NORWALK LAND DEVELOPMENT NORWALK PLANNING COMMITTEE AND - - PowerPoint PPT Presentation

NORWALK LAND DEVELOPMENT

NORWALK PLANNING COMMITTEE AND REDEVELOPMENT AGENCY NOVEMBER 19th 2014

GENERAL GROWTH PROPERTIES

• Our mission is to own and operate best-in-class retail properties

that provide an outstanding environment and experience for our Communities, Retailers, Employees, Consumers…

• “The efforts of General Growth Properties have enhanced our

city’s status as a prime retail location which has extended shopping, dining and entertainment beyond the mall itself into

• ther areas of our community.”
• Tim Tingey, Director of Administrative and Development Services, Murray, Utah

Providence Place Towson Town Center Natick Collection Glendale Galleria Streets At Southpoint Streets At Southpoint

GENERAL GROWTH PROPERTIES

• Our mission is to own and operate best-in-class retail properties

that provide an outstanding environment and experience for our Communities, Retailers, Employees, Consumers…

• “GGP has proven to be receptive to any concerns of the residents
• r the city by taking the time to meet, to listen and to collaborate.

This responsive approach has resulted in a healthy partnership between the city and GGP that benefits both parties.”

• Jim Doutt, Director of Development, Beachwood, Ohio

Providence Place Towson Town Center Natick Collection Glendale Galleria Streets At Southpoint Streets At Southpoint

WEST AVENUE CORRIDOR

• Between vibrant SoNo and a resurgent upper West Avenue,

exists a half mile long stretch of road devoid of retail activity.

RETAIL

VOID / OPPORTUNITY

• Between vibrant SoNo and a resurgent upper West Avenue,

exists a half mile long stretch of road devoid of retail activity. GGP’s critical mass will help stitch the two together and encourage pedestrian activity.

RETAIL

VOID / OPPORTUNITY

HEAD OF THE HARBOR

• Residential

WALL STREET

• Main Street Revitalization
• Residential

WAYPOINTE

• Residential
• Street Retail

REED PUTNAM

PARCELS 1,2 & 4

• GGP Site

REED PUTNAM

PARCELS 3,5 & 6

• Residential
• Office

WASHINGTON STREET

• Historic Preservation

REDEVELOPMENT PLAN AREAS

REED PUTNAM PARCELS 1,2 & 4

2007 - 95/7 VENTURES 601,000 SF Office 125,000 SF Retail 250 Residential Units 145 Hotel Rooms 1,144,000 SF Total 2001: FRENCH NORWALK 1,100,000 SF Office 50,000 SF Retail 1,150,000 SF Total 1998 - URBAN RENEWAL PLAN Parcels 1,2 +4 888,000 SF Office 10,000 SF Retail 898,000 SF Total

REED PUTNAM HISTORY

1983 - URBAN RENEWAL PLAN 70 Acres Divided by Danbury Branch RR East: Aquarium, Oyster Shell Park, & Waterfront West: Preservation + Redevelopment

MARKET ANALYSIS

OFFICE

• High Vacancy Rate
• Vacancy Rate Increasing
• ¾ Million SF Vacant in Norwalk
• Office Not Feasible
• Source: HR&A May 2014

RESIDENTIAL

• Nearly 2,000 units planned for Norwalk
• An additional 5,500 units in Stamford
• Vacancy rates expected to increase
• Becoming a Saturated Market
• Source: Johnson Controls Summer 2014

MARKET ANALYSIS

RETAIL

• Demand exceeds supply
• Connecticut is #1 in Average

Household Income

• Site and SoNo have best Strategic

Location

HOTEL

• Support for Additional Rooms in Norwalk
• No Demand for Full Service Hotel
• Potential for Limited Service Offering

NORWALK: LOCATION, LOCATION, LOCATION

• Critical mass of cultural amenities including museums, parks, and

history

• Excellent visibility to I-95 and regional access
• SoNo’s historic district is a vibrant pedestrian-friendly destination with

complementary uses

• AAA municipal bond rating exhibiting stability and strength
• Central to Fairfield County and a hub for the surrounding communities

Central Location Beautiful Harbor Cultural Amenities Mixed Use District Successful Entertainment District Transportation Infrastructure

COMMUNITY INPUT

WHAT WE LEARNED

• Development of this site is a community priority
• Connect to and expand on existing SoNo Historic District
• Complement and not compete with existing area businesses
• Minimize Traffic and Parking Impacts
• Activate West Avenue and North Water Street
• Provide Visibility and Transparency between Indoor and Outdoor Space

MEETINGS

• Civic
• Government
• Business
• Not For Profit
• Educational
• Cultural
• Religious
• Neighborhoods

PROPOSED MIXED-USE PROGRAM

INDOOR PUBLIC SPACES PUBLIC / CULTURAL RESTAURANT RETAIL HOTEL EDUCATION / COMMUNITY

CONCEPT PLAN

PROPOSED AMENITIES

• Circulator / Trolley On Wheels
• Bike/Pedestrian Trail Improvements
• Cultural and Performance Space
• Civic Plaza and Gathering Space
• Education / Community Space
• Job Training Program
• Sustainable Design Initiatives

CONSTRUCTION PHASE

ECONOMIC IMPACTS

OPERATING PHASE

ECONOMIC IMPACTS

26,000-100,000+

RANGE

LAND USE

CURRENT APPROVED USES

• Retail / Restaurant
• Office
• Residential
• Hotel
• Indoor Public Space
• Education & Community
• Public & Cultural

125,000 SF 601,000 SF 250 Units 145 Keys

• 2%-4%

1,144,000 SF PROPOSED USES

• Retail / Restaurant
• Office
• Residential
• Hotel
• Indoor Public Space
• Education & Community
• Public & Cultural

~ 780,000 SF

• ~ 150 Keys

~ 180,000 SF 5,000 SF 2%-4% 1,144,000 SF

PRECEDENT FOR CHANGE: WAYPOINTE

RETAIL HOUSING OFFICE THEATRE

535K SF 127K SF 350 UNITS 75K SF 620 SEATS 529 UNITS

• 2007
• TODAY

PRECEDENT FOR CHANGE: REED PUTNAM

OFFICE HOTEL HOUSING RETAIL PARKING

15K SF 135K SF 275 UNITS 10K SF 1,080 SPACES 207 UNITS

• 1998
• TODAY

172K SF 7.5K SF 964 SPACES

PARCELS 3,5 & 6

• Changes to the Land Disposition Agreement
• Definitions
• Concept Master Site Plan
• Phasing, Improvement Plans & Completion
• Covenants and Rights
• Exhibits
• Urban Renewal Plan
• Permitted Land Use, Scale and Massing
• Zoning Regulations

PROPOSED MODIFICATIONS

TIMELINE

LAND DISPOSITION AGREEMENT

APPROVALS CONSTRUCTION OPERATIONS

URBAN RENEWAL PLAN PLANNING AND ZONING CONSTRUCTION: 30 MONTHS GRAND OPENING 2018

QUESTIONS

NORWALK PLANNING COMMITTEE AND REDEVELOPMENT AGENCY NOVEMBER 19th 2014