurel Street; area industries fronted the major arterials with their rear facing the canal. By 1945, the canal was completely covered and a rail ran along what is best characterized as a service street. As contemporary photographs demonstrate, this street has continued to act primarily as a service street, at least in the parts located within the site. However, the entire section East of Front Street was never repaved, and thus maintains an aesthetically pleasingcobble stone paving which would add significantly to place character. Moreover, the section south of Laurel Street still holds the original rail lines, along with this historic paving.
Canal Street contains many abandoned industrial buildings presenting opportunity for redevelopment
The original rail lines run along much of Canal Street
Hexamer & Locher 1858 Map with Cohockskin Creek
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hisTOrY
The history of Northern Liberties and Fishtown consists of three distinct periods. The two neighborhoods initially developed because of waterfront industries. The neighborhoods saw the drastic shrinking of their industrial base in the post war period. In the wake of industrial decline, new development has produced a modest renaissance over the last decade.
Industrial Growth
The river ward communities of Fishtown and Northern Liberties have their roots in an industrial and seafaring past. From the 1800s onward, this area grew as the region’s main manufacturing center with factories, shipping facilities, and ports populating the waterfront. This area then boomed with business activity and residential growth in neighborhoods to the west of the waterfront. Northern Liberties originally developed as a suburb of Philadelphia and by 1810 was the 6th largest city in the United States. It was only incorporated into the city in 1854 when Philadelphia was the nation’s third largest city. As industrial growth continued in Philadelphia, other riverfront communities extended northward including Fishtown and Port Richmond. Northern Liberties and Fishtown were centers of economic activity centered on the brewing industry. Several large-scale brewers grew in the area including Schmidt’s Brewery which
was established in 1860. The industrial period saw the establishment of Northern Liberties and Fishtown as industrial centers and dense residential neighborhoods. As population growth continued in Philadelphia, the early 19th century saw the introduction of the first elevated subway line, the Market Frankford line, in 1922. The subway line extended through the center of these existing residential neighborhoods and provided new connectivity to Center City and west across the Schuylkill River.
Industrial Decline
Like most of Philadelphia, Northern Liberties and Fishtown began to experience significant decline after it reached its population height in the 1950’s. The post-war period saw the loss of most of the industrial activity in the area that had sustained its growth and economic health. As industries left the waterfront, a major link to the interstate system moved in. Under construction for over twenty years, I-95 had reached Girard Avenue by 1969 and continued its extension to the Center City section, which opened in 1979. The elevated highway then partially severed these neighborhoods from the natural resource, which had once been their lifeblood. Northern Liberties also experienced the slow collapse of its brewery industry, and in 1987 Philadelphia’s last major brewer, Schmidt’s, shut its doors.
Northern Liberties
6th largest U.S. city
Schmidt’s Brewery
Established
INDUSTRIAL GROWTH
1800s
1922
Frankford
Elevated Rail
Opens
1809
1860
Historical Timeline of Study Area
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Highway Built
POST-INDUSTRIAL
1960sRENAISSANCE
1987
1965
Schmidt’s Brewery closes
2000s2010
2000
Sugarhouse Casino
Tower Investment
Acquires Schmidt’s
Sugarhouse brought a new, if controversial, entertainment and gambling element to this area
Industrial decline left many structures and properties ripe for redevelopment
Northern Liberties was once the center of a strong brewing industry in Philadelphia
Renaissance
While postindustrial decline is still apparent in Fishtown and Northern Liberties, the significant availability of low cost property and vacant land has driven redevelopment in the area. The area’s proximity to Center City spurred development hoping to capitalize on residential demand based on comparative affordability and the emergence of an edgy, artistic neighborhood. Significant portions of redevelopment opportunity have already been taken by developers including Bart Blatstein and Tower investments who acquired the entire Schmidts Brewery site in 2000. For the past ten years, the area has experienced increasing residential redevelopment and investment interest in larger scale projects as well as renovations. The redevelopment of the Schmidts site has realized one of Philadelphia’s largest infill developments consisting of residential units, retail space, and a large public space amenity. The Delaware waterfront planning process has also brought new attention to the potential of Northern Liberties and Fishtown. Since the 2000’s, several major projects have impacted the waterfront on the shores of these riverfront communities. Casino development made its controversial debut in 2010 when the Sugarhouse Casino opened at the intersection of Frankford and Delaware Avenues. Development interest continues in this area as the next portion of the Piazza at Schmidts is scheduled to open shortly and future phases have been announced.
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New infill residential development stands next to industrial buildings and traditional rowhouses
The Sugarhouse Casino may expand and become more of a full scale destination along the waterfront
The Piazza at Schmidts has established the area as a destination and is bringing new amenities such as a supermarket
neW develOpmenT
The Piazza at Schmidts
Northern Liberties’s image today is almost synonymous with the Piazza at Schmidts development. Located just two blocks west of Girard Station, the Piazza at Schmidt’s made a significant impact on the neighborhood character and induced further investment. With the acquisition of the closed Schmidts Brewery in 2000, developer, Tower Investments, was able to conceive of large-scale, and catalytic development on 22 acres of industrial land. Tower Investments has focused on building out a “five minute community” concept. To date, the Piazza at Schmidt’s has brought over 500 residential units, 100,000 SF of retail including boutique shopping and dining, and 50,000 square feet of office space to the area. The second phase, The Shops at Schmidts, is projected to open in 2011, and will include a new 50,000 SF supermarket, and additional retail. A future phase will build out the remainder of the Schmidt site with 600 residential units.
Tower Investment’s work in Northern Liberties has set a high bar for development quality in the neighborhood. This development also proves the power of a master planning strategy for reconnecting the urban fabric in this area and enhancing marketability. In addition, amenities and a differentiated residential product have helped attract a younger, higher income demographic to the area. Finally, this development has devoted significant attention to creating a culture of entertainment and nightlife. The pedestrian walkways and plazas surrounding restaurants and bars encourage a 24/7 environment comfortable for residents and enticing for visitors alike.
The Sugarhouse Casino
The Sugarhouse Casino, opened in early 2011, and introduced 45,000 SF of gambling and entertainment space to the Delaware waterfront on the border of Fishtown and Northern Liberties. This development, however controversial, has brought another reason to visit the Northern Liberties/Fishtown area. It is a new anchor institution in Philadelphia and its planned expansion of additional gaming space, a 750 room hotel and a parking garage may increase its presence in the future along the waterfront. Although its architecture is not award winning, the construction of the Casino did realize the first portion of the Delaware riverfront trail on the waterfront side.
While the Sugarhouse Casino is an entertainment venue, it currently has few other amenities beyond two full-service restaurants, and two full service bars. The casino draws an additional user profile to the area: most of its visitors are coming from nearby North Philadelphia neighborhoods for short-term visits. However, as it expands the venue may draw additional visitors from a larger trade area. This exhibits the opportunity to build off of the casino by providing restaurants and
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entertainment venues. New developments can capitalize on the availability of another customer profile in the area. In addition, the casino currently employs over 1,000 people and there is potential to provide affordable housing options and amenities for workers. The arrival of the Sugarhouse Casino demonstrates how the desirability of the Delaware waterfront for large scale projects has a strong relationship to the market dynamics and development possibilities surrounding Girard Station.
Infill Residential
The increasing attractiveness of these neighborhoods as well as availability of vacant land opportunities have spurred a trend of infill residential development especially throughout Fishtown and Lower Kensington. Many of
Girard Station
Girard Avenue
2nd
St.
Delawar
e Ave
nue
Fran
kfor
d.
Schmidt Redevelopment
Sugar House Casino
Waterfront Square
Penn Treaty Park
1/4 Mile
these projects are completed by entrepreneurial, local developers such as Onion Flats who capitalize on the ability to pursue progressive design or sustainable strategies in fitting with the neighborhoods’ culture. This trend has also brought a dynamic street character to these neighborhoods; geometric, modern facades neighbor traditional rowhomes. Infill residential development has attracted buyers looking for alternatives to the Center City market with preferences for a unique neighborhood with near downtown convenience. In addition, infill development has also targeted the artist market, that originally began the period of regeneration and repopulation of this neighborhood. The dichotomy in this neighborhoods between the old and new, vacancy and new investment, is a key driver of the desirability of living and visiting this part of Philadelphia.
Recently built commercial and residential buildings
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One of the most important factors guiding the site selection process was the opportunity for parcel acquisition. The map above combines an analysis of vacant land, public ownership and those parcels which would lend themselves to repurposing. Within a quarter mile walk distance of Girard Station, there is a significant agglomeration of vacant and publicly owned parcels south of Front Street and Girard Ave. The west side of this block consists primarily of vacant, deteriorated industrial buildings that have visible signs of continued disuse. Except a gentlemen’s club located on the corner of Front Street and Girard, the entire block is vacant with no permanent structures still standing.
The pattern of vacant land becomes even more expansive further south, encompassing 8.3 acres south of Richmond Street. The presence of the highway overpass is undeniably an influence on
Girard Avenue
2nd
St.
Delawar
e Avenue
Fran
kfor
d Av
e.
1/4 Mile
development opportunities as it creates a sharp division between the waterfront and Northern Liberties.
The area south of I-95 maintains a strong industrial character and some structures continue to be in use. The building directly south of Laurel Street and the set of buildings along Delaware Ave are currently in use mainly as industrial and storage facilities. However, the building to the north of Laurel Street and the buildings west of Frankford are not in use.
One of the positive attributes of this area is the high concentration of large land owners. Core Realty is currently the sole owner of not only the Cold Storage buildings south of Brown Street, but also all the structures along Delaware between Frankford Ave. and Brown St. Moreover, Tower Investments has significant ownership along Front St. near Girard Station.
areas OF OppOrTuniTY
Vacant, Abandoned and Public Land
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Northern Liberties and Fishtown are some of the most transit rich places in Philadelphia. The Girard Avenue MFL Station puts the neighborhood within minutes from Center City and University City. MFL passengers are one transfer away from most major employment centers in Philadelphia, making the neighborhood already a popular place for Center City workers and students.
The Girard Avenue trolley provides another valuable transit connection for the neighborhood and is one of the few major crosstown lines that does not require passengers to travel through Center City. The 15 Trolley links the riverward neighborhoods together and in 2011 a new spur will allow trolleys to travel directly to the waterfront at Frankford and Delaware Avenue.
A number of bus lines also serve the neighborhood which providing additional options for residents
lOCal TransiT
15 Trolley Spur( Opening Spring 2011)
15 Trolleyto 63rd Street
15 TrolleyTo Port Richmond
5 BusPenn’s Landing
5 BusFrankford Trans. Center
57 BusFern Rock Transp. Center
57 BusSouth Philadelphia
25 BusColumbus Commons
43 BusParkside
43 BusKensington
25 BusFrankford Transp. Center
Girard StationMarket-Frankford Line
Spring GardenMarket-Frankford Line
Waterfront Trolley( Proposed)
to travel to the Northeast and Center City. The city is currently exploring the construction of a new waterfront trolley line that would link the Route 15 spur and casino, the Penn’s Landing, Center City and South Philadelphia.
Area Transit Lines
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Girard Avenue Small Businesses
New PathmarkLiberties Walk
2nd Street Corridor
Frankford Corridor
East Girard Shopsand Restaurants
The blocks along Girard and Front Street adjacent to Girard Station form a major gap in the commercial corridors of Fishtown and Northern Liberties. A few blocks southwest of the station is the Piazza at Schmidts development, featuring a number of specialty boutiques and restaurants. Across the street from the Piazza is a major new retail development anchored by a large supermarket opening this year.
East of the station, Frankford Avenue and Girard are reemerging as important retail corridors for Fishtown and feature a number of small shops, cafes and bars. The New Kensington Development
COmmerCial COrridOrs
Corporation has focused a lot of their efforts on revitalizing Frankford Avenue to make it again the focus of Fishtown. Between the commercial cores along 2nd Street in Northern Liberties and Frankford Avenue in Fishtown, there is a large gap in the retail fabric. The areas adjacent to Girard Station continue to have high vacancies and have yet to experience the revitalization seen in the surrounding neighborhoods. Moreover, the corridor lacks many neighborhood oriented stores; walking out of the station riders are confronted with uses such as an adult bar and tattoo parlor.
Commercial Corridors
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The above map shows the final development boundaries for this Girard Station TOD. The studio developed these site boundaries based on a number of factors including: the availability of land, large vacant contiguous parcels, proximity to transit and transformative potential. As illustrated in the previous sections, the areas around Girard have significant amounts of vacant or abandoned land, however in most of the neighborhood vacant parcels are relatively evenly dispersed, leaving few large parcels for development. The area stretching
Final siTe seleCTiOn
Girard Ave
2n
d S
t.
Del
awar
e Ave
nue
Fra
nkfo
rd A
ve.
1/4 Mile
Germ
anto
wn A
ve.
Schmidt Development
Casino
WaterfrontSquare
Northern Liberties
Fishtown
Lower Kensington
Girard Station
Spring Garden
along Front Street and Canal Street to south of the station allow for large scale redevelopment. The site is adjacent to both the casino and Schmidt site, allowing for synergies with existing development.
While the TOD boundary stretches far beyond Girard Station, the entire area is within a short walk to Girard Station, Spring Garden Station and the route 15 trolley. Furthermore, this long linear site will allow for maximum connectivity between the waterfront, Fishtown and Northern Liberties.
Study Area
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Generating a concept for a destination TOD at Girard Station involved the study of
demographic, economic and market characteristics of the neighborhoods bordering
the station. The site identified in the previous section is located at the confluence of a
diverse set of neighborhoods, each with their own set of challenges and opportunities.
The recently released 2010 census data shows that the neighborhoods of Lower
Kensington, Fishtown and Northern Liberties have undergone change over the last
10 years, becoming more demographically and economically diverse. A continued
property boom has built value in the area but threatens to price out working class
families.
Economically, the Girard study area poses many opportunities for new growth and
workforce development. The neighborhoods surrounding Girard Station house a
growing community of creative professionals, with sites like the Crane Arts building
and Coral Arts House cementing the areas reputation as an affordable hub for the
arts community. While creative industries are developing as a major economic driver,
Girard holds potential to become a retail destination, filling in a niche not being served
by the big box retail of North Philadelphia or the specialty stores of Center City.
Finally, as a TOD, Girard Station is highly accessible by transit to the rest of the region.
Retailers based in Girard can reach a large segment of Philadelphia, and many of its
suburbs in 30 minutes or less by train. Girard Station is also well positioned to tap into
the region’s large student population, with over 50,000 students within a 20 minute
transit trip of the station.
marKeT assessmenT
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Census Analysis
This economic and demographic analysis incorporated the use of census data for 4 Philadelphia census tracts: 144, 142, 158, 143. These tracts coincide with the neighborhoods surrounding Girard Station and include parts of Fishtown, Northern Liberties, Lower Kensington and the Waterfront.
eCOnOmiC and demOGraphiC analYsis
144
142 143
158
Study Area Census Tracts
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Demographics
These four census tracts are comprised of a population of 13,798 residents as of the 2010 census. The most recent data has revealed that this population has experienced significant shifts in population growth as well as diversity especially in comparison with the rest of the city of Philadelphia. While the city of Philadelphia only experienced 0.5% growth over the past ten years, these four census tracts experienced a 8.7% increase in population. Nearly all of this population growth has been captured by the census tract 144, which represents much of Northern Liberties. Its dramatic 64% increase in population growth is evidence of the new construction in the area and its status as a new residential market in the city of Philadelphia. The other census tracts did experience a minor decline; tract 144, comprising the neighborhoods west and north of the station, had the highest decline at 3.5% over this ten-year period. Census tract 144’s dramatic 64% increase in population growth is evidence of the new construction in the area that has brought new residents and a market to this area.
In addition to noted population growth, this area’s household composition also has helped draw conclusions about the market surrounding Girard Station. Although this area’s median age of 34.4 is nearly the same as the average citywide, this area does have a higher concentration of non-family households which comprise 54% of total households. In addition, a younger population defines this four-census tract area; currently 77% of residents over the age of 25 can be characterized as single households. On average 46% of total households are family households and of these family households 32% are married families. Of households with more than one resident, 53% of those households are 2 person households, 22% are 3-person, and 17% are 4-person respectively over this four tract study area. Smaller household sizes and younger residents are a trend in this area. A large contingent of non-family households are influencing much of the household growth and residential market in this area.
As the population and number of households have demonstrated growth, this area has also experienced significant shifts in terms of diversity. Overall, the area has experienced the most growth in the white population; this segment increased more than 10% from 2000 to 2010. Other significant shifts include a small 2% decrease in the Hispanic population from and a slightly larger 4.8% decrease in the African American population. This area is largely less diverse than the city as a whole. However, several tracts including tract 144 are significantly more diverse as it is 37% Hispanic or Latino. Overall, there is a decline in diversity, which may be attributed to changes in housing prices as residents move to other more affordable parts of the city.
Economics
With significant changes in population and major demographic characteristics, the area has also had an upward shift in household income. Income levels are strong as 38% of residents currently earn between $45,000 to $100,000 annually with 13% of the households in this range earning incomes in the $75,000 to $100,000 cohort. In addition, household incomes are projected to rise 12% from 2010 to 2015 to an average of $47,363. Due to strong household income levels, residents are purchasing and occupying homes in the area as indicated by a low vacancy rate of 13%. The median home value for the four-tract area is $189,700. There is substantial variation in housing prices characteristic of a gentrifying area; tract 142’s value of $305,900 is significantly higher than the area average $150,900. This is due to its proximity to Center City Philadelphia and its prominent location near the Northern Liberties neighborhood.
Take Aways
This economic and demographic analysis revealed several general trends which guided program selection and identification of target markets. Household incomes are rising which indicates an increase in disposable income and market potential in the area. This analysis supports the addition of retail that can cater to a market with more disposable income.
eCOnOmiC and demOGraphiC analYsis
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eCOnOmiC and demOGraphiC analYsis
Younger professionals on the riseAlso, the analysis of this study area revealed that younger cohorts are on the rise, indicating that retail as well as housing options should capitalize on this market. As younger people form new households, they are more likely to select multifamily apartments as they form new households. In addition, the increase in younger cohorts signifies that there may be a need for different types of retail that benefit from new household formation such as furniture stores as well as other amenities not currently available in the neighborhood.
Growing senior population This demographic analysis also revealed that there is a significant portion of the population that is aging in place. From 2010 to 2015, the portion of the population in the 65 to 74 cohort rose 20.5%. While this cohort represents a small portion of the overall population, it signifies that there may be a demand for affordbale housing geared towards seniors.
Public transportation & low-income residentsAnother important conclusion was that 75% of those making less than $45,000 take public transportation to work. There is a need to maintain affordable housing in close proximity to transit in the area.
Employment in the service industryAnother key takeaway is that 40% of this area’s employment is based in the service industry. This statistic is important especially in consideration of the addition of estimated 1,000 service workers to the local economy with the opening of the Sugarhouse Casino. Since the average wage of those working in the service industry is about $40,000, this reveals the need for affordable housing that may be also be within close proximity to places of employment.
2010 Demographic Composition
13.97% Hispanic
73.69% Non-Hispanic White
6.86%Black
5.5%Other
0
1000
2000
3000
4000
5000
6000
TRACT 142 TRACT 143 TRACT 144 TRACT 158
2000 2010
Population Growth by Census Tract (2000-2010)
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Potential Market Capture
Transit is at the heart of a TOD, and Girard Station provides the development with excellent access to Philadelphia and the wider region. To better understand the residential and retail draw, we analyzed the extent one could travel on transit from the station in 10 and 30 minutes.
Girard Station TOD is well-situated in the Northern Philadelphia region. From the Girard El Station, SEPTA provides access to Center City and the surrounding region. Within a 30-minute transit ride from Girard Station, riders can traverse to the Sports Complex in South Philadelphia, Frankford Transit Center in Northeast Philadelphia, Haverford Ave. in West Philadelphia and University City. Suburban catchment markets within 50 minutes of Girard Station include Jenkintown, Conshohocken, Ardmore and Swarthmore. Within the Center City District, connections to Old City (4 minutes), Rittenhouse Square (17 minutes) and East Falls (27 minutes) allow riders to access important urban nodes efficiently and quickly.
While automobile access is not the focus of this development, retailers and residents will still rely partially on car travel. We analyzed 15 and 30 minute travel sheds by car, finding that drivers can easily access the development from as far as the Mainline and suburbs in southern New Jersey.
30 Minute Transit Destinations
Within 30 minutes one has access to a large part of the region by transit. Major employment centers like Center City, Temple and University City are all a short ride away. Regional retailers can draw by transit shoppers from as far as the Mainline and South Jersey. Residents can access regional destinations like Manayunk, Center City, the Airport, Camden Waterfront and Amtrak at 30th Street Station with zero or one transfer. Students from Temple University, University of Pennsylvania, Drexel, Philadelphia University and St. Josephs have a less than thirty minute ride to Girard Station.
TranspOrTaTiOn analYsis
10 Minute Transit Destinations
Riders can reach Center City and the Lower Northeast by subway in less then 10 minutes. As the 10 minute transit map shows, Girard Station is easily accessible by transit to local employment centers like the Convention Center and Market West district, along with destinations like Chinatown and Old City. Local serving retail can pull from communities along the route 15 trolley line as far as Port Richmond and Broad Street.
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TransiT desTinaTiOns & OriGins
Fern Rock
Frankford Trans. Center
Sport Complex
16th Street
Airport
Angora
Southwest Phila
Girard Station63rd Street
69th Street
Broad Street
Erie
Old City (4 mins)
Fishtown (2 mins)Poplar (5 mins)
Kensington (5 mins)
Port Richmond (10 mins)
Market West (7 mins)
Convention Center (7 mins)
R3
R5
R6
R2 + R3 + R5 R8 R7
R2
MFL
BSL PATCO
Riverline
63rd Street
Collingswood (23 min)
Jenkintown (40 mins)
Ardmore (40 mins)
Swarthmore (47 mins)
Conshohoken (47 mins)
Zoo (28 min)
Sports Complex (26 mins)
Manayunk (34 mins)
ConventionCenter (12 mins)
South Street (17 mins)
City Hall (9 mins)
Amtrak (14 min)
Airport (39 mins)
Haverford Ave.
Overbrook East Falls
WayneJunction
Fern Rock
Frankford Trans. Center
AlleghanyAve.
36 StreetCamden
Collingswood
Sport Complex
16th Street
UniversityCityBaltimore Ave/ 44th
Street
Airport
Angora
Southwest Phila
63rd Street Girard Station
Temple U (18 mins)
Old City (4 mins)
UPenn (16 mins)
Rittenhouse Sq(17 mins)
East Falls (27 mins)
R3
R5
R6
R2 + R3 + R5 R8 R7
R2
MFL
BSL PATCO
Riverline
Trolley
Catchment Neighborhoods
Catchment Suburbs
Regional Destinations
Transit Hubs
10 Minute Transit Extents
30 Minute Transit Extents
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the casino would help workers stay in the area and invest in the community. Maintaining affordable housing and capitalizing on the existing popularity of Northern Liberties and future success of Canal Square is paramount to the proposed housing strategy.
For-Sale
For-sale demand is mainly coming from residents looking to buy underutilized row homes at steep discounts and rehab the structures into new upgraded product. The cost of building new makes renovations highly attractive. In addition, as seen in Appendix (Rent-v-Own Analysis) it is much cheaper to rent than own in the Northern Liberties/Fishtown area even at market-rate rental rates. Nevertheless, there is potential demand from existing household turnover. The for-sale demand in Appendix (For-sale) indicates the process by which demand was estimated. With little household growth projected between 2010-2015, all new household formations in the primary market area of North Philadelphia will occur from existing household turnover. As seen, in the demand, households were income qualified by affordability based on income level and then qualified based on their propensity to rent vs. own by price band. The households were further analyzed by their preferences for attached product and the estimated “fair share” the subject site could capture of the total demand. This amounts to approximately 14-18 annual new home sales that could be captured in the Northern Liberties and Fishtown market area. Over the next five years this will total approximately 70 to 90 home sales. While the proposed development at Canal Square will not capture all of this demand, the site will likely capture some of this new attached housing demand albeit at a low rate.
Market Rate-Multifamily
Building upon the success of The Piazza at Schmidts immediately to the west of the site, Canal Square will incorporate a significant number of market-rate and affordable multi-family housing options. The market rate demand was similarly
The housing stock in Northern Liberties and Fishtown have traditionally been characterized by three-story attached townhomes typical of Philadelphia. The Piazza at Schmidts brought a new type of successful rental product to the area and will continue to add additional rental apartments and condominiums in future years. This development has also influenced the addition of other infill development to the area through new and renovation townhome construction. While the current urban character is dense and many townhome redevelopment projects are small in scale, the area has gentrified over the past ten years drawing young couples and singles to the area. As an area that is rapidly changing, the residential market in terms of demand and value displays different characteristic depending on exact location.
Current Housing Market
Currently 50% of the units are owner-occupied and 33% renter-occupied attributed to the relative low-cost of housing in this area. Compared to the city’s status as 48% owner-occupied and 38% renter-occupied the area has high homeownership. While 16% of housing units are vacant in the area compared to 14% in the City, the area’s blighted residential buildings are turning over quickly. Although 77% of the housing stock in 2010 is presently below $150,000 in value, this is projected to fall to 56% by 2015 as the area continues to gentrify and become more desirable. In conjunction with the prior statistics, homes valued at $250,000 and above form a small part of the market in 2010 at 2.4% but are projected to grow to a 9.4% share of the market by 2015. The compound annual growth rate for homes prices from $250,000 to $350,000 respectively is 32% over the next five years. Median home value subsequently is projected to rise as well from $104,830 in 2010 to $138,370 by 2015. As the housing market continues to evolve and the Schmidts development continues to add market-rate rental and for-sale housing, lower to moderate income residents will continue to be pushed out of the neighborhood. With the development of Sugarhouse Casino and the 850 jobs it is projected to create, high quality housing near
hOusinG analYsis
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There is demand for the construction of about 70 units of for-sale housing over the next 5 years.
The projected market demand for market rate rentals is about 335 units over the next five years.
The Piazza at Schmidt’s currently contains 560 units and its next phase is expected to absorb the majority of market rate demand in the area
Demand for affordable housing is strong: 615 units make up projected demand over the next five years
calculated by income qualifying households by monthly rent ranges and then looking at different income brackets propensity to rent. In addition, annual rental turnover was calculated as well as the percent of households that estimated to prefer new properties located in walkable neighborhoods. In addition, a specific subject site capture rate was estimated to determine the quantity of annual multi-family units that will be demanded at the site. The demand projected 67 to 74 units could be absorbed annually by the market at market-rate pricing. This equates to a steady demand of approximately one new apartment building every two to two and one-half years which is steady demand. Since The Piazza at Schmidts will likely absorb some of this demand, more emphasis will be placed on building mixed-income communities with 20% market-rate housing and 80% affordable housing.
Affordable/Workforce Multifamily
Due to strong competition from existing Northern Liberties market-rate rentals nearby at the Piazza and the need for more affordable housing in the area, significant investment in this type of housing will allow workers to live in close proximity to employment and improve quality of life for the whole community. The affordable housing demand for North Philadelphia indicates strong subject site capture by bedroom type most notably 1 and 2 bedroom units. With the large number of low income households in and around Northern Philadelphia, significant opportunities exist to built new affordable housing with strong absorption potential.
Demand Conclusion
The Canal Square project will include a mix of market-rate attached row homes as well as multi-family product along with a significant amount of affordable multi-family housing to serve a diverse demographic. Building upon the existing strengths of the Northern Liberties housing market, Canal Square will add to and diversify the housing product available for several income and demographic profiles.
hOusinG analYsis
70 (homes)
335 (2 building)
615 (3.5 buildings)
attached for sale(market rate)
multi-family (market rate)
multi-family (affordable)
5-Year Housing Demand
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The retail analysis guided our selection of anchor and junior anchor retailers for our program. This analysis involved examining retail supply and demand in the local trade area. Using a primary and secondary trade area, it was determined that limited available local and neighborhood serving retail demand restrained our goal of providing catalytic destination driven change in the area. In addition, current competitive centers such as the Liberties Walk retail area and the Piazza at Schmidts capturing a large share of local demand. Therefore, a new regional trade area analyzed potential supply and demand by retail type on a larger scale.
Local Retail Analysis
The first component of our market study looks at the existing demand for retail in our primary trade area defined as the four census tracts surrounding Girard Station. The analysis demonstrated that the growing retail center at Schmidts, as well as leakage to retail centers in North Philadelphia and Center City, resulted in only moderate demand for new retail in the primary trade area. Existing demand was largely comprised of neighborhood services like Florists and Health and Personal Care. Due to the high volume of people passing through Girard Station every day, the areas around the station are particularly attractive for local serving retail. The chart below highlights underserved sectors of the local retail market, as well as potential spending power in the primary trade area.
reTail analYsis
General Merchandise stores can fill retail gaps near Girard Station
Hobby, book, or art stores are in demand surrounding Girard Station
Florists may benefit from the convenience of being next to a transit center
A health and personal care store may fill space around Girard Station
TYpe spendinG pOWer
sQ FeeT demand
Hobby, Book, Arts $4.4 m 2,000 sq ft/ 1 storeGeneral Merchandise $6.9 m 3,200 sq ft/ 2 store
Sporting Goods 4.4 m 30,000 sq ft/ 1 storeFlorist $550 k 4,200 sq ft/ 2 stores
Health & Personal Care $4.4 m 6,400sq ft/ 2 stores
Table 1: Local Retail Analysis
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Stationery and Gift Stores are an example of retail that can fill inline space in this area
Electronic stores can be a key anchor retailer in this development
Sporting Goods are an example of anchor retail in demand in the area
Demand for full service restaurants can capitalize on Philadelphia’s strength in the local food movement
TYpe spendinG pOWer
sQ FeeT demand
Stationery and Gifts $410 k 2000 sq ftMisc. Retail $1.6 m 9,200 sq ft
Clothing $2.9 14,000 sq ftShoe Stores 410 k 3,300 sq ft
TYpe spendinG pOWer
sQ FeeT demand
Home Furnishings $1.5 m 6,900 sq ft/ 1 storeElectronics $2.6 m 10,900 sq ft/ 1 store
Sporting Goods $4.4 m 30,000 sq ft/ 1 storeClothing & Accessories $2.9 m 7,000 sq ft/ 2 storesGeneral Merchandise $6.9 m 63,000 sq ft/ 2 storesFull Service Restaurant $9.9 m 24,000 sq ft/ 8 stores
Table 2: Minor Retailers
Table 3: Anchor Retailers
Regional Retail Analysis
In order for Canal Square to be a destination development, retail must draw not just locally but regionally. The secondary trade area encompasses a 30 minute drive or transit trip radius around Girard Station. While there are a number of major retailers along Aramingo Avenue and in Center City, there are a number of other sectors with strong retail demand. The analysis is segmented into minor and anchor retailers. There is demand for small retailers selling goods like shoes, clothing and stationary. For anchors there is strong demand for electronics, home furnishings, general merchandise and clothing/accessories. The secondary market has existing demand for full services restaurants, something further enhanced by the recent opening of Sugarhouse casino adjacent to the development site.
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alTernaTive reTail pOTenTial
The Station at Canal Square’s retail strategy is to provide for neighborhood needs as well as connect to neighborhood assets. The neighborhood’s existing status as a growing residential community, and an arts and entertainment destination for Philadelphia residents strongly influenced this portion of the proposed commercial development.
Arts-based Strategy
Located just outside center city and Philadelphia’s downtown business district, the neighborhoods surrounding Girard Station have historically been known for their diverse population and eclectic urban qualities. They continue to attract artists and have a concentration of arts- related commercial spaces. In addition, artists are attracted to the ability to capitalize on affordable housing in the area as well as neighborhood organizations that promote the arts and commercial revitalization. This area’s status as an art-based destination and community drove the proposal for artist related pace centered around Girard Station.
While the area has attracted a new population, preserving the area as a desirable and affordable option for artists and craftspeople is key. Drawing attention to arts related uses can continue to push the revitalization of this area as well as anchor a unique place quality. Like many older, industrial neighborhoods across the county, Northern Liberties and Kensington have been re-embraced as centers of creative activity.
Neighborhood Precedent
The arts have a strong basis in this community through nearby institutions, arts designated commercial corridors, and the emergence of artist-related real estate developments.
Institutions - There are several institutions with arts related programs in proximity to our site. Temple University and the Tyler School of Arts are located just north of the site. In addition, this area is just several stops from the Avenue of the Arts which contains a concentration of arts related institutions including the Pennsylvania Academy of Fine Arts.
Arts Corridors- Frankford Avenue, from Girard Avenue north to Lehigh Avenue, became a city designated arts corridor in 2004. This corridor is managed by the New Kensington Community Development Corporation (NKCDC) which has an interest in encouraging arts related businesses and programming to locate along Frankford Avenue. In addition, Frankford Avenue is home to numerous galleries which host monthly open house events. This site is strategically located within several blocks of the southern entrance of this arts related commercial corridor.
