#1THINK RHODE ISLAND AVENUE GREAT STREETS RHODE ISLAND AVENUE GREAT STREETS STRATEGIC DEVELOPMENT PLAN Commercial Property Owner and Developer Meeting February 24, 2009 ။ Goremamul of the District of Columbia#2THINK RHODE ISLAND AVENUE Welcome Update Presentations ☐ ▪ Consumer Survey Overview ■ Land Use and Urban Design Scenarios ■ Tax Increment Financing ■ Summary Potential Redevelopment Value Roundtable Discussions Next Steps & Wrap-up RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN AGENDA#3THINK RHODE ISLAND AVENUE KEY MILESTONES ACTIVITY ⚫• Identify Real Estate Development Opportunities & Urban Design Scenarios . • . . Determine Projected Property and Sales Tax Receipts (TIF Analysis) Prepare Implementation Strategy Prepare and Review of the Draft • Strategic Development Plan • Review Implementation Strategy • Submit the Final Strategic Development Plan & Implementation Strategy • Implementation Period STAKEHOLDER INPUT Commercial Property Owner and Developer Meeting TIMELINE February 2009 February-March 2009 Advisory Neighborhood Commission Briefings • Advisory Neighborhood Commission Briefings Community Meeting Mayoral Hearing (following a 30-day comment period) City Council Consideration March 2009 April 2009 June 2009 September 2009 => 2029 RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN#4THINK RHODE ISLAND AVENUE PROPERTY OWNER AND DEVELOPER MEETING CONSUMER SURVEY OVERVIEW RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN#5THINK RHODE ISLAND AVENUE RHODE ISLAND AVENUE NE STRATEGIC DEVELOPMENT PLAN NOVEMBER 6, 2008 COMMUNITY MEETING SUMMARY OUTREACH Postcards E-notice 3,700 Neighborhood List Serves Print Ads DC Calendar Great Streets Web site ANC Comissioners Councilmember Thomas FEEDBACK Registrants Comments FOLLOW-UP 93 40 Consumer Survey 248 ANC Briefings 12 Web site Update E-newsletter DC Cable TV NOVEMBER 6, 2008 COMMUNITY MEETING 20004 INOV. 6 MEETING PARTICIPANT ZIP CODES 20017 20005 2002.0 20001 MD 20002 RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN 20018 2000 2 20017 20018 2000 1 20005 20004 20020 MD#6THINK RHODE ISLAND AVENUE CONSUMER SURVEY RHODE ISLAND AVENUE NE STRATEGIC DEVELOPMENT PLAN CONSUMER SURVEY PARTICIPANT SUMMARY SURVEY PARTICIPANT HOME ZIPCODES 20018 DC - Other DEMOGRAPHICS Respondents 248 Age 39 Female 55% Male 45% Household Size 2.1 WARD 5 Live there 30 yrs <= 4% 20 yrs <= 20% 5 yrs => 65% 1 yr => 19% 7.3 yrs Avg. Work there 16% Attend School there 15% 20001 20001 20002 20017 20017 20018 20002 DC - Other SURVEY PARTICIPANT NEIGHBORHOOD Truxton Woodridge; Circle: 2% 12% Other; 9% Langdon; 0% Edgewood; Bloomingdal 31% יד Eckington; 15% Brantwood; 3% Brockland; ZL RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN#7THINK RHODE ISLAND AVENUE CONSUMER SURVEY How often do you make stops along Rhode Island Avenue NE? you do make stops along Rhode Island Avenue NE, when do you usually do so? Response If you DO make stops along Rhode Island Avenue NE, what time of day do you usually do so? Response Daily ANSWER OPTIONS Daily Frequency ANSWER OPTIONS 19.7% Weekdays Weekly Weekly 42.3% Weekends 1-2 Times 1-2 Times 17.4% Monthly Monthly Rarely Rarely 17.4% Never Never 3.3% Frequency ANSWER OPTIONS 53.4% Response Frequency 6:00-11:00 6:00-11:00 8.3% 46.6% 11:00 a.m. 11:00 a.m. 15.9% 2:00-6:00 2:00-6:00 35.0% 6:00 - 10:00 6:00 a.m. 6:00-10:00 31.8% 6:00 a.m. 0.4% RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN#8THINK RHODE ISLAND AVENUE Where do you typically purchase food and beverages? Rhode Island Elsewhere in ANSWER OPTIONS Ave. NF DC DC un Other Grocerles 10G 90 18 14 L Convenience 65 129 14 b : 9 Food for carry-outor del very 24 183 10 Fat-in or sit-down restaurants 7 140 20 Alcohol beverages 50 128 1G Specialty foods (nutritional 9 171 25 ........ 4 5 13 3 13 9 9 Where do you typically purchase the following services? Rhode Island Elsewhere in ANSWER CPTIONS Personal Care (barber, salon, Ave. NE DC MD VA 16 162 20 Hinancial (banking. 41 KI 14 Professional (medical, dental, } 184 18 SAAA Other 22 18 15 17 19 Automotive (parts.detaling. 