Introduction | Economic Development Insight | Business Survey
Economic Development InsightIntroduction | Financial Considerations | History of Economic Development | Master Plan | Commercial Districts | Mixed-Use Development | Market AnalysisMixed-Use Redevelopment- The Mixed-Use Concept- Public Sector Involvement - Industry Trends - Examples Public Sector InvolvementAn increasingly common real estate development partnership is that between the public and private sectors. The public sector, concerned not only with under-used or blighted privately owned properties’ fiscal return but also quality of life impact, has become a necessary participant to stimulate private sector investment. Several examples of such partnerships are provided in the table below.Uptown Neighborhood - San Diego, CA Public Sector Participation - Built on the former site of a closed Sears store which the City purchased. City advertised for architect/ developer to redevelop the site Project Description - 140,000 square feet of retail, restaurant, and office plus residential and community center. Underground parking Santana Row - San Jose, California Public Sector Participation - City helped with land assembly and paid for parking Project Description - Town and Country Mall being replaced by mixed use center. Retail with hotel and residential Renaissance Towne Centre - Bountiful, Utah Public Sector Participation - City declared mall a redevelopment zone and contributed $10 million for a 420-space parking garage Project Description - Retail and office with a central public square. New sports center with swimming pools and basketball courts. Largest commercially zoned parcel in the city Phalen Village Center - St. Paul, Minnesota Public Sector Participation - City owns property. Heavily involved in planning and development Project Description - Retail, office, residential, public lake and bicycle and foot paths Mizner Park - Boca Raton, Florida Public Sector Participation - $50 million CRA infrastructure improvements. $68 million revenue bond and tax increment financing. CRA retained 2/3 of land for public purposes Project Description - 236,000 square feet of retail, 262,000 square of office, 272 residential rental units. Central plaza, park with band shell. Central plaza has become city’s most popular place for visitors and residents Downtown Park Forest - Park Forest, Illinois Public Sector Participation - $10 million tax increment financing. Assisted owner of old mall with $3 million payment of back taxes. Village ultimately purchased Park Forest Mall for $100,000. Village has been lead developer maintaining ownership of all but two buildings on the site Project Description - Retail, office, residential, City Hall and small green City Place - Long Beach, California Public Sector Participation - Land write-down of $4.2 million and land transfer for $2 million which agency put back into the project as land improvement; $500,000 fund to pay permit fees Project Description - Retail, residential City Center - Englewood, Colorado Public Sector Participation - City acquired site. Sold ground lease to current owner and contributed $11 million in infrastructure. Regional Transit District provided $5.7 million for infrastructure. City is a major tenant Project Description - Retail, office residential, new city hall, library, public offices, city council chambers Belmar - Lakewood, Colorado Public Sector Participation - $100 million bond issue. Tax increment financing district established Project Description - Retail, office, residential, central plaza, parks Shaker Towne Centre - Shaker Heights, Ohio Public Sector Participation - The public investment is about $8 million. It is comprised of land acquisition, public improvements and utilities Project Description - $33 million public/private investment. Matt Shad Deputy City Manager-Economic Development City Manager's Office City of Upper Arlington 3600 Tremont Road Upper Arlington, Ohio 43221 Phone: 614-583-5046 www.ua-ohio.net |
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