Arts-based Neighborhood Retail - Northern Liberties and Kensington have a strong concentration of retail based around the arts. This reveals itself in two ways: there is a preference for local retailers that sell artisinal or locally produced items as well as the appearance of restaurants that focus on locally produced or organic foods. This trend has continued in new development through the appearance of boutique-style retail especially in new developments such as the Piazza at Schmidts.
Artist Work Space - The interest in encouraging artists to move to the neighborhood and generate commercial activity has been reflected in the market as well. Commercial spaces centered on artist activity have been pursued by developers as well non-profit corporations in this area. The Crane Arts Building is an example of a commercial arts building which opened in 2006 in a rehabilitated warehouse in Kensington. It was developed by a private developer to provide four stories of artists live-work spaces and a ground floor gallery space in a rehabilitated warehouse.
Affordable Housing for Artists - The Coral Streets Art House is another example of a project that displays the precedent for combining low income housing and artist live work spaces directly in this market area. The project was developed by the NKCDC in East Kensington and provides 27 units or affordable housing.
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Why Look to Artists?
Many studies have shown that artists have an ability to impact a neighborhood on several fronts. First, they have shown a preference for inhabiting areas in transition and the ability to transform an area of potentially underused properties into an area of productive use. Secondly, artists have a tendency to form connections to the community and their locations become cultural destinations that draw tourists and art fans from the area. Frequently, these properties can be combined with ground floor community or gallery space that draw additional visitors and provide active street frontage.
Market for Artists
While this area has attracted significant residential activity, there is still a concentration of abandoned and blighting industrial infrastructure in the area. Furthermore, anchoring a destination based development requires building from strength. This area has a proven concentration of arts based professionals: 2000 census data revealed that each of the four census tracts in this development’s study area held at least 4.5% of all employment in the arts or arts-related professions. These areas represent some of the highest concentrations within the city of Philadelphia. With a demonstrated market for artist related uses, the second most important aspect is the ability to harness local partnerships with non-profits or other local organizations. Nearby organizations such as the New Kensington CDC and the Frankford Avenue Arts Corridor seek to support the arts through their key missions. There is an opportunity to partner with these organizations for development support or for marketing projects to potential tenants and residents.
Several galleries have opened along the city-designated Frankford Arts Corridor
Arts & local production goods retail charactertize stores in Northern Liberties & Fishtown
The Coral Street Arts is an affordable housing project geared towards artist live -work space in the neighborhood
Artists and related professionals comprise from 5-17% workers in nearby neighborhoods
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Case studies provided a valuable opportunity to assess best practice from around
the world. The Girard TOD study site faces many distinct challenges but luckily
other communities offered the studio key lessons. While Philadelphia has limited
experience with urban format mid box retailing, a number of major North American
cities such as Washington DC and Chicago, have adapted suburban retailers for urban
contexts. Projects like Columbia Heights in Washington DC, illustrate how cities can
accommodate major retailers without sacrificing the quality of the urban environment.
Case studies also provide lessons on how to leverage below market rate development
to create a destination. Many cities, including Philadelphia, have developed below
market-rate space for artists as a strategy for economic development. Cities also
increasingly utilize affordable housing to anchor developments in areas where the
market rate housing would not generate suitable returns or density to anchor infill
development.
Infrastructure like the Frankford Elevated and I-95 create major barriers to growth
around Girard Station. A diverse set of examples in the United States and abroad
illustrate how infrastructure can be reclaimed as public space. Projects in Glasgow
Scotland reimagine highway underpasses, while the Queensboro Bridge, shows how
unused space under the bridge can become neighborhood retail space.
Case sTudies
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separate utility bill. Unit square footages range from 200 to 4,000 per individual unit. Currently all the studios and suites in the Crane Building are occupied. Studio spaces are personalized, however, personal structures cannot be added to the rented space. In addition, Crane Arts has a variety of project spaces available for community programs and cultural development including the Ice Box, the Grey Area, The Big Hall, Crane Green Space and the Archive Space. The Stable is the last building under renovation on the Crane Arts property and will be occupied by a historic restoration firm Miner-Carr Conservation.
Key TakeawaysThe Crane Arts Project has experienced significant growth since its founding by Temple art professors. This project has used existing buildings to house artists cheaply and facilitate the existing arts culture found in Philadelphia. The Crane Arts buildings foster collaboration and provide the necessary unfinished space for artists to use as their studios. The Girard Station proposed office building would build upon this model by offering space to the professional creative arts services such as architecture and design. This would provide reasonably priced space for professionals to incubate their small practices and continue to grow their businesses. Crane Arts has been successful because it provides unfinished studio space at a reasonable price for a short duration. This type of space is in high demand since the creative arts business can financially sustain the terms of renting in a structure such as Crane Arts.
Fruitvale Village, Fruitvale, CA
Fruitvale Village is a successful example of transit village concept built adjacent to a Bay Area Rapid Transit (BART) station located in Fruitvale, California. This transit oriented development combines mixed income housing with a neighborhood retail center and a significant public plaza component. Located just 4.5 miles from downtown Oakland, it has revitalized the area as well as increased transit ridership at this location.
Crane Arts Building,Philadelphia, PA
The Crane Arts Building located two blocks north of Girard Ave. at West Master Street and West Jefferson Street is a unique revitalization project that offers event and studio space to artists of all disciplines. The Crane Arts Community consists of the main Crane Art Building in addition to the Crane Old School, The Stable, and the Ice Box. The mission of the Crane Arts Community is to promote and encourage artistic production by both emerging and established artists. In addition, Crane Arts seeks to assist in the development and growth of Philadelphia’s creative resources, assets, and potential. The Crane Arts Project is profiled herein as it is similar to the structure we propose at the Plaza across from the Girard Station platform. Like the Crane Arts Community, this new structure will enhance and engage the artist community in and around Philadelphia providing work and studio space to incubate new talent in the Philadelphia region.
HistoryThe Crane Company Building was built in 1905 out of cast concrete faced with brick in the Kensington warehouse and manufacturing area just north of Girard Avenue. It was designed by Philadelphia architect Walter Ballinger, an early innovator of concrete building techniques. The long wedge-shaped building was used as a plumbing warehouse, and had an adjacent three-story stable for delivery vehicles and draft horses. It was later used to process frozen seafood. The enormous concrete-block, first-floor addition which functioned as a walk-in freezer now serves as the Ice Box Project Space. The unique rehabilitation and location for creativity-based businesses to thrive alongside the vibrant, Crane Arts community and provide space to foster collaboration is central to the success of Crane Arts.
ProgramThe Crane building has four floors of artist studios and suites with monthly rental prices ranging from $280 to $2,500 with each unit paying their own
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Undertaken by a partnership between a private developer and local artists, Crane Arts has become an asset to the arts community in this area
Fruitvale Village combines a public plaza and retail space to enhance ridership
Crane Arts Building in Kensington provides studio and work space to Philadelphia artists
This TOD has successfully attracted residents to its mixed income housing.
History This development was undertaken by a local non-profit community development corporation, the Unity Council. Previously, this neighborhood had been suffering economic decline and the area directly surrounding the transit station was considered unsafe and lacked connectivity to the rest of the community. In addition, this development also benefitted from the ability to acquire and redevelop two vacant lots owned by the BART system. The neighborhood surrounding the Fruitvale station was increasingly diverse in terms of income as well as demographics; the area was home to
Program The nonprofit corporation sought the development of this project as part a revitalization strategy to redevelop the area surrounding the station and make greater connections between the station and an existing commercial corridor, International Boulevard. Fruitvale Village was constructed on four acres in 2004 and contains two mixed use buildings containing almost 40,000 square feet of ground floor retail surround a public plaza connecting from International Boulevard through to the transit station. The retail was geared towards enhancing neighborhood choices as well as providing for convenience retail for transit users. It also includes 47 units of mixed income housing, including 37 market rate units and 10 affordable units that were constructed above the retail. Another significant portion of the program was devoted to community space; 114,000 square feet include a clinic, library, senior center and office space.
Key TakeawaysFruitvale Village benefitted from the ability to leverage public funding sources including TIF financing as well as grants from the Department of Housing & Urban Development. In addition, its land acquisition was facilitated by the ability to acquire BART-owned property in exchange for land already owned by the Unity Council.
Fruitvale Village is a example of the ability to transform ridership through providing a new retail and residential node directly adjacent to the station. In addition, it demonstrates the nexus between affordable housing, urban revitalization, and transit strategy. Finally, Fruitvale Village has successfully influenced the adjacent commercial corridors and integrated transit into the daily rhythms of an increasingly vibrant, residential neighborhood.
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Key Takeaways
Large destination TOD projects are complicated and very costly. DC USA surpassed some challenges because the city already owned the land and provided extensive subsidies to the developer. Today the retail complex is a major source of tax revenue for the city. In addition, the complex successfully adapted suburban retail forms for the urban market. The large complex fits well with the surrounding urban fabric, with access to stores along the street. The building is oriented toward the metro station, and a large share of its customers arrive by bus, metro or foot.
Large destination retail can succeed in inner city neighborhoods located outside the central business district. DC USA attracted a mix of retailers that served the local population. A higher end retail development may not have succeeded in the same location.
The redevelopment of Columbia Heights is partially so successful because the city played a large role in its planning. The government actively worked to establish a strong mix of retail and residential development. Since developers were able to acquire land at below market rates, the city could win concessions for affordable housing and community space.
Rockville Town Square, Rockville, MD
Rockville Town Square is a mixed-use transit-oriented development in suburban Maryland near Washington DC. The town square includes condominiums and apartments, retail stores, restaurants and is also anchored by the Rockville Library and the Rockville Arts and innovation Center. Farmers’ markets, concerts and community festivals are held in the square every year. The project is a 10 minute walk from the Rockville metro station and approximately 1,000 new public parking spaces were added to the area which uses a pay by space system that allows users to pay at pay stations located on every level of the garages. Most of the shops are small boutiques offering
Columbia Heights, Washington, D.C.
Columbia Heights is located in a residential neighborhood located in the Northwest of Washington D.C. and is an example of a retail and transit oriented destination.
HistoryWhile it has historically been a diverse middle class community, the area had fallen into distress by the 1960s. Race riots, high vacancy rates and crime gave the neighborhood notoriety. The city eventually amassed large landholdings in the neighborhood’s center through eminent domainThe opening of the Columbia Heights Metro Station in 1999, along with a concerted effort by the city to develop its land holding, helped catalyze new development in the area. Columbia Heights today is a vibrant community with a growing population of young working professionals.
ProgramThe city worked with private developers to create a mix of destination retail, luxury housing and affordable housing around the new Columbia Heights Metro station. The DC USA retail complex was the cornerstone of the city’s efforts. Developed by Grid Properties, a firm with prior experience building urban big box development in Harlem, the project included 860,000 square feet of retail space anchored by a Target, Best Buy, Bed Bath and Beyond, and Marshalls.
The complex is oriented to the street, with ground floor access to retail tenants. A 1,400 space parking lot was built underneath the complex. The complex has been so successful at attracting customers from transit, that the garage, highly subsidized by public funding, is actually highly underutilized. The project has helped revitalize the once struggling neighborhood of Columbia Heights and bring DC residents transit accessible retail options normally only available in the suburbs.
Case sTudies - desTinaTiOn reTail analYsis
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Columbia Heights combines affordable and market rate housing
The library is a part of the community component at Rockville Town Square
The DC USA Development is a good example of a multi-story retail environment at a transit stop
unique gifts and services. The Arts and Innovations Center serves as a community center and the home of the Metropolitan Center for the Visual Arts, a venue for art classes, exhibits, and shows. The new Rockville Library incorporates state-of-the-art facilities and a large collection of books. These civic spaces anchor the retail and apartments that surround the square area.
ProgramThe Redevelopment District of Rockville, Federal Realty Investment Trust and Foulger-Pratt collaborated to make the project possible. The first phase opened in the Fall of 2006. The project cost $352 million and was built on a 12-acre site which could be expanded to 60 acres. The focal point of the development is an open-air plaza anchored by the public library and the arts center. Condominiums are located above retail and restaurants surround the town square. At completion the project will be comprised of 644 residences, 175,000 square feet of retail and restaurants as well as 1,900 parking spaces. The residential component includes studio to three bedroom condominiums ranging in size from 550 to 2,400 SF in size and priced from $275,000 to $1,200,000. The buyer profiles include 55% empty-nesters but also 20% singles/couples and 10% retirees. The buyers and renters are coming from the local area in an estimated 60% share and 25% come from the region and 50% work in the local area. The development is achieving 10-15% premiums over the surrounding market in terms of $/SF.
The commercial portion includes CVS, Starbucks, Primo Italiano, Taste of Saigon, Lebanese Taverna, Sushi Damo, Gifford’s Ice cream and Chevy Chase Bank. The compatibility of the uses occurs due to the convenience of their location and the limited offerings surrounding the development.
Key TakeawaysThe success of the project stems from the integration of well-used public spaces such as the square and public library. In addition, the pedestrian-friendly street design combined with public gathering space adds to the allure of the project. Careful treatment of parking for residents and shoppers is integral to the success of the mix of uses. Due to the high demand for restaurants, it is important to balance the restaurant uses with other neighborhood service retailers. At Rockville, restaurants comprise 60% of the retail space which could be more than that which is needed in a development. This project is highly successful and continues to anchor the Rockville community through its mix of public and private spaces as well as uses.
Rockville Town Square centers development around a new main street
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Louisville Waterfront Park, Louisville, Kentucky
The Louisville Waterfront Park is a large scale park system that has reclaimed industrial land for public space and mitigated the negative aspects of existing elevated expressway structures and rail in the area. Although this project is a large waterfront park, it demonstrates the potential for implementation on a smaller scale.
This project was developed to regenerate the waterfront as well as reuse the area surrounding and underneath I-64, an elevated expressway. The project began with the establishment of the Waterfront Development Corporation in 1986, which attracted funding including private donations as well as state funding for the project, and subsequently worked on land clearing and acquisition.
ProjectWhen this project is completed, it will contain over 80 acres of park space tucked between the waterfront and I-64. The project centers around a 12 acre great lawn which runs under an 8-lane segment of the highway. The rest of the park meanders between structures that work with the transit infrastructure or coordinate more with natural areas along the riverfront. The first phase of the park opened in 1999 and the final phase was finished in 2009. As of 2007, park construction was estimated to have leveraged $1.3 Billion in additional investment and development near the waterfront.
Key Takeaways The elevated structures in the Girard neighborhood can be reimagined to enhance connectivity and become an asset that encourages and supports future development. This park example shows how blighting structures also yield opportunities for innovative design. While this project is large in scope, other design initiatives including the use of public art and lighting, can make development in proximity to these structures more desirable.
Queensboro Bridge, New York, New York
In 1909, the Queensboro Bridge, originally called the Blackwell’s Island Bridge, was constructed. Unlike many major infrastructure projects currently constructed, some attention was paid to the interstitial space between the ground plane of the bridge and its descent into the water. Specifically, the main section underneath the bridge was deigned with a vaulted tiled ceiling, per the design of Rafael Guasavion, an architect from Barcelona.
HistoryThis beautiful space served for many years as marketplace, known as Bridgemarket. Historically, it acted as a Farmers Market, a location for the sale of fruits and vegetables to the local community. Despite its popularity, the marketplace closed during the depression and the space became used by the Department of Transportation. In 1973, the space was designated a Landmark and efforts were made to redevelop and repurpose the space.
ProjectIn 1997, these effort culminated in the repurposing of the space. 42,000 square feet was leased to a furniture and house wares store, while 25,000 were leased to two restaurants, both under the Gustavion name. Other improvements made to the space include a fully landscaped plaza, the refurbishing of a historic fountain and obviously an attempt to preserve the historic vaulted tiled ceilings.
TakeawaysThe Queensboro project illustrates how infrastructure can be designed to serve more than just its primary functional activity. It provides an excellent example for how development might occur underneath the highway and elevated train at Girard. Moreover, this case demonstrates that leisure activities, like dining, can co-exist under highly trafficked arterials.
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View of green space underneath I-67 in Louisville,
Kentucky
The NYC Active Design Guidelines highlight the increasing need to engineer activity into daily life.
Skate parks are one type of public space that has been proven to succeed underneath highway infrastructure
The Queensboro bridge has a supermarket beneath its structure
Get Healthy Philly Plan, Philadelphia, Pa
Philadelphia has a new focus on encouraging the relationship between public health, physical activity and the built environment. This “Get Healthy Philly” campaign is undertaken through a partnership between the Department of Public Health and the City Planning Commission. The Philadelphia 2035 Comprehensive Plan states that planning and zoning can help address the goals of “Get Healthy Philly” through “Making healthy foods more accessible and affordable for Philadelphians” and “Promoting physical activity in daily living”. According to this campaign, healthy communities provide walkability, safe and comfortable cycling environments, and access to fresh food. Philadelphia’s focus on encouraging healthy communities can also inform its transit oriented development strategy.
New York City Active Design Guidelines, New York, New York
The New York City Active Design Guidelines were published in 2010 as a collaboration between several New York City departments including Design and Construction, Health and Mental Hygiene, Transportation and City Planning. The diverse mix of city agencies involved in the project is representative of the emerging attitude that combating this nation’s health problems requires more than recommending healthy eating and exercise. Both architectural and urban design can have a real impact on engineering healthy living back into the natural rhythms of daily life.
These guidelines focus on four areas: environmental design and health, urban design, building design and synergies with sustainable design. In terms of urban design, the guidelines encourage the creation of attractive street environments as well as dedicated pedestrian pathways to increase walking and enhance access. Through building design, designers can also facilitate daily activity through the design of visually pleasing and comfortable stairs or by locating building functions to encourage walking routines. Finally, these guidelines highlight that sustainable design involves more than energy use reduction: active design is just as important for public health as for environmental benefit.
The NYC Active Design Guidelines highlight that transit oriented developments should strive to make connections to transit as much as they build activity back into the daily lives of residents. A TOD has the opportunity to use design to encourage a healthy lifestyle through the provision of exercise paths, healthy eating choices, and easy connections to transportation networks. By building active and passive recreational areas and enhancing the experience underneath the Market Frankford Line along Front Street, Canal Square residents will have greater options for physical activity as well as greater incentive to walk to the rich public transit options in the area.
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We envision Canal Square as a development that both serves the local population
and provides Philadelphia with a new regional destination. The development will
consist of three phases, each with their own distinct identity and set of amenities. The
first phase of the development is called The Station at Canal Square, and focuses on
revitalizing the area along Front Street between Girard Station and I-95. The Station
at Canal Square will focus on serving the local market with a mix of local retail and
affordable work/live spaces for artists and creative industries. At the heart of The
Station is a vibrant Front Street promenade that re-imagines the area alongside the
El as a vibrant retail and restaurant corridor.
The second phase of the development is called the Shops at Canal Square and forms
the heart of the development. Stretching along a pedestrianized Canal Street, this
phase will establish a series of exciting public spaces anchored by apartments above
a mix of national and local retailers.
The final phase of the development, The Pass at Canal Square, will re-imagine the
area under I-95 as a series of public spaces designed to encourage an active lifestyle.
The Pass will incorporate a new state of the art community center that will not only
anchor the development but also the wider neighborhood.
prOGram COnCepT
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develOpmenT prinCiples
Canal Square will strengthen neighborhoods and create destinations through the following key principles:
A Model Neighborhood for Healthy and Sustainable Living
A Gathering Place for all of Philadelphia
A Place that Capitalizes on Existing Assets A Diverse Community Built for a Modern Economy
A Stronger Connection to Transit and Sur-rounding Neighborhoods
A New Regional Node for Retail and Entertain-ment
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siTe plan OF Canal sQuare
CANAL the station at canal square
CANAL the pass at canal square
CANAL the shops at canal square
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New plaza at Girard Station
Historic facades front residential courtyards along Front Street
Area under I-95 features tennis courts, a skate park and leisure space.
A square sits at the heart of the Shops at Canal Square
Eastern setback along Front Street creates a promenade
Canal Street winds through the development as a pedestrian street.
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plan COnneCTiOns and sYsTems
Girard Station
Northern LIberties
Fishtown
The Piazza
Liberty Lands
SugarHouse
Spring Garden
North- South Connections East-West Connections
As described earlier, one of the major goals of the project was to connect the neighborhoods of Northern Liberties, Fishtown and the Delaware River waterfront as well as establishing Girard Station as the primary transit node in the area. Both the elevated Market Frankford line and the I-95 underpass created significant physical barriers to establishing these connections. However, the existing street grid also created serious obstacles to both north-south and east-west movement through the site. Consequently, the proposed site plan stresses both street and pedestrian connections that reinforce these goals.
North-South movement through the site occurs primarily along Front Street as well as through the extension of Leopard St. This proposal recommends that Front Street receive a number of significant improvements. Most importantly, the entire set of blocks between Girard Ave. and the Canal Walk, will become a shared pedestrian-auto right of way. Moreover, buildings fronting these blocks will be significantly set back from the street.
The result is an improved pedestrian environment, that will continue to serve the need of automobile traffic. It is also proposed that the intersection of Front Street and West Laurel Street be turned into a roundabout. This intersection currently creates a great deal of confusion for both cars and pedestrians, and a revamped roundabout would provided an important visual anchor that induces north-south movement upon exiting Girard station.
The extension of Leopard Street south through the development provides the second important North-South link. Not only does this further integrate the site into the existing context, but also creates a residentially oriented street which provides excellent access to both Girard Avenue and the proposed Canal Square.
East West movement through the site is greatly enhanced by a number of improved street connections. First, cut throughs are proposed in The Station area, which help to establish connections between the proposed second phase
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Girard Station
The Rialto
The Piazza
Church
Liberty Lands
SugarHouse
Waterfront
Girard Station
Spring Garden
Northern LIberties
Fishtown
The Piazza
Liberty Lands
SugarHouse
Station Connections Open Space System
of the Tower Investments development and Girard Avenue. Second, a new street layout would connect East Wildey Street at the same point along Frankford Avenue. Finally, on the southern part of the site, Ellen Street would be carried past Canal Square to establish another connection between Northern Liberties, Front Street, and Delaware Avenue.
The other major East-West connection reinforced by this plan is the connection between the roundabout at front street and the intersection of Laurel Street, Delaware Avenue and Frankford Avenue. By establishing a strong retail and residential connection between these two points, one of the major street connections between Northern Liberties and the development along the Delaware River will be strengthened. This will not only strengthen the connection between these two neighborhood nodes, but will add value to the Girard Line Spur and the proposed Delaware Avenue Light Rail station at this intersection.
Beyond the street network, the open space system provides one of the major connecting elements in the development. The most important is obviously Canal Walk, which stretches all the way from Liberty Lands, through the development, and on to the waterfront. However, the interspersed open space, both hard- and soft-scape, provide important moments that highlight important elements within the site. They also provide destination in and of themselves, creating important nodes within a larger system of destinations and paths.
In total, these systems help to reinforce the centrality of Girard Station as the primary transit node in the area. As demonstrated in the above map, the new open space system and street network reinforce the relationship between the station and key area destinations. As such, the proposed development not only helps to support local transit, but also improves transit connections to existing neighborhood assets.
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Focus on the Arts
Moving south along the east side of Front Street between Girard Street and West Wildey Street, ground floor retail with three-stories of apartment units above will be constructed along both sides of Front Street. This will constitute the “creative arts” district of the development. The ground floor retail will be designed to activate the space underneath the El and draw users from Girard Station. The ground floor retail will include a gallery space for displaying creative art wares as well as a fresh food market. The end cap retail spaces will be restaurants or higher-end bar and dining options. The apartments above will include a mix of market-rate unfinished artist lofts and affordable housing. This will allow artists to live and work within their existing building. Also, street fairs will periodically occur on the weekends in a bazaar –type format drawing crowds from all over the city. In addition, a greenway will run the length of Front Street and include outdoor equipment for all ages from swing sets to dog parks.
A Gateway to Canal Square & Girard Station
Exiting a renovated Girard Station, riders will be greeted by a new plaza fronted by a 4 story office building. This building will include small office spaces for creative class fields such as architects and videographers, renting space on short-term leases. Retail offerings will include a coffee shop with outdoor seating fronting the plaza as well as a business center providing support services such as printing, scanning, and shipping services. Radiating east and west along Girard Avenue, the current ownership patterns and businesses are vibrant albeit lower-tier than the desired retail tenant mix. A comprehensive commercial corridor revitalization strategy focusing on storefront quality and signage is recommended to complement the new development occurring around the station and south along Front Street.
The sTaTiOn aT Canal sQuare
CANAL the station at canal square
The Creative Office at the StationOffice Space 80,000 SFRetail 20,000 SF Printing Store Coffee Shop Inline Store 95,000 SF
The Arts at the StationAffordable, rental units 288Market rate, rental units 60Market rate, for sale townhomes 8Total units 356
Inline and Studio SpaceMixed Retail Restaurants Inline Stores Studio Space Total 117,500 SF
The Brewery at the StationTotal 17,000 SF
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A New Entertainment Node
The block bounded by West Wildey Street and North Front Street will include a new micro-brewery. The property will include a greenway transecting the property drawing pedestrians to the new Canal Street retail and residential district to the south. The micro-brewery will include a manufacturing facility as well as a restaurant and tasting center. In addition, a small outdoor event space will enhance the user experience and create an entertainment attraction at this critical juncture.Phase I will be completed during the first seven years of this master planned development and coincide with the completion of the rebuilding of I-95. This phase will enhance the experience around Girard Station and lay the foundation for drawing transit riders south to the new Canal Street District by improving the streetscape, creating neighborhood amenities and enhancing the connectivity of Front Street to Girard Avenue and Girard Station. Building upon the Piazza at Schmidts, this “creative arts district” will also be a new neighborhood destination that draws new users by providing affordable housing and building upon the area’s existing status as an arts-centric neighborhood.
Looking up Front Street at Canal and Front
Looking under the El at a mid-block pass through
Section through Front St
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The shOps aT Canal sQuare
The Shops at Canal Square
The Shops at Canal Square
Anchor retail 180,000 SFJunior retail 185,294 SFRestaurant space 46,323 SFTotal 411,618 SF
The Residences at Canal Square
Affordable, rental units 402Market rate, rental units 84Total Units 486
The Shops at Canal Square anchors the significant second phase of this transit development. It will be completed in 2022, in order to come online as the I-95 reconstruction finishes. In contrast to Phase I, the retail in this phase is oriented to a larger regional market. The retail offerings will include a mix of undersupplied retail categories supported by the local community in addition to entertainment offerings not offered at the Sugarhouse Casino located across the street. Canal Walk will include a mix of mid-box national and regional retailers in addition to affordable housing in the form of apartment and condominium product. The core of this phase is centered on Canal Street which meanders from East Laurel Street to Brown Street.
Vision for The Shops at Canal Square
The Shops at Canal Square will include a master-planned large scale development creating a sense of place to attract regional and local shoppers as well as residents. In addition, small scale office space will be incorporated when strategically available. This district involves the creation of a large scale regional destination which will draw shoppers from the suburbs in addition to Center City Philadelphia. This district will solidify the new Canal Walk District as a unique and viable place for Philadelphians to live, work and play through its development.
CANAL the shops at canal square
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Section through Canal Square
Perspective of Canal Square
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Retail Concept
These retailers were selected based on their market feasibility in addition to fitting brand standards for enhancing an active and healthy living concept. Intermixed between these larger retailers will be restaurants offering farm-to-table fare in addition to smaller boutique retailers such as urban lawn and garden store.
The Residences at Canal Square
Above the retail offerings will be two to three levels of apartments or condominiums at affordable price points attracting low-income and work force tenants in addition to new market rate renters.
The shOps aT Canal sQuare
Retail Walk
All major retailers will be constructed simultaneously to anchor both ends of Canal Walk and include a central park area. East Laurel Street will become a key thoroughfare with major retail offerings fronting a shared pedestrian and automotive street. On the north end of East Laurel Street near Delaware Avenue, a triangular park known as Trolley Loop Square will anchor another transit hub on the eastern portion of the development and provide access to trolley, bus and automotive transit. Around this park, restaurants will anchor the hard corners with outdoor seating fronting the new park. Along East Laurel Street moving west, mid-box retailers such as Trader Joes will anchor the corridor. Proceeding south into the core of Canal Walk, REI, Room & Board and Stein Mart to the south will anchor the walk. These retailers will be built with wrapped parking and front both the pedestrian Canal Walk and other arterial streets for access.
The Shops at Canal Square
Trader Joes:
Bus Boy’s and Poets
Room and Board
Stein Mart
REI
HH Gregg
15,000 SF
6,000 SF
56,000 SF
35,000 SF
48,000 SF
26,000 SF
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Recreational & Open Space Program
The new community recreation facility proposed as the central anchor of Canal Walk at Canal Square will serve as a new destination for residents of the Northern Liberties and Fishtown neighborhoods. This community center will be designed across from a large public square and the new REI and serve as the cornerstone of the healthy lifestyle initiative for the community. The Community Center will consolidate the dilapidated and outdated community centers in the Northern Liberties and Fishtown neighborhoods and in turn provide a state-of-the-art facility for both neighborhoods to use. This facility will include indoor and outdoor swimming facilities, a basketball gymnasium, workout facilities and breakout rooms for yoga and palates in addition to community meeting rooms and flex space for events. Surrounding the community recreational center will be new softball, baseball and soccer fields in addition to a new playground and skate park. Running trails will transect the fields in addition to an indoor running
The pass aT Canal sQuare
track above the basketball gym. Additional outdoor fields and amenities will come online as needed. In addition, the outdoor climbing wall at the REI will be shared by the community center. Trail access to the Delaware River to go kayaking and fishing will also be provided from the community recreation center. This center will consolidate existing facilities and provide a first-class space for all residents of the Northern Liberties and Fishtown neighborhoods to enjoy and share as a collective community.
CANAL the pass at canal square
The Pass at Canal Square
Community Center 180,000 SFPublic Spaces 185,294 SF skate park canal walk park playground
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Connecting Communities & Creating Destinations
The Canal Walk development will integrate the Northern Liberties, Fishtown and Delaware Waterfront areas into a cohesive and vibrant community. Canal Walk is primed to attract residents and visitors based on its unique place character, quality of retail, and vibrant lifestyle amenities. Canal Walk is central to the future success of Northern Liberties and Fishtown as they continue to grow towards the Delaware Waterfront. This new project will be the model for destination transit-oriented development in the region.
Canal sQuare
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Often more challenging than traditional development, achieving a successful transit
oriented development involves much more than construction adjacent to transit lines.
TOD means leveraging proximity to transit with the ability to create public and private
benefit. It needs to incorporate a strategic and contextual approach to achieve a
balance between market realities and the possibilities of a vision.
Planning for large-scale transit oriented development is especially challenging in
the city of Philadelphia. In a city as dense and transit rich as Philadelphia, one can
argue that the city is already full of transit oriented development. With limited,
unencumbered land in strategic areas near stations, Philadelphia TODS will need city
intervention to induce private development. Conceived as an opportunity for private
development, Canal Square, will also require significant partnership from the city in the
form of political will as well as funding sources.
Lastly, having the ability to pursue a cohesive vision for an area can be a large part of a
developer’s success. Viewing a transit oriented development as parts of the whole built
over time can really transform the built environment’s relationship to transit. Such an
approach requires a master planning strategy as well as the support of the city in terms
of land acquisition, financing or approvals. As Tower Investments has demonstrated its
success through its master plan, pursuing this strategy at Canal Square can also help
bring a market to Northern Liberties and increase transit use at Girard Station.
develOpmenT sTraTeGY
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masTer planninG sTraTeGY
The plan for Canal Square was envisioned as a master planned development that would be undertaken over several phases in order to create a transit oriented development with a complete program of uses and amenities surrounding Girard Station. Canal Square was imagined as a larger district plan for creating valuable transit oriented development over the long term around Girard Station. This development was planned for a contiguous area of 17 acres roughly bounded by Girard Avenue to the north, Delaware Avenue to the east, Front Street to the west, and Poplar Street to the south. This plan has been phased according to market conditions and potential land acquisition strategies. This development addresses the following challenges and opportunities:
Achieving a Holistic Vision
With limited unconstrained land available with a 1/4 mile of Girard Station, this development must make the best use of redevelopment opportunity and make connections that currently do not exist. Secondly, creating a transit oriented development that is also a destination required creating a combination of uses and amenities that require a longer time line for construction in regards to cost and absorption realities. This area will be pursued as a total vision undertaken by a master development team. The master developer will control the site, hold control of site design, obtain approvals, and oversee phased implementation of the build out of the site.
Land Acquisition
This area is advantageous because there is a large percentage of vacant and abandoned property as well as the concentration of property with just a few owners. However, due to significant improvement in the area and price appreciation, it is unlikely that a city entity such as the Redevelopment Authority (RDA) would be able to acquire all of the land and control the master plan. The RDA as well as other city agencies will likely be needed to acquire some parcels in the area and then sell to the master developer.
Public and Private Involvement
As a development planned to contain over 1.5 million square feet of new as well as rehab construction, several developers and partners will need to be incorporated to realize this vision. With some public ownership of property as well as demonstrated private interest in development in the area, a master developer can coordinate public and private goals in the creation of this transit oriented district. The plan would be for a master developer to partner with the city to acquire the land and then would sell sites to private developers to construct and finance uses according to the overall master plan for the area.
