Roebling Place - NAIOP NJ...Roebling Place March 24th, 2017 OUR OBJECTIVE Greater Trenton: a...
Transcript of Roebling Place - NAIOP NJ...Roebling Place March 24th, 2017 OUR OBJECTIVE Greater Trenton: a...
Roebling Place
March 24th, 2017
OUR OBJECTIVEGreater Trenton: a collaborative of private-sector, institutional, and philanthropic orgs.
They have tasked us with outlining comprehensive development plans in order to convert an abandoned brownfield into a two-hundred to three-hundred thousand square foot mixed-use project.
CEO George Sowa envisions a development that will revitalize the industrial neighborhood surrounding Roebling Block 2.
Our plan utilizes both private and public funds to create a burgeoning neighborhood, drawing in young professionals to live, and residents from all over Trenton to dine and shop.
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SITE OVERVIEW
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PROPOSAL OVERVIEW● Make use of existing on-site structures● Preserve the brownfield’s existing character● Apartment-style living that will attract millennials● Retail and dining plaza that will cater to millennials and draw in locals● Leisure and recreational space that fits millennial and Trenton psychographic
profiles● Support culture and the arts locally
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INTRODUCING Roebling Place
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DESIGN
Original Rendering 6
DESIGN
Original Rendering 7
DESIGN
Original Rendering 8
DESIGN
Original Rendering 9
DESIGN
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DESIGN
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PARKING
● Uncovered lot for public use● Covered walkway and parking
structure for our tenants● Ergonomic building design● Strategic use of old structures● 2 indoor spaces built for every
unit, available for rent
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PARKING
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SUSTAINABILITY● Cost-effective sustainability throughout each part of the development● Restore the majority of the buildings on site
○ Saves building material and historic significance● Windows increase energy efficiency and thermal performance, enabling
significant cost savings per apartment● Open green space provides a rich environment
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MARKET ANALYSIS● 5 criteria market analysis ● Non-household millennials ● Road networks
○ 9 State Roads ○ I-95, I-195, I-295
● Mobility patterns○ 55 trains ○ 700 bus trips
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MARKET ANALYSIS● Psychographics
○ Urban Rows○ City Commons ○ City Dimensions○ Urban Fringe ○ Young Urbanites
● Movies, soccer, discount food ● Creative placemaking
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MARKET ANALYSIS
● Economics and Demographics○ $19,020○ $39,396
● Mount Laurel Doctrine ● Income Diversity
Problem
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MARKET ANALYSIS
● $50,000-$74,999 income segment
● 49.3% earn above $50,000
● 32.8% and 37.9% are non-family households
● $1,250 rent affordability
● $1,300-1,400 price point
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FINANCIALS
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FINANCIALS
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FINANCIALS
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FINANCIALS
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FINANCIALS
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FINANCIALS
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FINANCIALS
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FINANCIALS
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PUBLIC SAFETY● Neighborhood ranked 70 out of 100 for property related crimes● Property crime per 1,000 documented around our development at 14.38● Violent crime in the greater area may pose as a deterrent for potential tenants● Possible to mitigate most problems associated with violent crime
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ZONING● Site currently zoned industrial
○ Several zoning segments do not match the Trenton250 master plan● Variance for mixed use based on economic and environmental factors● This site has the potential to be a catalyst for economic growth● Plan includes open space and recreation ● Green technologies put in place to protect the environment
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GOVERNMENT SUBSIDIES● Existing state grant valued between $2-$3 million● Trenton capital funds available to businesses looking to enter marketplace● Trenton Parking Authority mission statement:
○ “...created for the purpose of acquiring, constructing, maintaining and operating parking facilities to promote commerce and economic renewal.”
● Residential and retail spending will boost revenue for the city
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COMPARABLESRevitalization of brownfields was catalyst in Northern Liberties● 1980’s littered with brownfields and remnants of industry● Neighborhood in poverty
Development encouraged a large influx of young professionals● Features apartments focused on a live, work,
play theme● Open spaces for community events● Subsequent increase in value
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Northern Liberties
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IN CONCLUSION
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