Cypress Creek Mobility Hub Master Plan Progress Meeting July 10, - - PowerPoint PPT Presentation

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Cypress Creek Mobility Hub Master Plan Progress Meeting July 10, - - PowerPoint PPT Presentation

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Cypress Creek Mobility Hub Master Plan Progress Meeting July 10, 2015 1 Presentation Structure Draft Site Development Concepts Site and Market Study Assumptions Introduction to Joint Development Strategies A Developers

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Cypress Creek Mobility Hub Master Plan Progress Meeting July 10, 2015

1

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Cypress Creek Mobility Hub Master Plan

  • Draft Site Development

Concepts

  • Site and Market Study

Assumptions

  • Introduction to Joint

Development Strategies

  • A Developer’s Perspective
  • Essential Factors to Maximize

Value Creation

  • The Transit-Value Premium

(“Value Capture”)

2

Presentation Structure

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  • Meet drainage requirements
  • Maximizes shared parking
  • Meet height restrictions (FXE)
  • Zoning and land use amendments to enhance area land use mix
  • Utilize market study findings
  • Hotel 150 Rooms
  • Office 150,000 square feet
  • Residential 200 units

Cypress Creek Mobility Hub Master Plan 3

Draft Site Development Concepts - Assumptions

Cypress Creek Mobility Hub Master Plan 3

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Cypress Creek Mobility Hub Master Plan

A B C D E F G H

Use Type Market Analysis Absorption Identified Parking Requirement By Code Parking Demand By Code Present Surface Parking Count SFRTA Lot 2020 Parking Demand 2020 Excess Capacity = D-E Shared Parking Factor Shared Parking Reduction in Number of Spaces = C (I) Required Structured Parking Spaces = C + D - F - H Residential 200 Units 2 per unit Average 400 345 250 95 30% 120 530 Hotel 150 Rooms 1 per Room 150 30% 45 105 Retail 10,000 s.f. 1/250 s. f. 40 40

675

Total Parking Spaces Required

  • Program:
  • Residential

200 Units

  • Hotel

150 Rooms

  • Retail

10,000 s.f.

  • Provide under shared parking scenario:
  • Residential

280 parking spaces

  • Hotel

105 parking spaces

  • Commuter

250 parking spaces

  • Retail

40 parking spaces Total 675 parking spaces

Cypress Creek Mobility Hub Master Plan 4

Mixed Use Residential / Hotel – Scenario 1

Area Cost Total costs Residential 220,000 $170 $37,400,000 Hotel 150 $100,000 $15,000,000 $52,400,000 Residential 350,000 $35 $12,250,000 Hotel 150 $14,850 $2,227,500 $14,477,500 Parking 675 spaces $20,000 $13,500,000 $80,377,500 TOTAL BUILDING AND PARKING COSTS Hard Costs Soft Costs TOTAL BUILDING COSTS

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Cypress Creek Mobility Hub Master Plan Cypress Creek Mobility Hub Master Plan 5

Mixed Use Residential / Hotel – Scenario 1

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Cypress Creek Mobility Hub Master Plan Cypress Creek Mobility Hub Master Plan 6

Maximum Development Intensity Option – Scenario 1

Commuter Entrance Residential Entrance Hotel Entrance Bus Station

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Cypress Creek Mobility Hub Master Plan Cypress Creek Mobility Hub Master Plan 7

  • Residential-Hotel Mixed Use structure will occupy totality of site:
  • 200 units residential; 150 hotel rooms
  • Minimum market study recommendation
  • Investment of approximately +$80,000,000
  • No project phasing possible – must be one single structure
  • Scenario does not provide:
  • An address for the proposed uses
  • Light and air
  • Access to move substantial amounts of vehicles
  • Identifiable parking for commuters and residents
  • An attractive urban environment

Mixed Use Residential / Hotel – Scenario 1

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Development Concepts

8 Cypress Creek Mobility Hub Master Plan 8

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Hotel/Office Organization Diagram – Scenario 2

Cypress Creek Mobility Hub Master Plan 9

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Cypress Creek Mobility Hub Master Plan 10

Hotel/Office – Scenario 2

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Hotel/Office – Scenario 2

Cypress Creek Mobility Hub Master Plan 11

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Hotel/Office – Scenario 2

Cypress Creek Mobility Hub Master Plan 12

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Hotel/Office – Scenario 2

Cypress Creek Mobility Hub Master Plan 13

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  • Program

– 150,000 sq. ft. Office – 150 Room Hotel – Transit Driven Retail

  • 895 Structured Parking Spaces
  • Investment breakdown:

– Buildings& Parking = $65,127,500 – Roadway & Streetscapes = $2,055,000

Cypress Creek Mobility Hub Master Plan 14 A B C D E F G H

Use Type Market Analysis Absorption Identified Parking Requirement By Code Parking Demand By Code Present Surface Parking Count SFRTA Lot 2020 Parking Demand 2020 Excess Capacity = D-E Building Footprint Parking Consumption Available Surplus Parking Shared Parking Factor Shared Parking Reduction in Number of Spaces = C (I) Required Structured Parking Spaces = C + D - F - H Office 150,000 S. F 1/250 s.f. 600 345 250 95 345

  • 250

10% 60 790 Hotel 150 Rooms 1 per room 150 30% 45 105

895

Total

Hotel/Office – Scenario 2

Area Cost Total Costs Office 150,000 $170 $25,500,000 Hotel 150 $100,000 $15,000,000 Office 150,000 $30 $4,500,000 Hotel 150 $14,850 $2,227,500 $47,227,500 Parking Costs 895 spaces $20,000 space $17,900,000 $65,127,500 Parking Costs TOTAL BUILDING AND PARKING COSTS Hard Costs Soft Cost TOTAL BUILDING COSTS

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– –

Cypress Creek Mobility Hub Master Plan 15

Residential Organization Diagram – Scenario 3

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Cypress Creek Mobility Hub Master Plan 16

Residential – Scenario 3

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Cypress Creek Mobility Hub Master Plan 17

Residential – Scenario 3

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Cypress Creek Mobility Hub Master Plan 18

Residential – Scenario 3

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Cypress Creek Mobility Hub Master Plan 19

Residential – Scenario 3

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  • Program

– 250 Residential Units – Transit Driven Retail

  • 600 Parking Spaces
  • Investment breakdown:

– Buildings& Parking = $62,750,000 – Roadway & Streetscapes = $2,055,000

Cypress Creek Mobility Hub Master Plan 20

A B C D E F G H J

Use Type Market Analysis Absorption Identified Parking Requirement By Code Parking Demand By Code Present Surface Parking Count SFRTA Lot 2020 Parking Demand 2020 Excess Capacity = D-E Building Footprint Parking Consumption Shared Parking Factor Shared Parking Reduction in Number of Spaces = C (I) Required Structured Parking Spaces = C + D - F - H Residential 250 Units 2 per unit Average 500 345 250 95 345 30% 150 600

600 Total

Residential – Scenario 3

Area Cost Total Costs Residential 250,000 $170 $42,500,000 Residential 250,000 $33 $8,250,000 $50,750,000 Parking Costs 600 spaces $20,000 space $12,000,000 $62,750,000 TOTAL BUILDING AND PARKING COSTS Hard Costs Soft Cost TOTAL BUILDING COSTS Parking Costs

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Area Impacted

Cypress Creek Mobility Hub Master Plan 21

Hotel Phase 1 – Scenario 4A

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Cypress Creek Mobility Hub Master Plan 22

Hotel Phase 1 – Scenario 4A

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A B C D

E

F

G

H

Use Type Market Analysis Absorption Identified Parking Requirement By Code Parking Demand By Code Present Surface Parking Count SFRTA Lot 2020 Parking Demand 2020 Excess Capacity = D-E Building Footprint Parking Consumption Available Surplus Parking Shared Parking Factor Shared Parking Reduction in Number of Spaces = G (C) Required Parking Spaces = C + D - F - H Hotel 150 Rooms 1 per Room 150 345 250 95 95 15% 22.5 378

Hotel Surface Parking Only - 15% Shared Parking Ratio

A B C D

E

F

G

H

Use Type Market Analysis Absorption Identified Parking Requirement By Code Parking Demand By Code Present Surface Parking Count SFRTA Lot 2020 Parking Demand 2020 Excess Capacity = D-E Building Footprint Parking Consumption Available Surplus Parking Shared Parking Factor Shared Parking Reduction in Number of Spaces = G (C) Required Parking Spaces = C + D - F - H Hotel 150 Rooms 1 per Room 150 345 250 95 95 50% 75 325

Hotel Surface Parking Only - 50% Shared Parking Ratio

Cypress Creek Mobility Hub Master Plan 23

A B C D

E

F

G

H

Use Type Market Analysis Absorption Identified Parking Requirement By Code Parking Demand By Code Present Surface Parking Count SFRTA Lot 2020 Parking Demand 2020 Excess Capacity = D-E Building Footprint Parking Consumption Available Surplus Parking Shared Parking Factor Shared Parking Reduction in Number of Spaces = G (C) Required Parking Spaces = C + D - F - H Hotel 150 Rooms 1 per Room 150 345 250 95 95 80% 120 280