Canal Square can achieve some concentrated land acquisition due to a significant amount of vacancy
A successful strategy will need to engage both public and private players in the development process
The City of Philadelphia will need to be a partner in pursuing redevelopment at this location
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portion of the land. (shown below) This signifies that partnerships may be formed to realize this cohesive plan.
The Redevelopment Authority
The RDA’s involvement will be needed for acquiring properties especially in phase I. Currently, the land directly surrounding Girard Station and lying south along Front Street stands as the most significant barrier to the scheme. Alternatively, large property owners can become partners in the master development agreement, especially in Phase II. The obstacles to development in this area are the significant amount of land to be acquired, rising land prices, and blighting structures that discourage development on available parcels The responses to these issues can be:
• The RDA should acquire at fair market value, assemble, and convey the land to the master developer for phase 1
• The city will writedown the cost of their land in the development or a total of 2.24 acres.
• Other significant land owners, such as Core Equity and GR Partners II LP will become partners in a master development agreement.
The land acquisition strategy around Canal will need to involve a mix of private and public players. Currently, the majority of property in this area is vacant or underutilized. However, there has also been significant property acquisition in the area and rising property values due to the increasing popularity of this neighborhood. There have been several large, property acquisitions in proximity to Delaware Avenue and Canal Street demonstrating the anticipation of investment and significant development. However, there are also several, blighting physical barriers which make developing in this area challenging. While there is demonstrated private interest and some concentrated land ownership, there will need to be a partial public acquisition of property for the realization of a coordinated, and cohesive master plan.
Concentrated Land Ownership
This plan involves the assembly of land currently in the hands of thirty owners. Despite there being a large number of parcels to acquire into the plan, there are several landowners who own a significant
land aCQuisiTiOn
10.84% G R Partners II L P
17.8% City ofPhiladelphia
27.43% Core Equity
44.1% Other Owners
Girard Avenue
2nd
St.
Delaware
Avenue
Fran
kfor
d Av
e.
1/4 Mile
Land in Public Ownership Current Land Ownership by Total Area
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10.84% G R Partners II L P
17.8% City ofPhiladelphia
puBliC & privaTe FundinG sOurCes
Public and Private Funding Sources
Public funding will help address the development challenges that exist to developing meaningful transit oriented development at Girard Station. This development is expected to be able to support 70% private financing through traditional commercial lending sources, as well as institutional and equity investors. However, it will also require a 10% subsidy from the city of Philadelphia for a total of about $27.3 million dollars. Out of a total development cost of $285 million, this represents less than 10% of total costs. The public funding sources from the city of Philadelphia fall in three categories: infrastructure, land and the construction of other public amenities such as a new community center. In addition, construction will require federal level sources in the form of low income housing tax credits.
Infrastructure Funding
The largest portion of this subsidy is composed of the cost of construction for the public spaces, which will be realized over the first two phases. Although it represents a significant cost, $18 million, this infrastructure is necessary for providing the right conditions for private development and mitigating the impact of significant barriers such as the Market Frankford Line. Land Subsidy
A small subsidy, in the form of a donation of city-owned land to the master developer, will also help mitigate costs. The city will recoup the cost of this land in the form of tax revenues to follow.
Public Amenities
Finally, the creation of a new consolidated community center for Northern Liberties and Fishtown will require $8 million in public funding. However, this will round out phase II; the total amount of public funding will not all be required up front.
Affordable Housing
Another 20% of the total development cost will need to be covered by low income housing tax credit financing. This development has devoted a large percentage, 32%, of its program to the construction of affordable housing. Constructing affordable housing was intended to fulfill the demand that exists in the area as well as a create a mixed income housing environment at Canal Square. This program was programmed to deliver 690 units over a ten year period and will require an estimated $67 million of Low Income Housing Tax Credits for realization. Currently, Pennsylvania receives about $27 million in LIHTC from the federal government according to its 2011 allocation. Although this a large proportion of funding dependent on to low income housing tax credits, funding for projects will be allocated separately as developers pursue affordable housing construction. Due to Philadelphia’s high construction costs, developers will also likely need to pursue other gap funding and low cost financing available through the Pennsylvania Housing Finance Agency (PHFA).
Although a key goal is building a mixed income development, the proportion of affordable housing provided may be reassessed as funding challenges arise or market conditions shift. Currently, the combination of only moderate housing demand and anticipated supply from the Piazza at Schmidts Phase II requires a buildout of a majority share of affordable housing. The program may be reassessed after phase I as the economic climate shifts.
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Canal Square will be constructed over three phases based on available demand as well as physical constraints. Phased construction will begin in 2013, following a two-year period of land acquisition, permitting and zoning approvals, and is estimated to be complete after the reconstruction of I-95 ends. The impact of such a major public works project as the I-95 reconstruction will significantly impact the construction timeline, especially what can be built adjacent to the highway over the next ten to twelve years. PennDOT plans to completely rebuild the elevated interstate between Center City and Northeast Philadelphia over the next decade through 2022.
Phase I will begin in 2013 and focus on the blocks directly south of Girard Station at The Station at Canal Square. This phase will enhance the built environment surrounding Girard Station as well as the area along Front Street moving south towards the Shops at Canal Square to follow. In addition, it will add a new community of residents as well as concentration of neighborhood retail to the area.
phasinG
1
2
3
Phase 1: The Station
Phase 2The Shops
Phase 3The Pass
2013
2022
I-95 complete
2018
Land Acquisition/Approvals2011
Phase II will focus on the area south of I- 95 and will be completed alongside highway reconstruction. This phase will bring the major retail anchors in the program online as well as several mixed use and residential buildings. This phase will also realize the southern portion of Canal Walk which will eventually connect to hardscaping running down Front Street. Finally, two parking garages will be constructed providing the infrastructure necessary for a successful mixed use and multimodal environment. Phase III largely involves the construction of The Pass at Canal Square, the master plan’s major recreational and open space component. Located in part underneath the highway, this program will be completed following I-95 completion from 2022 through 2025. With the addition of a full program of public space, Canal Square will have a complete connection from the Station down Front Street, under I-95, to the Shops at Canal Square. At completion, Canal Square will be a cohesive development offering the amenities and destinations critical for attracting residents and visitors alike.
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The total development cost for all phases of Canal Square is approximately $254 million. The specific product type mix is selected to accomplish three goals: enhance and improve the connection between the Northern Liberties and Fishtown, create a vibrant street wall with ample retail establishments such as restaurants and boutiques, and thirdly provide affordable and workforce housing for a mix of residents to experience and live in the new development. According to these goals, a program mix containing 32% of buildable area for affordable housing was selected to achieve the goal of maintaining affordable living space in proximity to transit. In addition, the Piazza at Schmidts is planning to bring on 400 new market-rate apartment units over the next five years which will likely absorb all demand for market-rate rental housing. By offering such a large percentage of affordable, Canal Square maintains affordability as prices rise and limits commute times for working residents in and around the area. While there is a large portion of affordable housing, 21% of total square footage is allocated towards market-rate rental in order to create a mixed-income community for all age cohorts. Retail is also a major component comprising 21% of the total square footage. Since many of the large format retailers will still have large parking requirements, 21% of the square footage is allocated towards parking to meet these stringent requirements. The office component of the development while small, is important to maintaining daily traffic for the retail establishments along the new development. Market-rate, for sale housing was not focused on due to the complex nature of individual land assemblage and the inability to add density through single-family row home construction. Therefore, this product type will be left to small developers to build off the future success of Canal Square.
Total development square footage is approximately 1.8 million over the two phases. While this is a significant investment, a large-scale developer will be able to phase the development in such a manner to experience strong absorption paces as the development is built-out. The amount of square footage required to build this product will take time and a diligent partnership between the City of Philadelphia and a master developer.
The Cost summary is very similar to the square footage breakdown for obvious reasons. As seen, the affordable housing component comprising 44.51% of total development costs is the largest component of cost. This number includes an additional $67 million in Low Income Housing Tax Credits which inflates the percentage. However, building this amount of affordable housing it will take a significant public and private investment. All other costs are similar to the square footage costs. The residential breakdown by absolute cost is as follows: market-rate rental housing will cost approximately $27.7 million, for-sale housing $2.7 million, affordable rental housing $113 million. The office component will cost $11 million, retail $50 million and the structured parking decks $43 million. In summary, this development will require patient capital from institutional lenders in addition to equity sources looking to harvest returns over a 10 to 15 year time period.
FinanCial summarY
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Parking 19%
Development Summary: Build Out
Office 4% Market Rate For-Sale 1%
Market Rate Rental 21%
Parking 21%
Retail 21%
Affordable Housing 32%
This development totals 1.8 million square feet at buildout over two phses, 2013-2022
Office 5% Market Rate For-Sale 1%
Market Rate Rental 10.91%
Retail 20% Affordable
Housing 44.51%
Cost Summary: Build Out
This development totals 1.8 million square feet at buildout over two phses, 2013-2022
FinanCial summarY
OfficeCost Value Cost Value Cost Value Cost Value Cost Value Cost Value
Rental Market Rate
For SaleMarket Rate
Affordable Retail Parking
$11.
4 M
$30.
4 M
$2.7
M
$3.4
M
$27.
5 M
$34.
0 M
$113
M
$126
M
$50.
8 M
$48.
3 M
$51.
1 M
$102
M
Development Cost and Value in Year 2022
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puBliC BeneFiT analYsis
180,000 square feet of new open space
$27.3 million subsidy will help realize significant public benefit
54,000 square feet community center
2022
Canal Square can realize significant benefits for the city in terms of increased tax revenue as well as non-monetary public benefits. A subsidy of $27.3 million and political support from the city can help realize a project that will offer additional tax revenue, public goods such as additional open space and a community center, and job creation. Using estimates of fiscal impact including projected revenues and expenses for the city of Philadelphia, this development will have a value of $22 million at the start of the project in 2013 just through buildout of phase II in 2022.
The construction of about 840 residential units and about a half million square feet of commercial development will bring new residents and employers to the area. The residential portion will bring 1,700 new residents to the area, increasing transit use and supporting the retail and services on site. In addition, this commercial development will create an estimated 1,000 new jobs. This development is estimated to produce about $1.8 million in additional expenses based on an estimate that 20% of residents will be new residents in Philadelphia and about half will add at least one student to the Philadelphia school system.
This development will increase tax revenue and justify a city investment. Including just tax revenues such as sales, real estate and wage taxes, it has a value of about $24 million today based on the taxes that are estimated through build out in 2022. Beyond phase II, it will more than pay back this public investment. By 2022, it can be expected to generate at least 7 million in annual tax revenue to the city of Philadelphia. Since this development is more than 53% residential, the removal of the current 10-year tax abatement can expect to increase revenue as well.
This project justifies a city investment through financial returns as well as non-monetary public benefits. This program will create about 180,000 square feet of new public space, including outdoor recreation facilities. Canal Square will also feature a new 54,000 community center that replaces outdated facilities in Northern Liberties and Fishtown. Finally, this development will concentrate and draw growth to an area of existing rich infrastructure and transit accessibility proving its benefit to the city as well as the region.
2011
989+ mew long term jobs
develOpmenT impaCT
Future Tax Generation $23.6 million
Annual Tax Revenue (2022)
$8.3 million
Jobs Created 989 jobs
Residents 1,684
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TranspOrTaTiOn OvervieW
Canal Square’s goal is to establish a development which is not merely transit adjacent but transit oriented. Building off of existing transit will allow Canal Square to feature less parking and stimulate higher transit ridership and walking. To become a true transit oriented development a number of steps need to be taken. One major step is to institute policies and incentives to encourage transit use and discourage driving. Any development should strive to improve the transit experience by investing in Girard Station, trolley stops and the surrounding public realm.
Estimating Transportation Impacts
The first step in estimating transportation impacts is to project how many trips Canal Square will generate daily. To do so we categorized the program by land use and trip type. The San Diego Land Development Code Trip Generation Manual provides trip generation rates by land use type. For example, residential units are divided into three categories: Affordable Multi-Family, Market Rate Multi-Family and Market Rate Single-Family. For each residential type we calculated the number of trips generated per day, assigning 20% of those trips as work based and 80% as non work based.
Similar to residential development, we categorized commercial development by land use, and divided trips by primary and secondary market area. For shopping trips originating in the primary trade area we assumed a high rate of trips would be unlinked, meaning shoppers would make individual trips to one type of business like Trader Joes or a restaurant. For trips originating in the secondary market, we assumed all trips were linked trips that result in shoppers making one trip which includes many type of commercial uses.
The next step in estimating transportation impacts involved forecasting mode choice by category. Unlike trip generation this step is much less straightforward and relies on precedents set by other locations with similar characteristics. For example, to derive the percentage of affordable housing work trips by transit, analysis was used of census data in neighborhoods with similar transit access and income characteristics.
The results of this transportation impact analysis were compared against a suburban scenario that assumes 100% auto usage and a high rate of linked trips. When compared to the baseline scenario, Canal Square produces more trips, but less then half of all trips to the development are by car.
15,000 daily auto trips
9,000 dailytransit trips
10,000 dailybike/ped trips
This urban design, transit access and TDM strategy allow reduces auto trips by 45% ...
As a suburban-model development, Canal Square would produce around ....
....28,000 daily auto trips
= 1,000 trips
Transit Study
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The transportation impact analysis guided the amount of parking proposed at Canal Square. For residential and office parking, the rates are conservative estimates based on the number of daily auto based work trips. For residential parking we propose 0.7 parking spaces per unit. For commercial development we assume 0.25 parking spaces per 1000 square feet of office space. Low parking ratios for offices reflect that the Canal Square’s only office building is adjacent to the El station and many workers will likely live in the surrounding neighborhood of Northern Liberties and Fishtown.
Parking rates for the retail portion of the development are based off of peak parking demands. Separated by type of retail land use, the San Diego Trip Generation Manual estimates the proportion of daily trips that occur in the peak hour. Retail parking rates are capped at the average daily peak rate which contrasts to traditional auto oriented development that build for annual peak demands. This parking analysis estimates the need for 2.3 parking spaces per 1000 square feet of retail.
Canal Square will provide 57% less parking than a traditional auto oriented development of the same size. To achieve low parking ratios, property owners must implement a number of incentives to promote alternative transportation modes.
Location of Parking
parKinG
= 100 spaces
A suburban model development the size of Canal Square would need...
around 3,600 parking spaces
to 1,600parking spaces
By leveraging access to transit, creating a walkable urban environment, and providing incentives not to drive, parking is reduced 57%...
Parking Study
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Providing bicycle infrastructure is another TDM strategy
Smart parking technologies can let dirvers quickly find availavble parking spaces
Providing on-site car share spaces provides new mobility options for residents and workers
TranspOrTaTiOn demand manaGemenT (Tdm)
Residents and Employee TDM
To reduce the demand for automobile access, the developer and employees can implement a number of TDM practices. The most effective tool is to charge for all parking on site. To limit the spillover effect of parking onto adjacent neighborhoods, Canal Square will exclude itself from the surrounding residential parking permit zone. None of the units will provide free parking.
For employees and residents who choose not to purchase a parking space, the developer or employers can provide a number of incentives. Reduced transit fare passes and convenient car share passes can make going car-free easier. Employers might consider providing a guaranteed ride home; if employees miss their last train, the employer can cover the cost of travel home. Retail TDM
A number of strategies can reduce the amount of parking needed by retailers. Shared parking facilities create added efficiency by removing the need for many smaller and less well utilized lots. Digital parking information boards and sensors can tell drivers where the nearest parking space is available within the retail core.
Most retail developments plan parking for their busiest days a year. Such a strategy means that most parking is unused most of the time. By planning for average peak demand, retailers can dramatically reduce their parking needs. A number of incentive programs can make traveling to the site by alternative means easier, reducing the parking burden during busy shopping periods. Retailers could provide transit vouchers and a free shuttle to major destinations like Center City. Free delivery would allow those purchasing larger goods to come by transit and not worry about the hassle of hauling their big purchases home.
While these incentive programs cost retailers money, the costs saved by not building additional parking would help offset some or all these costs. Moreover up to date parking information would make finding a parking spot easier, ensuring that this development’s garages do not appear to be full when in fact large parts of them are unused.
Shuttle buses can help reduce peak parking demands
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sTaTiOn area imprOvemenTs
Improving transit facilities can also help make the make the Canal Square transit oriented. Girard Station is a major transit hub but the facilities on the platform and the street are unpleasant and poorly connected to one another. At the street level new platforms along the route 15 line will create a pleasant environment to wait. Ticket Vending Machines (TVMs) will allow riders to pre-purchase their fair, speeding boarding times. Signage and paving patterns on the sidewalk will help draw users up into the El station. The station itself will receive an upgrade. New signage, lighting, public art and seating will improve the ridership experience. Any future renovation of Girard Station should include a direct platform connection between the trolley platforms and elevated station.
Trolley Spur Loop
The construction of a trolley spur from Girard Avenue to Delaware Avenue, allows SEPTA to run trolleys to the heart of the Canal Square development. It is recommended that the authority
stengthen the transit connections at Frankford and Delaware Avenue by making it a transfer point between the Route 15 trolley and Route 25 and 43 buses.
Trifecta of Transit
While Girard Station is the primary gateway to the development, the TOD will also orient itself to the Route 15 spur terminus at Laurel and Frankford Avenues and the Spring Garden MFL station. With future residential development planned for the sites south of Canal Square, pedestrians will have a continuous urban experience from Spring Garden Station to Girard Station at project completion. The entire development site places one no further than a 10 minute walk from either station. This proposal recommends that SEPTA continues to run some route 15 trolleys to the Frankford Spur after the I-95 reconstruction is completed. The new terminus, enhanced by a proposed transit hub, will provide a convenient ride half way between the two El stations.
Girard Station
Spring Garden Station
Delaware Avenue Trolley Loop
1/3 mile to MFL station
1/4 mile to trolley loop
Proposed Station Circulation at Girard Rail Transit Coverage around Canal Square
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Unique, inspiring, catalyzing, and authentic, Canal Square is a model for 21st
century urban infill development in the City of Philadelphia. From preserving the
urban street wall along Front St. to the vibrant excitement of visitors experiencing
Canal Walk for the first time, Canal Square is grounded in the authenticity of
the community and enhances the experience by a power of two. At the same
time that Philadelphia continues to grow and adapt in a positive way, Canal
Square can be a catalytic development example of adaptive reuse for the entire
country. The unique urban fabric coupled with smart design and the latest green
building and healthy living techniques provides residents and visitors alike an
unsurpassed experience. As Northern Liberties and Fishtown continue to adapt
and grow in prominence, Canal Square will be at the convergence of attractive
neighborhoods and benefit from enhanced connectivity from walking to public
transit. Canal Square is a development but an experience for residents to adapt
their lifestyles and make healthy living choices. It is also a destination for visitors
to experience the best of authentic Philadelphia through shopping, dining and
entertainment experiences unsurpassed in the region. Canal Square will truly be
a unique development for all of Philadelphians to experience and celebrate.
COnClusiOn
Haverford Ave.
Overbrook East Falls
WayneJunction
Fern Rock
Frankford Trans. Center
AlleghanyAve.
36 StreetCamden
Collingswood
Sport Complex
16th Street
UniversityCityBaltimore Ave/ 44th
Street
Airport
Angora
Southwest Phila
Girard Station63rd Street
R3
R5
R6
R2 + R3 + R5 R8 R7
R2
MFL
BSL PATCO
Riverline
Trolley
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imaGe CiTaTiOn
inTrOduCTiOn TO Canal sQuareOutdoor Walk http://www.citypass.com/blog/philadelphia/it%E2%80%99s-always-happening-in-philadel-
phia/
Site Plan Image Adam Tecza
Apartments Building http://www.flickr.com/photos/stehouwerrecio/4528234009/
Walkway Perspective Andrew Zalewski
neiGhBOrhOOd CharaCTerisTiCsFishtown Skyline http://www.acontinuouslean.com/2009/02/18/a-guide-to-fishtown-philadelphia-usa/
Fishtown Trolly http://www.martinbuday.com/3rdscroll.html
Gallery http://www.uwishunu.com/2011/02/fishtowns-highwire-gallery-presents-mixed-media-exhib-it-the-love-show-now-through-february-25/
Modern Architecture www.paulloftland.com/2/Image
Nightlife http://www.citypass.com/blog/philadelphia/it%E2%80%99s-always-happening-in-philadel-phia/
The Piazza http://www.philadelphiaspeaks.com/forum/fishtown-northern-liberties-kensington-port-richmond/3561-watching-phillies-piazza.html
Delaware Waterfrton http://www.therealpotato.com/
hisTOriC Canal
Hexamer & Locher Historic Map
http://libwww.freelibrary.org/collections/collectionDetail.cfm?id=16
Canal Present Day 1-4 Andrew Zalewski
hisTOrYSchmidt’s Brewery Historic http://badluckcity.wordpress.com/2010/03/17/philly-beer-history-for-sale/
Front St Industrial Andrew Zalweski
SugarHouse Casino http://activerain.com/blogsview/2245080/a-win-for-safety-at-sugarhouse-casino
neW develOpmenTPathmark - N. Liberties http://www.flickr.com/photos/eskepe/4932721837/
Infill Development Adnrew Zalewski
Birds eye Casino http://ilovebricks.blogspot.com/2009_09_01_archive.html
hOusinG analYsisThe Piazza Apartments Andrew Zalewski
Rowhomes http://pomfretgrade5.wikispaces.com/row+house
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Market Rate Rentals http://www.homesteadcap.com/projects_description.asp?projectnumber=OR2004-002
Affordable Rentals http://evstudio.wordpress.com/2008/10/19/englewood-senior-affordable-housing/
lOCal reTail analYsisGeneral Merchandise http://demianrepucci.com/2009/10/01/gagosian-shop-t-shirts-and-pop-art/
Hobby, Book and Art http://www.shopmacarthur.com/directory/fye
Florists http://www.pearsonsflorist.com.au/ContactUs/StoreLocations.aspx
Health and Personal http://laist.com/2009/12/22/great_gift_idea_group_yoga_at_home.php
reGiOnal reTail analYsisREI http://boomers.typepad.com/boomers/2008/07/rei-authenticit.html
Stationary and Gift http://www.magnetreps.com/wp/date/2009/02
Electronics http://www.yoursn0w.com/2011/03/21/best-buy-bringing-ipad-2-to-canada-this-friday-at-10am-no-pre-orders/
Restaurant http://www.flickr.com/photos/glowbalcollection/3994267372/
alTernaTive reTail pOTenTialGIS Map Allison Baumann
Art Gallery http://www.uwishunu.com/2011/03/gallery-night-returns-april-15-free-late-night-access-to-art-galleries-across-the-city/
Highwire Gallery http://frankfordavearts.org/?tag=galleries
Coral Street Arts www.flickr.com/photos/lisc/3451231398/
Case sTudesCrane Arts Building http://www.cranearts.com/?page_id=53
Studio Space http://www.wheaton.edu/art/adamshall/sculpture.html
Fruitvale Village 1 http://www.fta.dot.gov/publications/about_FTA_10995.html
Fruitvale Village 2 http://www.housingpolicy.org/gallery/entries/Fruitvale_Village.html
Colombia Heights 1 http://the42bus.blogspot.com/2010/07/dc-home-target-costo-and-walmart.html
Colombia Heights 2 http://www.soulstrut.com/index.php/forums/viewthread/66840/P60/#933098
Rockville Town Square http://www.cooltownstudios.com/2008/02/27/cnus-placemaking-2008-charter-awards-announced
Rockville Retail http://www.terrain.org/unsprawl/27/
Queensburough Bridge http://photos.stevengpeterson.com/2011/02/25/queensboro-bridge-food-emporium/
Bridge http://www.city-data.com/forum/louisville-area/232504-louisville-photo-sticky-9.html
Skate Park http://www.nydailynews.com/topics/Adrian+Benepe/photos
NYC Active Design Guidelines http://www.nyc.gov/html/ddc/html/design/active_design.shtml
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develOpmenT prinCiplesCommunity Connections http://www.flickr.com/photos/cameragirl/392479146/
Regional Node http://dailyphotoparis.blogspot.com/2010/12/bercy-village.html
Existing Nodes http://cooltownplaces.com/?bentry=the-piazza-in-philly
Diverse Community http://www.movoto.com/real-estate/homes-for-sale/CA/Oakland/200-2nd-St-12_40370584.htm
Healthy Living http://www.tipsonhealthyliving.com/green-living/simple-steps-to-save-energy-and-money-at-home
Gathering Places http://www.ozarch.com/main/do/Portfolio/pcid/190
Canal sQuareArchitecture http://www10.aeccafe.com/blogs/arch-showcase/2011/04/15/thin-flats-in-northern-liberties-
philadelphia-by-plumbob-llc/
Front Street Perspective Andrew Zalewski
Canal Square Adam Tecza
Flower Park http://www.fastcodesign.com/1661922/how-to-revitalize-a-highway-underpass-hint-turn-it-into-munchkinland
FinanCial summarYPathmark - N. Liberties http://www.flickr.com/photos/eskepe/4932721837/
Infill Development Adnrew Zalewski
Birds eye Casino http://ilovebricks.blogspot.com/2009_09_01_archive.html
TranspOrTaTiOn (Tdm)Parking http://thingsthatarerectangles.wordpress.com/2010/02/12/79-parking-spaces/
Bikes http://www.flickr.com/photos/rllayman/3452936864/
Parking Lots http://www.popularmechanics.com/cars/news/pictures/worlds-strangest-parking-garages
Mass Transit http://www.dc.gov/DC/DDOT/On+Your+Street/Mass+Transit+in+DC/DC+Circulator/DC+Circulator
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appendix: Wayne Junction
eCOnOmiC and demOGraphiC daTa
reTail demand & supplY analYsis
prO FOrma
prO FOrma prOGram deTails
Wind FeasiBiliTY analYsis
TOTal FisCal impaCT
COmmerCial FisCal impaCT
residenTial FisCal impaCT
TransiT COmpeTiTive sTudY
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8.00
%2,
437
9.60
%W
ayne
Jun
ctio
n20
0020
09M
anuf
actu
ring
277
6%5
to 9
Yea
rs2,
651
9.60
%1,
564
6.20
%M
edia
n H
H In
com
e$2
5,93
2$2
7,62
4Pu
blic
Adm
inis
tratio
n31
27%
10 to
14
Year
s2,
491
9.00
%2,
097
8.30
%Av
erag
e H
H In
com
e$3
7,30
9$3
8,79
4FI
RE/
Leas
ing
323
7%15
to 1
7 Ye
ars
1,33
04.
80%
1,27
55.
00%
Per c
apita
inco
me
$13,
935
$16,
074
Acco
mm
odat
ion/
Food
Ser
vice
s 35
58%
18 to
24
Year
s2,
540
9.20
%2,
393
9.40
%R
etai
l Tra
de35
78%
25 to
34
Year
s3,
698
13.4
0%3,
285
13.0
0%So
urce
: Cen
sus
2000
, AC
S 20
05-2
009
Estim
ates
Educ
atio
nal S
ervi
ce41
69%
35 to
44
Year
s4,
050
14.7
0%3,
206
12.7
0%Tr
ansp
orta
tion/
War
ehou
sing
/Util
ities
429
10%
45 to
54
Year
s3,
566
13.0
0%3,
887
15.3
0%H
ealth
Car
e &
Soci
al A
ssis
tanc
e1,
068
24%
55 to
64
Year
s2,
331
8.50
%2,
616
10.3
0%65
to 7
4 Ye
ars
1,59
55.
80%
1,47
25.
80%
Sour
ce: P
olic
y M
ap75
to 8
4 Ye
ars
851
3.10
%81
33.
20%
85 Y
ears
and
ove
r22
90.
80%
300
1.20
%
Sour
ce: C
ensu
s 20
00, A
CS
2005
-200
9 Es
timat
e
2000
2009
2000
2009
eCO
nO
miC
an
d d
emO
Gra
phiC
da
Ta
169
![Page 176: Transit Oriented Development](https://reader031.vdocuments.net/reader031/viewer/2022022214/568bd34f1a28ab203490a95c/html5/thumbnails/176.jpg)
reTa
il d
ema
nd
& s
upp
lY a
na
lYsi
sRE
TAIL
DEM
AND
& SU
PPLY
ANA
LYSI
S
Unde
r / O
ver
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2015
Reta
il Ty
pe (b
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ICS
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gory
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xpen
ditu
re P
oten
tial
Reta
il Ty
pe (b
y NA
ICS
cate
gory
)Su
pply
Pote
ntia
lPo
tent
ial
% o
f GPI
Resi
dent
Ca
ptur
e20
0920
15($
000s
)Sq
. Ft.
Sq. F
t.($
000s
)($
000s
)
4411
Aut
omob
ile d
eale
rs8.
98%
10.0
0%7,
207
7,06
4
44
11 A
utom
obile
dea
lers
(84,
998)
(2
5,35
0)
(2
5,39
3)
44
12 O
ther
mot
or v
ehicl
e de
aler
s0.
42%
10.0
0%34
0
333
44
12 O
ther
mot
or v
ehicl
e de
aler
s(1
,112
)
(5
,744
)
(5
,779
)
44
13 A
utom
otive
par
ts, a
cces
sorie
s, a
nd ti
re s
tore
s0.
54%
50.0
0%2,
165
2,12
2
44
13 A
utom
otive
par
ts, a
cces
sorie
s, a
nd ti
re s
tore
s(5
65)
(6
,205
)
(6
,678
)
44
21 F
urni
ture
sto
res
0.70
%50
.00%
2,81
5
2,
759
4421
Fur
nitu
re s
tore
s(3
,917
)
(7
,742
)
(7
,853
)
44
22 H
ome
furn
ishin
gs s
tore
s0.
55%
50.0
0%2,
204
2,16
0
44
22 H
ome
furn
ishin
gs s
tore
s(1
5,87
6)
(18,
960)
(19,
013)
4431
Ele
ctro
nics
and
app
lianc
e st
ores
1.23
%75
.00%
7,37
9
7,
232
4431
Ele
ctro
nics
and
app
lianc
e st
ores
(1,7
71)
(7,2
59)
(7,8
61)
4441
Bui
ldin
g m
ater
ial a
nd s
uppl
ies
deal
ers
2.97
%75
.00%
17,9
02
17,5
46
4441
Bui
ldin
g m
ater
ial a
nd s
uppl
ies
deal
ers
2,44
2
8,
154
6,
964
44
42 L
awn
and
gard
en e
quip
men
t and
sup
plie
s st
ores
0.27
%75
.00%
1,63
2
1,
600
4442
Law
n an
d ga
rden
equ
ipm
ent a
nd s
uppl
ies
stor
es1,
632
-
-
4451
Gro
cery
sto
res
6.86
%10
0.00
%55
,101
54
,004
44
51 G
roce
ry s
tore
s(4
,046
)
(1
3,04
4)
(1
6,57
9)
44
52 S
pecia
lty fo
od s
tore
s0.
31%
100.
00%
2,49
1
2,
442
4452
Spe
cialty
food
sto
res
(2,5
47)
(22,
535)
(22,
974)
4453
Bee
r, wi
ne, a
nd liq
uor s
tore
s0.
83%
100.
00%
6,65
5
6,
523
4453
Bee
r, wi
ne, a
nd liq
uor s
tore
s4,
071
7,87
8
7,62
1
4461
Hea
lth a
nd p
erso
nal c
are
stor
es3.
37%
100.
00%
27,0
23
26,4
86
4461
Hea
lth a
nd p
erso
nal c
are
stor
es11
,737
32,3
09
30
,829
4471
Gas
olin
e st
atio
ns3.
61%
100.
00%
28,9
42
28,3
66
4471
Gas
olin
e st
atio
ns13
,166
14
,604
13,9
65
44
81 C
loth
ing
stor
es1.
98%
50.0
0%7,
946
7,78
8
44
81 C
loth
ing
stor
es(3
,404
)
(9
,886
)
(1
0,34
5)
44
82 S
hoe
stor
es0.
33%
50.0
0%1,
338
1,31
2
44
82 S
hoe
stor
es1,
194
62,2
00
60
,813
4483
Jew
elry
, lug
gage
, and
leat
her g
oods
sto
res
0.38
%50
.00%
1,53
9
1,
509
4483
Jew
elry
, lug
gage
, and
leat
her g
oods
sto
res
(127
)
(760
)
(944
)
4511
Spo
rting
goo
ds, h
obby
, and
mus
ical in
stru
men
t sto
res
0.66
%50
.00%
2,65
4
2,
601
4511
Spo
rting
goo
ds, h
obby
, and
mus
ical in
stru
men
t sto
res
901
11
,525
10,8
50
45
12 B
ook,
per
iodi
cal,
and
mus
ic st
ores
0.29
%50
.00%
1,15
4
1,
131
4512
Boo
k, p
erio
dica
l, an
d m
usic
stor
es(1
,299
)
(1
1,83
7)
(1
2,04
6)
45
21 D
epar
tmen
t sto
res
3.30
%25
.00%
6,61
3
6,
481
4521
Dep
artm
ent s
tore
s78
1
66,9
34
55
,652
4529
Oth
er g
ener
al m
erch
andi
se s
tore
s1.
