VANCOUVER CITY COUNCIL WORKSHOP · 7/14/2014 · OFFICERS ROW/WEST BARRACKS COMBINED 2013 Gross...
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VANCOUVER CITY COUNCIL WORKSHOP WEST VANCOUVER BARRACKS July 14, 2014
Transcript of VANCOUVER CITY COUNCIL WORKSHOP · 7/14/2014 · OFFICERS ROW/WEST BARRACKS COMBINED 2013 Gross...
VANCOUVER CITY COUNCIL WORKSHOP
WEST VANCOUVER BARRACKS
July 14, 2014
PRESENTATION OVERVIEW
Review West Barracks background
Provide status update including completed
redevelopment work and current uses
Present conceptual reuse options for Phase 2
Policy considerations
SITE MAP
WEST BARRACKS BACKGROUND
Cooperative Management Plan
City Ownership
2002 Reuse Plan
Reuse Plan Assumptions
Arts District
COOPERATIVE MANAGEMENT PLAN GOALS
Preservation – of historic structures, physical
assets, and cultural landscapes.
Education – and interpretation of the
significance and history of the area for public
benefit.
Public Use – and accessibility to the Historic
Reserve.
WEST BARRACKS REUSE PLAN
The preferred use scenario envisions a mixed-
use campus featuring interrelated programs of
education, arts and hospitality – with
supplemental work/live space.
70% space designed for mixed use combining
education, arts community and hospitality
functions.
30% for office and residential uses.
REUSE PLAN ASSUMPTIONS
Rehabilitation Cost Estimates
$24.5-$29.2 million
Funding Assumptions
50% Federal government funding
15% City of Vancouver (infrastructure)
35% Reserve Trust
Cooperative Management Plan Goals
Preservation, Education, Public Use
VANCOUVER ARTS DISTRICT
CITY / TRUST PROPERTY LEASE
Master Lease Structure
City Approvals
Properties Committee
City and Trust representation
“Provide guidance to the development and
management of the Premise”
Development, redevelopment, and use shall
conform to the principals set forth in various
agreements, documents….
TOTAL GROSS REVENUE
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
2006 2007 2008 2009 2010 2011 2012 2013
NET OPERATING INCOME
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
$900,000
$1,000,000
2006 2007 2008 2009 2010 2011 2012 2013
FINANCIAL REINVESTMENT
Net Income
60%
Capital Fund
40%
Property Development Fund
CURRENT OPERATING STATUS
2013 Operating Performance
Occupancy Statistics
Residential - 0% Vacancy
Commercial – 2.67% Vacancy
No Deferred Maintenance
Capital Facilities Plan and Funding Program
OFFICERS ROW/WEST BARRACKS COMBINED
2013 Gross Revenue Statistics
Officers Row – $1,756,915
West Barracks - $477,143
Special Events
400+ individual bookings annually
Over 30,000 annual attendance.
Primary Uses:
35% are Weddings/Receptions
25% Organization Meetings
WEST BARRACKS ACCOMPLISHMENTS
Infrastructure Improvements
Residential - 100% Occupied
Red Cross Bldg Renovated & Occupied
Mess Hall Renovated & Occupied
Partial Renovation of the Artillery Barracks
Event Facility Activity
ARTS & HOSPITALITY EFFORTS
ARTillery Barracks Concept
Hospitality Development Attempts
Hostel Concept Feasibility
Performing Arts Center
Prospective Tenant Interest
WEST VANCOUVER BARRACKS- PHASE 2
ARTILLERY BARRACKS
ARTILLERY BARRACKS
ARTILLERY BARRACKS
INFANTRY BARRACKS
INFANTRY BARRACKS
DENTAL SURGERY BUILDING
DENTAL SURGERY BUILDING
QUARTERMASTER STOREHOUSE
QUARTERMASTER STOREHOUSE
PHASE 2- PROJECT SUMMARY
Total Project Estimate - ~$6 million
4 buildings
32,000 square feet
Potential Uses: Residential, Commercial, Retail
and Arts
POST HOSPITAL – FUTURE PHASE
POST HOSPITAL
POST HOSPITAL CONSIDERATIONS
Potential Art Center
~$11 million project
Hazardous materials removal
Seismic challenges
Proximity to I-5
NEXT WORKSHOP
Update WB Financial Analysis
Review Changes in Reuse Assumptions
Present financial Pro Forma and Sustainability
Models
Review Funding Options
COUNCIL POLICY CONSIDERATIONS
Importance of a robust public component (art,
education) vs. fiscal sustainability
Would it be acceptable to phase-in an
arts/education/hospitality component
QUESTIONS AND DISCUSSION
Mike True
Fort Vancouver National Trust
(360) 992-1805
Jeanette (Jan) Bader
City of Vancouver
(360) 487-8606
VANCOUVER CITY COUNCIL WORKSHOP
Properties Committee
Thank you!