50 7B 43 44 9 Entertainmen: (movies, 1 150 16 23 Home Improvement 149 50 19 7 CONSUMER SURVEY Respondents SUNDAY REAKFAST RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN 100 8:0 60 2 40 1 20 10 HOUSEHOLD SIZE 4 Number of Occupants REPORTED ANNUAL INCOME RESPONSE FREQUENCY Less than $10,000 $10,000-$25,000 1% 2% $25,000 $50,000 6% $50,000-$100,000 More than $100,000 37% 55%#9THINK RHODE ISLAND AVENUE PROPERTY OWNER AND DEVELOPER MEETING URBAN DESIGN AND LAND-USE ZONING RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN#10THINK RHODE ISLAND AVENUE SUB AREA MAP 4: South Dakota-Eastern Aves. NE "Woodbridge Portal" 3: 18th-South Dakota Ave. NE "Langdon Park" SOUTH DAKOTA 4TH STREET, NË RHODE ISLAND AVE, NE 3 EASTERN AVE, NE 12TH STREET, NE 2 1:4-12th Sts. NE "Downtown Ward 5" 2: 12-18th Sts. NE "Montana-Franklin Neighborhood Center" Sub-area names are for discussion purposes only and are subject to change. RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN#11THINK RHODE ISLAND AVENUE Channing T R-3 Brant St Ascot Pl R-4 Ears St R- Min maintained by DC GIS C-2-A D Sub Area 1: 4-12th Sts. NE "DOWNTOWN WARD 5" Sub-area names are for discussion purposes only and are subject to change. R-5-D C-M-2 C2C E FR-5-D C-3-A C-M-2 B M C 9th St R-2 C-1 R-5-A Bear St C-M-1 To take advantage of proximity to Rhode Island Avenue Metro Station & multiple bus lines and develop a transit oriented regional center like Columbia Heights. BEDH RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN Site Current Bldg Area A 32,854 B 263,393 C 0 D 328,418 E 223,096 F 135,425#12THINK RHODE ISLAND AVENUE 貝 D-1 D D-3 B-6 B-5 Sub Area 1: 4-12th Sts. NE "DOWNTOWN WARD 5" Sub-area names are for discussion purposes only and are subject to change. D-5 0 E-2 0000000 Support redevelopment of Rhode Island Place to maximum allowed density ▪ Rezone and redevelop C-M-2 properties ■ Allow up to 8 stories through PUD Potential ம Site A B C 320,000 274 PRESIDENTIAL D E PONG STRUCUTRE F 1,048,000 653 771,600 461 319,400 250 Bldg Area Units Retail Office 86,000 65 15,000 0 576,990 316 16,225 138,800 70,000 0 250,500 174,540 7,200 0 168,000 106,000 EXISTING BUILDINOS HORELAND DEVELOPMENT The numbers represented are based on current zoning capacity not necessarily what the market can bear. Parking is inclusive in the square footages. RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN#13THINK RHODE ISLAND AVENUE Sub Area 1: 4-12th Sts. NE "DOWNTOWN WARD 5" Sub-area names are for discussion purposes only and are subject to change. E-1 D-3 D-4 B-6 E-3 F-2 E-3 F-2 RETAIL 85 0000000 RESIDENTIAL OFFICE PARKING STRUCUTRE EXISTING BUILDINGS RHODE ISLAND STATION DEVELOPMENT ■ Ground Floor Retail RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN#14THINK RHODE ISLAND AVENUE Sub Area 1: 4-12th Sts. NE "DOWNTOWN WARD 5" Sub-area names are for discussion purposes only and are subject to change. ནིད ན ན ན ན ན ན ས ས ས ས ས ས ས View looking North-East from Intersection of Rhode Island Ave. & 4th St. NE RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN RHODE ISLAND AVE, WE#15THINK RHODE ISLAND AVENUE View looking North-East from Intersection of Rhode Island Ave. & 4th St. NE Sub Area 1: 4-12th Sts. NE "DOWNTOWN WARD 5" Sub-area names are for discussion purposes only and are subject to change. RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN RHODE ISLAND AVE, WE#16THINK RHODE ISLAND AVENUE Sub Area 1: 4-12th Sts. NE "DOWNTOWN WARD 5" Sub-area names are for discussion purposes only and are subject to change. RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN#17THINK RHODE ISLAND AVENUE Sub Area 1: 4-12th Sts. NE "DOWNTOWN WARD 5" Sub-area names are for discussion purposes only and are subject to change. BORDERS ENTRANCE BORDERS BORDERS RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN#18THINK RHODE ISLAND AVENUE Ining Sub Area 2: 12-18th Sts. NE "MONTANA - FRANKLIN NEIGHBORHOOD CENTER" 14 St 119TH R-1-8 em St Frankin St C-2-A D Sub-area names are for discussion purposes only and are subject to change. agento do, d R-5-A To create a mixed use neighborhood