47%
100.
00%
11,7
83
11,5
49
45
29 O
ther
gen
eral
mer
chan
dise
sto
res
8,72
5
71
,332
69,4
15
45
31 F
loris
ts0.
09%
100.
00%
685
67
2
4531
Flo
rists
(1,4
27)
(11,
400)
(11,
509)
4532
Offi
ce s
uppl
ies,
sta
tione
ry, a
nd g
ift s
tore
s0.
50%
50.0
0%1,
988
1,94
8
45
32 O
ffice
sup
plie
s, s
tatio
nery
, and
gift
sto
res
(6,2
01)
(13,
781)
(13,
869)
4533
Use
d m
erch
andi
se s
tore
s0.
08%
50.0
0%32
9
323
45
33 U
sed
mer
chan
dise
sto
res
(5,4
28)
(48,
367)
(48,
425)
4539
Oth
er m
iscel
lane
ous
stor
e re
taile
rs0.
53%
50.0
0%2,
121
2,07
9
45
39 O
ther
misc
ella
neou
s st
ore
reta
ilers
(1,2
79)
(7,1
39)
(7,3
74)
4541
Ele
ctro
nic
shop
ping
and
mai
l-ord
er h
ouse
s6.
71%
10.0
0%5,
385
5,27
8
45
41 E
lect
roni
c sh
oppi
ng a
nd m
ail-o
rder
hou
ses
5,38
5
-
-
45
42 V
endi
ng m
achi
ne o
pera
tors
0.09
%10
.00%
70
68
45
42 V
endi
ng m
achi
ne o
pera
tors
70
-
-
45
43 D
irect
sel
ling
esta
blish
men
ts0.
96%
10.0
0%77
3
757
45
43 D
irect
sel
ling
esta
blish
men
ts77
3
-
-
7212
RV
(recr
eatio
nal v
ehicl
e) p
arks
and
recr
eatio
nal c
amps
0.03
%10
.00%
27
27
72
12 R
V (re
crea
tiona
l veh
icle)
par
ks a
nd re
crea
tiona
l cam
ps27
-
-
7221
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l-ser
vice
rest
aura
nts
2.05
%50
.00%
8,22
7
8,
063
7221
Ful
l-ser
vice
rest
aura
nts
(26,
725)
(3
83,1
88)
(3
85,5
36)
72
22 L
imite
d-se
rvice
eat
ing
plac
es1.
62%
75.0
0%9,
737
9,54
3
72
22 L
imite
d-se
rvice
eat
ing
plac
es3,
753
65,1
61
61
,797
7223
Spe
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serv
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0.81
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3,25
8
3,
194
7223
Spe
cial f
ood
serv
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2,34
8
19
,355
18,8
21
72
24 D
rinkin
g pl
aces
(alco
holic
bev
erag
es)
0.22
%75
.00%
1,34
8
1,
321
7224
Drin
king
plac
es (a
lcoho
lic b
ever
ages
)(4
,883
)
(5
1,66
6)
(5
1,95
0)
Trad
e Ar
ea20
0920
15#
%
HH20
,691
20,2
79-4
12-1
.99%
Avg.
HH
Inco
me
$38,
794
$38,
794
$00.
00%
Tota
l Per
sona
l Inc
ome
($00
0s)
$802
,687
$786
,713
-$15
,974
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9%
Popu
latio
n Pr
ojec
tion
2010
2015
Popu
latio
n55
,526
54
,421
Pe
rson
s pe
r HH
2.68
2.68
2009
- 20
15
170
![Page 177: Transit Oriented Development](https://reader031.vdocuments.net/reader031/viewer/2022022214/568bd34f1a28ab203490a95c/html5/thumbnails/177.jpg)
Sum
mar
yR
esid
entia
lR
esid
entia
l (Af
ford
able
)R
etai
lC
omm
erci
alIn
dust
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ing
TOTA
LTo
tal P
arce
l (SF
)56
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70
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112,
517
14,8
86
6,
617
-
261,
293
Gro
ss B
uild
able
Are
a (S
F)21
4,02
4
21
1,21
2
11
4,51
7
76
,414
26,4
68
38,1
49
680,
784
Com
mon
Are
a10
%10
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10%
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Net
Lea
sabl
e Ar
ea (S
F)19
2,62
2
19
0,09
1
11
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7
68
,773
26,4
68
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49
630,
619
Rev
enue
Tota
l Uni
ts/S
pace
227
224
114,
517
68,7
73
26
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38
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Av
erag
e U
nit S
ize
850
850
Aver
age
Mon
thly
Ren
t1,
500
$
83
1$
1.
70$
1.
80$
1.00
$
0.
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Ren
t Gro
wth
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Occ
upan
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pEx
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t Cos
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ard
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ts15
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33
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15
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170
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12
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3,
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244
$
45
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1,71
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98
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4$
10
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012
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3,
412,
140
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40$
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0$
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66
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Fina
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stru
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n Lo
an37
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40
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622,
286
$
111,
844,
076
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stru
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n In
tere
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3,34
4,15
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3,60
6,97
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10
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573,
560
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1,38
6,52
8$
10
%33
8,61
8$
9%
146,
006
$
10
,395
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Equi
ty4,
128,
583
$
1,44
7,67
8$
1,
748,
400
$
1,54
0,58
7$
37
6,24
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18
0,25
4$
9,42
1,74
4
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l Pro
ject
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$
48
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19
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16,7
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101,
045
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1,
948,
546
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134,
667,
033
Perm
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36,3
21,9
12$
6.00
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14,4
67,9
76$
6.
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12,0
66,4
95$
6.
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2,33
5,60
3$
6.00
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342,
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$
80,4
94,1
71
Te
rm30
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ortg
age
Con
stan
t0.
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0.
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0.08
06
0.07
26
0.
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D
SCR
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1.3
1.3
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1.2
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Tax
Cre
dit /
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sidy
5%2,
064,
291
$
74%
32,7
29,9
40$
15%
2,62
2,60
1$
20
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081,
174
$
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1,58
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450,
635
$
42
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Ret
urns
Proc
eeds
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ance
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prO
FO
rma
171
![Page 178: Transit Oriented Development](https://reader031.vdocuments.net/reader031/viewer/2022022214/568bd34f1a28ab203490a95c/html5/thumbnails/178.jpg)
Mul
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011,
722
1,03
1,95
6
1,
052,
595
1,07
3,64
7
1,
095,
120
1,11
7,02
3
1,
139,
363
1,16
2,15
0
1,
185,
393
1,20
9,10
1
1,
233,
283
1,25
7,94
9
1,
283,
108
Gro
ss B
uild
able
Are
a (S
F)21
1,21
2
Less
Tax
Aba
tem
ent
129,
890
13
2,48
7
135,
137
13
7,84
0
140,
597
14
3,40
9
146,
277
14
9,20
2
152,
186
15
5,23
0
-
-
-
-
-
Com
mon
Are
a10
%N
OI
1,16
5,22
8
1,31
8,42
2
1,
344,
790
1,37
1,68
6
1,
399,
120
1,42
7,10
2
1,
455,
644
1,48
4,75
7
1,
514,
452
1,54
4,74
1
1,
575,
636
1,44
8,81
4
1,
477,
790
1,50
7,34
6
1,
537,
493
1,56
8,24
3
Le
asab
le A
rea
(SF)
190,
091
C
ash
Flow
Rev
enue
NO
I1,
318,
422
1,34
4,79
0
1,
371,
686
1,39
9,12
0
1,
427,
102
1,45
5,64
4
1,
484,
757
1,51
4,45
2
1,
544,
741
1,57
5,63
6
1,
448,
814
1,47
7,79
0
1,
507,
346
1,53
7,49
3
1,
568,
243
Tota
l Uni
ts22
4
Rev
ersi
on P
roce
eds
11,3
11,2
25
Aver
age
Uni
t Siz
e85
0
Tax
Cre
dit /
Sub
sidy
32,7
29,9
40
Av
erag
e M
onth
ly R
ent
831
Ac
quis
ition
& C
onst
ruct
ion
Cos
t(2
2,26
5,26
5)
(22,
265,
265)
R
ent G
row
th2%
Net
Cas
h Fl
ow (U
nlev
ered
)(2
2,26
5,26
5)
10,4
64,6
75
1,
318,
422
1,34
4,79
0
1,
371,
686
1,39
9,12
0
1,
427,
102
1,45
5,64
4
1,
484,
757
1,51
4,45
2
1,
544,
741
1,57
5,63
6
1,
448,
814
1,47
7,79
0
1,
507,
346
1,53
7,49
3
12
,879
,468
O
ccup
ancy
95%
Unl
ever
ed IR
R5%
OpE
x R
atio
(% o
f GPI
)45
%O
pEx
Gro
wth
3%D
ebt S
ervi
ce(1
,014
,171
)
(1,0
14,1
71)
(1
,014
,171
)
(1,0
14,1
71)
(1
,014
,171
)
(1,0
14,1
71)
(1
,014
,171
)
(1,0
14,1
71)
(1
,014
,171
)
(1,0
14,1
71)
(1,0
14,1
71)
(1
,014
,171
)
(1,0
14,1
71)
(1
,014
,171
)
(1,0
14,1
71)
Pr
inci
pal P
aym
ent
(176
,577
)
(1
76,5
77)
(176
,577
)
(1
76,5
77)
(176
,577
)
(1
76,5
77)
(176
,577
)
(1
76,5
77)
(176
,577
)
(1
76,5
77)
(1
76,5
77)
(176
,577
)
(1
76,5
77)
(176
,577
)
(1
76,5
77)
Fina
ncin
gIn
tere
st P
aym
ent
(837
,593
)
(8
37,5
93)
(837
,593
)
(8
37,5
93)
(837
,593
)
(8
37,5
93)
(837
,593
)
(8
37,5
93)
(837
,593
)
(8
37,5
93)
(8
37,5
93)
(837
,593
)
(8
37,5
93)
(837
,593
)
(8
37,5
93)
Har
d C
osts
$158
33,3
71,4
96$
R
emai
ning
Bal
ance
13,7
83,3
08
13,6
06,7
31
13,4
30,1
54
13,2
53,5
76
13,0
76,9
99
12,9
00,4
22
12,7
23,8
44
12,5
47,2
67
12,3
70,6
90
12,1
94,1
12
12,0
17,5
35
11,8
40,9
57
11,6
64,3
80
11,4
87,8
03
11,3
11,2
25
Soft
Cos
ts25
%8,
342,
874
$
R
efin
ance
Pro
ceed
s(2
6,11
7,59
1)
Land
Cos
ts$4
02,
816,
160
$
C
ash-
In(4
,030
,013
)$
(4
,030
,013
)$
To
tal D
evel
opm
ent C
osts
44,5
30,5
30$
Le
vere
d C
ash
Flow
(4,0
30,0
13)
2,58
2,33
5
30
4,25
1
330,
620
35
7,51
5
384,
949
41
2,93
1
441,
474
47
0,58
6
500,
282
53
0,57
1
561,
465
43
4,64
3
463,
620
49
3,17
6
523,
322
55
4,07
2
Leve
red
IRR
17%
Con
stru
ctio
n LT
C90
%C
onst
ruct
ion
Loan
40,0
77,4
77$
C
onst
ruct
ion
Inte
rest
9%3,
606,
973
$
Tota
l Pro
ject
Cos
t48
,137
,503
$
Perm
anen
t Loa
n6.
00%
13,9
59,8
86$
Te
rm30
Mor
tgag
e C
onst
ant
0.07
26
D
SCR
1.3
LIH
TC E
quity
74%
32,7
29,9
40$
O
ther
Equ
ity1,
447,
678
$
Proc
eeds
at R
efin
ance
(26,
117,
591)
$
Annu
al D
epre
ciat
ion
27.5
405,
783
$
Inco
me
Tax
35%
Cap
ital G
ains
Tax
15%
Exit
Cap
7%
Mul
ti-fa
mily
Res
iden
tial
Sale
-10
12
34
56
78
910
1112
Ass
umpt
ions
& In
puts
Net
Ope
ratin
g In
com
eG
ross
Rev
enue
3,67
1,14
1
3,74
4,56
4
3,
819,
455
3,89
5,84
4
3,
973,
761
4,05
3,23
6
4,
134,
301
4,21
6,98
7
4,
301,
327
4,38
7,35
3
4,
475,
100
4,56
4,60
3
4,
655,
895
To
tal P
arce
l (SF
)56
,869
Annu
al O
pEx
917,
785
936,
141
95
4,86
4
973,
961
99
3,44
0
1,01
3,30
9
1,
033,
575
1,05
4,24
7
1,
075,
332
1,09
6,83
8
1,
118,
775
1,14
1,15
1
1,
163,
974
G
ross
Bui
ldab
le A
rea
(SF)
214,
024
Le
ss T
ax A
bate
men
t35
8,07
4
365,
235
37
2,54
0
379,
991
38
7,59
1
395,
343
40
3,24
9
411,
314
41
9,54
1
427,
931
-
-
Com
mon
Are
a10
%N
OI
2,75
3,35
6
3,16
6,49
7
3,
229,
827
3,29
4,42
3
3,
360,
312
3,42
7,51
8
3,
496,
068
3,56
5,99
0
3,
637,
310
3,71
0,05
6
3,
784,
257
3,42
3,45
2
3,
491,
921
Le
asab
le A
rea
(SF)
192,
622
C
ash
Flow
Rev
enue
NO
I3,
166,
497
3,22
9,82
7
3,
294,
423
3,36
0,31
2
3,
427,
518
3,49
6,06
8
3,
565,
990
3,63
7,31
0
3,
710,
056
3,78
4,25
7
3,
423,
452
3,49
1,92
1
Tota
l Uni
ts22
7
Rev
ersi
on P
roce
eds
49,4
68,8
80
Aver
age
Uni
t Siz
e85
0
Tax
Cre
dit /
Sub
sidy
2,06
4,29
1
Av
erag
e M
onth
ly R
ent
1,50
0
Ac
quis
ition
& C
onst
ruct
ion
Cos
t(2
0,64
2,91
4)
(20,
642,
914)
R
ent G
row
th2%
Net
Cas
h Fl
ow (U
nlev
ered
)(2
0,64
2,91
4)
(18,
578,
622)
3,
166,
497
3,22
9,82
7
3,
294,
423
3,36
0,31
2
3,
427,
518
3,49
6,06
8
3,
565,
990
3,63
7,31
0
3,
710,
056
3,78
4,25
7
3,
423,
452
52,9
60,8
01
Occ
upan
cy90
%U
nlev
ered
IRR
9%O
pEx
Rat
io25
%40
50O
pEx
Gro
wth
3%An
nual
Deb
t Ser
vice
(2,6
38,7
47)
(2
,638
,747
)
(2,6
38,7
47)
(2
,638
,747
)
(2,6
38,7
47)
(2
,638
,747
)
(2,6
38,7
47)
(2
,638
,747
)
(2,6
38,7
47)
(2
,638
,747
)
(2
,638
,747
)
(2
,638
,747
)
Prin
cipa
l Pay
men
t(4
59,4
33)
(486
,999
)
(5
16,2
19)
(547
,192
)
(5
80,0
23)
(614
,825
)
(6
51,7
14)
(690
,817
)
(7
32,2
66)
(776
,202
)
(822
,774
)
(872
,140
)
Fi
nanc
ing
Inte
rest
Pay
men
t(2
,179
,315
)
(2,1
51,7
49)
(2
,122
,529
)
(2,0
91,5
56)
(2
,058
,724
)
(2,0
23,9
23)
(1
,987
,033
)
(1,9
47,9
31)
(1
,906
,482
)
(1,8
62,5
46)
(1,8
15,9
73)
(1,7
66,6
07)
H
ard
Cos
ts$1
5833
,815
,792
$
Rem
aini
ng B
alan
ce35
,862
,479
35
,375
,481
34
,859
,262
34
,312
,071
33
,732
,048
33
,117
,223
32
,465
,509
31
,774
,692
31
,042
,426
30
,266
,225
29
,443
,451
28
,571
,310
So
ft C
osts
12%
4,05
7,89
5$
Ref
inan
ce P
roce
eds
(835
,332
)
Land
Cos
ts$6
03,
412,
140
$
C
ash-
In(3
,736
,367
)$
(3
,736
,367
)$
To
tal D
evel
opm
ent C
osts
41,2
85,8
27$
Le
vere
d C
ash
Flow
(3,7
36,3
67)
(2,5
07,4
08)
527,
749
59
1,07
9
655,
676
72
1,56
4
788,
771
85
7,32
1
927,
242
99
8,56
2
1,07
1,30
8
1,
145,
509
784,
705
21
,750
,743
Le
vere
d IR
R17
%C
onst
ruct
ion
LTC
90%
Con
stru
ctio
n Lo
an37
,157
,244
$
Con
stru
ctio
n In
tere
st9%
3,34
4,15
2$
Equi
ty4,
128,
583
$
To
tal P
roje
ct C
ost
44,6
29,9
79$
Pe
rman
ent L
oan
6.00
%36
,321
,912
$
Term
30M
ortg
age
Con
stan
t0.
0726
DSC
R1.
2Ta
x C
redi
t / S
ubsi
dy5%
2,06
4,29
1$
Proc
eeds
at R
efin
ance
(835
,332
)$
An
nual
Dep
reci
atio
n27
.527
1,63
8$
In
com
e Ta
x35
%C
apita
l Gai
ns T
ax15
%Ex
it C
ap6%
prO
FO
rma
prO
Gra
m d
eTa
ils
Mu
lti-F
am
ily R
esi
de
ntia
l
Mu
lti-F
am
ily R
esi
de
ntia
l (A
fford
ab
le)
172
![Page 179: Transit Oriented Development](https://reader031.vdocuments.net/reader031/viewer/2022022214/568bd34f1a28ab203490a95c/html5/thumbnails/179.jpg)
Ret
ail
Sale
-10
12
34
56
78
910
1112
Ass
umpt
ions
& In
puts
Net
Ope
ratin
g In
com
eG
ross
Rev
enue
1,98
5,72
5
1,99
5,65
3
2,
005,
632
2,01
5,66
0
2,
025,
738
2,03
5,86
7
2,
046,
046
2,05
6,27
6
2,
066,
558
2,07
6,89
1
2,
087,
275
2,09
7,71
1
2,
108,
200
To
tal P
arce
l (SF
)11
2,51
7
Annu
al O
pEx
595,
717
598,
696
60
1,69
0
604,
698
60
7,72
1
610,
760
61
3,81
4
616,
883
61
9,96
7
623,
067
62
6,18
3
629,
313
63
2,46
0
G
ross
Bui
ldab
le A
rea
(SF)
114,
517
Le
ss T
ax A
bate
men
t11
8,74
1
119,
335
11
9,93
2
120,
531
12
1,13
4
121,
740
12
2,34
8
122,
960
12
3,57
5
124,
193
-
-
Com
mon
Are
a0%
NO
I1,
390,
007
1,
515,
699
1,52
3,27
7
1,
530,
894
1,53
8,54
8
1,
546,
241
1,55
3,97
2
1,
561,
742
1,56
9,55
1
1,
577,
398
1,58
5,28
5
1,
468,
398
1,47
5,74
0
Leas
able
Are
a (S
F)11
4,51
7
Cas
h Fl
owR
even
ueN
OI
1,51
5,69
9
1,
523,
277
1,53
0,89
4
1,
538,
548
1,54
6,24
1
1,
553,
972
1,56
1,74
2
1,
569,
551
1,57
7,39
8
1,
585,
285
1,46
8,39
8
1,
475,
740
To
tal S
pace
114,
517
R
ever
sion
Pro
ceed
s13
,937
,544
Ta
x C
redi
t / S
ubsi
dy2,
622,
601
Aver
age
Mon
thly
Ren
t1.
70
Acqu
isiti
on &
Con
stru
ctio
n C
ost
(8,7
42,0
02)
(8,7
42,0
02)
Ren
t Gro
wth
0.5%
Net
Cas
h Fl
ow (U
nlev
ered
)(8
,742
,002
)
(6
,119
,402
)
1,
515,
699
1,52
3,27
7
1,
530,
894
1,53
8,54
8
1,
546,
241
1,55
3,97
2
1,
561,
742
1,56
9,55
1
1,
577,
398
1,58
5,28
5
1,
468,
398
15,4
13,2
84
Occ
upan
cy85
%U
nlev
ered
IRR
9%O
pEx
Rat
io30
%O
pEx
Gro
wth
3%An
nual
Deb
t Ser
vice
(1,1
65,9
22)
(1
,165
,922
)
(1,1
65,9
22)
(1
,165
,922
)
(1,1
65,9
22)
(1
,165
,922
)
(1,1
65,9
22)
(1
,165
,922
)
(1,1
65,9
22)
(1
,165
,922
)
(1
,165
,922
)
(1
,165
,922
)
Prin
cipa
l Pay
men
t(1
53,1
64)
(163
,885
)
(1
75,3
57)
(187
,632
)
(2
00,7
67)
(214
,820
)
(2
29,8
58)
(245
,948
)
(2
63,1
64)
(281
,585
)
(301
,296
)
(322
,387
)
Fi
nanc
ing
Inte
rest
Pay
men
t(1
,012
,758
)
(1,0
02,0
37)
(9
90,5
65)
(978
,290
)
(9
65,1
56)
(951
,102
)
(9
36,0
65)
(919
,974
)
(9
02,7
58)
(884
,337
)
(864
,626
)
(843
,535
)
H
ard
Cos
ts$1
1212
,825
,904
$
Rem
aini
ng B
alan
ce14
,314
,812
14
,150
,927
13
,975
,569
13
,787
,937
13
,587
,170
13
,372
,350
13
,142
,493
12
,896
,545
12
,633
,381
12
,351
,796
12
,050
,499
11
,728
,112
So
ft C
osts
10%
1,28
2,59
0$
Ref
inan
ce P
roce
eds
(1,2
67,6
28)
Land
Cos
ts$3
03,
375,
510
$
C
ash-
In(1
,660
,980
)$
(1
,660
,980
)$
To
tal D
evel
opm
ent C
osts
17,4
84,0
04$
Le
vere
d C
ash
Flow
(1,6
60,9
80)
(306
,008
)
349,
777
35
7,35
5
364,
972
37
2,62
6
380,
319
38
8,05
0
395,
820
40
3,62
8
411,
476
41
9,36
3
302,
476
2,
519,
250
Le
vere
d IR
R16
%C
onst
ruct
ion
LTC
90%
Con
stru
ctio
n Lo
an15
,735
,604
$
Con
stru
ctio
n In
tere
st10
%1,
573,
560
$
Eq
uity
1,74
8,40
0$
Tota
l Pro
ject
Cos
t19
,057
,565
$
Perm
anen
t Loa
n7.
00%
14,4
67,9
76$
Te
rm30
Mor
tgag
e C
onst
ant
0.08
06
D
SCR
1.3
Tax
Cre
dit /
Sub
sidy
15%
2,62
2,60
1$
Proc
eeds
at R
efin
ance
(1,2
67,6
28)
$
An
nual
Dep
reci
atio
n31
150,
261
$
Inco
me
Tax
35%
Cap
ital G
ains
Tax
15%
Exit
Cap
9%
Com
mer
cial
Sale
-10
12
34
56
78
910
1112
Ass
umpt
ions
& In
puts
Net
Ope
ratin
g In
com
eG
ross
Rev
enue
1,33
6,93
9
1,36
3,67
8
1,
390,
952
1,41
8,77
1
1,
447,
146
1,47
6,08
9
1,
505,
611
1,53
5,72
3
1,
566,
438
1,59
7,76
6
1,
629,
722
1,66
2,31
6
1,
695,
562
To
tal P
arce
l (SF
)14
,886
(som
e la
nd in
clud
ed in
Ret
ail)
Annu
al O
pEx
401,
082
409,
103
41
7,28
6
425,
631
43
4,14
4
442,
827
45
1,68
3
460,
717
46
9,93
1
479,
330
48
8,91
6
498,
695
50
8,66
9
G
ross
Bui
ldab
le A
rea
(SF)
76,4
14
Le
ss T
ax A
bate
men
t97
,367
99
,314
10
1,30
0
103,
326
10
5,39
3
107,
501
10
9,65
1
111,
844
11
4,08
1
116,
362
-
-
Com
mon
Are
a10
%N
OI
935,
858
1,05
1,94
1
1,
072,
980
1,09
4,44
0
1,
116,
329
1,13
8,65
5
1,
161,
428
1,18
4,65
7
1,
208,
350
1,23
2,51
7
1,
257,
167
1,16
3,62
1
1,
186,
894
Le
asab
le A
rea
(SF)
68,7
73
C
ash
Flow
Rev
enue
NO
I1,
051,
941
1,07
2,98
0
1,
094,
440
1,11
6,32
9
1,
138,
655
1,16
1,42
8
1,
184,
657
1,20
8,35
0
1,
232,
517
1,25
7,16
7
1,
163,
621
1,18
6,89
4
Tota
l Spa
ce68
,773
Rev
ersi
on P
roce
eds
13,4
51,4
61
Tax
Cre
dit /
Sub
sidy
3,08
1,17
4
M
onth
ly R
ent
1.80
Ac
quis
ition
& C
onst
ruct
ion
Cos
t(7
,702
,934
)
(7
,702
,934
)
R
ent G
row
th2%
Net
Cas
h Fl
ow (U
nlev
ered
)(7
,702
,934
)
(4
,621
,760
)
1,
051,
941
1,07
2,98
0
1,
094,
440
1,11
6,32
9
1,
138,
655
1,16
1,42
8
1,
184,
657
1,20
8,35
0
1,
232,
517
1,25
7,16
7
1,
163,
621
14,6
38,3
55
Occ
upan
cy90
%U
nlev
ered
IRR
9%O
pEx
Rat
io30
%O
pEx
Gro
wth
3%An
nual
Deb
t Ser
vice
(876
,618
)
(8
76,6
18)
(876
,618
)
(8
76,6
18)
(876
,618
)
(8
76,6
18)
(876
,618
)
(8
76,6
18)
(876
,618
)
(8
76,6
18)
(8
76,6
18)
(8
76,6
18)
Prin
cipa
l Pay
men
t(1
52,6
28)
(161
,786
)
(1
71,4
93)
(181
,782
)
(1
92,6
89)
(204
,251
)
(2
16,5
06)
(229
,496
)
(2
43,2
66)
(257
,862
)
(273
,334
)
(289
,734
)
Fi
nanc
ing
Inte
rest
Pay
men
t(7
23,9
90)
(714
,832
)
(7
05,1
25)
(694
,835
)
(6
83,9
28)
(672
,367
)
(6
60,1
12)
(647
,122
)
(6
33,3
52)
(618
,756
)
(603
,284
)
(586
,884
)
H
ard
Cos
ts$1
7012
,990
,380
$
Rem
aini
ng B
alan
ce11
,913
,867
11
,752
,082
11
,580
,589
11
,398
,806
11
,206
,117
11
,001
,866
10
,785
,361
10
,555
,864
10
,312
,598
10
,054
,737
9,
781,
403
9,49
1,66
9
Soft
Cos
ts10
%1,
299,
038
$
R
efin
ance
Pro
ceed
s(1
,798
,786
)
La
nd C
osts
$75
1,11
6,45
0$
Cas
h-In
(1,4
63,5
57)
$
(1,4
63,5
57)
$
Tota
l Dev
elop
men
t Cos
ts15
,405
,868
$
Leve
red
Cas
h Fl
ow(1
,463
,557
)
(1
81,1
70)
17
5,32
4
196,
362
21
7,82
2
239,
711
26
2,03
7
284,
810
30
8,03
9
331,
732
35
5,89
9
380,
549
28
7,00
3
4,27
0,06
8
Leve
red
IRR
17%
Con
stru
ctio
n LT
C90
%C
onst
ruct
ion
Loan
13,8
65,2
81$
C
onst
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ion
Inte
rest
10%
1,38
6,52
8$
Equi
ty1,
540,
587
$
To
tal P
roje
ct C
ost
16,7
92,3
96$
Pe
rman
ent L
oan
6.00
%12
,066
,495
$
Term
30M
ortg
age
Con
stan
t0.
0726
DSC
R1.
