Item2_2022-08-15_AEDC_URB Presentation — original pdf

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AEDC Urban Renewal District Planning Urban Renewal Board 15 August 2022 1 Learning from Prior Studies Commercial / Cultural Program AGENDA /01 /02 /03 /04 Housing Program Engagement 2 Framing the Study The Austin Economic Development Corporation (AEDC) has been engaged by the Urban Renewal Agency of the City of Austin to facilitate real estate transaction support on key parcels within the Urban Renewal District. The work builds on many years of engagement and planning efforts (2012, 2019 and recent Urban Renewal Plan/NCCD alignment work). The work in the next few months, leading up to a Request for Proposals for development, is intended to be informed by prior material developed, and focusing the conversation around the implementation and market feasible options that would provide an effective road map to potential developers of the property. 3 Learning from Prior Studies 4 Prior Studies  East 11th and 12th Street Development Strategy (2012) Questionnaire Responses • Small, neighborhood serving businesses • Mixed-use projects • Local-serving retail • Grocer store and sit-down restaurants  General RFP Public Comments (February 11, 2019) • Affordable grocery store • Mix of uses • Neighborhood serving retail • Affordable housing • Green space • Green building • Design compatible with existing neighborhood • Public performance space • Minority- and women-owned businesses 5 Council Resolution In September 2021, City Council resolution (20210902-048) outlined the program that should be considered on the district parcels available, such as Blocks 16 & 18: 1. Outdoor performance space / amphitheater and publicly accessible green space Indoor performance space 2. 3. Audio/video recording studio 4. Rehearsal space 5. Classroom, meeting room, and conference space 6. Small studio rooms for practice, lessons, and artmarking 7. Shared work/office space for nonprofit arts organizations that reflect the intent of the AACHD (African American Cultural Heritage District) 8. An art gallery 9. The Kenny Dorham Museum (active research project / educational site documenting Black Music History of Austin and the cultural history of Central East Austin and the AACHD 10. Street-level retail 11. Residential units (at or below 60% MFI, working creatives) 6 Program Elements Prioritization Commercial / Grocery – 15,000-25,000 GSF minimum Cultural Venue – 20,000-30,000 GSF Housing – 50-70 units minimum (deeply subsidized) 80-100 units minimum (workforce/market) 7 Cultural / Commercial Program 8 Site Context 9 Capitol View Corridor Restrictions 10 Neighborhood Development Potential 11 Block 16 Site Constraints 12 Block 18 Site Constraints 13 Urban Format Grocery Stores Grocer Name Square Feet HEB Safeway Meijer QFC – Kroger Sprouts Farmers Market Block 16 Trader Joe’s Royal Blue Little Red Box Grocery 90,000 45,000 37,000 28,000 25,000 25,000 15,000 7,000 800 14 Urban Format Grocery Stores HEB has urban locations with program stacked above Smallest footprint is approximately 12,000 SF in San Antonio Majority of stores are still 90,000 SF and above 15 Urban Format Grocery Stores Sprouts Farmers Market Royal Blue Grocery Little Red Box Grocery 25,000 SF 7,000 SF 800 SF Urban, small format stores are opening across the US. Operates six urban, small format stores throughout Austin (Tampa, FL store pictured) (1629 E. 6th Street store pictured) Only store located in Houston at 3401 Harrisburg Blvd. Model incorporates online ordering and curbside pick-up. 16 Cultural Venue Target 20,000-30,000 GSF for a cultural venue One level of Block 18 can accommodate approximately 35,000 GSF of program area 17 Housing Program 18 Typologies Townhomes Multi-family 19 AFFORDABLE HOUSING INVESTIGATION Levels of Affordability Alternative Funding Sources  Blend of Market + Affordable  Low Income Housing Tax Credits (LIHTC)  Blend of Workforce + Affordable  New Market Tax Credits (NMTC)  100% Affordable / Deeply Subsidized  Community Development Financing Institution (CDFI)  National Housing Trust Fund (NHTF)  Community Housing Development Organizations (CHDOs)  Housing Authorities / Corporations & Non-profits 20 AFFORDABLE HOUSING INVESTIGATION Affordability Levels Minimum Wage AISD Teacher 21 AFFORDABLE HOUSING INVESTIGATION Affordability Levels Average rent in East Austin - ~$1,835 Minimum Wage AISD Teacher 22 Engagement 26 Engagement • Property owners • Businesses • Residents Collecting names and information on stakeholders for outreach Setting up project page on AEDC website (austinedc.org) Coordinating schedule for near-term opportunities for engagement leading up to RFP • End of August – Virtual Introduction • September/October – Public Information Sessions Contact Anne Gatling Haynes for more information: anne@austinedc.org 27