center with housing and a mix of competitive local retailers with some regional and national chains. C-M-2 R-2 Gond St 1 51 R-5-D Evans Rhode and he Douglas St E A Bryant St C-M-1 Map maintained by DC GIS, Brentwood Rd R-5-A B Santo Ava R-3 Evarts St 17 St D/R-1-8 Site Current Bldg Area 60b done A 51,046 B 2,312 с 127,446 R-5-A D 4,548 E 15,190 F 22,029 C-M-1 G 21,672 8001! RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN#19THINK RHODE ISLAND AVENUE Sub Area 2: 12-18th Sts. NE "MONTANA-FRANKLIN NEIGHBORHOOD CENTER" Sub-area names are for discussion purposes only and are subject to change. Dc00000 0001 E-10 doodaa 40 B/C-1 что B/C-2 OF 304 B . 000006. ☐ Reconfiguration of the intersection to increase pedestrian safety while creating new pad sites for redevelopment. ■ Allow up to 7 stories through PUD Potential Site Bldg Area Units Retail A 51,046 0 51,046 C 262,000 169 35,600 D 38,000 28 0 RESIDENTIAL E OFFICE 416,900 407 11,900 F 99,700 60 36,400 PARKING STRUCUTRE G 87,300 67 0 EXISTING BUILDINGS RHODE ISLAND STATION DEVELOPMENT The numbers represented are based on current zoning capacity not necessarily what the market can bear. Parking is inclusive in the square footages. RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN#20THINK RHODE ISLAND AVENUE Sub Area 2: 12-18th Sts. NE "MONTANA-FRANKLIN NEIGHBORHOOD CENTER" Sub-area names are for discussion purposes only and are subject to change. E-1 BIC-1 A-1 BIC-2 VILL RENDENTIA CHEL " L PARKING STRUCUTRE EXISTING BUILDINGS HOESLAND STATION DEVELOPMENT ■ Ground Floor Retail RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN#21THINK RHODE ISLAND Sub Area 2: 12-18th Sts. NE AVENUE "MONTANA-FRANKLIN NEIGHBORHOOD CENTER" Sub-area names are for discussion purposes only and are subject to change. View looking North-East/Intersection of Rhode Island Ave. & 14th St. RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN KROSE AND AVE, **#22THINK RHODE ISLAND AVENUE Sub Area 2: 12-18th Sts. NE "MONTANA-FRANKLIN NEIGHBORHOOD CENTER" Sub-area names are for discussion purposes only and are subject to change. TOMPKING RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN#23THINK RHODE ISLAND AVENUE Sub Area 2: 12-18th Sts. NE "MONTANA-FRANKLIN NEIGHBORHOOD CENTER" Sub-area names are for discussion purposes only and are subject to change. RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN#24THINK RHODE ISLAND Sub Area 2: 12-18th Sts. NE AVENUE "MONTANA-FRANKLIN NEIGHBORHOOD CENTER" Sub-area names are for discussion purposes only and are subject to change. RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN#25THINK RHODE ISLAND AVENUE Sub Area 3: 18th St.-S. Dakota Ave. NE "LANGDON PARK" Sub-area names are for discussion purposes only and are subject to change. Pot P C-1 R-1-8 Jackson Kearny S D R-5-A G C-2-A B Girard St Monica St Lawrence St IL Hamlin St 22nd S South Dakota Ave Nawl To leverage proximity Hoover d to sizeable Langdon Park into a sought after residential address. Rhode Sland Ave Thayer St 24th St Hanin P Mis Ave Irving 26th St Map maintained by DC GIS. RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN Site A Current Bldg Area 23,373 B 18,031 C 214,194 D 15,858 E 7,640 F 51,868#26THINK RHODE ISLAND AVENUE Sub Area 3: 18th St.-S. Dakota Ave. NE "LANGDON PARK" Sub-area names are for discussion purposes only and are subject to change. SOOD 000000 1000 d Strongly encourage residential from 18th to 20th. Possibly rezone. ■ Allow up to 6 stories through PUD. ▪ Rehabilitate existing storefronts for arts uses, coffeehouses, etc. Potential Site Bldg Area Units Retail A 91,000 68 0 B 85,900 64 0 C 9,680 0 9,680 PRESIDENTIAL D 126,900 88 0 E 34,280 20 0 PRONG STRUCUTRE F 128,500 95 0 EXISTING BUILDINON HORELAND STATION DEVELOPMENT RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN The numbers represented are based on current zoning capacity not necessarily what the market can bear. Parking is inclusive in the square footages.#27THINK RHODE ISLAND AVENUE Sub Area 3: 18th St.-S. Dakota Ave. NE "LANGDON PARK" Sub-area names are for discussion purposes only and are subject to change. 