2Ta
x C
redi
t / S
ubsi
dy20
%3,
081,
174
$
Proc
eeds
at R
efin
ance
(1,7
98,7
86)
$
An
nual
Dep
reci
atio
n31
77,9
19$
Inco
me
Tax
35%
Cap
ital G
ains
Tax
15%
Exit
Cap
8%
Co
mm
erc
ial
Reta
il
173
![Page 180: Transit Oriented Development](https://reader031.vdocuments.net/reader031/viewer/2022022214/568bd34f1a28ab203490a95c/html5/thumbnails/180.jpg)
Park
ing
Sale
-10
12
34
56
78
910
1112
Ass
umpt
ions
& In
puts
Net
Ope
ratin
g In
com
eG
ross
Rev
enue
151,
070
152,
581
15
4,10
7
155,
648
15
7,20
4
158,
776
16
0,36
4
161,
968
16
3,58
7
165,
223
16
6,87
5
168,
544
17
0,23
0
To
tal P
arce
l (SF
)An
nual
OpE
x45
,321
45
,774
46
,232
46
,694
47
,161
47
,633
48
,109
48
,590
49
,076
49
,567
50
,063
50,5
63
51
,069
G
ross
Bui
ldab
le A
rea
(SF)
38,1
49
Le
ss T
ax A
bate
men
t10
,213
10
,316
10
,419
10
,523
10
,628
10
,734
10
,842
10
,950
11
,060
11,1
70
-
-
Com
mon
Are
a0%
NO
I10
5,74
9
11
7,02
0
118,
190
11
9,37
2
120,
566
12
1,77
1
122,
989
12
4,21
9
125,
461
12
6,71
6
127,
983
11
7,98
1
119,
161
Leas
able
Are
a (S
F)38
,149
Cas
h Fl
owR
even
ueN
OI
117,
020
11
8,19
0
119,
372
12
0,56
6
121,
771
12
2,98
9
124,
219
12
5,46
1
126,
716
12
7,98
3
117,
981
11
9,16
1
To
tal S
pace
38,1
49
R
ever
sion
Pro
ceed
s1,
266,
082
N
umbe
r of S
pace
s85
Tax
Cre
dit /
Sub
sidy
450,
635
M
onth
ly R
ent
0.60
Ac
quis
ition
& C
onst
ruct
ion
Cos
t(9
01,2
70)
(9
01,2
70)
R
ent G
row
th1%
Net
Cas
h Fl
ow (U
nlev
ered
)(9
01,2
70)
(4
50,6
35)
11
7,02
0
118,
190
11
9,37
2
120,
566
12
1,77
1
122,
989
12
4,21
9
125,
461
12
6,71
6
127,
983
11
7,98
1
1,38
5,24
3
Occ
upan
cy55
%U
nlev
ered
IRR
8%O
pEx
Rat
io30
%O
pEx
Gro
wth
3%An
nual
Deb
t Ser
vice
(97,
517)
(9
7,51
7)
(97,
517)
(9
7,51
7)
(97,
517)
(9
7,51
7)
(97,
517)
(9
7,51
7)
(97,
517)
(9
7,51
7)
(97,
517)
(9
7,51
7)
Prin
cipa
l Pay
men
t(1
6,97
9)
(17,
997)
(1
9,07
7)
(20,
222)
(2
1,43
5)
(22,
721)
(2
4,08
5)
(25,
530)
(2
7,06
1)
(28,
685)
(3
0,40
6)
(32,
230)
Fi
nanc
ing
Inte
rest
Pay
men
t(8
0,53
8)
(79,
519)
(7
8,43
9)
(77,
295)
(7
6,08
1)
(74,
795)
(7
3,43
2)
(71,
987)
(7
0,45
5)
(68,
832)
(6
7,11
0)
(65,
286)
H
ard
Cos
ts$4
51,
716,
705
$
R
emai
ning
Bal
ance
1,32
5,32
1
1,
307,
323
1,28
8,24
6
1,
268,
024
1,24
6,58
9
1,
223,
868
1,19
9,78
3
1,
174,
254
1,14
7,19
2
1,
118,
507
1,08
8,10
1
1,
055,
871
So
ft C
osts
5%85
,835
$
R
efin
ance
Pro
ceed
s(2
79,9
87)
La
nd C
osts
$0-
$
C
ash-
In(1
63,1
30)
$
(1
63,1
30)
$
To
tal D
evel
opm
ent C
osts
1,80
2,54
0$
Leve
red
Cas
h Fl
ow(1
63,1
30)
7,
518
19
,503
20
,674
21
,855
23
,049
24
,255
25
,473
26
,702
27
,945
29
,199
30
,466
20,4
64
23
1,85
5
Le
vere
d IR
R14
%C
onst
ruct
ion
LTC
90%
Con
stru
ctio
n Lo
an1,
622,
286
$
C
onst
ruct
ion
Inte
rest
9%14
6,00
6$
Eq
uity
180,
254
$
Tota
l Pro
ject
Cos
t1,
948,
546
$
Pe
rman
ent L
oan
6.00
%1,
342,
299
$
Te
rm30
Mor
tgag
e C
onst
ant
0.07
26
D
SCR
1.2
Tax
Cre
dit /
Sub
sidy
25%
450,
635
$
Proc
eeds
at R
efin
ance
(279
,987
)$
An
nual
Dep
reci
atio
n31
2,76
9$
Inco
me
Tax
35%
Cap
ital G
ains
Tax
15%
Exit
Cap
8%
Indu
stria
lSa
le-1
01
23
45
67
89
1011
12A
ssum
ptio
ns &
Inpu
tsN
et O
pera
ting
Inco
me
Gro
ss R
even
ue28
5,85
4
28
8,71
3
291,
600
29
4,51
6
297,
461
30
0,43
6
303,
440
30
6,47
5
309,
539
31
2,63
5
315,
761
31
8,91
9
322,
108
Tota
l Par
cel (
SF)
6,61
7
An
nual
OpE
x10
0,04
9
10
1,05
0
102,
060
10
3,08
1
104,
111
10
5,15
3
106,
204
10
7,26
6
108,
339
10
9,42
2
110,
516
11
1,62
2
112,
738
Gro
ss B
uild
able
Are
a (S
F)26
,468
Less
Tax
Aba
tem
ent
15,9
51
16,1
11
16
,272
16
,435
16
,599
16
,765
16
,933
17
,102
17
,273
17
,446
-
-
C
omm
on A
rea
0%N
OI
185,
805
203,
615
20
5,65
1
207,
707
20
9,78
5
211,
882
21
4,00
1
216,
141
21
8,30
3
220,
486
22
2,69
1
207,
297
20
9,37
0
Le
asab
le A
rea
(SF)
26,4
68
C
ash
Flow
Rev
enue
NO
I20
3,61
5
205,
651
20
7,70
7
209,
785
21
1,88
2
214,
001
21
6,14
1
218,
303
22
0,48
6
222,
691
20
7,29
7
209,
370
Tota
l Spa
ce26
,468
Rev
ersi
on P
roce
eds
1,97
7,38
5
Tax
Cre
dit /
Sub
sidy
1,58
0,21
9
M
onth
ly R
ent
1.00
Ac
quis
ition
& C
onst
ruct
ion
Cos
t(1
,881
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)
(1
,881
,213
)
R
ent G
row
th1%
Net
Cas
h Fl
ow (U
nlev
ered
)(1
,881
,213
)
(3
00,9
94)
20
3,61
5
205,
651
20
7,70
7
209,
785
21
1,88
2
214,
001
21
6,14
1
218,
303
22
0,48
6
222,
691
20
7,29
7
2,18
6,75
5
Occ
upan
cy90
%U
nlev
ered
IRR
8%O
pEx
Rat
io35
%O
pEx
Gro
wth
3%An
nual
Deb
t Ser
vice
(169
,679
)
(1
69,6
79)
(169
,679
)
(1
69,6
79)
(169
,679
)
(1
69,6
79)
(169
,679
)
(1
69,6
79)
(169
,679
)
(1
69,6
79)
(1
69,6
79)
(1
69,6
79)
Prin
cipa
l Pay
men
t(2
9,54
3)
(31,
315)
(3
3,19
4)
(35,
186)
(3
7,29
7)
(39,
535)
(4
1,90
7)
(44,
421)
(4
7,08
7)
(49,
912)
(5
2,90
7)
(56,
081)
Fi
nanc
ing
Inte
rest
Pay
men
t(1
40,1
36)
(138
,364
)
(1
36,4
85)
(134
,493
)
(1
32,3
82)
(130
,144
)
(1
27,7
72)
(125
,258
)
(1
22,5
92)
(119
,767
)
(116
,772
)
(113
,598
)
H
ard
Cos
ts$1
333,
520,
244
$
R
emai
ning
Bal
ance
2,30
6,06
0
2,
274,
745
2,24
1,55
0
2,
206,
364
2,16
9,06
7
2,
129,
532
2,08
7,62
5
2,
043,
204
1,99
6,11
7
1,
946,
205
1,89
3,29
8
1,
837,
217
So
ft C
osts
5%17
6,01
2$
R
efin
ance
Pro
ceed
s(1
,050
,581
)
La
nd C
osts
$10
66,1
70$
Cas
h-In
(357
,430
)$
(357
,430
)$
Tota
l Dev
elop
men
t Cos
ts3,
762,
426
$
Le
vere
d C
ash
Flow
(357
,430
)
172,
208
33
,936
35
,972
38
,028
40
,106
42
,203
44
,322
46
,462
48
,624
50
,807
53
,012
37,6
18
17
9,85
9
Le
vere
d IR
R16
%C
onst
ruct
ion
LTC
90%
Con
stru
ctio
n Lo
an3,
386,
184
$
C
onst
ruct
ion
Inte
rest
10%
338,
618
$
Equi
ty37
6,24
3$
To
tal P
roje
ct C
ost
4,10
1,04
5$
Perm
anen
t Loa
n6.
00%
2,33
5,60
3$
Term
30M
ortg
age
Con
stan
t0.
0726
DSC
R1.
2Ta
x C
redi
t / S
ubsi
dy42
%1,
580,
219
$
Proc
eeds
at R
efin
ance
(1,0
50,5
81)
$
An
nual
Dep
reci
atio
n31
7,81
2$
Inco
me
Tax
35%
Cap
ital G
ains
Tax
15%
Exit
Cap
9%
Ind
ust
rial
Park
ing
174
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WIN
D E
NER
GY
WIN
D R
ESU
LTS
1s
t Yea
r Ene
rgy
Pay
men
t (ce
nts/
kWh)
6E
nerg
y P
aym
ent E
scal
atio
n R
ate
(%/y
ear)
1 N
omin
al L
evel
ised
Cos
t of E
nerg
y (L
CO
E) (
cent
s/kW
h)6.
7R
eal L
CO
E (s
tart
year
cen
ts/k
Wh)
4.61
Bre
akev
en L
CO
E (c
ents
/kW
h)5.
14P
ayba
ck P
erio
d (Y
ears
)7
Net
Pre
sent
Val
ue (s
tart
year
dol
lars
)6,
050
Targ
et In
tern
al R
ate
of R
etur
n (IR
R) (
%)
15.2
Act
ual I
RR
(%)
15.2
Targ
et M
inim
um D
ebt S
ervi
ce C
over
age
Rat
io (D
SC
R)
1.27
Act
ual M
inim
um D
SC
R1.
44M
inim
um D
SC
R Y
ear
1Ta
rget
Ave
rage
DS
CR
1.34
Act
ual A
vera
ge D
SC
R1.
5 A
nnua
l Ene
rgy
Pro
duct
ion
(MW
h/ye
ar)
48,6
18
AN
NU
AL
GR
EEN
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USE
GA
S R
EDU
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ON
GH
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alcu
latio
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ents
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0000
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mis
sion
s R
educ
tions
27
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309
TOTA
L R
ED
UC
TIO
N27
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finan
cial
s ca
cula
ted
usin
g "W
indF
inan
ce."
Win
d Fi
nanc
e A
naly
sis.
Nat
iona
l Ren
ewab
le E
nerg
y La
bror
ator
y. W
eb. 0
4 M
ay 2
011.
<ht
tp://
anal
ysis
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l.gov
/win
dfin
ance
/logi
n.as
p>.
** C
alcu
late
d us
ing
Phi
lade
lphi
a sp
ecifi
c E
grid
Num
bers
WIN
D E
NER
GY
Pro
ject
Yea
r
01
23
45
2526
2728
2930
Cal
enda
r Yea
r
2019
2020
2021
2022
2023
2024
2044
2045
2046
2047
2048
2049
Tota
l Rev
enue
s
2,
919
2,94
82,
978
3,00
83,
038
3,70
73,
744
3,78
13,
819
3,85
73,
896
Tota
l Ope
ratin
g C
osts
615
633
652
672
692
1,25
01,
288
1,32
61,
366
1,40
71,
449
Ope
ratin
g In
com
e
2,
304
2,31
52,
325
2,33
62,
345
2,45
62,
456
2,45
52,
453
2,45
02,
446
Tota
l Oth
er E
xpen
ses
6,28
19,
178
6,02
64,
126
4,10
537
929
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0A
fter-
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fits
-3,9
77-6
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602,
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249
2,34
22,
441
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tal A
dditi
ons
4,93
37,
847
4,71
42,
833
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39
99
99
0To
tal S
ubtra
ctio
ns
25
427
129
030
933
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231
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1,50
00
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fter-
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h Fl
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-4,9
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485
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ativ
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fter-
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h Fl
ow
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back
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11
11
10
00
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ebt S
ervi
ce C
over
age
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io (D
SC
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1.44
1.45
1.45
1.46
1.46
1.53
1.53
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Win
d p
rO F
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easi
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na
lYsi
s
175
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FISC
AL
IMPA
CT
Rev
enue
(w/ T
ax A
bate
men
t)R
esid
entia
l1,
000,
000
$
Com
mer
cial
300,
000
$
TO
TAL
REV
ENU
E1,
300,
000
$
Rev
enue
(w/o
Tax
Aba
tem
ent)
Res
iden
tial
2,70
0,00
0$
C
omm
erci
al1,
200,
000
$
TOTA
L R
EVEN
UE
3,90
0,00
0$
Expe
nses
Mun
icip
al S
ervi
ces
500,
000
$
M
aint
enan
ce50
0,00
0$
TOTA
L EX
PEN
SES
1,00
0,00
0$
(w/ T
ax A
bate
men
t)TO
TAL
NET
FIS
CA
L IM
PAC
T30
0,00
0$
(w/o
Tax
Aba
tem
ent)
TOTA
L N
ET F
ISC
AL
IMPA
CT
2,90
0,00
0$
TOTA
L
TOTa
l Fi
sCa
l im
paC
T
CO
mm
erC
ial
FisC
al
impa
CT
FISC
AL
IMPA
CT
Prop
erty
Tax
Rev
enue
Mar
ket V
alue
33,0
00,0
00
Asse
ssm
ent R
atio
32%
Tax
Rat
e9%
Estim
ated
Pro
pert
y Ta
x R
even
ue$9
00,0
00
Wag
e Ta
x R
even
ueN
ew J
obs
Cre
ated
100
N
ew In
com
e G
ener
ated
(@ $
30k/
yr)
3,00
0,00
0
W
age
Tax
Rat
e3.9%
Estim
ated
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e Ta
x R
even
ue$1
20,0
00
Bus
ines
s Ta
xSa
les
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eipt
s2,
500,
000
Net
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me
Tax
6.45
%Es
timat
ed B
usin
ess
Tax
Rev
enue
$160
,000
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ing
Tax
Rev
enue
Sale
s R
ecei
pts
150,
000
Pa
rkin
g Ta
x R
ate
20%
Estim
ated
Pro
pert
y Ta
x R
even
ue$3
0,00
0
Sale
s Ta
x R
even
ueSa
les
Rec
eipt
s11
,000
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rkin
g Ta
x R
ate
2%Es
timat
ed P
rope
rty
Tax
Rev
enue
$220
,000
Tota
l Tax
Rev
enue
(w/ T
ax A
bate
men
t)$3
10,0
00To
tal T
ax R
even
ue$1
,210
,000
CO
MM
ERC
IAL
176
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FISC
AL
IMPA
CT
DEV
ELO
PMEN
T IN
PUTS
REV
ENU
EEX
PEN
SEAv
erag
e M
arke
t Val
ue p
er U
nit
218,
296
$
Rev
enue
from
Pro
pert
y Ta
x on
Dev
elop
men
tSc
hool
Cos
ts D
ue to
Dev
elop
men
tM
arke
t Val
ue o
f Dev
elop
men
t62
,214
,394
$
Cur
rent
Sch
ool C
ost p
er S
tude
nt15
,743
$
Num
ber o
f new
uni
ts in
dev
elop
men
tm
ultip
lied
byN
umbe
r of S
tude
nts
in N
ew D
evel
opm
ent
71M
arke
t Rat
e45
Asse
ssm
ent R
atio
32.0
0%N
et N
ew P
hila
delp
hia
Scho
ol S
tude
nts
7Af
ford
able
240
Actu
al A
sses
sed
Valu
e19
,908
,606
$
Tota
l Sch
ool C
ost p
er Y
ear
112,
168
$
To
tal U
nits
285
mul
tiplie
d by
R
esid
entia
l Tax
Rat
e /$
1000
84
.000
0$
Se
rvic
e C
osts
Due
to D
evel
opm
ent
MU
NIC
IPA
L IN
PUTS
Estim
ated
Pro
pert
y Ta
x R
even
ue$1
,672
,323
(Cos
ts a
ssoc
iate
d w
ith L
ibra
ry, H
ealth
, Rec
reat
ion,
Res
iden
tial A
sses
smen
t Rat
io fo
r Tax
Pur
pose
s
32.0
0%Po
lice,
Fire
and
Roa
d M
aint
enan
ce)
Res
iden
tial T
ax R
ate
per $
1,00
0 84
.00
$
O
ther
Mis
cella
neou
s R
even
ueTo
wn
expe
nditu
res
excl
udin
g Sc
hool
s7,
090,
700,
000
$
Tota
l Tax
Lev
y
574,
000,
000
$
M
isce
llane
ous
Rev
enue
6,15
5,30
0,00
0$
mul
tiplie
d by
Tota
l Sch
ool B
udge
t 2,
432,
000,
000
$
mul
tiplie
d by
R
esid
entia
l por
tion
of A
ll Pr
oper
ty78
.00%
Scho
ol A
id fr
om S
tate
1,
520,
000,
000
$
Res
iden
tial P
ropo
rtion
of a
ll Pr
oper
ty78
.00%
Serv
ice
Cos
ts d
ue to
Res
iden
tial
5,53
0,74
6,00
0$
N
umbe
r of S
choo
l Chi
ldre
n15
4,48
2M
isce
llane
ous
Rev
enue
from
Res
iden
tial U
se4,
801,
134,
000
$
di
vide
d by
Cur
rent
Loc
al S
choo
l Cos
t per
Stu
dent
5,
904
$
di
vide
d by
# of
Res
iden
tial U
nits
661,
958
Cur
rent
Sta
te S
choo
l Aid
per
Stu
dent
9,
839
$
N
umbe
r of R
esid
entia
l Uni
ts66
1,95
8Se
rvic
e C
ost p
er u
nit
8,35
5$
M
isce
llane
ous
Rev
enue
per
Hou
sing
Uni
t7,
253
$
N
umbe
r of H
omes
in N
ew D
evel
opm
ent
285
SCH
OO
L-A
GED
CH
ILD
REN
MU
LTIP
LIER
SN
umbe
r of n
ew h
omes
285
Perc
ent o
f Res
iden
ts M
ovin
g w
ithin
Phi
lade
lphi
a85
%Av
erag
e C
hild
ren
per U
nit
0.25
Perc
ent o
f Res
iden
ts M
ovin
g w
ithin
Phi
lade
lphi
a85
%N
ew R
esid
ents
from
Res
iden
ial U
nits
43Pr
opor
tion
of N
ew P
hila
delp
hia
Res
iden
ts10
%N
ew R
esid
ents
from
Res
iden
ial U
nits
43To
wn
Serv
ice
Cos
ts fo
r Res
iden
tial u
nits
357,
182
$
Es
timat
ed A
dditi
onal
Mis
cella
neou
s R
even
ue31
0,06
3$
O
THER
DAT
ATo
tal E
stim
ated
Exp
ense
469,
350
$
O
ther
Mis
c. R
even
ue fr
om L
ocal
Rec
eipt
s 6,
155,
300,
000
$
Add
ition
al S
tate
Sch
ool A
idAp
prop
riate
d Ex
pend
iture
s ex
clud
ing
scho
ols
7,09
0,70
0,00
0$
St
ate
Scho
ol A
id (C
hapt
er 7
0)1,
520,
000,
000
$
R
esid
entia
l Pro
porti
on o
f rea
l pro
perty
78%
divi
ded
by
Exis
ting
Res
iden
tial U
nits
66
1,95
8N
umbe
r of S
choo
l Chi
ldre
n15
4,48
2M
edia
n H
ome
Valu
e11
2,11
3$
Sc
hool
Aid
per
Stu
dent
9,83
9$
mul
tiplie
d by
Num
ber o
f Stu
dent
s in
New
Dev
elop
men
t71
Estim
ated
Add
ition
al S
choo
l Aid
701,
053
$
Tota
l Est
imat
ed R
even
ue (w
/ Tax
Aba
tem
ent)
1,01
1,11
5$
Tota
l Est
imat
ed R
even
ue2,
683,
438
$
RES
IDEN
TIA
Lre
sid
enTi
al
FisC
al
impa
CT
CO
MM
UTE
R M
OD
E C
OM
PAR
ISO
N
Reg
iona
l R
ail
Bus
Car
AD
VAN
TAG
EAd
just
ed fo
r Tim
e Va
luat
ion
Reg
iona
l R
ail
Bus
Car
AD
VAN
TAG
E
In V
ehic
le T
ime
16
35
14
C
arM
onth
ly C
ost
$91
$67
$323
Bus
Freq
uenc
y4
9
-
C
arH
eadw
ay10
min
7 m
inN
/AC
arW
ait T
ime
15
7
-
Car
Est M
inim
um T
rave
l Tim
e16
min
35 m
in14
min
Car
Adju
sted
WT
38
17
-
Car
Est M
axim
um T
rave
l Tim
e26
min
42 m
in30
min
Reg
iona
l Rai
lTo
tal T
ime
One
Way
in M
inut
es54
52
14
Car
Tota
l Tim
e Tw
o W
ay in
Min
utes
107
10
3
28
C
arTo
tal T
ime
Two
Way
in H
ours
2
2
0
C
arD
aily
Tra
vel T
ime
Cos
t $1
3$1
3$4
Car
Mon
thly
Cos
t for
Tra
nsit
$91
$67
$150
Car
Min
Tra
vel T
ime
incl
udes
wal
k/bu
s to
sub
way
sta
tion
Dai
ly C
ost f
or T
rans
it$3
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Bus
Max
trav
el ti
me
adds
in th
e m
ax w
ait t
ime
give
n ru
sh h
r fre
quen
cyTO
TAL
CO
ST$1
6$1
5$9
Car
Freq
uenc
y m
easu
red
betw
een
8am
- 9a
m
Sour
ces:
SEPT
A.or
ght
tp://
ww
w.ph
illyga
spric
es.c
om/P
rices
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iona
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http
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bts.
gov/
publ
icat
ions
/nat
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nspo
rtatio
n_st
atis
tics/
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l/tab
le_0
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ogle
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irect
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177
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appendix: market east
prOJeCT BuildOuT BY develOpmenT uniTs
prOJeCT BuildOuT BY area
summarY prO FOrma
develOpmenT COsTs
uniT develOpmenT COsTs
178
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Mar
ket S
treet
Eas
tTo
tal P
rojec
t Sum
mar
y by P
rope
rty
Unit
Deve
lopm
ent &
Infra
stru
ctur
e Cos
tsDe
velo
pmen
t Cos
tsTe
nant
(s)
Phas
eUn
it Co
sts
Tota
l Cos
tsTh
e G
alle
ryEx
istin
g R
etai
lM
ulti-
tena
ntI
$143
per
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cree
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rtain
men
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ax M
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tatio
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/AII
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uild
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ket F
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l Hou
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I$1
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er u
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ket
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eadi
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erm
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ket
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ti-te
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er S
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ket
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II$1
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II$1
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nit
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000
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r spa
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stnu
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nior
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34
179
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Mar
ket S
treet
Eas
tTo
tal P
rojec
t Sum
mar
y by P
rope
rty
Sum
mar
y Pro
For
ma
Phas
e IPh
ase I
IPh
ase I
IIYe
ar 1
Year
2Ye
ar 3
Year
4Ye
ar 5
Year
6Ye
ar 7
Year
8Ye
ar 9
Year
10Ye
ar 11
Year
12Ye
ar 13
Year
14Ye
ar 15
Year
16Ye
ar 17
Cate
gory
Tena
nt(s
)/Op
erat
orPh
ase
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
Net O
pera
ting
Inco
me
The
Gal
lery
Exis
ting
Ret
ail
Mul
ti-te
nant
I$0
01,
760,
839
3,67
9,62
83,
630,
420
3,58
1,21
33,
532,
005
3,48
2,79
83,
433,
590
3,38
4,38
33,
335,
175
3,28
5,96
83,
236,
760
3,18
7,55
33,
138,
345
3,08
9,13
83,
039,
930
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1,20
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133,
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1,16
4,80
01,
196,
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1,22
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258,
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1,28
9,60
01,
320,
800
1,35
2,00
01,
383,
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1,41
4,40
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445,
600
1,47
6,80
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508,
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1,53
9,20
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I$0
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9,20
080
7,60
079
6,80
078
6,00
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5,20
076
4,40
075
3,60
074
2,80
073
2,00
072
1,20
071
0,40
069
9,60
068
8,80
067
8,00
066
7,20
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tatio
nN
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$00
00
00
48,4
5095
,550
94,2
0092
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91,5
0090
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88,8
0087
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86,1
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00
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09,
142,
237
24,3
05,9
7837
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56,6
0159
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195,
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1,14
6,60
01,
130,
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1,11
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1,08
1,80
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800
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ket B
lock
New
Ret
ail
CB2
I$0
042
0,71
483
2,84
282
4,25
681
5,67
080
7,08
479
8,49
878
9,91
278
1,32
677
2,74
076
4,15
475
5,56
874
6,98
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8,39
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ew R
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509,
355
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8,31
599
7,92
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7,52
597
7,13
096
6,73
595
6,34
094
5,94
593
5,55
092
5,15
591
4,76
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4,36
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8,31
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5,94
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274
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970
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667
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516
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364
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212
625,
061
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614,
758
609,
606
604,
454
Mar
ket F
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ale
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N/A
I$0
021
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21,6
35,9
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00
00
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ket R
enta
l Hou
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N/A
I$0
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42,
134,
656
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4,67
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674,
440
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813,
976
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42,
953,
512
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3,28
03,
093,
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2,81
63,
232,
584
3,30
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23,
372,
120
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$00
106,
424
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472
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696
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368
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592
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816
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040
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264
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Mar
ket
New
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ti-te
nant
I$0
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5,64
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8,84
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5,82
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4,89
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3,95
576
3,02
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2,08
574
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0,21
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7,41
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18,7
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56,8
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59,4
51,2
7360
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17,5
1563
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Park
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N/A
I$0
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122,
952
223,
104
328,
440
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576
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144
362,
712
371,
280
379,
848
388,
416
396,
984
405,
552
414,
120
422,
688
Cul
inar
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inar
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II$0
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069
7,68
01,
375,
920
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6,48
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337,
040
1,31
7,60
01,
298,
160
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8,72
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280
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220,
400
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Mar
ket
New
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ail
Mul
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nant
II$0
00
00
020
9,30
441
2,77
640
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1,11
239
5,28
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3,61
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160,
440
318,
360
631,
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626,
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600
616,
560
611,
520
606,
480
601,
440
596,
400
591,
360
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CVS
II$0
00
00
016
0,44
031
8,36
063
1,68
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6,64
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1,60
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6,56
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1,52
060
6,48
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1,44
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$00
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477,
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300
174,
230
178,
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189,
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193,
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801
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$00
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101,
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598
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703,
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20,8
50,7
1621
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5722
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22,7
75,3
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$00
00
00
(49,
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14,8
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00
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460,
280
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ail
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00
00
00
00
00
403,
203
797,
346
788,
285
779,
225
770,
164
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103
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ket R
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sing
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III$0
00
00
00
00
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35,35
7,624
56,56
3,036
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7,278
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5,985
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0,289
93,52
2,921
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4,268
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49,63
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Deve
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ting
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00
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00
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00
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00
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1000
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0 M
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00
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0(5
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IIPa
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1001
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II$0
00
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624
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563,
036
$47,
337,
278
$63,
455,
985
$70,
588,
798
$79,
590,
289
$93,
522,
921
$95,
304,
268
$97,
085,
615
$111
,649
,637
$133
,671
,474
$149
,408
,811
$165
,720
,427
$176
,701
,596
$179
,874
,056
Tota
l Deb
t Ser
vice
($20
,837
,288
)(2
0,83
7,28
8)(2
0,83
7,28
8)(4
3,65
9,39
3)(1
8,90
7,42
8)(2
1,63
5,78
9)(2
7,04
0,71
7)(2
7,04
0,71
7)(2
7,04
0,71
7)(2
7,04
0,71
7)(4
7,62
3,08
2)(4
7,62
3,08
2)(4
7,62
3,08
2)(4
7,62
3,08
2)(4
7,62
3,08
2)(4
7,62
3,08
2)(4
7,62
3,08
2)To
tal T
ax L
iabi
lity
$00
(6,8
40,9
93)
(4,0
28,9
73)
(8,7
01,0
68)
(14,
750,
774)
(15,
315,
332)
(17,
293,
149)
(22,
408,
299)
(23,
212,
993)
(24,
027,
471)
(24,
852,
394)
(27,
885,
292)
(33,
952,
660)
(40,
249,
912)
(44,
615,
958)
(46,
113,
706)
Tota
l Sal
e Pr
ocee
ds$0
00
00
00
00
00
00
01,
601,
091,
809
00
Tota
l Equ
ity C
ontri
butio
n($
100,
013,
476)
00
00
(36,
176,
613)
00
00
(136
,937
,392
)0
00
00
0Ne
t Cas
h Fl
ow($
120,8
50,76
4)($
20,83
7,288
)$7
,679,3
44$8
,874,6
71$1
9,728
,782
($9,1
07,19
1)$2
8,232
,749
$35,2
56,42
3$4
4,073
,905
$45,0
50,55
8($
111,5
02,33
0)$3
9,174
,160
$58,1
63,09
9$6
7,833
,068
$1,67
8,939
,242
$84,4
62,55
5$8
6,137
,268
Net P
rese
nt V
alue (
10%
)$3
68,88
7,227
Leve
red
IRR
23%
180
![Page 187: Transit Oriented Development](https://reader031.vdocuments.net/reader031/viewer/2022022214/568bd34f1a28ab203490a95c/html5/thumbnails/187.jpg)
Year
18Ye
ar 19
Year
20Ye
ar 21
Year
22Ye
ar 23
Year
24Ye
ar 25
Year
26Ye
ar 27
Year
28Ye
ar 29
Year
30Ye
ar 31
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2,99
0,72
32,
941,
515
2,89
2,30
82,
843,
100
2,79
3,89
32,
744,
685
2,69
5,47
82,
646,
270
2,59
7,06
32,
547,
855
2,49
8,64
82,
449,
440
2,40
0,23
32,
351,
025
1,57
0,40
01,
601,
600
1,63
2,80
01,
664,
000
1,69
5,20
01,
726,
400
1,75
7,60
01,
788,
800
1,82
0,00
01,
851,
200
1,88
2,40
01,
913,
600
1,94
4,80
01,
976,
000
656,
400
645,
600
634,
800
624,
000
613,
200
602,
400
591,
600
580,
800
570,
000
559,
200
548,
400
537,
600
526,
800
516,
000
82,0
5080
,700
79,3
5078
,000
76,6
5075
,300
73,9
5072
,600
71,2
5069
,900
68,5
5067
,200
65,8
5064
,500
62,2
77,1
9463
,514
,490
64,7
51,7
8565
,989
,080