Hotel Surface Parking Only - 80% Shared Parking Ratio

+75 Structured Spaces

Hotel Phase 1 – Parking Scenarios – Scenario 4A

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  • Program

– 150 Hotel Rooms – Transit Driven Retail

  • 120 Structured Parking Spaces
  • Investment:

– Buildings& Parking = $19,627,500 – Roadways & Streetscape = $915,000

Cypress Creek Mobility Hub Master Plan 24

A B C D

E

F

G

H

Use Type Market Analysis Absorption Identified Parking Requirement By Code Parking Demand By Code Present Surface Parking Count SFRTA Lot 2020 Parking Demand 2020 Excess Capacity = D-E Building Footprint Parking Consumption Available Surplus Parking Shared Parking Factor Shared Parking Reduction in Number of Spaces = G (C) Required Parking Spaces = C + D - F - H Hotel 150 Rooms 1 per Room 150 345 250 95 95 50% 75 325

Hotel Surface Parking Only - 50% Shared Parking Ratio

Area Cost Total Costs Hotel 150 $100,000 $15,000,000 Hotel 150 $14,850 $2,227,500 $17,227,500 Parking Costs 120 $20,000 space $2,400,000 $19,627,500 TOTAL BUILDING COSTS Parking Costs TOTAL BUILDING AND PARKING COSTS Hard Costs Soft Cost

Hotel Phase 1 – Scenario 4A

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Hotel/Office Phase 2 – Site Organization Diagram – Scenario 4B

Cypress Creek Mobility Hub Master Plan 25

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Cypress Creek Mobility Hub Master Plan 26

Hotel/Office Phase 2– Scenario 4B

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Cypress Creek Mobility Hub Master Plan 27

Hotel/Office Phase 2 – Scenario 4B

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Cypress Creek Mobility Hub Master Plan 28

Hotel/Office Phase 2 – Scenario 4B

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Cypress Creek Mobility Hub Master Plan 29

Hotel/Office Phase 2 – Scenario 4B

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  • Program

– 150 Hotel Rooms – 150,000 sq. ft. Office – Transit Driven Retail

  • 790 Structured Parking Spaces
  • Investment breakdown:

– Buildings & Parking = $45,800,000 – Roadway & Streetscapes = $1,636,000

Cypress Creek Mobility Hub Master Plan 30

A B C D

E

F

G

H

Use Type Market Analysis Absorption Identified Parking Requirement By Code Parking Demand By Code Present Surface Parking Count SFRTA Lot 2020 Parking Demand 2020 Excess Capacity = D-E Building Footprint Parking Consumption Available Surplus Parking Shared Parking Factor Shared Parking Reduction in Number of Spaces = G (C) Required Parking Spaces = C + D - F - H Hotel 150 Rooms 1 per Room 150 345 250 95 95 50% 75 325

Hotel Surface Parking Only - 50% Shared Parking Ratio

Hotel/Office Phase 2 – Scenario 4B

Hard Costs

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Scenario 3 Hotel Use Only

Cypress Creek Mobility Hub Master Plan 31

Single use Hotel – Site Organization Diagram – Scenario 5

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Cypress Creek Mobility Hub Master Plan 32

Single use Hotel – Scenario 5

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Cypress Creek Mobility Hub Master Plan 33

Single use Office – Site Organization Diagram – Scenario 6

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Cypress Creek Mobility Hub Master Plan 34

Single use Office – Scenario 6

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Cypress Creek Mobility Hub Master Plan 35

Summary of Scenario Development Costs - Draft

Scenario 1 Scenario 2 Scenario 3 Scenario 4A Scenario 4B Scenario 5 Scenario 6 Residential + Hotel Hotel + Office Residential Only Hotel Only - Phase 1 Hotel + Office - Phase 2 Single Use Hotel Single Use Office Infrastructure Costs/Potable Water & Sanitary Sewer $455,000 $455,000 $455,000 $455,000 $455,000 $455,000 $455,000 Project Area Roadway Improvements Costs $877,000 $1,600,000 $1,600,000 $460,000 $1,181,000 $877,000 $877,000 Total Infrastructure Development Hard Costs $1,332,000 $2,055,000 $2,055,000 $915,000 $1,636,000 $1,332,000 $1,332,000 Structured Parking Investment Costs $13,500,000 $17,900,000 $12,000,000 $2,400,000 $15,800,000 $5,696,000 $11,916,000 Building Construction Costs $66,877,500 $47,227,500 $50,750,000 $17,227,500 $30,000,000 $17,227,500 $30,000,000 Total Building and Parking Investment Costs $80,377,500 $65,127,500 $62,750,000 $19,627,500 $45,800,000 $22,923,500 $41,916,000 $81,709,500 $67,182,500 $64,805,000 $20,542,500 $47,436,000 $24,255,500 $43,248,000 Total Project Investment Costs Scenario Infrastructure Development Hard Costs Project Building and Parking Investments Cost