000 D-1 F-1 4000 9900 PRESIDENTIAL ■ Ground Floor Retail PARONG STRUCUTRE CHISTING BUILDINGS HORELAND DEVELOPMENT RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN#28THINK RHODE ISLAND AVENUE Sub Area 3: 18th St.-S. Dakota Ave. NE "LANGDON PARK" Sub-area names are for discussion purposes only and are subject to change. View looking North-East/Intersection of Rhode Island Ave. & 18th St. RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN RHODE ISLAND AVE,#29THINK RHODE ISLAND AVENUE Sub Area 3: 18th St.-S. Dakota Ave. NE "LANGDON PARK" Sub-area names are for discussion purposes only and are subject to change. RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN#30THINK RHODE ISLAND AVENUE Sub Area 3: 18th St.-S. Dakota Ave. NE "LANGDON PARK" Sub-area names are for discussion purposes only and are subject to change. IEE 田 RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN#31THINK RHODE ISLAND AVENUE Sub Area 4: S. Dakota-Eastern Aves. NE "WOODRIDGE PORTAL" Sub-area names are for discussion purposes only and are subject to change. DC GIS. Newton SL Manice St South Dakota Ave boado b Rhode Island Ave Thele: S Hoover Rd Inring St -25th St 25th St Otk St dogs wing R-1-B Brentwood Rd Mytis Ave Center Ave Parry St 30th A C-2-A 170 31st Pl B To develop a significant eastern gateway into the District. Site Current Bldg Area A 25,230 B 3,723 C-M-1 C 53,731 800ft RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN#32THINK RHODE ISLAND AVENUE 00000 " DE becad Sub Area 4: S. Dakota-Eastern Aves. NE "WOODRIDGE PORTAL" Sub-area names are for discussion purposes only and are subject to change. 91 B. • 0000 DGDO 400000 0000 A-1. 000016 ■ Encourage residential development with some retail and possibly some arts related uses. ■ Allow up to 6 stories through PUD. ■ Preserve and rehabilitate existing structure where garage is currently. Potential Bldg Site Area Units Retail Office RESIDENTIAL 65,800 68 0 0 OFFICE B 72,900 73 6,390 PARONG STRUCUTRE C 112,400 60 18,300 EXISTING BUILDINGS RHODE ISLAND STATION DEVELOPMENT RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN The numbers represented are based on current zoning capacity not necessarily what the market can bear. Parking is inclusive in the square footages.#33THINK RHODE ISLAND AVENUE Sub Area 4: S. Dakota-Eastern Aves. NE "WOODRIDGE PORTAL" Sub-area names are for discussion purposes only and are subject to change. Doodd D B-1 and free RETAIL RESIDENTIAL OFFICE PARKING STRUCUTRE EXISTING BUILDINGS RHODE ISLAND STATION DEVELOPMEN ■ Ground Floor Retail RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN#34THINK RHODE ISLAND AVENUE Sub Area 4: S. Dakota-Eastern Aves. NE "WOODRIDGE PORTAL" Sub-area names are for discussion purposes only and are subject to change. RETAIL HETAIL RETAI View looking North-East/Intersection of Rhode Island Ave. & Newton St. NE RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN RHODE ISLAND AVE. NE#35THINK RHODE ISLAND AVENUE Sub Area 4: S. Dakota-Eastern Aves. NE "WOODRIDGE PORTAL" Sub-area names are for discussion purposes only and are subject to change. RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN#36THINK RHODE ISLAND AVENUE PROPERTY OWNERS AND DEVELOPER MEETING TAX INCREMENT FINANCING RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN#37THINK RHODE ISLAND AVENUE TAX INCREMENT FINANCING (TIF) Leverages the value of private development Not a new tax District continues to receive current taxes Dedicates growth in real property and sales taxes Future growth in assessed values from new development, property appreciation and improved sales Earmarks "incremental taxes" as a funding source for public, infrastructure and targeted improvements • Examples: Gallery Place; DC USA in Columbia Heights RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN#38THINK RHODE ISLAND AVENUE Millions of inflated dollars $2,000 $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 Incremental Property Values Rhode Island Avenue TIF District PROPERTY VALUES Incremental Value $200 Base