67,2
26,3
7568
,463
,671
69,7
00,9
6670
,938
,261
72,1
75,5
5673
,412
,852
74,6
50,1
4775
,887
,442
77,1
24,7
3778
,362
,033
984,
600
968,
400
952,
200
936,
000
919,
800
903,
600
887,
400
871,
200
855,
000
838,
800
822,
600
806,
400
790,
200
774,
000
712,
638
704,
052
695,
466
686,
880
678,
294
669,
708
661,
122
652,
536
643,
950
635,
364
626,
778
618,
192
609,
606
601,
020
862,
785
852,
390
841,
995
831,
600
821,
205
810,
810
800,
415
790,
020
779,
625
769,
230
758,
835
748,
440
738,
045
727,
650
862,
785
852,
390
841,
995
831,
600
821,
205
810,
810
800,
415
790,
020
779,
625
769,
230
758,
835
748,
440
738,
045
727,
650
599,
303
594,
151
589,
000
583,
848
578,
696
573,
545
568,
393
563,
242
558,
090
552,
938
547,
787
542,
635
537,
484
532,
332
00
00
00
00
00
00
00
3,51
1,65
63,
581,
424
3,65
1,19
23,
720,
960
3,79
0,72
83,
860,
496
3,93
0,26
44,
000,
032
4,06
9,80
04,
139,
568
4,20
9,33
64,
279,
104
4,34
8,87
24,
418,
640
363,
608
370,
832
378,
056
385,
280
392,
504
399,
728
406,
952
414,
176
421,
400
428,
624
435,
848
443,
072
450,
296
457,
520
664,
605
653,
670
642,
735
631,
800
620,
865
609,
930
598,
995
588,
060
577,
125
566,
190
555,
255
544,
320
533,
385
522,
450
64,5
83,7
5765
,866
,878
67,1
49,9
9968
,433
,120
69,7
16,2
4170
,999
,362
72,2
82,4
8373
,565
,604
74,8
48,7
2576
,131
,846
77,4
14,9
6778
,698
,088
79,9
81,2
0981
,264
,330
431,
256
439,
824
448,
392
456,
960
465,
528
474,
096
482,
664
491,
232
499,
800
508,
368
516,
936
525,
504
534,
072
542,
640
1,18
1,52
01,
162,
080
1,14
2,64
01,
123,
200
1,10
3,76
01,
084,
320
1,06
4,88
01,
045,
440
1,02
6,00
01,
006,
560
987,
120
967,
680
948,
240
928,
800
354,
456
348,
624
342,
792
336,
960
331,
128
325,
296
319,
464
313,
632
307,
800
301,
968
296,
136
290,
304
284,
472
278,
640
586,
320
581,
280
576,
240
571,
200
566,
160
561,
120
556,
080
551,
040
546,
000
540,
960
535,
920
530,
880
525,
840
520,
800
586,
320
581,
280
576,
240
571,
200
566,
160
561,
120
556,
080
551,
040
546,
000
540,
960
535,
920
530,
880
525,
840
520,
800
3,09
8,52
03,
160,
080
3,22
1,64
03,
283,
200
3,34
4,76
03,
406,
320
3,46
7,88
03,
529,
440
3,59
1,00
03,
652,
560
3,71
4,12
03,
775,
680
3,83
7,24
03,
898,
800
197,
810
201,
740
205,
670
209,
600
213,
530
217,
460
221,
390
225,
320
229,
250
233,
180
237,
110
241,
040
244,
970
248,
900
3,88
7,12
43,
964,
351
4,04
1,57
94,
118,
807
4,19
6,03
44,
273,
262
4,35
0,48
94,
427,
717
4,50
4,94
54,
582,
172
4,65
9,40
04,
736,
628
4,81
3,85
54,
891,
083
436,
506
429,
324
422,
142
414,
960
407,
778
400,
596
393,
414
386,
232
379,
050
371,
868
364,
686
357,
504
350,
322
343,
140
24,2
18,9
0924
,700
,079
25,1
81,2
5025
,662
,420
26,1
43,5
9026
,624
,761
27,1
05,9
3127
,587
,102
28,0
68,2
7228
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29,0
30,6
1329
,511
,783
29,9
92,9
5330
,474
,124
18,1
2018
,480
18,8
4019
,200
19,5
6019
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20,2
8020
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21,0
0021
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21,7
2022
,080
22,4
4022
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1,40
9,34
01,
392,
360
1,37
5,38
01,
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1,34
1,42
01,
324,
440
1,30
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01,
290,
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1,27
3,50
01,
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520
1,23
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01,
222,
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1,20
5,58
01,
188,
600
1,05
7,00
51,
044,
270
1,03
1,53
51,
018,
800
1,00
6,06
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3,33
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0,59
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7,86
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5,12
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2,39
092
9,65
591
6,92
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4,18
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1,45
04,
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4,71
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34,
810,
982
4,90
2,91
24,
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5,08
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15,
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5,27
0,63
05,
362,
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5,45
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05,
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5,63
8,34
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5,82
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8,64
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9,34
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0,05
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0,75
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1,45
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2,15
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2,85
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3,55
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4,26
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4,96
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5,66
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7,76
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3,351
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186,5
20,26
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192,8
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6,026
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199,1
95,41
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2,364
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205,5
32,98
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211,8
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1,376
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224,5
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2
00
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$183
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$186
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(47,
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082)
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082)
(47,
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082)
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989,
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289,
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(50,
857,
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(52,
452,
883)
(54,
077,
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(55,
733,
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(57,
422,
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(59,
146,
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(60,
909,
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(62,
712,
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(64,
559,
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452,
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394,
829)
(70,
659,
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00
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08,52
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2,781
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$94,3
26,07
3$9
5,839
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$97,3
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$100
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92$1
01,53
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$102
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04,13
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05$1
25,89
7,028
181
![Page 188: Transit Oriented Development](https://reader031.vdocuments.net/reader031/viewer/2022022214/568bd34f1a28ab203490a95c/html5/thumbnails/188.jpg)
Mar
ket S
treet
Eas
tTo
tal P
rojec
t Sum
mar
y by P
rope
rty
Multi
year
Dev
elopm
ent P
rogr
amYe
ar b
y ye
ar c
umul
ativ
e ab
sorp
tion
Phas
e IPh
ase I
IPh
ase I
IIYe
ar 1
Year
2Ye
ar 3
Year
4Ye
ar 5
Year
6Ye
ar 7
Year
8Ye
ar 9
Year
10Ye
ar 11
Year
12Ye
ar 13
Year
14Ye
ar 15
Year
16Ye
ar 17
Proj
ect B
uild
out b
y Dev
elopm
ent U
nits
Tena
nt(s
)Un
its20
1120
1220
1320
1420
1520
1620
1720
1820
1920
2020
2120
2220
2320
2420
2520
2620
27Th
e G
alle
ryEx
istin
g R
etai
lM
ulti-
tena
nt(S
F)-
-
112,
500
22
5,00
0
225,
000
22
5,00
0
225,
000
22
5,00
0
225,
000
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5,00
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22
5,00
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000
22
5,00
0
225,
000
22
5,00
0
225,
000
Cin
ema
IMAX
(scr
eens
)-
-
8
16
16
16
16
16
16
16
16
16
16
16
16
16
16
En
terta
inm
ent
Wax
Mus
eum
(SF)
-
-
20
,000
40,0
00
40
,000
40,0
00
40
,000
40,0
00
40
,000
40,0
00
40
,000
40,0
00
40
,000
40,0
00
40
,000
40,0
00
40,0
00
Bi
ke S
tatio
nN
/A(S
F)-
-
-
-
-
-
3,00
0
6,00
0
6,00
0
6,00
0
6,00
0
6,00
0
6,00
0
6,00
0
6,00
0
6,00
0
6,
000
H
otel
Hya
tt(ro
oms)
-
-
-
-
-
-
-
-
-
-
-
21
6
43
2
64
8
86
4
86
4
864
Stra
wbr
idge
Bui
ldin
gN
ew R
etai
lFr
esh
Mar
ket
(SF)
-
-
25
,000
50,0
00
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,000
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,000
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,000
50,0
00
50
,000
50,0
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,000
50,0
00
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10
00 M
arke
t Blo
ckN
ew R
etai
lC
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F)-
-
15,9
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31,8
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31
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31,8
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31,8
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31
,800
31,8
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31
,800
31
,800
New
Ret
ail
Nor
dstro
m R
ack
(SF)
-
-
19
,250
38,5
00
38
,500
38,5
00
38
,500
38,5
00
38
,500
38,5
00
38
,500
38,5
00
38
,500
38,5
00
38
,500
38,5
00
38,5
00
N
ew R
etai
lD
SW(S
F)-
-
19,2
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,500
38,5
00
38
,500
38,5
00
38
,500
38,5
00
38
,500
38,5
00
38
,500
38,5
00
38
,500
38,5
00
38
,500
38
,500
Gym
[Equ
inox
](S
F)-
-
15,9
00
31
,800
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00
31
,800
31,8
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31,8
00
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31,8
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,800
31
,800
Mar
ket F
or-S
ale
Hou
sing
N/A
(uni
ts)
-
-
64
128
128
128
128
128
128
128
128
128
128
128
128
128
12
8
M
arke
t Ren
tal H
ousi
ngN
/A(u
nits
)-
-
80
16
0
16
0
16
0
16
0
16
0
16
0
16
0
16
0
16
0
16
0
16
0
16
0
16
0
160
Park
ing
N/A
(spa
ces)
-
-
10
4
20
8
20
8
20
8
20
8
20
8
20
8
20
8
20
8
20
8
20
8
20
8
20
8
20
8
208
1100
Mar
ket
New
Ret
ail
Mul
ti-te
nant
(SF)
-
-
11
,250
22,5
00
33
,750
45,0
00
45
,000
45,0
00
45
,000
45,0
00
45
,000
45,0
00
45
,000
45,0
00
45
,000
45,0
00
45,0
00
H
otel
Sher
aton
(room
s)-
-
240
480
720
960
960
960
960
960
960
960
960
960
960
960
96
0
Pa
rkin
gN
/A(s
pace
s)-
-
96
19
2
28
8
38
4
38
4
38
4
38
4
38
4
38
4
38
4
38
4
38
4
38
4
38
4
384
Cul
inar
y Sc
hool
Cul
inar
y Sc
hool
(incl
. Coo
kolo
gy)
(SF)
-
-
-
-
-
-
40
,000
80,0
00
80
,000
80,0
00
80
,000
80,0
00
80
,000
80,0
00
80
,000
80,0
00
80,0
00
R
eadi
ng T
erm
inal
Mar
ket
New
Ret
ail
Mul
ti-te
nant
(SF)
-
-
-
-
-
-
12
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24,0
00
94
0 M
arke
tN
ew R
etai
lBe
st B
uy(S
F)-
-
-
-
-
-
6,00
0
12,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24,0
00
N
ew R
etai
lC
VS(S
F)-
-
-
-
-
-
6,00
0
12,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24,0
00
St
uden
t Ren
tal H
ousi
ngN
/A(u
nits
)-
-
-
-
-
-
50
10
0
20
0
20
0
20
0
20
0
20
0
20
0
20
0
20
0
200
Park
ing
N/A
(spa
ces)
-
-
-
-
-
-
25
50
10
0
10
0
10
0
10
0
10
0
10
0
10
0
10
0
100
801
Che
stnu
tSe
nior
Ren
tal H
ousi
ngN
/A(u
nits
)-
-
-
-
-
-
-
-
-
-
-
108
215
215
215
215
21
5
N
ew R
etai
lM
ulti-
tena
nt(S
F)Pa
rkin
gN
/A(s
pace
s)10
01 F
ilber
tN
ew R
etai
lM
ulti-
tena
nt(S
F)-
-
-
-
-
-
7,00
0
14,0
00
28
,000
28,0
00
28
,000
28,0
00
28
,000
28,0
00
28
,000
28,0
00
28,0
00
H
otel
Kim
pton
(room
s)-
-
-
-
-
-
75
15
0
30
0
30
0
30
0
30
0
30
0
30
0
30
0
30
0
300
Park
ing
N/A
(spa
ces)
-
-
-
-
-
-
30
60
12
0
12
0
12
0
12
0
12
0
12
0
12
0
12
0
120
800
Mar
ket B
lock
New
Ret
ail
Hom
e D
epot
(SF)
-
-
-
-
-
-
-
-
-
-
-
28
,300
56,6
00
56
,600
56,6
00
56
,600
56
,600
New
Ret
ail
Mul
ti-te
nant
(SF)
-
-
-
-
-
-
-
-
-
-
-
20
,135
40,2
70
40
,270
40,2
70
40
,270
40
,270
Mar
ket R
enta
l Hou
sing
N/A
(uni
ts)
-
-
-
-
-
-
-
-
-
-
-
12
8
25
6
25
6
25
6
25
6
256
Park
ing
N/A
(spa
ces)
-
-
-
-
-
-
-
-
-
-
-
11
6
23
2
23
2
23
2
23
2
232
Phas
e IPh
ase I
IPh
ase I
IIYe
ar 1
Year
2Ye
ar 3
Year
4Ye
ar 5
Year
6Ye
ar 7
Year
8Ye
ar 9
Year
10Ye
ar 11
Year
12Ye
ar 13
Year
14Ye
ar 15
Year
16Ye
ar 17
Proj
ect B
uild
out b
y Are
aTe
nant
(s)
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
The
Gal
lery
Exis
ting
Ret
ail
Mul
ti-te
nant
(SF)
-
-
11
2,50
0
225,
000
22
5,00
0
225,
000
22
5,00
0
225,
000
22
5,00
0
225,
000
22
5,00
0
225,
000
22
5,00
0
225,
000
22
5,00
0
225,
000
22
5,00
0
C
inem
aIM
AX(S
F)-
-
32,0
00
64
,000
64,0
00
64
,000
64,0
00
64
,000
64,0
00
64
,000
64,0
00
64
,000
64,0
00
64
,000
64,0
00
64
,000
64
,000
Ente
rtain
men
tW
ax M
useu
m(S
F)-
-
20,0
00
40
,000
40,0
00
40
,000
40,0
00
40
,000
40,0
00
40
,000
40,0
00
40
,000
40,0
00
40
,000
40,0
00
40
,000
40
,000
Bike
Sta
tion
N/A
(SF)
-
-
-
-
-
-
3,
000
6,
000
6,
000
6,
000
6,
000
6,
000
6,
000
6,
000
6,
000
6,
000
6,00
0
Hot
elH
yatt
(SF)
-
-
-
-
-
-
-
-
-
-
-
16
5,00
0
330,
000
49
5,00
0
660,
000
66
0,00
0
660,
000
Stra
wbr
idge
Bui
ldin
gN
ew R
etai
lFr
esh
Mar
ket
(SF)
-
-
25
,000
50,0
00
50
,000
50,0
00
50
,000
50,0
00
50
,000
50,0
00
50
,000
50,0
00
50
,000
50,0
00
50
,000
50,0
00
50,0
00
10
00 M
arke
t Blo
ckN
ew R
etai
lC
B2(S
F)-
-
15,9
00
31
,800
31,8
00
31
,800
31,8
00
31
,800
31,8
00
31
,800
31,8
00
31
,800
31,8
00
31
,800
31,8
00
31
,800
31
,800
New
Ret
ail
Nor
dstro
m R
ack
(SF)
-
-
19
,250
38,5
00
38
,500
38,5
00
38
,500
38,5
00
38
,500
38,5
00
38
,500
38,5
00
38
,500
38,5
00
38
,500
38,5
00
38,5
00
N
ew R
etai
lD
SW(S
F)-
-
19,2
50
38
,500
38,5
00
38
,500
38,5
00
38
,500
38,5
00
38
,500
38,5
00
38
,500
38,5
00
38
,500
38,5
00
38
,500
38
,500
Gym
[Equ
inox
](S
F)-
-
15,9
00
31
,800
31,8
00
31
,800
31,8
00
31
,800
31,8
00
31
,800
31,8
00
31
,800
31,8
00
31
,800
31,8
00
31
,800
31
,800
Mar
ket F
or-S
ale
Hou
sing
N/A
(SF)
-
-
80
,200
160,
400
16
0,40
0
160,
400
16
0,40
0
160,
400
16
0,40
0
160,
400
16
0,40
0
160,
400
16
0,40
0
160,
400
16
0,40
0
160,
400
16
0,40
0
M
arke
t Ren
tal H
ousi
ngN
/A(S
F)-
-
78,4
00
15
6,80
0
156,
800
15
6,80
0
156,
800
15
6,80
0
156,
800
15
6,80
0
156,
800
15
6,80
0
156,
800
15
6,80
0
156,
800
15
6,80
0
156,
800
Park
ing
N/A
(SF)
-
-
31
,200
62,4
00
62
,400
62,4
00
62
,400
62,4
00
62
,400
62,4
00
62
,400
62,4
00
62
,400
62,4
00
62
,400
62,4
00
62,4
00
11
00 M
arke
tN
ew R
etai
lM
ulti-
tena
nt(S
F)-
-
11,2
50
22
,500
33,7
50
45
,000
45,0
00
45
,000
45,0
00
45
,000
45,0
00
45
,000
45,0
00
45
,000
45,0
00
45
,000
45
,000
Hot
elSh
erat
on(S
F)-
-
171,
300
34
2,60
0
513,
900
68
5,20
0
685,
200
68
5,20
0
685,
200
68
5,20
0
685,
200
68
5,20
0
685,
200
68
5,20
0
685,
200
68
5,20
0
685,
200
Park
ing
N/A
(SF)
-
-
28
,800
57,6
00
86
,400
115,
200
11
5,20
0
115,
200
11
5,20
0
115,
200
11
5,20
0
115,
200
11
5,20
0
115,
200
11
5,20
0
115,
200
11
5,20
0
C
ulin
ary
Scho
olC
ulin
ary
Scho
ol(in
cl. C
ooko
logy
)(S
F)-
-
-
-
-
-
40,0
00
80
,000
80,0
00
80
,000
80,0
00
80
,000
80,0
00
80
,000
80,0
00
80
,000
80
,000
Rea
ding
Ter
min
al M
arke
tN
ew R
etai
lM
ulti-
tena
nt(S
F)-
-
-
-
-
-
12,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24
,000
940
Mar
ket
New
Ret
ail
Best
Buy
(SF)
-
-
-
-
-
-
6,
000
12
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24
,000
New
Ret
ail
CVS
(SF)
-
-
-
-
-
-
6,
000
12
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24
,000
Stud
ent R
enta
l Hou
sing
N/A
(SF)
-
-
-
-
-
-
34
,000
68,0
00
13
6,00
0
136,
000
13
6,00
0
136,
000
13
6,00
0
136,
000
13
6,00
0
136,
000
13
6,00
0
Pa
rkin
gN
/A(S
F)-
-
-
-
-
-
7,50
0
15,0
00
30
,000
30,0
00
30
,000
30,0
00
30
,000
30,0
00
30
,000
30,0
00
30,0
00
80
1 C
hest
nut
Seni
or R
enta
l Hou
sing
N/A
(SF)
-
-
-
-
-
-
-
-
-
-
-
91
,400
182,
800
18
2,80
0
182,
800
18
2,80
0
182,
800
New
Ret
ail
Mul
ti-te
nant
(SF)
Park
ing
N/A
(SF)
1001
Filb
ert
New
Ret
ail
Mul
ti-te
nant
(SF)
-
-
-
-
-
-
7,
000
14
,000
28,0
00
28
,000
28,0
00
28
,000
28,0
00
28
,000
28,0
00
28
,000
28
,000
Hot
elKi
mpt
on(S
F)-
-
-
-
-
-
62,5
00
12
5,00
0
250,
000
25
0,00
0
250,
000
25
0,00
0
250,
000
25
0,00
0
250,
000
25
0,00
0
250,
000
Park
ing
N/A
(SF)
-
-
-
-
-
-
9,
000
18
,000
36,0
00
36
,000
36,0
00
36
,000
36,0
00
36
,000
36,0
00
36
,000
36
,000
800
Bloc
kN
ew R
etai
lH
ome
Dep
ot(S
F)-
-
-
-
-
-
-
-
-
-
-
28,3
00
56
,600
56,6
00
56
,600
56,6
00
56,6
00
N
ew R
etai
lM
ulti-
tena
nt(S
F)-
-
-
-
-
-
-
-
-
-
-
20,1
35
40
,270
40,2
70
40
,270
40,2
70
40,2
70
M
arke
t Ren
tal H
ousi
ngN
/A(S
F)-
-
-
-
-
-
-
-
-
-
-
96,6
80
19
3,36
0
193,
360
19
3,36
0
193,
360
19
3,36
0
Pa
rkin
gN
/A(S
F)-
-
-
-
-
-
-
-
-
-
-
34,8
00
69
,600
69,6
00
69
,600
69,6
00
69,6
00
To
tal
(SF)
-
-
66
0,950
1,321
,900
1,5
33,25
0
1,744
,600
1,9
31,60
0
2,118
,600
2,3
82,60
0
2,382
,600
2,3
82,60
0
2,818
,915
3,2
55,23
0
3,420
,230
3,5
85,23
0
3,585
,230
3,5
85,23
0
Bu
ildou
t per
Pha
sePh
ase
I Tot
al(S
F)1,
533,
250
Phas
e II
Tota
l(S
F)84
9,35
0Ph
ase
III T
otal
(SF)
1,20
2,63
0
182
![Page 189: Transit Oriented Development](https://reader031.vdocuments.net/reader031/viewer/2022022214/568bd34f1a28ab203490a95c/html5/thumbnails/189.jpg)
Year
18Ye
ar 19
Year
20Ye
ar 21
Year
22Ye
ar 23
Year
24Ye
ar 25
Year
26Ye
ar 27
Year
28Ye
ar 29
Year
30Ye
ar 31
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
225,
000
225,
000
225,
000
225,
000
225,
000
225,
000
225,
000
225,
000
225,
000
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000
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000
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000
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16
16
16
16
16
16
16
16
16
16
16
16
16
40,0
00
40
,000
40,0
00
40
,000
40,0
00
40
,000
40,0
00
40
,000
40,0
00
40
,000
40,0
00
40
,000
40,0
00
40
,000
6,00
0
6,00
0
6,00
0
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0
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0
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0
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0
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0
6,00
0
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0
6,00
0
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0
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0
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0
864
864
864
864
864
864
864
864
864
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50,0
00
50
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50,0
00
50
,000
50,0
00
50
,000
50,0
00
50
,000
50,0
00
50
,000
50,0
00
50
,000
50,0
00
50
,000
31,8
00
31
,800
31,8
00
31
,800
31,8
00
31
,800
31,8
00
31
,800
31,8
00
31
,800
31,8
00
31
,800
31,8
00
31
,800
38,5
00
38
,500
38,5
00
38
,500
38,5
00
38
,500
38,5
00
38
,500
38,5
00
38
,500
38,5
00
38
,500
38,5
00
38
,500
38,5
00
38
,500
38,5
00
38
,500
38,5
00
38
,500
38,5
00
38
,500
38,5
00
38
,500
38,5
00
38
,500
38,5
00
38
,500
31,8
00
31
,800
31,8
00
31
,800
31,8
00
31
,800
31,8
00
31
,800
31,8
00
31
,800
31,8
00
31
,800
31,8
00
31
,800
128
128
128
128
128
128
128
128
128
128
128
128
128
128
160
160
160
160
160
160
160
160
160
160
160
160
160
160
208
208
208
208
208
208
208
208
208
208
208
208
208
208
45,0
00
45
,000
45,0
00
45
,000
45,0
00
45
,000
45,0
00
45
,000
45,0
00
45
,000
45,0
00
45
,000
45,0
00
45
,000
960
960
960
960
960
960
960
960
960
960
960
960
960
960
384
384
384
384
384
384
384
384
384
384
384
384
384
384
80,0
00
80
,000
80,0
00
80
,000
80,0
00
80
,000
80,0
00
80
,000
80,0
00
80
,000
80,0
00
80
,000
80,0
00
80
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
200
200
200
200
200
200
200
200
200
200
200
200
200
200
100
100
100
100
100
100
100
100
100
100
100
100
100
100
215
215
215
215
215
215
215
215
215
215
215
215
215
215
28,0
00
28
,000
28,0
00
28
,000
28,0
00
28
,000
28,0
00
28
,000
28,0
00
28
,000
28,0
00
28
,000
28,0
00
28
,000
300
300
300
300
300
300
300
300
300
300
300
300
300
300
120
120
120
120
120
120
120
120
120
120
120
120
120
120
56,6
00
56
,600
56,6
00
56
,600
56,6
00
56
,600
56,6
00
56
,600
56,6
00
56
,600
56,6
00
56
,600
56,6
00
56
,600
56,6
00
56
,600
56,6
00
56
,600
56,6
00
56
,600
56,6
00
56
,600
56,6
00
56
,600
56,6
00
56
,600
56,6
00
56
,600
256
256
256
256
256
256
256
256
256
256
256
256
256
256
232
232
232
232
232
232
232
232
232
232
232
232
232
232
Year
18Ye
ar 19
Year
20Ye
ar 21
Year
22Ye
ar 23
Year
24Ye
ar 25
Year
26Ye
ar 27
Year
28Ye
ar 29
Year
30Ye
ar 31
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
225,
000
225,
000
225,
000
225,
000
225,
000
225,
000
225,
000
225,
000
225,
000
225,
000
225,
000
225,
000
225,
000
225,
000
64,0
00
64
,000
64,0
00
64
,000
64,0
00
64
,000
64,0
00
64
,000
64,0
00
64
,000
64,0
00
64
,000
64,0
00
64
,000
40,0
00
40
,000
40,0
00
40
,000
40,0
00
40
,000
40,0
00
40
,000
40,0
00
40
,000
40,0
00
40
,000
40,0
00
40
,000
6,00
0
6,00
0
6,00
0
6,00
0
6,00
0
6,00
0
6,00
0
6,00
0
6,00
0
6,00
0
6,00
0
6,00
0
6,00
0
6,00
0
660,
000
660,
000
660,
000
660,
000
660,
000
660,
000
660,
000
660,
000
660,
000
660,
000
660,
000
660,
000
660,
000
660,
000
50,0
00
50
,000
50,0
00
50
,000
50,0
00
50
,000
50,0
00
50
,000
50,0
00
50
,000
50,0
00
50
,000
50,0
00
50
,000
31,8
00
31
,800
31,8
00
31
,800
31,8
00
31
,800
31,8
00
31
,800
31,8
00
31
,800
31,8
00
31
,800
31,8
00
31
,800
38,5
00
38
,500
38,5
00
38
,500
38,5
00
38
,500
38,5
00
38
,500
38,5
00
38
,500
38,5
00
38
,500
38,5
00
38
,500
38,5
00
38
,500
38,5
00
38
,500
38,5
00
38
,500
38,5
00
38
,500
38,5
00
38
,500
38,5
00
38
,500
38,5
00
38
,500
31,8
00
31
,800
31,8
00
31
,800
31,8
00
31
,800
31,8
00
31
,800
31,8
00
31
,800
31,8
00
31
,800
31,8
00
31
,800
160,
400
160,
400
160,
400
160,
400
160,
400
160,
400
160,
400
160,
400
160,
400
160,
400
160,
400
160,
400
160,
400
160,
400
156,
800
156,
800
156,
800
156,
800
156,
800
156,
800
156,
800
156,
800
156,
800
156,
800
156,
800
156,
800
156,
800
156,
800
62,4
00
62
,400
62,4
00
62
,400
62,4
00
62
,400
62,4
00
62
,400
62,4
00
62
,400
62,4
00
62
,400
62,4
00
62
,400
45,0
00
45
,000
45,0
00
45
,000
45,0
00
45
,000
45,0
00
45
,000
45,0
00
45
,000
45,0
00
45
,000
45,0
00
45
,000
685,
200
685,
200
685,
200
685,
200
685,
200
685,
200
685,
200
685,
200
685,
200
685,
200
685,
200
685,
200
685,
200
685,
200
115,
200
115,
200
115,
200
115,
200
115,
200
115,
200
115,
200
115,
200
115,
200
115,
200
115,
200
115,
200
115,
200
115,
200
80,0
00
80
,000
80,0
00
80
,000
80,0
00
80
,000
80,0
00
80
,000
80,0
00
80
,000
80,0
00
80
,000
80,0
00
80
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
24,0
00
24
,000
136,
000
136,
000
136,
000
136,
000
136,
000
136,
000
136,
000
136,
000
136,
000
136,
000
136,
000
136,
000
136,
000
136,
000
30,0
00
30
,000
30,0
00
30
,000
30,0
00
30
,000
30,0
00
30
,000
30,0
00
30
,000
30,0
00
30
,000
30,0
00
30
,000
182,
800
182,
800
182,
800
182,
800
182,
800
182,
800
182,
800
182,
800
182,
800
182,
800
182,
800
182,
800
182,
800
182,
800
28,0
00
28
,000
28,0
00
28
,000
28,0
00
28
,000
28,0
00
28
,000
28,0
00
28
,000
28,0
00
28
,000
28,0
00
28
,000
250,
000
250,
000
250,
000
250,
000
250,
000
250,
000
250,
000
250,
000
250,
000
250,
000
250,
000
250,
000
250,
000
250,
000
36,0
00
36
,000
36,0
00
36
,000
36,0
00
36
,000
36,0
00
36
,000
36,0
00
36
,000
36,0
00
36
,000
36,0
00
36
,000
56,6
00
56
,600
56,6
00
56
,600
56,6
00
56
,600
56,6
00
56
,600
56,6
00
56
,600
56,6
00
56
,600
56,6
00
56
,600
56,6
00
56
,600
56,6
00
56
,600
56,6
00
56
,600
56,6
00
56
,600
56,6
00
56
,600
56,6
00
56
,600
56,6
00
56
,600
193,
360
193,
360
193,
360
193,
360
193,
360
193,
360
193,
360
193,
360
193,
360
193,
360
193,
360
193,
360
193,
360
193,
360
69,6
00
69
,600
69,6
00
69
,600
69,6
00
69
,600
69,6
00
69
,600
69,6
00
69
,600
69,6
00
69
,600
69,6
00
69
,600
3,601
,560
3,601
,560
3,601
,560
3,601
,560
3,601
,560
3,601
,560
3,601
,560
3,601
,560
3,601
,560
3,601
,560
3,601
,560
3,601
,560
3,601
,560
3,601
,560
183
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appendix: Girard station pro Forma
summarY prO FOrma
hOusinG demand
phasinG
land valuaTiOn
FinanCial summarY BY TYpe
FisCal impaCT analYsis
184
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1. Su
mm
ary P
ro F
orm
aYe
ar 0
Phas
e 1Ph
ase 2
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
Net O
pera
ting
Inco
me
Ren
tal H
ousi
ng-
$
-
$
-$
(1
06,0
22.5
4)$
732,
207.
98$
76
0,63
0.99
$
789,
906.
69$
68
6,73
0.84
$
2,00
1,11
4.66
$
2,07
7,78
4.60
$
2,
156,
754.
65$
For-S
ale
Hou
sing
-$
-$
-
$
-$
-
$
3,41
4,77
1.23
$
-
$
-$
-
$
-
$
-$
Af
ford
able
Ren
tal H
ousi
ng-
$
-
$
-$
-
$
2,78
7,28
2.11
$
2,
870,
900.
57$
2,95
7,02
7.59
$
3,
045,
738.
41$
3,13
7,11
0.57
$
7,74
4,14
0.10
$
7,
976,
464.
30$
-$
-$
(4
1,77
2.94
)$
1,
633,
350.
24$
1,68
9,19
7.33
$
1,
746,
719.
83$
1,80
5,96
8.01
$
1,
866,
993.
64$
1,92
9,85
0.03
$
1,99
4,59
2.11
$
2,
061,
276.
46$
-$
-$
(5
0,12
7.53
)$
1,
833,
355.
99$
1,89
5,89
8.11
$
1,
960,
316.
50$
1,68
3,46
5.21
$
1,
558,
101.
54$
6,87
2,05
8.05
$
7,10
4,87
7.66
$
7,
344,
681.
86$
Affo
rdab
le R
etai
l-
$
-
$
-$
-
$
239,
179.
22$
24
8,30
8.13
$
257,
710.
91$
(4
7,37
5.06
)$
55
1,36
4.68
$
57
1,73
6.63
$
592,
719.
73$
-
$
-
$
-$
-
$
609,
885.
09$
63
2,17
0.16
$
655,
123.
79$
67
8,76
6.02
$
4,08
9,51
0.65
$
4,23
8,33
0.79
$
4,
391,
615.
55$
-$
-$
-
$
-$
22
2,99
1.43
$
231,
010.
68$
23
9,27
0.51
$
247,
778.
13$
25
1,55
3.08
$
52
4,22
4.55
$
542,
817.
56$
-
$
-
$
(91,
900.
46)
$
3,36
0,68
3.69
$
8,
176,
641.
26$
11,8
64,8
28.0
9$
8,
388,
472.
72$
8,03
6,73
3.53
$
18
,832
,561
.71
$
24
,255
,686
.44
$
25,0
66,3
30.1
1$
Deve
lopm
ent C
osts
Ren
tal H
ousi
ng-
$
-
$
-$
5,
301,
127.
03$
5,46
0,16
0.84
$
-
$
-$
6,
666,
491.
32$
10,2
99,7
29.0
8$
-$
-
$
For-S
ale
Hou
sing
-$
-$
-
$
637,
561.
13$
1,
030,
368.
14$
1,06
1,27
9.19
$
-
$
-$
-
$
-
$
-$
Af
ford
able
Ren
tal H
ousi
ng-
$
-
$
-$
21
,204
,508
.12
$
21,8
40,6
43.3
7$
-
$
-$
-
$
20,5
42,0
97.2
4$
49,5
07,3
64.4
6$
-
$
-$
-$
2,
088,
646.
88$
9,32
2,32
7.22
$
-
$
-$
-
$
-$
-
$
-
$
-$
-
$
-
$
2,50
6,37
6.25
$
10
,062
,692
.10
$
3,25
5,89
6.86
$
-
$
17,1
60,1
11.1
2$
25,4
23,7
98.8
1$
(7
,594
,088
.71)
$
-$
-
$
-$
-$
-
$
-$
6,
647,
536.
41$
-$
-
$
-$
36
,910
,513
.25
$
-
$
-$
-
$
-
$
-$
-
$
2,21
5,84
5.47
$
-
$
-$
-
$
249,
395.
36$
2,31
1,89
4.99
$
-
$
-$
156,
060.
00$
-
$
-$
-
$
50,6
77.3
1$
-
$
-$
-
$
-
$
-$
In
dire
ct c
osts
-$
8,21
3.68
$
24
1,84
3.32
$
2,44
8,85
3.45
$
2,
128,
971.
11$
58,5
24.0
3$
90
3,16
3.74
$
1,68
8,96
2.64
$
3,
179,
349.
80$
2,
727,
329.
44$
-$
-
$
16
4,27
3.68
$
4,83
6,86
6.45
$
48
,977
,069
.06
$
42,5
79,4
22.2
0$
1,
170,
480.
52$
18,0
63,2
74.8
6$
33
,779
,252
.77
$
63,5
86,9
96.0
2$
54,5
46,5
88.8
9$
-
$
Annu
al Ca
sh F
low
-$
-$
(9
1,90
0.46
)$
3,
360,
683.
69$
8,17
6,64
1.26
$
11
,864
,828
.09
$
8,38
8,47
2.72
$
8,
036,
733.
53$
18,8
32,5
61.7
1$
24,2
55,6
86.4
4$
25
,066
,330
.11
$
To
tal A
sset
Val
ue
293,
831,
668.
13$
14
,045
,153
.74
$
-
$
16
4,27
3.68
$
4,83
6,86
6.45
$
48
,977
,069
.06
$
42,5
79,4
22.2
0$
1,
170,
480.
52$
18,0
63,2
74.8
6$
33
,779
,252
.77
$
63,5
86,9
96.0
2$
54,5
46,5
88.8
9$
-
$
Net C
ash
Flow
-$
(164
,273
.68)
$
(4
,928
,766
.91)
$
(45,
616,
385.
37)
$
(34,
402,
780.
94)
$
10,6
94,3
47.5
7$
(9
,674
,802
.15)
$
(2
5,74
2,51
9.24
)$
(4
4,75
4,43
4.31
)$
(30,
290,
902.
45)
$
304,
852,
844.
50$
De
bt S
ervic
e-
$
-
$
(5,7
78,2
26.7
2)$
(5
,778
,226
.72)
$
(5,7
78,2
26.7
2)$
(1
1,70
6,14
9.40
)$
(1
1,70
6,14
9.40
)$
(1
1,70
6,14
9.40
)$
(1
1,70
6,14
9.40
)$
(11,
706,
149.
40)
$
(11,
706,
149.
40)
$
Leve
red
NPV
13,1
87,3
01.3
5$
Lo
an to
Valu
e Rat
io (L
VR)-(
Cons
t and
Per
m)
168%
140%
94%
131%
134%
56%
42%
40%
Unlev
erag
ed IR
R Be
fore
Taxe
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Year
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Cum
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185
![Page 192: Transit Oriented Development](https://reader031.vdocuments.net/reader031/viewer/2022022214/568bd34f1a28ab203490a95c/html5/thumbnails/192.jpg)
Phas
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Phas
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![Page 193: Transit Oriented Development](https://reader031.vdocuments.net/reader031/viewer/2022022214/568bd34f1a28ab203490a95c/html5/thumbnails/193.jpg)
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![Page 194: Transit Oriented Development](https://reader031.vdocuments.net/reader031/viewer/2022022214/568bd34f1a28ab203490a95c/html5/thumbnails/194.jpg)
Fin
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Othe
r Priv
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nfra
stru
ctur
e6.
Inco
me
Stat
emen
t: O
ffice
/Com
mer
cial
Offic
e
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Phas
e 1Ph
ase 1
Phas
e 1Ph
ase 1
Phas
e 1Ph
ase 2
Phas
e 2Ph
ase 2
Phas
e 2Re
venu
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Exp
ense
Ass
umpt
ions
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tion
Fact
or3%
1.00
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1.06
1.09
1.13
1.16
1.19
1.23
1.27
1.30
1.34
1.38
Deve
lopm
ent S
umm
ary
Gro
ss S
F D
eliv
ered
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00
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-
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C
urre
nt Y
ear D
eliv
ery
as %
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otal
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ased
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520
$
2,
355,
116
$
2,
425,
769
$
2,
498,
542
$
N
on-R
eim
b O
pEx
(inc.
