NORWALK LAND DEVELOPMENT NORWALK PLANNING COMMITTEE AND - PowerPoint PPT Presentation

NORWALK LAND DEVELOPMENT NORWALK PLANNING COMMITTEE AND REDEVELOPMENT AGENCY NOVEMBER 19 th 2014

Providence Place Towson Town Center Natick Collection Glendale Galleria Streets At Southpoint GENERAL GROWTH PROPERTIES Streets At Southpoint  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 other 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 GENERAL GROWTH PROPERTIES Streets At Southpoint  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 or 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

WEST AVENUE CORRIDOR

RETAIL VOID / OPPORTUNITY  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.

 Residential HEAD OF THE HARBOR  Main Street Revitalization WALL STREET  Residential REDEVELOPMENT  Residential PLAN AREAS WAYPOINTE  Street Retail REED PUTNAM  GGP Site PARCELS 1,2 & 4  Residential REED PUTNAM  Office PARCELS 3,5 & 6  Historic Preservation WASHINGTON STREET

REED PUTNAM PARCELS 1,2 & 4

REED PUTNAM HISTORY 1983 - URBAN RENEWAL PLAN 1998 - URBAN RENEWAL PLAN 2001: FRENCH NORWALK 2007 - 95/7 VENTURES 70 Acres Parcels 1,2 +4 Divided by Danbury Branch RR 888,000 SF Office 1,100,000 SF Office 601,000 SF Office East: Aquarium, Oyster Shell Park, 10,000 SF Retail 50,000 SF Retail 125,000 SF Retail & Waterfront 250 Residential Units West: Preservation + Redevelopment 145 Hotel Rooms 898,000 SF Total 1,150,000 SF Total 1,144,000 SF Total

MARKET ANALYSIS OFFICE RESIDENTIAL  High Vacancy Rate  Nearly 2,000 units planned for Norwalk  Vacancy Rate Increasing  An additional 5,500 units in Stamford  ¾ Million SF Vacant in Norwalk  Vacancy rates expected to increase  Office Not Feasible  Becoming a Saturated Market -Source: HR&A May 2014 -Source: Johnson Controls Summer 2014

MARKET ANALYSIS RETAIL HOTEL  Demand exceeds supply  Support for Additional Rooms in Norwalk  Connecticut is #1 in Average  No Demand for Full Service Hotel Household Income  Potential for Limited Service Offering  Site and SoNo have best Strategic Location

Central Location Beautiful Harbor Cultural Amenities Mixed Use District Successful Entertainment District NORWALK: LOCATION, LOCATION, LOCATION  Critical mass of cultural amenities including museums, parks, and Transportation Infrastructure 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

COMMUNITY INPUT MEETINGS WHAT WE LEARNED  Civic  Development of this site is a community priority  Government  Connect to and expand on existing SoNo Historic District  Business  Complement and not compete with existing area businesses  Not For Profit  Minimize Traffic and Parking Impacts  Educational  Activate West Avenue and North Water Street  Cultural  Provide Visibility and Transparency between Indoor and Outdoor Space  Religious  Neighborhoods

PROPOSED MIXED-USE PROGRAM INDOOR EDUCATION / HOTEL RETAIL RESTAURANT PUBLIC / PUBLIC SPACES COMMUNITY CULTURAL

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

ECONOMIC IMPACTS CONSTRUCTION PHASE

ECONOMIC IMPACTS OPERATING PHASE 26,000-100,000+ RANGE

LAND USE CURRENT APPROVED USES PROPOSED USES • Retail / Restaurant 125,000 SF • Retail / Restaurant ~ 780,000 SF • Office 601,000 SF • Office ---- • Residential 250 Units • Residential ---- • Hotel 145 Keys • Hotel ~ 150 Keys • Indoor Public Space ---- • Indoor Public Space ~ 180,000 SF • Education & Community ---- • Education & Community 5,000 SF • Public & Cultural 2%-4% • Public & Cultural 2%-4% 1,144,000 SF 1,144,000 SF

PRECEDENT FOR CHANGE: WAYPOINTE  2007  TODAY 350 UNITS 529 UNITS 620 SEATS 535K SF 127K SF 75K SF 0 0 RETAIL HOUSING OFFICE THEATRE

PRECEDENT FOR CHANGE: REED PUTNAM PARCELS 3,5 & 6  1998  TODAY 1,080 SPACES 964 SPACES 275 UNITS 207 UNITS 135K SF 172K SF 15K SF 7.5K SF 10K SF 0 OFFICE HOTEL HOUSING RETAIL PARKING

PROPOSED MODIFICATIONS  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

TIMELINE APPROVALS CONSTRUCTION OPERATIONS LAND DISPOSITION AGREEMENT GRAND OPENING URBAN RENEWAL PLAN CONSTRUCTION: 30 MONTHS 2018 PLANNING AND ZONING

QUESTIONS NORWALK PLANNING COMMITTEE AND REDEVELOPMENT AGENCY NOVEMBER 19 th 2014