Year Value $0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Year Increment Base Value RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN#39THINK RHODE ISLAND AVENUE TIF ANALYSIS DC Council establishes TIF district boundaries ■ Area from which taxes are generated ■ Area within which TIF funds can be invested Establish the base of current property values and retail sales from assessments and estimates of sales per square foot Project future property values and retail sales ■ Phase new development ■ Property value appreciation ■ Sales growth from new and existing retailers Future tax revenues are available to support bonds for public improvements RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN#40THINK RHODE ISLAND AVENUE Sub Area 1 RHODE ISLAND AVENUE TIF DISTRICTS Sub Area 2 Sub Arco 3 RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN Sub Area 4#41THINK RHODE ISLAND AVENUE PRELIMINARY TIF CONCLUSIONS Supportable bonds depend on future bond market conditions: ■ New development and retail growth ■ Interest rates ■ Reserve requirements ■ Investor confidence ■ Guarantees or back-up revenues Supportable bonds ■ 3 million by 2014 $20 million by 2019 $22 million by 2024 $67 million by 2029 RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN#42THINK RHODE ISLAND AVENUE KEY CATALYST OPPORTUNITIES Sub Area 1: ■ Rhode Island Station ▪ Read Street redevelopment Sub Area 2: ■ Brentwood Village Shopping Center renovation ■ Brookland Square Sub Area 3: ■ North side of Rhode Island at 18th Street ▪ Renovation of existing storefronts Sub Area 4: ■ South side of Rhode Island from 28th to 30th Street RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN#43THINK RHODE ISLAND AVENUE PROPERTY OWNER AND DEVELOPER MEETING SUMMARY POTENTIAL REDEVELOPMENT VALUE RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN#44THINK RHODE ISLAND AVENUE POTENTIAL REDEVELOPMENT VALUE Identified potential major redevelopment opportunities along the corridor For select properties determined achievable development program based upon market demand and land use Generated preliminary project financial analysis to measure scale of redevelopment opportunity along the corridor Process is illustrative only and makes a number of assumptions regarding property assemblage, land value, required project returns and delivery schedule. RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN#45THINK RHODE ISLAND AVENUE CORRIDOR SUB AREA - KEY DEVELOPMENT SITES TOTAL Sub Area 1 Sub Area 2 Sub Area 3 Sub Area 4 Phasing 2010-2025 2010-2025 2012-2023 2014 - 2023 2010-2017 New Residential Units and 1,517 Units 202 TH 1034 Units 263 Units 50 TH 220 Units 20 TH 132 TH Townhomes (TH) New Retail SF 373,687 SF 276,836 SF 84,059 SF O SF 24,779 SF 313,352 SF 313,352 SF O SF O SF O SF New Office Development New Parking 896,523 SF 634,713 SF 101,052 SF 82,926 SF 77,832 SF RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN#46THINK RHODE ISLAND AVENUE AREA MAJOR REDEVELOPMENT POTENTIAL VALUE KEY SITES POTENTIAL REDEVELOPMENT VALUE (TOTAL DEVELOPMENT COSTS/TDC) SUB AREA 1 $495 Million SUB AREA 2 $126 Million SUB AREA 3 $80 Million SUB AREA 4 CORRIDOR TOTAL $57 Million $758 Million RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN#47THINK RHODE ISLAND AVENUE KEY MILESTONES ACTIVITY ⚫• Identify Real Estate Development Opportunities & Urban Design Scenarios . • . . Determine Projected Property and Sales Tax Receipts (TIF Analysis) Prepare Implementation Strategy Prepare and Review of the Draft • Strategic Development Plan • Review Implementation Strategy • Submit the Final Strategic Development Plan & Implementation Strategy • Implementation Period STAKEHOLDER INPUT Commercial Property Owner and Developer Meeting TIMELINE February 2009 February-March 2009 Advisory Neighborhood Commission Briefings • Advisory Neighborhood Commission Briefings Community Meeting Mayoral Hearing (following a 30-day comment period) City Council Consideration March 2009 April 2009 June 2009 September 2009 => 2029 RHODE ISLAND AVENUE NE GREAT STREETS STRATEGIC DEVELOPMENT PLAN