Insu
ranc
e)-
$
-$
11
0,80
3$
11
4,12
7$
11
7,55
0$
12
1,07
7$
12
4,70
9$
12
8,45
0$
13
2,30
4$
13
6,27
3$
14
0,36
1$
Pr
oper
ty T
axes
-$
41
,773
$
228,
219
$
228,
219
$
228,
219
$
228,
219
$
228,
219
$
228,
219
$
228,
219
$
228,
219
$
228,
219
$
Net O
pera
ting
Inco
me
-$
(4
1,77
3)$
1,
633,
350
$
1,
689,
197
$
1,
746,
720
$
1,
805,
968
$
1,
866,
994
$
1,
929,
850
$
1,
994,
592
$
2,
061,
276
$
2,
129,
961
$
Deve
lopm
ent C
osts Gro
ss S
F U
nder
Con
stru
ctio
n-
15,0
00
65
,000
-
-
-
-
-
-
-
-
Con
stru
ctio
n C
osts
-$
1,
989,
188
$
8,
878,
407
$
-
$
-$
-
$
-$
-
$
-$
-
$
-$
C
onst
ruct
ion
Con
tinge
ncy
-$
99
,459
$
443,
920
$
-$
-
$
-$
-
$
-$
-
$
-$
-
$
Infra
stru
ctur
e C
osts
-$
-
$
-$
-
$
-$
-
$
-$
-
$
-$
-
$
-$
To
tal D
evel
opm
ent C
osts
-$
2,
088,
647
$
9,
322,
327
$
-
$
-$
-
$
-$
-
$
-$
-
$
-$
Annu
al Ca
sh F
low
Net
Ope
ratin
g In
com
e-
$
(41,
773)
$
1,63
3,35
0$
1,68
9,19
7$
1,74
6,72
0$
1,80
5,96
8$
1,86
6,99
4$
1,92
9,85
0$
1,99
4,59
2$
2,06
1,27
6$
2,12
9,96
1$
Asse
t Val
ue30
,428
,019
$
Cos
ts o
f Sal
e1,
454,
459
$
To
tal D
evel
opm
ent C
osts
-$
2,
088,
647
$
9,
322,
327
$
-
$
-$
-
$
-$
-
$
-$
-
$
-$
Ne
t Cas
h Fl
ow-
$
(2,1
30,4
20)
$
(7,6
88,9
77)
$
1,68
9,19
7$
1,74
6,72
0$
1,80
5,96
8$
1,86
6,99
4$
1,92
9,85
0$
1,99
4,59
2$
31,0
34,8
36$
Ne
t Pre
sent
Valu
e5,
519,
540
$
Un
lever
aged
IRR
Befo
re Ta
xes
28%
188
![Page 195: Transit Oriented Development](https://reader031.vdocuments.net/reader031/viewer/2022022214/568bd34f1a28ab203490a95c/html5/thumbnails/195.jpg)
Reta
il: A
fford
able
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Phas
e 1Ph
ase 1
Phas
e 1Ph
ase 1
Phas
e 1Ph
ase 2
Phas
e 2Ph
ase 2
Phas
e 2Re
venu
e and
Exp
ense
Ass
umpt
ions
Infla
tion
Fact
or3%
1.00
1.03
1.06
1.09
1.13
1.16
1.19
1.23
1.27
1.30
1.34
1.38
Deve
lopm
ent S
umm
ary
Gro
ss S
F D
eliv
ered
-
-
-
29
,387
-
-
-
28
,880
-
-
-
Cur
rent
Yea
r Del
iver
y as
% o
f Tot
al0%
0%0%
100%
0%0%
0%50
%0%
0%0%
Cum
ulat
ive
Leas
able
Are
a-
-
-
29,3
87
29
,387
29,3
87
29
,387
58,2
67
58
,267
58,2
67
58,2
67
Le
asab
le A
rea
Del
iver
ed in
Yea
r-
-
-
29,3
87
-
-
-
28,8
80
-
-
-
Va
canc
y5%
5%5%
5%5%
5%5%
5%5%
5%5%
Occ
upie
d Le
ased
Are
a-
-
-
27,9
18
27
,918
27,9
18
27
,918
55,3
54
55
,354
55,3
54
55,3
54
Inco
me S
tate
men
tG
ross
Ren
tal I
ncom
e-
$
-$
-
$
330,
757.
78$
34
0,68
0.51
$
350,
900.
92$
36
1,42
7.95
$
738,
113.
99$
76
0,25
7.41
$
783,
065.
13$
806,
557.
09$
Va
canc
y-
$
-$
-
$
16,5
37.8
9$
17,0
34.0
3$
17,5
45.0
5$
18,0
71.4
0$
36,9
05.7
0$
38,0
12.8
7$
39,1
53.2
6$
40
,327
.85
$
Ef
fect
ive
Gro
ss In
com
e-
$
-$
-
$
314,
219.
89$
32
3,64
6.48
$
333,
355.
88$
34
3,35
6.55
$
701,
208.
29$
72
2,24
4.54
$
743,
911.
88$
766,
229.
23$
N
on-R
eim
b O
pEx
(inc.
Insu
ranc
e)-
$
-$
-
$
9,92
2.73
$
10,2
20.4
2$
10,5
27.0
3$
10,8
42.8
4$
22,1
43.4
2$
22,8
07.7
2$
23,4
91.9
5$
24
,196
.71
$
Pr
oper
ty T
axes
-$
-
$
-$
65
,117
.94
$
65
,117
.94
$
65
,117
.94
$
37
9,88
8.78
$
127,
700.
19$
12
7,70
0.19
$
127,
700.
19$
127,
700.
19$
Ne
t Ope
ratin
g In
com
e-
$
-$
-
$
239,
179.
22$
24
8,30
8.13
$
257,
710.
91$
(4
7,37
5.06
)$
551,
364.
68$
57
1,73
6.63
$
592,
719.
73$
614,
332.
33$
Deve
lopm
ent C
osts Gro
ss S
F U
nder
Con
stru
ctio
n-
$
-$
-
$
29,3
87.4
0$
-$
-
$
130,
000.
00$
(1
01,1
20.0
0)$
-
$
-$
Con
stru
ctio
n C
osts
-$
-
$
-$
3,
100,
854.
15$
-$
-
$
14,9
89,0
87.7
3$
(12,
008,
980.
37)
$
-$
-
$
C
onst
ruct
ion
Con
tinge
ncy
-$
-
$
-$
15
5,04
2.71
$
-$
-
$
749,
454.
39$
(6
00,4
49.0
2)$
-
$
-$
Infra
stru
ctur
e C
osts
-$
-
$
-$
-
$
-$
-
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-
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-$
-
$
To
tal D
evel
opm
ent C
osts
-$
-
$
-$
3,
255,
896.
86$
-$
-
$
15,7
38,5
42.1
2$
(12,
609,
429.
39)
$
-$
-
$
Annu
al Ca
sh F
low
Net
Ope
ratin
g In
com
e-
$
-$
-
$
239,
179.
22$
24
8,30
8.13
$
257,
710.
91$
(4
7,37
5.06
)$
551,
364.
68$
57
1,73
6.63
$
592,
719.
73$
614,
332.
33$
As
set V
alue
7,67
9,15
4.10
$
Cos
ts o
f Sal
e36
7,06
3.57
$
To
tal D
evel
opm
ent C
osts
-$
-
$
-$
3,
255,
896.
86$
-$
-
$
15,7
38,5
42.1
2$
(12,
609,
429.
39)
$
-$
-
$
Ne
t Cas
h Fl
ow-
$
-$
-
$
(3,0
16,7
17.6
4)$
248,
308.
13$
25
7,71
0.91
$
(15,
785,
917.
19)
$
13,1
60,7
94.0
7$
571,
736.
63$
7,
904,
810.
26$
Ne
t Pre
sent
Valu
e(1
,005
,702
)$
Unlev
erag
ed IR
R Be
fore
Taxe
s8%
Reta
il: M
arke
t-Rat
e
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Phas
e 1Ph
ase 1
Phas
e 1Ph
ase 1
Phas
e 1Ph
ase 2
Phas
e 2Ph
ase 2
Phas
e 2Re
venu
e and
Exp
ense
Ass
umpt
ions
Infla
tion
Fact
or3%
1.00
1.03
1.06
1.
09
1.
13
1.
16
1.
19
1.
23
1.
27
1.
30
1.
34
1.
38
Deve
lopm
ent S
umm
ary
Gro
ss S
F D
eliv
ered
-
-
117,
550
-
-
-
-
259,
920
-
-
-
Cur
rent
Yea
r Del
iver
y as
% o
f Tot
al0%
0%10
0%0%
0%0%
0%69
%0%
0%0%
Cum
ulat
ive
Leas
able
Are
a-
-
10
5,79
5
10
5,79
5
10
5,79
5
10
5,79
5
10
5,79
5
33
9,72
3
33
9,72
3
33
9,72
3
33
9,72
3
Le
asab
le A
rea
Del
iver
ed in
Yea
r-
-
10
5,79
5
-
-
-
-
23
3,92
8
-
-
-
Va
canc
y5%
5%5%
5%5%
5%5%
5%5%
5%5%
Occ
upie
d Le
ased
Are
a-
-
10
0,50
5
10
0,50
5
10
0,50
5
10
0,50
5
10
0,50
5
32
2,73
7
32
2,73
7
32
2,73
7
32
2,73
7
Inco
me S
tate
men
tG
ross
Ren
tal I
ncom
e-
$
-$
2,
312,
093.
19$
2,38
1,45
5.99
$
2,
452,
899.
67$
2,52
6,48
6.66
$
2,
602,
281.
26$
8,60
7,00
9.53
$
8,
865,
219.
81$
9,13
1,17
6.41
$
9,40
5,11
1.70
$
Va
canc
y-
$
-$
11
5,60
4.66
$
119,
072.
80$
12
2,64
4.98
$
126,
324.
33$
13
0,11
4.06
$
430,
350.
48$
44
3,26
0.99
$
456,
558.
82$
470,
255.
58$
Ef
fect
ive
Gro
ss In
com
e-
$
-$
-
$
2,19
6,48
8.53
$
2,
262,
383.
19$
2,33
0,25
4.68
$
2,
400,
162.
32$
2,47
2,16
7.19
$
8,
176,
659.
05$
8,42
1,95
8.82
$
8,
674,
617.
59$
8,
934,
856.
11$
Non
-Rei
mb
OpE
x (in
c. In
sura
nce)
-$
-
$
111,
751.
17$
11
5,10
3.71
$
118,
556.
82$
12
2,11
3.52
$
125,
776.
93$
41
6,00
5.46
$
428,
485.
62$
44
1,34
0.19
$
45
4,58
0.40
$
Prop
erty
Tax
es o
n N
ew D
evel
opm
ent
-$
50
,127
.53
$
25
1,38
1.37
$
251,
381.
37$
25
1,38
1.37
$
594,
583.
59$
78
8,28
8.72
$
888,
595.
54$
88
8,59
5.54
$
888,
595.
54$
888,
595.
54$
Ne
t Ope
ratin
g In
com
e-
$
-$
(5
0,12
7.53
)$
1,
833,
355.
99$
1,89
5,89
8.11
$
1,
960,
316.
50$
1,68
3,46
5.21
$
1,
558,
101.
54$
6,87
2,05
8.05
$
7,
104,
877.
66$
7,34
4,68
1.86
$
7,59
1,68
0.18
$
Deve
lopm
ent C
osts Gro
ss S
F U
nder
Con
stru
ctio
n-
$
24,0
00.0
0$
93,5
49.6
0$
-$
-
$
110,
000.
00$
80
,000
.00
$
40
,220
.00
$
-
$
-$
Con
stru
ctio
n C
osts
-$
2,
387,
025.
00$
9,58
3,51
6.29
$
-
$
-$
12
,313
,664
.31
$
9,
224,
053.
99$
4,77
6,51
4.94
$
-
$
-$
Con
stru
ctio
n C
ontin
genc
y-
$
119,
351.
25$
47
9,17
5.81
$
-$
-
$
615,
683.
22$
46
1,20
2.70
$
238,
825.
75$
-
$
-$
Infra
stru
ctur
e C
osts
-$
-
$
-$
-
$
-$
4,
230,
763.
60$
-$
-
$
-$
-
$
To
tal D
evel
opm
ent C
osts
-$
-
$
2,50
6,37
6.25
$
10
,062
,692
.10
$
-
$
-$
17
,160
,111
.12
$
9,
685,
256.
69$
5,01
5,34
0.69
$
-
$
-$
Annu
al Ca
sh F
low
Net
Ope
ratin
g In
com
e-
$
-$
(5
0,12
7.53
)$
1,
833,
355.
99$
1,89
5,89
8.11
$
1,
960,
316.
50$
1,68
3,46
5.21
$
1,
558,
101.
54$
6,87
2,05
8.05
$
7,
104,
877.
66$
7,34
4,68
1.86
$
7,59
1,68
0.18
$
As
set V
alue
94,8
96,0
02.2
3$
Cos
ts o
f Sal
e4,
536,
028.
91$
Tota
l Dev
elop
men
t Cos
ts-
$
-$
2,
506,
376.
25$
10,0
62,6
92.1
0$
-$
-
$
17,1
60,1
11.1
2$
9,68
5,25
6.69
$
5,
015,
340.
69$
-$
-
$
Ne
t Cas
h Fl
ow-
$
-$
(2
,556
,503
.78)
$
(8
,229
,336
.11)
$
1,
895,
898.
11$
1,96
0,31
6.50
$
(1
5,47
6,64
5.91
)$
(8
,127
,155
.15)
$
1,
856,
717.
37$
7,10
4,87
7.66
$
97
,704
,655
.18
$
Ne
t Pre
sent
Valu
e10
,213
,942
.62
$
Un
lever
aged
IRR
Befo
re Ta
xes
28%
189
![Page 196: Transit Oriented Development](https://reader031.vdocuments.net/reader031/viewer/2022022214/568bd34f1a28ab203490a95c/html5/thumbnails/196.jpg)
Resid
entia
l: Ma
rket
-Rat
e For
-Sale
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Phas
e 1Ph
ase 1
Phas
e 1Ph
ase 1
Phas
e 1Ph
ase 2
Phas
e 2Ph
ase 2
Phas
e 2Re
venu
e and
Exp
ense
Ass
umpt
ions
Infla
tion
Fact
or3%
1.00
1.03
1.06
1.09
1.13
1.16
1.19
1.23
1.27
1.30
1.34
1.38
Deve
lopm
ent S
umm
ary
Gro
ss S
F D
eliv
ered
-
-
-
-
11
,898
-
-
-
-
-
-
C
urre
nt Y
ear D
eliv
ery
as %
of T
otal
0%0%
0%0%
100%
0%0%
0%0%
0%C
umul
ativ
e U
nits
-
-
-
-
8
8
8
8
8
8
8
U
nits
Del
iver
ed in
Yea
r-
-
-
-
8
-
-
-
-
-
-
Net O
pera
ting
Inco
me
Sale
Pric
e-
$
-$
-
$
-$
3,58
6,19
1.16
$
-
$
-$
-
$
-$
-
$
Sellin
g C
osts
-$
-
$
-$
-
$
17
1,41
9.94
$
-$
-
$
-$
-
$
-$
Ne
t Ope
ratin
g In
com
e-
$
-$
-
$
-$
3,41
4,77
1.23
$
-
$
-$
-
$
-$
-
$
Deve
lopm
ent C
osts Gro
ss S
F U
nder
Con
stru
ctio
n-
$
-$
2,
868.
00$
4,
500.
00$
4,
500.
00$
-
$
-$
-
$
-$
-
$
Con
stru
ctio
n C
osts
-$
-
$
607,
201.
08$
98
1,30
2.99
$
1,
010,
742.
08$
-$
-
$
-$
-
$
-$
C
onst
ruct
ion
Con
tinge
ncy
-$
-
$
30,3
60.0
5$
49,0
65.1
5$
50
,537
.10
$
-
$
-$
-
$
-$
-
$
Infra
stru
ctur
e C
osts
-$
-
$
-$
-
$
-
$
-$
-
$
-$
-
$
-$
To
tal D
evel
opm
ent C
osts
-$
-
$
637,
561.
13$
1,
030,
368.
14$
1,
061,
279.
19$
-$
-
$
-$
-
$
-$
Annu
al Ca
sh F
low
Net
Ope
ratin
g In
com
e-
$
-$
-
$
-$
3,41
4,77
1.23
$
-
$
-$
-
$
-$
-
$
-$
As
set V
alue
Cos
ts o
f Sal
eTo
tal D
evel
opm
ent C
osts
-$
-
$
637,
561.
13$
1,
030,
368.
14$
1,
061,
279.
19$
-$
-
$
-$
-
$
-$
Ne
t Cas
h Fl
ow-
$
-$
(6
37,5
61.1
3)$
(1
,030
,368
.14)
$
2,35
3,49
2.04
$
-
$
-$
-
$
-$
-
$
-$
Ne
t Pre
sent
Valu
e16
1,77
8$
Un
lever
aged
IRR
Befo
re Ta
xes
28%
2. In
com
e St
atem
ent:
Mar
ket-r
ate
Ren
tal H
ousi
ng
Resid
entia
l: Ma
rket
-Rat
e Ren
tals
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Phas
e 1Ph
ase 1
Phas
e 1Ph
ase 1
Phas
e 1Ph
ase 2
Phas
e 2Ph
ase 2
Phas
e 2Ph
ase 2
Reve
nue a
nd E
xpen
se A
ssum
ptio
nsIn
flatio
n Fa
ctor
3%1.
00
1.
03
1.
06
1.
09
1.13
1.16
1.
19
1.23
1.27
1.30
1.34
1.
38
Deve
lopm
ent S
umm
ary
Gro
ss S
F D
eliv
ered
-
-
-
64,2
82
-
-
-
89,7
80
-
-
-
Cur
rent
Yea
r Del
iver
y as
% o
f Tot
al0%
0%0%
100%
0%0%
0%58
%0%
0%C
umul
ativ
e U
nits
-
-
-
60
60
60
60
145
14
5
14
5
145
Uni
ts D
eliv
ered
in Y
ear
-
-
-
60
-
-
-
84
-
-
-
Vaca
ncy
5%5%
5%5%
5%5%
5%5%
5%5%
5%O
ccup
ied
Uni
ts-
-
-
57
57
57
57
13
7
137
137
13
7
Net O
pera
ting
Inco
me
Gro
ss R
enta
l Inc
ome
-$
-
$
-$
1,07
0,60
1$
1,
102,
719
$
1,
135,
800
$
1,16
9,87
4$
2,88
7,90
3$
2,97
4,54
0$
3,06
3,77
6$
3,
155,
689
$
Va
canc
y-
$
-$
-
$
53
,530
$
55
,136
$
56,7
90$
58
,494
$
14
4,39
5$
14
8,72
7$
15
3,18
9$
157,
784
$
Effe
ctiv
e G
ross
Inco
me
-$
-
$
-$
1,01
7,07
1$
1,
047,
583
$
1,
079,
010
$
1,11
1,38
0$
2,
743,
507
$
2,
825,
813
$
2,
910,
587
$
2,99
7,90
5$
Non
-Rei
mb
OpE
x (in
c. In
sura
nce)
-$
-
$
-$
69,6
37$
71,7
26$
73
,878
$
76,0
94$
187,
843
$
193,
478
$
199,
282
$
20
5,26
1$
Pr
oper
ty T
axes
-$
-
$
106,
023
$
21
5,22
6$
215,
226
$
215,
226
$
34
8,55
6$
55
4,55
0$
55
4,55
0$
55
4,55
0$
554,
550
$
Net O
pera
ting
Inco
me
-$
-
$
(106
,023
)$
732,
208
$
76
0,63
1$
78
9,90
7$
686,
731
$
2,00
1,11
5$
2,
077,
785
$
2,
156,
755
$
2,23
8,09
4$
Deve
lopm
ent C
osts Gro
ss S
F U
nder
Con
stru
ctio
n-
-
32
,141
32,1
41
-
-
35,9
12
53,8
68
-
-
-
Con
stru
ctio
n C
osts
-$
-
$
5,04
8,69
2$
5,
200,
153
$
-$
-
$
6,34
9,03
9$
9,80
9,26
6$
-$
-
$
-
$
Con
stru
ctio
n C
ontin
genc
y-
$
-$
25
2,43
5$
260,
008
$
-
$
-$
31
7,45
2$
49
0,46
3$
-
$
-$
-$
In
frast
ruct
ure
Cos
ts-
$
-$
-
$
-
$
-
$
-$
-
$
-
$
-
$
-$
-$
To
tal D
evel
opm
ent C
osts
-$
-
$
5,30
1,12
7$
5,
460,
161
$
-$
-
$
6,66
6,49
1$
10,2
99,7
29$
-$
-
$
-
$
Annu
al Ca
sh F
low
Net
Ope
ratin
g In
com
e-
$
-$
(1
06,0
23)
$
73
2,20
8$
760,
631
$
789,
907
$
68
6,73
1$
2,
001,
115
$
2,07
7,78
5$
2,15
6,75
5$
2,
238,
094
$
As
set V
alue
34,4
32,2
12$
Cos
ts o
f Sal
e1,
645,
860
$
Tota
l Dev
elop
men
t Cos
ts-
$
-$
5,
301,
127
$
5,46
0,16
1$
-
$
-$
6,
666,
491
$
10
,299
,729
$
-
$
-$
-$
Ne
t Cas
h Fl
ow-
$
-$
(5
,407
,150
)$
(4
,727
,953
)$
760,
631
$
789,
907
$
(5
,979
,760
)$
(8,2
98,6
14)
$
2,
077,
785
$
34
,943
,107
$
2,
238,
094
$
Ne
t Pre
sent
Valu
e(7
90,5
89)
$
Un
lever
aged
IRR
Befo
re Ta
xes
13%
190
![Page 197: Transit Oriented Development](https://reader031.vdocuments.net/reader031/viewer/2022022214/568bd34f1a28ab203490a95c/html5/thumbnails/197.jpg)
4. In
com
e St
atem
ent:
Affo
rdab
le R
enta
l Hou
sing
Resid
entia
l: Affo
rdab
le Re
ntals
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Phas
e 1Ph
ase 1
Phas
e 1Ph
ase 1
Phas
e 1Ph
ase 2
Phas
e 2Ph
ase 2
Phas
e 2Re
venu
e and
Exp
ense
Ass
umpt
ions
Infla
tion
Fact
or3%
1.00
1.03
1.06
1.09
1.13
1.16
1.19
1.23
1.27
1.30
1.34
1.38
Deve
lopm
ent S
umm
ary
Gro
ss S
F D
eliv
ered
-
-
-
25
7,12
8
-
-
-
-
35
9,12
0
-
-
C
urre
nt Y
ear D
eliv
ery
as %
of T
otal
0%0%
0%10
0%0%
0%0%
0%58
%0%
0%C
umul
ativ
e U
nits
-
-
-
28
8
28
8
28
8
28
8
28
8
68
9
68
9
68
9
U
nits
Del
iver
ed in
Yea
r-
-
-
288
-
-
-
-
402
-
-
Vaca
ncy
5%5%
5%5%
5%5%
5%5%
5%5%
5%O
ccup
ied
Uni
ts-
-
-
273
273
273
273
273
655
655
655
Inco
me S
tate
men
tG
ross
Ren
tal I
ncom
e-
$
-$
-
$
3,19
7,86
8$
3,29
3,80
4$
3,39
2,61
8$
3,49
4,39
7$
3,59
9,22
9$
8,88
4,90
6$
9,15
1,45
3$
9,42
5,99
6$
Vaca
ncy
-$
-
$
-$
15
9,89
3$
16
4,69
0$
16
9,63
1$
17
4,72
0$
17
9,96
1$
44
4,24
5$
45
7,57
3$
47
1,30
0$
Ef
fect
ive
Gro
ss In
com
e-
$
-$
-
$
3,03
7,97
5$
3,12
9,11
4$
3,22
2,98
7$
3,31
9,67
7$
3,41
9,26
7$
8,44
0,66
0$
8,69
3,88
0$
8,95
4,69
7$
Non
-Rei
mb
OpE
x (in
c. In
sura
nce)
-$
-
$
-$
25
0,69
3$
25
8,21
3$
26
5,96
0$
27
3,93
9$
28
2,15
7$
69
6,52
0$
71
7,41
6$
73
8,93
8$
Pr
oper
ty T
axes
-$
-
$
424,
090
$
860,
903
$
860,
903
$
860,
903
$
860,
903
$
1,27
1,74
5$
2,26
1,89
2$
2,26
1,89
2$
2,26
1,89
2$
Mut
li-Fa
mily
Tax
Exe
mpt
ion
-$
-
$
424,
090
$
860,
903
$
860,
903
$
860,
903
$
860,
903
$
1,27
1,74
5$
2,26
1,89
2$
2,26
1,89
2$
2,26
1,89
2$
Net O
pera
ting
Inco
me
-$
-
$
-$
2,
787,
282
$
2,
870,
901
$
2,
957,
028
$
3,
045,
738
$
3,
137,
111
$
7,
744,
140
$
7,
976,
464
$
8,
215,
758
$
Deve
lopm
ent C
osts Gro
ss S
F U
nder
Con
stru
ctio
n-
-
12
8,56
4
12
8,56
4
-
-
-
107,
436
251,
384
-
C
onst
ruct
ion
Cos
ts-
$
-$
20
,194
,770
$
20,8
00,6
13$
-
$
-$
-
$
19,5
63,9
02$
47
,149
,871
$
-$
C
onst
ruct
ion
Con
tinge
ncy
-$
-
$
1,00
9,73
8$
1,04
0,03
1$
-$
-
$
-$
97
8,19
5$
2,
357,
494
$
-
$
Infra
stru
ctur
e C
osts
-$
-
$
-$
-
$
-$
-
$
-$
-
$
-$
-
$
Tota
l Dev
elop
men
t Cos
ts-
$
-$
21
,204
,508
$
21,8
40,6
43$
-
$
-$
-
$
20,5
42,0
97$
49
,507
,364
$
-$
Annu
al Ca
sh F
low
Net
Ope
ratin
g In
com
e-
$
-$
-
$
2,78
7,28
2$
2,87
0,90
1$
2,95
7,02
8$
3,04
5,73
8$
3,13
7,11
1$
7,74
4,14
0$
7,97
6,46
4$
8,21
5,75
8$
Asse
t Val
ue12
6,39
6,28
0$
C
osts
of S
ale
6,04
1,74
2$
Tota
l Dev
elop
men
t Cos
ts-
$
-$
21
,204
,508
$
21,8
40,6
43$
-
$
-$
-
$
20,5
42,0
97$
49
,507
,364
$
-$
Ne
t Cas
h Fl
ow-
$
-$
(2
1,20
4,50
8)$
(1
9,05
3,36
1)$
2,
870,
901
$
2,
957,
028
$
3,
045,
738
$
(1
7,40
4,98
7)$
(4
1,76
3,22
4)$
12
8,33
1,00
3$
Ne
t Pre
sent
Valu
e(6
,825
,349
)$
Unlev
erag
ed IR
R Be
fore
Taxe
s10
%
191
![Page 198: Transit Oriented Development](https://reader031.vdocuments.net/reader031/viewer/2022022214/568bd34f1a28ab203490a95c/html5/thumbnails/198.jpg)
Park
ing:
Sur
face
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Phas
e 1Ph
ase 1
Phas
e 1Ph
ase 1
Phas
e 1Ph
ase 2
Phas
e 2Ph
ase 2
Phas
e 2Re
venu
e and
Exp
ense
Ass
umpt
ions
Infla
tion
Fact
or3%
1.00
1.03
1.06
1.09
1.13
1.16
1.19
1.23
1.27
1.30
1.34
1.38
Deve
lopm
ent S
umm
ary
Gro
ss S
F D
eliv
ered
at B
OY
-
-
-
20
,000
-
-
-
-
20,0
00
-
-
Cur
rent
Yea
r Del
iver
y as
% o
f Tot
al0%
0%0%
100%
0%0%
0%0%
50%
0%0%
Cum
ulat
ive
Spac
es-
-
-
50
50
50
50
50
100
100
10
0
Sp
aces
Del
iver
ed in
Yea
r-
-
-
50
-
-
-
-
50
-
-
Inco
me S
tate
men
tPa
rkin
g R
even
ue-
$
-$
-
$
292,
632
$
301,
411
$
310,
454
$
319,
767
$
329,
360
$
678,
482
$
698,
837
$
71
9,80
2$
N
on-R
eim
b O
pEx
(inc.
Insu
ranc
e)-
$
-$
-
$
25,3
24$
26
,084
$
26,8
66$
27
,672
$
28,5
02$
58
,715
$
60,4
76$
62,2
91$
Pr
oper
ty T
axes
-$
-
$
-$
44
,317
$
44,3
17$
44
,317
$
44,3
17$
49
,305
$
95,5
43$
95
,543
$
95
,543
$
Net O
pera
ting
Inco
me
-$
-
$
-$
22
2,99
1$
23
1,01
1$
23
9,27
1$
24
7,77
8$
25
1,55
3$
52
4,22
5$
54
2,81
8$
561,
968
$
Deve
lopm
ent C
osts Gro
ss S
F U
nder
Con
stru
ctio
n-
-
-
20,0
00
-
-
-
2,00
0
18,0
00
-
C
onst
ruct
ion
Cos
ts-
$
-$
-
$
2,11
0,32
9$
-$
-
$
-$
23
7,51
9$
2,
201,
805
$
-
$
C
onst
ruct
ion
Con
tinge
ncy
-$
-
$
-$
10
5,51
6$
-
$
-$
-
$
11,8
76$
110,
090
$
-$
Infra
stru
ctur
e C
osts
-$
-
$
-$
-
$
-$
-
$
-$
-
$
-$
-
$
To
tal D
evel
opm
ent C
osts
-$
-
$
-$
2,
215,
845
$
-
$
-$
-
$
249,
395
$
2,31
1,89
5$
-$
Annu
al Ca
sh F
low
Net
Ope
ratin
g In
com
e-
$
-$
-
$
222,
991
$
231,
011
$
239,
271
$
247,
778
$
251,
553
$
524,
225
$
542,
818
$
56
1,96
8$
As
set V
alue
5,61
9,68
3.72
$
Cos
ts o
f Sal
e26
8,62
0.88
$
To
tal D
evel
opm
ent C
osts
-$
-
$
-$
2,
215,
845
$
-
$
-$
-
$
249,
395
$
2,31
1,89
5$
-$
Net C
ash
Flow
-$
-
$
-$
(1
,992
,854
)$
231,
011
$
239,
271
$
247,
778
$
2,15
8$
(1,7
87,6
70)
$
5,
893,
880
$
Net P
rese
nt V
alue
121,
440
$
Unlev
erag
ed IR
R Be
fore
Taxe
s17
%
Park
ing:
Stru
ctur
ed
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Phas
e 1Ph
ase 1
Phas
e 1Ph
ase 1
Phas
e 1Ph
ase 2
Phas
e 2Ph
ase 2
Phas
e 2Re
venu
e and
Exp
ense
Ass
umpt
ions
Infla
tion
Fact
or3%
1.00
1.03
1.06
1.09
1.13
1.16
1.19
1.23
1.27
1.30
1.34
1.38
Deve
lopm
ent S
umm
ary
Gro
ss S
F D
eliv
ered
at B
OY
-
-
-
60
,000
-
-
-
29
6,00
0
-
-
-
C
urre
nt Y
ear D
eliv
ery
as %
of T
otal
0%0%
0%10
0%0%
0%0%
83%
0%0%
0%C
umul
ativ
e Sp
aces
-
-
-
13
3
13
3
13
3
13
3
79
1
79
1
79
1
791
Spac
es D
eliv
ered
in Y
ear
-
-
-
13
3
-
-
-
658
-
-
-
Inco
me S
tate
men
tPa
rkin
g R
even
ue-
$
-$
-
$
877,
896.
87$
90
4,23
3.78
$
931,
360.
79$
95
9,30
1.62
$
5,86
2,61
1.94
$
6,
038,
490.
29$
6,21
9,64
5.00
$
6,40
6,23
4.35
$
N
on-R
eim
b O
pEx
(inc.
Insu
ranc
e)-
$
-$
-
$
135,
061.
06$
13
9,11
2.89
$
143,
286.
28$
14
7,58
4.86
$
901,
940.
30$
92
8,99
8.51
$
956,
868.
46$
985,
574.
52$
Pr
oper
ty T
axes
-$
-
$
-$
13
2,95
0.73
$
132,
950.
73$
13
2,95
0.73
$
132,
950.
73$
87
1,16
0.99
$
871,
160.
99$
87
1,16
0.99
$
87
1,16
0.99
$
Net O
pera
ting
Inco
me
-$
-
$
-$
60
9,88
5.09
$
632,
170.
16$
65
5,12
3.79
$
678,
766.
02$
4,
089,
510.
65$
4,23
8,33
0.79
$
4,
391,
615.
55$
4,
549,
498.
84$
Deve
lopm
ent C
osts Gro
ss S
F U
nder
Con
stru
ctio
n-
$
-$
-
$
60,0
00.0
0$
-$
-
$
-$
29
6,00
0.00
$
-$
-
$
-
$
Con
stru
ctio
n C
osts
-$
-
$
-$
6,
330,
987.