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Introduction to Joint Development Strategies

Cypress Creek Mobility Hub Master Plan 36

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  • Clear, predictable process & outcomes:
  • Allowable densities, land uses, entitlements
  • Public responsibilities & funding mechanisms confirmed (e.g., infrastructure)
  • Demonstrated coordination by multiple participating agencies
  • Public consensus around concept
  • In emerging/ transitioning TOD locations,

developers seek/require standard parking ratios

  • Clean site / environmental clearance

Joint Development Strategies: A Developer’s Perspective

Cypress Creek Mobility Hub Master Plan 37

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  • Clear, predictable process & outcomes (continued):
  • Deal structure, terms, annual costs are known
  • Process to resolve disputes is apparent
  • Establish schedule, expectations between parties

Joint Development Strategies: A Developer’s Perspective

Cypress Creek Mobility Hub Master Plan 38

Density Target for Residential Portion Only

  • f Station

Area Residential Portion (%) of TOD Station Area Gross Residential Density Target for Entire Station Area Density Target for Residential Portion Only

  • f Station

Area Residential Portion (%) of TOD Station Area Gross Residential Density Target for Entire Station Area Density Target for Residential Portion Only

  • f Station

Area Residential Portion (%) of TOD Station Area Gross Residential Density Target for Entire Station Area Regional Center 55 - 75 du/ac 35% 19 -27 du/ac 35 - 55 du/ac 35% 12 -19 du/ac 20 - 35 du/ac 35% 7 - 12 du/ac Community Center 35 - 65 du/ac 45% 16 - 29 du/ac 25 - 35 du/ac 45% 11 - 16 du/ac 10 - 20 du/ac 45% 5 - 9 du/ac Neighborhood Center 12 - 15 du/ac 75% 9 - 11 du/ac 9 - 12 du/ac 75% 7 - 9 du/ac 7 - 9 du/ac 75% 5 - 7 du/ac TOD Place Type Heavy Rail Commuter / Light Rail BRT / Bus Station Area - Gross Residential Density Targets (from TOD Framework) Conversion from Residential Portion to Entire TOD Station Area

Source: Treasure Coast Regional Planning Council

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  • Reliable & frequent transit service connected to regional network
  • Supportive public policies: density bonuses, reduced parking, incentives for TOD
  • Enough traffic congestion to encourage mode shifts
  • Strong economy & healthy real estate market dynamics
  • Neighborhood amenities & other infrastructure

Joint Development Strategies: Essential Factors to Maximize Value Creation

Cypress Creek Mobility Hub Master Plan 39

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Joint Development Strategies: The Transit-Value Premium

(“Value Capture”)

Cypress Creek Mobility Hub Master Plan 40 Single-family For-sale MF Transit System Detached Condominium Rental Retail Office San Francisco/BART 17% 5% within 500' within 1,320' San Diego 2% 2% to 18% 1% to 4% 167% within 200' within 2,640' within 2,640' within 200' Portland, OR 11% within 1,500' Chicago 20% within 1,000'

  • St. Louis

32% within 100' Santa Clara 45% 15% within 1,320' within 2,640' Washington, DC 9% to 19.6% within 300' Atlanta 11% to 15% within 1,320' Dallas/DART 30% 10% within 1,320' within 1,320' Source: Center for Transit-Oriented Development; WTL+a, July 2015. Residential Commercial/Workplace

Value Capture Premiums by Land Use

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Joint Development Strategies: Selected Case Studies

BART/Pleasant Hill Station

Cypress Creek Mobility Hub Master Plan 41

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Joint Development Strategies: Selected Case Studies

BART/East Dublin Station

Cypress Creek Mobility Hub Master Plan 42

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Joint Development Strategies: Selected Case Studies

MBTA/Riverside Station, Newton

Cypress Creek Mobility Hub Master Plan 43

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Cypress Creek Mobility Hub Master Plan 44

Joint Development Strategies: Selected Case Studies

Alewife Station, Cambridge, MA (MBTA/Red Line)

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  • August:
  • Development Strategies (Phasing, Funding, Plan/Zoning Amendments,

Partnership Opportunities, etc.)

  • September:
  • Finalize Deliverables (Reports, Draft RFP Elements)

Cypress Creek Mobility Hub Master Plan 45

Next Steps

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Friday, August 14 9:00 am Broward MPO Board Room

Cypress Creek Mobility Hub Master Plan 46

Next Meeting