A Development Approach To BOA and BCP tax credits Neil Pariser - - PowerPoint PPT Presentation

Neil Pariser acting CEO of SoBRO Senior V .P . Vita Nuova

A Development Approach To BOA and BCP tax credits

South Bronx the result

• f many factors

including

Robert Moses – Cross Bronx Expressway Development of Co-op City in North East portion of the Borough Contradictory and harmful welfare policies

The South Bronx – original BOA designation

Entire South Bronx Population 500,000+ Poorest Congressional District in the country 8 square miles Area too large to effect comprehensive planning and brownfield development Eventually BOA broken up into 3 separate areas Harlem River- East River Bruckner Boulevard

Goal – preservation of the local industrial job base and redevelopment of waterfront

Methodology:

• A. Understanding and

identifying nodes of activity and their development potential including evaluation of:

• 1. Vacant Land
• 2. Underutilized land
• 3. Brownfield conditions
• 4. Zoning compliance issues
• 5. Strategic site definition

The Harlem River BOA

• B. Owner/stakeholder
• utreach – understanding
• wners expectations and

priorities – Remediation concerns

• C. Market evaluation –

what’s feasible

• D. Design/Engineering

analysis-design limitations

Advantages:

• 15 minutes from midtown by subway
• New Shopping center built directly north of BOA
• Proximity to Yankee Stadium
• Underutilized River front
• Presence of local educational institutions
• Affordable land
• Excellent vehicular access

Negatives

• Brownfield conditions
• Lack of infrastructure
• Fragmented ownership with competing agendas
• Harlem River BOA

Zoning primarily MI light industrial usage

City favored rezoning entire area as MX-I zone allowing Residential Commercial and Industrial land development Through BOA program created data base of industry quantifying potential jobs lost if entire area rezoned Eventually resulted in designating a special district - Lower Concourse Harlem River Waterfront District Select portions of area designated as MXI , but retained MI zones within nodes of intense manufacturing activity

BOA Waterfront Study

• Determined ownership structure of all land fronting waterfront and initiated

conversations with all owners inviting them to sit on BOA steering committee

• Describing benefits of BCP program to owners/developers as a tool to redevelopment
• Engaged architectural firm to undertake design study to evaluate development

potential of Harlem River riverfront.

• Preliminarily evaluated infrastructure requirements based on projected waterfront

residential development

• Addressed “Hardening” of shoreline requirements in wake of Hurricane Sandy
• Undertook design study to promote access to waterfront for surrounding residents
• Sensitized development potential through an in-depth market study
• Supported the budget process to identify sources of infrastructure funding –
• Branded the study area as the “Harlem River Waterside District

Where we are today

Potential for 570 units of housing 335,00 sf retail Development cost $330,000,000

Dunkirk, New York

Different scale – same development process Population 15,000 Understanding nodes of activity Identification of areas strengths and weaknesses Lake Erie Frontage Closed NRG power plant Fishing mecca during summer months Wine country!!

Steps taken

Determined nodes of activity Created assemblages to identify 11 developable parcels Engaged property owners to gauge their interest in development of their properties and discussions on BCP Conducted a market study to determine what was feasible Architectural design study and Brownfield evaluation to determine cost effective development strategies, infrastructure needs and development path Branded area as a new waterfront district – Chadwick Bay Village Engaged developers, owners and City in moving the project forward

Chadwick Bay Village

BCP Tax Credit – Southern Blvd

• 1778-1800 Southern Blvd.

Bronx, NY was built in 2012.

• Former Gas Station site –

Cost of remediation tipped development project into the red

• BCP funded remediation
• Today consists of 64

apartments and 2 commercial units at Area Median Incomes (AMI) of 60%, 80% and 100%

• Apartment Size- Studio,

One and Two Bedrooms.

BOA’s role can be a multi-faceted brownfield planning and development effort

▪Can be a catalyst as well as contributor of targeted resources ▪May raise as many questions as answers, but moves development process ahead ▪Identifies key sites and strategies ▪Helps focus funding requests, remediation issues and redevelopment potential ▪Raises community and stakeholder awareness and involvement in development process