06$
-$
-
$
-$
35
,152
,869
.76
$
-
$
-$
Con
stru
ctio
n C
ontin
genc
y-
$
-$
-
$
316,
549.
35$
-
$
-$
-
$
1,75
7,64
3.49
$
-
$
-$
Infra
stru
ctur
e C
osts
-$
-
$
-$
-
$
-$
-
$
-$
-
$
-$
-
$
To
tal D
evel
opm
ent C
osts
-$
-
$
-$
6,
647,
536.
41$
-$
-
$
-$
36
,910
,513
.25
$
-
$
-$
Annu
al Ca
sh F
low
Net
Ope
ratin
g In
com
e-
$
-$
-
$
609,
885.
09$
63
2,17
0.16
$
655,
123.
79$
67
8,76
6.02
$
4,08
9,51
0.65
$
4,
238,
330.
79$
4,39
1,61
5.55
$
4,54
9,49
8.84
$
As
set V
alue
45,4
94,9
88.4
5$
Cos
ts o
f Sal
e2,
174,
660.
45$
To
tal D
evel
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ent C
osts
-$
-
$
-$
6,
647,
536.
41$
-$
-
$
-$
36
,910
,513
.25
$
-
$
-$
Net C
ash
Flow
-$
-
$
-$
(6
,037
,651
.32)
$
63
2,17
0.16
$
655,
123.
79$
67
8,76
6.02
$
(32,
821,
002.
60)
$
4,23
8,33
0.79
$
47
,711
,943
.55
$
Net P
rese
nt V
alue
(330
,128
)$
Unlev
erag
ed IR
R Be
fore
Taxe
s14
%
192
![Page 199: Transit Oriented Development](https://reader031.vdocuments.net/reader031/viewer/2022022214/568bd34f1a28ab203490a95c/html5/thumbnails/199.jpg)
CA
LCU
LATI
ON
WIT
H T
AX
ASS
UM
PTIO
NS
FLO
OR
PLA
N S
IZE
(Sq.
Ft.)
PR
OPO
SED
AVG
. PR
ICE
1PR
ICE/
SQ/ F
T.PR
OPE
RTY
TAXE
S5
CO
ND
O(H
OA
)FE
ES
MO
NTH
LYM
OR
TGA
GE
PAYM
ENT
INTE
RES
TPR
INC
IPA
L 2
TAX
SAVI
NG
S5
TOTA
LH
OU
SIN
GC
OST
AVG
. APT
SI
ZE S
FPR
OPO
SED
REN
T3
REN
T PE
R
/ SQ
. FT.
4
1 B
edro
om1,
800
$360
,000
$200
$1,4
88$1
80$1
,727
$1,7
68-$
42$9
12$2
,483
900
$1,2
20$1
.35
$1,2
6310
4%2
Bed
room
2,
000
$436
,000
$218
$1,8
02$2
00$2
,091
$2,1
42-$
50$1
,104
$2,9
891,
100
$1,4
30$1
.30
$1,5
5910
9%
CA
LCU
LATI
ON
WIT
HO
UT
TAX
ASS
UM
PTIO
NS
FLO
OR
PLA
N S
IZE
(Sq.
Ft.)
PR
OPO
SED
AVG
. PR
ICE
1PR
ICE/
SQ/ F
T. 6
CO
ND
O(H
OA
)FE
ES
MO
NTH
LYM
OR
TGA
GE
PAYM
ENT
INTE
RES
TPR
INC
IPA
L 2
TOTA
LH
OU
SIN
GC
OST
AVG
. APT
SI
ZE S
FPR
OPO
SED
REN
T3
REN
T PE
R
/ SQ
. FT.
4
1 B
edro
om1,
800
$360
,000
$200
$180
$1,7
27$1
,768
-$42
$1,9
0790
0$1
,220
$1.3
5$6
8756
%2
Bed
room
2,00
0$4
36,0
00$2
18$2
00$2
,091
$2,1
42-$
50$2
,291
1,10
0$1
,430
$1.3
0$8
6160
%
Mor
tgag
e A
ssum
ptio
nsD
own
Pay
men
t20
%M
ortg
age
Term
(yrs
)30
Mar
gina
l Tax
Rat
e28
%In
tere
st R
ate
6.00
%C
ondo
Fee
s$0
.10/
sfM
illag
e R
ate/
1000
0.04
959
1 Pric
e ba
sed
on T
H/C
ondo
s2 R
efle
cts
an a
vera
ge p
aym
ent,
assu
min
g a
thre
e-ye
ar h
old
perio
d, o
n a
30 y
ear m
ortg
age
3 Ach
ieva
ble
rent
at t
he s
ubje
ct p
rope
rty b
ased
on
mar
ket a
naly
sis
4B
ased
on
City
tax
rate
of 1
.297
3 m
ills
per $
100.
5C
alcu
latio
n ba
sed
on p
rope
rty ta
x pl
us in
tere
st e
xpen
se a
t 28%
tax
rate
REN
T -V
S- O
WN
TO
P LE
VEL
AN
ALY
SIS
CO
ST O
F O
WN
ING
VS.
R
ENTI
NG
CO
ST O
F O
WN
ING
VS.
R
ENTI
NG
PRO
PER
TY
DEM
AND
PO
TEN
TIAL
FR
OM
NEW
& E
XIST
ING
REN
TER
HO
USE
HO
LDS
% O
F H
HLD
S 2
EXIS
TIN
G
HH
LDS
3%
REN
TER
PR
OPE
NSI
TY 4
TOTA
L EX
ISTI
NG
R
ENTE
R H
Hs
ANN
UAL
TU
RN
5
REN
TER
HH
IN
TU
RN
OVE
RTO
TAL
NEW
H
HLD
S 3
# N
EW
HH
LDS
REN
TIN
G
$0-$
30,0
00$0
-$60
035
.9%
193,
409
49%
95,2
4740
%38
,099
508
250
$30,
000
-$40
,000
$600
-$80
011
.4%
61,5
3335
%21
,588
40%
8,63
516
257
$40,
000
-$50
,000
$800
-$1,
000
12.7
%68
,639
31%
21,4
8940
%8,
596
180
56$5
0,00
0-$
60,0
00$1
,000
-$1,
200
8.8%
47,6
6725
%12
,106
40%
4,84
212
532
$60,
000
$70,
000
$1,2
00-$
1,40
08.
8%47
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25%
12,1
0640
%4,
842
125
32$7
0,00
0$8
0,00
0$1
,400
-$1,
600
6.6%
35,7
8926
%9,
461
40%
3,78
494
25$8
0,00
0$9
0,00
0$1
,600
-$1,
800
4.4%
23,9
1130
%7,
137
40%
2,85
563
19$9
0,00
0+
$1,8
00+
11.2
%60
,142
21%
12,3
3944
%5,
429
158
32
Tota
l or W
eigh
ted
Aver
age:
100%
538,
757
36%
191,
473
40%
77,0
831,
415
503
MO
NTH
LY
REN
T R
ANG
ES 1
REN
T AN
N.
DEM
. PO
T.%
REN
T N
EW 6
NEW
R
ENTA
L AP
T.
DEM
AND
Pref
er
Wal
kabl
e C
aptu
reAd
just
ed
PMA
Dem
and
$0-$
600
3834
910
%3
835
40%
0%0
MO
NTH
LY R
ENT
RAN
GES
1AN
NU
AL IN
CO
ME
RAN
GE
AN
NU
AL
DEM
AN
D F
OR
NEW
REN
TAL
APA
RTM
ENT
HO
USI
NG
PRIM
AR
Y M
AR
KET
AR
EA; C
UST
OM
PO
LYG
ON
2010
-201
5
$0$6
0038
,349
10%
3,83
540
%0%
0$6
00-$
800
8,69
210
%86
940
%5%
17$8
00-$
1,00
08,
652
10%
865
40%
5%17
26%
$1,0
00-$
1,20
04,
874
10%
487
40%
5%10
15%
$1,2
00-$
1,40
04,
874
10%
487
40%
5%10
15%
$1,4
00-$
1,60
03,
809
11%
419
40%
5%8
13%
$1,6
00-$
1,80
02,
874
13%
374
40%
1%1
2%$1
,800
+5,
461
13%
710
40%
1%3
4%
Tota
l:77
,586
10.4
%8,
047
67 10%
1 Ass
umes
one
-four
th o
f mon
thly
inco
me.
742 E
SRI -
inco
me
dist
ribut
ion
of h
ouse
hold
s3 E
SRI 2
010
4 Bas
ed o
n ow
ner v
ersu
s re
nter
hou
seho
ld p
rope
nsity
by
inco
me
in P
MA,
Cen
sus
2000
5 Ann
ual t
urno
ver b
ased
upo
n th
e 20
00 C
ensu
s an
d re
cent
per
form
ance
am
ong
loca
l com
mun
ities
6 Con
serv
ativ
e es
timat
e ba
sed
on a
vaila
bilit
y of
new
pro
duct
at d
efin
ed m
onth
ly re
nt ra
nges
SOU
RC
E: E
SRI,
US
Cen
sus
hO
usi
nG
dem
an
d
Ap
art
me
nt
De
ma
nd
: Ma
rke
t Ra
te
Ren
t vs
. Ow
n t
op
leve
l an
aly
sis
193
![Page 200: Transit Oriented Development](https://reader031.vdocuments.net/reader031/viewer/2022022214/568bd34f1a28ab203490a95c/html5/thumbnails/200.jpg)
SUM
MA
RY
OF
AFF
OR
DA
BLE
MA
RK
ET D
EMA
ND
201
1-20
21N
OR
TH P
HIL
AD
ELPH
IA, P
AAG
E G
RO
UP/
TOTA
L$1
5,00
0 -
$20,
000
-$2
5,00
0 -
$30,
000
-$3
5,00
0 -
$40,
000
-$4
5,00
0 -
$50,
000
-$6
0,00
0 -
SUB
JEC
T SI
TETO
TAL
HH
SIZ
ED
EMAN
D$1
9,99
9$2
4,99
9$2
9,99
9$3
4,99
9$3
9,99
9$4
4,99
9$4
9,99
9$6
0,00
0$7
5,00
0C
APTU
RE 3
DEM
AND
Und
er 2
534
00
3913
712
243
00
00
16
62
6733
343
5234
174
155
6887
543
1726
6 or
mor
e17
017
0
By
Bed
room
Typ
e 2
51O
ne-B
edro
om39
022
170
00
00
015
%6
Two-
Bed
room
163
017
8561
00
00
015
%24
Thre
e-B
edro
om99
00
3452
130
00
015
%15
Four
Bed
room
390
00
930
00
00
15%
6
25 to
34
441
097
103
190
510
00
01
6464
294
3262
311
90
119
411
241
715
260
266
or m
ore
260
260
Dis
tribu
tion
by B
edro
om T
ype
266
One
-Bed
room
111
080
310
00
00
015
%17
Two
Bed
room
222
016
5115
50
00
00
15%
33Tw
o-B
edro
om22
20
1651
155
00
00
015
%33
Thre
e-B
edro
om69
00
2136
130
00
015
%10
Four
Bed
room
380
00
038
00
00
15%
6SU
MM
AR
Y O
F A
FFO
RD
AB
LE M
AR
KET
DEM
AN
D 2
011-
2021
NO
RTH
PH
ILA
DEL
PHIA
, PA
AGE
GR
OU
P/TO
TAL
$15,
000
-$2
0,00
0 -
$25,
000
-$3
0,00
0 -
$35,
000
-$4
0,00
0 -
$45,
000
-$5
0,00
0 -
$60,
000
-SU
BJE
CT
SITE
TOTA
LH
H S
IZE
DEM
AND
$19,
999
$24,
999
$29,
999
$34,
999
$39,
999
$44,
999
$49,
999
$60,
000
$75,
000
CAP
TUR
E 3D
EMAN
D
35 to
54
390
019
011
287
00
00
01
101
101
212
189
323
108
6444
460
1644
50
00
6 or
mor
e0
00
0
Dis
tribu
tion
by B
edro
om T
ype
258
One
-Bed
room
162
014
616
00
00
00
15%
24Tw
o-B
edro
om19
80
4488
660
00
00
15%
30Th
ree-
Bed
room
300
08
220
00
00
15%
4Fo
ur B
edro
om0
00
00
00
00
015
%0
55 to
74
730
5320
00
00
00
18
82
5245
73
00
04
1313
05
00
06
or m
ore
00
00
Dis
tribu
tion
by B
edro
om T
ype
211
One
-Bed
room
340
303
00
00
00
15%
5Tw
oB
edro
om33
023
100
00
00
015
%5
Two-
Bed
room
330
2310
00
00
00
15%
5Th
ree-
Bed
room
70
07
00
00
00
15%
1Fo
ur B
edro
om0
00
00
00
00
015
%0
Affo
rda
ble
Ma
rke
t D
em
an
d: N
ort
h P
hila
de
lph
ia
194
![Page 201: Transit Oriented Development](https://reader031.vdocuments.net/reader031/viewer/2022022214/568bd34f1a28ab203490a95c/html5/thumbnails/201.jpg)
Affo
rda
ble
Ma
rke
t D
em
an
d: N
ort
h P
hila
de
lph
ia (
co
ntin
ue
d)
SUM
MA
RY
OF
AFF
OR
DA
BLE
MA
RK
ET D
EMA
ND
201
1-20
21N
OR
TH P
HIL
AD
ELPH
IA, P
AAG
E G
RO
UP/
TOTA
L$1
5,00
0 -
$20,
000
-$2
5,00
0 -
$30,
000
-$3
5,00
0 -
$40,
000
-$4
5,00
0 -
$50,
000
-$6
0,00
0 -
SUB
JEC
T SI
TETO
TAL
HH
SIZ
ED
EMAN
D$1
9,99
9$2
4,99
9$2
9,99
9$3
4,99
9$3
9,99
9$4
4,99
9$4
9,99
9$6
0,00
0$7
5,00
0C
APTU
RE 3
DEM
AND
75+
460
3610
00
00
00
118
182
2818
103
00
04
00
05
00
06
or m
ore
00
00
Dis
tribu
tion
by B
edro
om T
ype
27
One
-Bed
room
320
275
00
00
00
15%
5Tw
o-B
edro
om14
09
50
00
00
015
%2
Thre
e-B
edro
om0
00
00
00
00
015
%0
Four
Bed
room
00
00
00
00
00
15%
0
TOTA
LS1,
289
041
438
239
994
00
00
119
719
72
362
217
145
327
898
180
434
113
920
25
6917
516
4343
0Lo
wM
edH
igh
Site
Cap
ture
10%
15%
18%
Dis
tribu
tion
by B
edro
om T
ype
2To
tal
124
186
224
One
Bed
room
378
306
721
BR
3552
62O
ne-B
edro
om37
830
672
1B
R35
5262
Two-
Bed
room
630
109
240
281
2 B
R62
9211
1Th
ree-
Bed
room
205
6911
026
3 B
R20
3137
Four
Bed
room
779
680
4 B
R8
1214
Indi
cate
s in
com
e ra
nges
elig
ible
for l
ow-in
com
e ta
x cr
edit
rent
s.
1 Bas
ed u
pon
dem
and
anal
ysis
2 Est
imat
e, a
ssum
ing
1.5
pers
ons
per b
edro
om.
3 Jud
gmen
t, ba
sed
upon
the
com
petit
iven
ess
of th
e su
bjec
t site
rela
tive
to th
e co
mpe
titiv
e m
arke
t.4 T
he p
erce
ntag
e of
dem
and
that
will
orig
inat
e fro
m o
utsi
de o
f the
PM
A, b
ased
upo
n in
terv
iew
s w
ith le
asin
g ag
ents
at c
ompa
rabl
e pr
oper
ties
and
dem
ogra
phic
pro
ject
ions
for g
row
th in
the
area
.
195
![Page 202: Transit Oriented Development](https://reader031.vdocuments.net/reader031/viewer/2022022214/568bd34f1a28ab203490a95c/html5/thumbnails/202.jpg)
Inte
rest
Rat
e *
5.25
%Ta
xes,
PM
I, In
sur.
2.00
%H
ome
Pric
e:B
elow
$100
,000
$150
,000
$200
,000
$250
,000
$350
,000
$450
,000
$600
,000
Ass
umed
APR
7.25
%$1
00,0
00$1
50,0
00$2
00,0
00$2
50,0
00$3
50,0
00$4
50,0
00$6
00,0
00an
d ab
ove
* 30-
year
fixe
dIn
com
e:2
Bel
ow$3
4,00
0$5
6,00
0$7
4,00
0$8
9,00
0$1
30,0
00$1
57,0
00$2
15,0
00$3
4,00
0$5
6,00
0$7
4,00
0$8
9,00
0$1
30,0
00$1
57,0
00$2
15,0
00an
d ab
ove
SOU
RC
ES O
F D
EMA
ND
Dow
n Pa
ymen
t:5%
5%5%
10%
15%
20%
20%
20%
PMA
TO
TAL
New
Hou
seho
ld G
row
th, 2
010
- 201
5To
tal A
nnua
l New
Hou
seho
lds,
PM
A0
00
00
00
00
x In
com
e Q
ualif
ied
389
%2%
2%1%
1%1%
1%1%
100%
= In
com
e Q
ualif
ied
00
00
00
00
0 x
Ow
ner P
rope
nsity
4
30%
42%
80%
80%
80%
84%
80%
78%
#DIV
/0!
= Q
ualif
ied
New
Hou
seho
lds
00
00
00
00
0
Exis
ting
Ow
ner H
ouse
hold
Ann
ual T
urno
ver
Tota
l Hou
seho
lds,
PM
A 2
550,
020
550,
020
550,
020
550,
020
550,
020
550,
020
550,
020
550,
020
550,
020
x In
com
e Q
ualif
ied
389
%2%
2%1%
1%1%
1%1%
100%
x O
wne
r Pro
pens
ity4
30
%42
%80
%80
%80
%84
%80
%78
%33
%To
tal O
wne
r Hou
seho
lds,
PM
A
146,
855
4,62
08,
800
4,40
04,
400
4,62
04,
400
4,29
018
2,38
7 x
Ann
ual T
urno
ver R
ate
58%
10%
15%
20%
15%
10%
10%
7%8.
9% =
Qua
lifie
d O
wne
rs in
Tur
nove
r11
,748
462
1,32
088
066
046
244
030
016
,273
x E
stim
ated
Per
cent
Who
Pur
chas
e vs
. Ren
t 653
%35
%35
%40
%50
%50
%60
%60
%50
%=
Est
imat
ed O
wne
rs in
Tur
nove
r Who
Buy
6,22
716
246
235
233
023
126
418
08,
208
Exis
ting
Ren
ter H
ouse
hold
Ann
ual T
urno
ver
Tota
l Hou
seho
lds,
PM
A 2
550,
020
550,
020
550,
020
550,
020
550,
020
550,
020
550,
020
550,
020
550,
020
x In
com
e Q
ualif
ied
389
%2%
2%1%
1%1%
1%1%
98.0
% x
Ren
ter P
rope
nsity
470
%58
%20
%20
%20
%16
%20
%22
%67
% =
Inco
me
and
Ren
ter Q
ualif
ied
342,
662
6,38
02,
200
1,10
01,
100
880
1,10
01,
210
356,
633
x A
nnua
l Tur
nove
r Rat
e 5
40%
40%
40%
35%
25%
15%
10%
10%
39.7
% =
Qua
lifie
d R
ente
rs in
Tur
nove
r13
7,06
52,
552
880
385
275
132
110
121
141,
520
x E
stim
ated
Per
cent
Who
Pur
chas
e vs
. Ren
t 653
%35
%35
%40
%50
%50
%60
%60
%53
%=
Est
imat
ed O
wne
rs in
Tur
nove
r Who
Buy
72,6
4489
330
815
413
866
6673
74,3
42
Tota
l Qua
lifie
d H
ouse
hold
s/ D
eman
d P
oten
tial
78,8
711,
055
770
506
468
297
330
253
82,5
49
Tota
l Qua
lifie
d H
ouse
hold
s/ D
eman
d P
oten
tial
78,8
711,
055
770
506
468
297
330
253
82,5
49
ESTI
MA
TED
AN
NU
AL
DEM
AN
D P
OTE
NTI
AL
BA
SED
ON
201
0-20
15 D
EMO
GR
APH
IC T
REN
DS
PRIM
AR
Y M
AR
KET
AR
EA 1 A
ND
SU
BJE
CT
PRO
PER
TY
Pag
e 1
of 2
Inte
rest
Rat
e *
5.25
%Ta
xes,
PM
I, In
sur.
2.00
%H
ome
Pric
e:B
elow
$100
,000
$150
,000
$200
,000
$250
,000
$350
,000
$450
,000
$600
,000
Ass
umed
APR
7.25
%$1
00,0
00$1
50,0
00$2
00,0
00$2
50,0
00$3
50,0
00$4
50,0
00$6
00,0
00an
d ab
ove
* 30-
year
fixe
dIn
com
e:2
Bel
ow$3
4,00
0$5
6,00
0$7
4,00
0$8
9,00
0$1
30,0
00$1
57,0
00$2
15,0
00$3
4,00
0$5
6,00
0$7
4,00
0$8
9,00
0$1
30,0
00$1
57,0
00$2
15,0
00an
d ab
ove
SOU
RC
ES O
F D
EMA
ND
Dow
n Pa
ymen
t:5%
5%5%
10%
15%
20%
20%
20%
PMA
TO
TAL
ESTI
MA
TED
AN
NU
AL
DEM
AN
D P
OTE
NTI
AL
BA
SED
ON
201
0-20
15 D
EMO
GR
APH
IC T
REN
DS
PRIM
AR
Y M
AR
KET
AR
EA 1 A
ND
SU
BJE
CT
PRO
PER
TY
ES
TIM
ATE
D %
NE
W A
TTA
CH
ED
7 :70
%70
%70
%70
%70
%70
%30
%10
%70
%P
OTE
NTI
AL
NE
W A
TTA
CH
ED
SA
LES
- P
MA
55,2
1073
853
935
432
720
899
2557
,501
Dis
tribu
tion
of D
eman
d98
%1%
0%0%
0%0%
0%0%
ES
TIM
ATE
D "F
AIR
SH
AR
E"
SU
BM
AR
KE
T 8
1%1%
1%1%
1%1%
0%0%
1%55
27
54
32
00
14
ES
TIM
ATE
D C
AP
TUR
E R
ATE
90%
1%1%
2%1%
1%0%
0%0%
166
75
73
20
018
1 The
Prim
ary
Mar
ket A
rea
is d
efin
ed a
s tra
de a
rea
whe
re 8
0% o
f buy
ers
emin
ate
from
2 Ass
umes
6.2
5% in
tere
st ra
te, m
onth
ly m
ortg
age
paym
ent e
quiv
alen
t to
25%
- 35%
of g
ross
inco
me,
and
5%
to 2
0% d
own
paym
ent
3 Bas
ed o
n in
com
es fo
r hou
seho
lder
s in
the
PM
A a
ccor
ding
to E
SR
I4 B
ased
on
owne
r ver
ses
rent
er h
ouse
hold
pro
pens
ity fo
r the
Cen
sus
Trac
ts w
ithin
the
PM
A C
ensu
s 20
00, a
djus
ted
for P
MA
ove
rall
owne
r pro
pens
ity5 B
ased
on
owne
r and
rent
er tu
rnov
er ra
tes
for t
he C
ensu
s Tr
acts
with
in th
e P
MA
, Cen
sus
2000
, adj
uste
d fo
r PM
A b
ypr
ice
poin
t6 B
ased
on
expe
rienc
e an
d pu
rcha
sing
patte
rns
in s
imila
r mar
kets
.7 B
ased
on
dem
onst
rate
d ho
me
sale
s da
ta.
8 Fai
r sha
re c
aptu
re ra
te b
ased
on
Hou
seho
lds
in C
RA
com
pare
d P
hila
delp
hia
Cou
nty
SO
UR
CE
: E
SR
I
Pag
e 2
of 2
Att
ac
he
d H
ou
sin
g D
em
an
d
196
![Page 203: Transit Oriented Development](https://reader031.vdocuments.net/reader031/viewer/2022022214/568bd34f1a28ab203490a95c/html5/thumbnails/203.jpg)
FisC
al
impa
CT
an
alY
sis
Net F
iscal
Impa
ctJo
bs C
reat
ed98
9R
esid
ents
1684
Annu
al T
ax 2
022
9,71
1,62
4$
An
nual
Mun
cipa
l Exp
ense
1,60
5,55
4$
Fu
ture
Tax
Gen
erat
ion
26,4
02,7
38$
Proj
ect V
alue i
n Ye
ar 1
2013
23,10
5,054
.63$
Net F
iscal
Impa
ct (y
ear 2
022)
Tota
l Mun
icip
al E
xpen
se
(1,8
04,3
66.4
9)$
To
tal S
ales
Tax
es1,
380,
959.
69$
To
tal P
arki
ng T
axes
1,38
3,69
6.30
$
Tota
l Rea
l Est
ate
Taxe
s5,
187,
585.
04$
To
tal W
age
Taxe
s 1,
759,
382.
50$
Ne
t Fisc
al Im
pact
7,907
,257.0
5$
Empl
oym
ent P
rojec
tions
Empl
oym
ent A
ssum
ptio
nsFI
AM M
odel
Sugg
este
dJO
BS C
REAT
EDPr
ojec
tD
efau
ltsR
ange
sPr
ogra
mJo
bs C
reat
ed
Offi
ce 1
-Sto
ry30
0 s
q. ft
. per
em
ploy
ee( L
ocal
Est
imat
e)30
027
5-45
0 s
q. ft
. per
em
ploy
ee76
000
253
R
etai
l - N
eigh
borh
ood
600
sq.
ft. p
er e
mpl
oyee
( Loc
al E
stim
ate)
600
450-
650
sq.
ft. p
er e
mpl
oyee
5826
797
R
etai
l - C
omm
unity
600
sq.
ft. p
er e
mpl
oyee
( Loc
al E
stim
ate)
600
450-
650
sq.
ft. p
er e
mpl
oyee
R
etai
l - R
egio
nal
600
sq.
ft. p
er e
mpl
oyee
( Loc
al E
stim
ate)
600
450-
650
sq.
ft. p
er e
mpl
oyee
2823
8047
1
Res
taur
ant-S
it D
own
450
sq.
ft. p
er e
mpl
oyee
( Loc
al E
stim
ate)
450
450
sq.
ft. p
er e
mpl
oyee
5662
012
6
Res
taur
ant-F
ast F
ood
100
sq.
ft. p
er e
mpl
oyee
( Loc
al E
stim
ate)
100
100
sq.
ft. p
er e
mpl
oyee
C
lubh
ouse
800
sq.
ft. p
er e
mpl
oyee
( Loc
al E
stim
ate)
800
800-
1,00
0 s
q. ft
. per
em
ploy
ee30
000
38
Agric
ultu
re/F
ores
try10
per 1
,000
acr
es( L
ocal
Est
imat
e)10
25pe
r 1,0
00 a
cres
Pa
rks
& R
ecre
atio
n1
per a
cre
( Loc
al E
stim
ate)
44
Tota
l Job
s C
reat
ed98
9
Expe
nses
RESI
DENT
IAL
DEVE
LOPM
ENT
PROG
RAM
2013
2014
Mar
ket-r
ate
Ren
tal H
ousi
ng(u
nits
)0
0Fo
r-Sal
e H
ousi
ng(u
nits
)0
0Af
ford
able
Ren
tal H
ousi
ng(u
nits
)0
0To
tal U
nits
0
0Es
timat
ed A
dditi
onal
Scho
ol A
id $
-
$
-
Ne
t Tot
al Ne
w Sc
hool
Cos
ts p
er st
uden
t $
-
$
-
Tota
l Ser
vice C
osts
$
-
$
-
Tota
l Est
imat
ed E
xpen
se $
-
$
-
PV
of E
stim
ated
Exp
ense
s$3
,910
,202
.67
Scho
ol A
id
Num
ber o
f new
resi
denc
es84
2N
umbe
r of n
ew re
side
nts
1684
Perc
ent o
f New
Res
iden
ts20
%Pe
rcen
t with
sch
ool a
ge c
hild
ren
50%
Num
ber o
f new
stu
dent
s in
dev
elop
men
t16
8
Scho
ol A
id p
er s
tude
nt $
9
,839
.00
Estim
ated
Add
ition
al Sc
hool
Aid
$
1,65
6,60
3.95
Scho
ol E
xpen
ses
Scho
ol C
osts
per
stu
dent
$
1
5,74
3.00
N
umbe
r of n
ew s
tude
nts
168
Net T
otal
New
Scho
ol C
osts
per
stud
ent
$
99
4,06
3.39
Serv
ice
Cos
ts d
ue to
New
Dev
elop
men
tSe
rvic
e C
ost p
er U
nit
8355
Num
ber o
f new
uni
ts in
dev
elop
men
t84
2Pe
rcen
t of r
esid
ents
from
resi
dent
ial u
nits
168
Tota
l Ser
vice C
osts
$
1,
406,
741.
13
Tota
l Est
imat
ed E
xpen
se $
2
,400,8
04.52
Munc
ipal
Expe
nse C
alcul
atio
ns (P
hilad
elphi
a)
197
![Page 204: Transit Oriented Development](https://reader031.vdocuments.net/reader031/viewer/2022022214/568bd34f1a28ab203490a95c/html5/thumbnails/204.jpg)
Wag
e Tax
esW
AGE
TAX
RAT
E 3.
93%
2013
2014
2015
2016
2017
2018
2019
2020
JOBS
CR
EATE
D25
387
3.17
9949
873.
1799
4987
3.17
9949
873.
1799
4914
93.0
2656
5W
AGES
30
,000
.00
$
30
,000
.00
$
30
,000
.00
$
30
,000
.00
$
30
,000
.00
$
30
,000
.00
$
30
,000
.00
$
30
,000
.00
$
W
AGE
TAX
CO
LLEC
TED
-$
-$
298,
528.
00$
1,02
8,95
5.25
$
1,02
8,95
5.25
$
1,02
8,95
5.25
$
1,02
8,95
5.25
$
1,75
9,38
2.50
$
TOTA
L TA
XES
CO
LLEC
TED
-$
-$
298,
528.
00$
1,02
8,95
5.25
$
1,02
8,95
5.25
$
1,02
8,95
5.25
$
1,02
8,95
5.25
$
1,75
9,38
2.50
$
PV O
F W
AGE
TAXE
S C
OLL
ECTE
D$4
,920
,047
.17
Sales
Taxe
sSA
LES
TAX
RAT
E 6%
SALE
S PE
R S
QU
ARE
FOO
T N
eigh
borh
ood
Ret
ail
$14.
52R
egio
nal R
etal
$19.
48R
esta
uran
ts$3
00.0
0**
Phila
delp
hia
aver
ages
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
Mar
ket-r
ate
Ret
ail
(s.f.
)0
088
808.
6488
808.
6488
808.
6488
808.
6488
808.
6426
6116
.64
2661
16.6
426
6116
.64
Sale
s ta
x co
llect
ed$0
.00
$0.0
0$1
03,7
99.5
4$1
03,7
99.5
4$1
03,7
99.5
4$1
03,7
99.5
4$1
03,7
99.5
4$3
11,0
37.1
3$3
11,0
37.1
3$3
11,0
37.1
3Af
ford
able
Ret
ail
(s.f.
)0
00
2938
7.4
2938
7.4
2938
7.4
2938
7.4
5826
7.4
5826
7.4
5826
7.4
Sale
s ta
x co
llect
ed$0
.00
$0.0
0$0
.00
$25,
602.
30$2
5,60
2.30
$25,
602.
30$2
5,60
2.30
$50,
762.
56$5
0,76
2.56
$50,
762.
56R
esta
uran
ts(s
.f.)
1698
616
986
1698
616
986
1698
656
620
5662
056
620
Sale
s ta
x co
llect
ed$0
.00
$0.0
0$3
05,7
48.0
0$3
05,7
48.0
0$3
05,7
48.0
0$3
05,7
48.0
0$3
05,7
48.0
0$1
,019
,160
.00
$1,0
19,1
60.0
0$1
,019
,160
.00
SALE
S TA
X C
OLL
ECTE
D T
OTA
L $0
.00
$0.0
0$4
09,5
47.5
4$4
35,1
49.8
4$4
35,1
49.8
4$4
35,1
49.8
4$4
35,1
49.8
4$1
,380
,959
.69
$1,3
80,9
59.6
9$1
,380
,959
.69
PV S
ALES
TAX
CO
LLEC
TED
$3
,106
,346
.90
Real
Esta
te Ta
xes
Tax r
ate
9.08
%As
sess
ed V
alue
32%
mar
ket v
alue
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
PAR
KIN
G S
TRU
CTU
RED
-
$
-$
-
$
609,
885.
09$
632,
170.
16$
65
5,12
3.79
$
4,
089,
510.
65$
4,
238,
330.
79$
4,
391,
615.
55$
4,
549,
498.
84$
va
lue
-$
-
$
-$
6,
098,
850.
86$
6,
321,
701.
61$
6,55
1,23
7.88
$
40,8
95,1
06.4
6$
42,3
83,3
07.9
5$
43,9
16,1
55.4
8$
45,4
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