Item4_Blocks16-18_AEDC_2022-12-19_PART 1_compressed — original pdf

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B L O C K 16 11th Street Development Urban Renewal Board Meeting December 19th, 2022 B L O C K 18 Implementing inclusive and equitable public development services as a non-profit partner to the city of Austin Implementing inclusive and equitable public development services as a non-profit partner to the City of Austin October 17 2022 Urban Renewal Board Previous Scenarios A Adjacent Typologies B NCCD C Increased Density for Affordability A 16 18 Adjacent Typologies* 16 18 Housing Housing Commercial Cultural Retail Food Based Retail Green Space Underground Parking Structure Parking Juniper Street Block 16 Juniper Street Block 16 Block 18 Block 18 16 18 Juniper Street Block 16 Block 18 Below Grade Parking et e Stre urv C E. 11th St. t e e r t S r e l l a W Below Grade Parking et e Stre urv C E. 11th St. Below Grade Parking t e e r t S r e l l a W Below Grade Parking s St. o arc n M a S et e Stre urv C E. 11th St. E. 10th St. t e e r t S r e l l a W t e e r t S r e l l a W *drawing is illustrative only and not intended to represent final design. *drawing is illustrative only and not intended to represent final design. *drawing is illustrative only and not intended to represent final design. Multifamily Commercial Cultural Center Retail Parking Structure City Owned Parcel East 11th Street Multifamily Commercial Cultural Center Retail Parking Structure City Owned Parcel East 11th Street Multifamily Commercial Cultural Center Retail Parking Structure City Owned Parcel East 11th Street C 16 18 Increased Density for Affordability* Housing Housing Commercial Cultural Retail Food Based Retail Green Space Underground Parking Structure Parking B 16 18 NCCD Overlay* 16 18 Housing Housing Commercial Cultural Retail Food Based Retail Green Space Underground Parking Structure Parking Market AffordableMarket AffordableMarket AffordableB NCCD C Hy Increased Density for Affordability Hybrid* BLOCK Cultural Food Based Retail Workspace Retail Market Housing Affordable Housing District Parking UG Parking AG Parking Green Space Scenario B Scenario C Scenario Hy “NCCD Overlay” “Increased Density for Affordability” Hybrid 16 18 16 18 16 18 50% 50% 50% 50% 100% 100% 50-70% 30-50% 50% 50% Possible development under NCCD regulations Unlocking additional height (zoning) to increase density Balancing community priorities with site constraints These three scenarios demonstrate the range of possible physical ‘fits’ and program distribution; final solutions by developer responses will be different. Program Matrix: 16 18 Scenario B 70’ 65’ Block 16 40’ 60’ et e Stre urv C B NCCD Overlay B Residential Units NCCD Overlay Multifamily - 233 11.14.2022 16 18 Residential Units Juniper Street Multifamily - 151 Commercial 12.19.2022 Revised building height (zoning) E. 11th Street On each block, the northern parcel (along Juniper) was set to a max height of 40’ and the southern parcel, along E. 11th St, was set to a max height of 60’ et s Stre o arc n M a S Housing Housing Cultural Retail Food Based Retail Green Space Underground Parking Structure Parking 70’ 40’ t e e r t S r e l l a W 40’ 40’ Block 18 *drawing is illustrative only and not intended to represent final design. Multifamily Commercial Cultural Center Retail Parking Structure City Owned Parcel East 11th Street *drawing is illustrative only and not intended to represent final design. Multifamily Commercial Cultural Center Retail Parking Structure City Owned Parcel East 11th Street Market AffordableBlock 16Block 18BNCCDOverlayE. 11th StreetSan Marcos StreetJuniper StreetWaller StreetCurve Street1618Cultural Commercial Food Based RetailMarket HousingHousingAffordableGreen SpaceUnderground ParkingStructure ParkingRetail *drawing is illustrative only and not intended to represent final design.RetailParking StructureCity Owned ParcelEast 11th StreetMultifamilyCommercialCultural Center 16 18 Scenario C C Increased Density for Affordability Residential Units Multifamily - 269 Residential Units Multifamily - 192 Juniper Street Revised building height (zoning) On each block, the northern parcel (along Juniper) was set to a max height of 60’ and along E. 11th St, the southern parcel, was set to a max height of 90’. The CVC limits heights to 77’ on Block 16 and 40’ on Block 18 E. 11th Street et s Stre o arc n M a S 77’ 66’ Block 16 60’ 77’ et e Stre urv C 88’ 60’ t e e r t S r e l l a W 40’ Block 18 50’ *drawing is illustrative only and not intended to represent final design. Multifamily Commercial Cultural Center Retail Parking Structure City Owned Parcel East 11th Street CBlock 16Block 18E. 11th StreetSan Marcos StreetJuniper StreetWaller StreetCurve Street1618Cultural Commercial Food Based RetailMarket HousingHousingAffordableGreen SpaceUnderground ParkingStructure ParkingRetail Increased Density for Affordability RetailParking StructureCity Owned ParcelEast 11th StreetMultifamilyCommercialCultural Center *drawing is illustrative only and not intended to represent final design.11.14.202212.19.202216 18 Scenario Hybrid Hy 16 18 Hybrid Capital View Corridor Zoning NCCD Juniper Street Block 16 Block 18 Below Grade Parking et e Stre urv C E. 11th St. t e e r t S r e l l a W t e e r t S r e l l a W E 10th St. *drawing is illustrative only and not intended to represent final design. Multifamily Commercial Cultural Center Retail Parking Structure City Owned Parcel East 11th Street Hy 16 18 Hybrid 16 18 Housing Housing Workspace Cultural Retail Food Based Retail Green Space Above Grade Parking Below Grade Parking Juniper Street Block 16 40’ 60’ et e Stre urv C E. 11th St. Block 18 40’ t e e r t S r e l l a W 52’ Below Grade Parking *drawing is illustrative only and not intended to represent final design. Multifamily Workspace Cultural Center Food Based Retail Parking Structure City Owned Parcel East 11th Street Market AffordableHy 16 18 Hybrid Block 18 52’ Residential Units Multifamily - 120 40’ 40’ Below Grade Parking 60’ Block 16 Cultural Variable depending on program Juniper Street 40’ Curve Street Tree Preservation: (-9 units) 40’ Additional City-owned Parcels: (+20 units) Not in Scope Parking 347 Spaces *drawing is illustrative only and not intended to represent final design. Multifamily Commercial Cultural Center Retail Parking Structure City Owned Parcel East 11th Street Waller StreetRetailGreen Space10,000 Sf (Food Based Retail) 4500 Square Feet Rent Limits: $1,546 - $2,560Income Limits: $61,000 - $88,000Commercial 48,000 Square Feet Hy* 16 18 Hybrid * Block 18 52’ Residential Units Multifamily - 138 40’ 40’ Below Grade Parking Cultural Variable depending on program Block 16 77’ Affordability height unlock* Juniper Street 60’ Curve Street Tree Preservation: (-11 units) 60’ Additional City-owned Parcels: (+25 units) Not in Scope Parking 409 Spaces *drawing is illustrative only and not intended to represent final design. Multifamily Commercial Cultural Center Retail Parking Structure City Owned Parcel East 11th Street Waller StreetCommercial RetailGreen Space48,000 Square Feet 10,000 Sf (Food Based Retail) 4500 Square Feet Rent Limits: $1,546 - $2,560Income Limits: $61,000 - $88,000B NCCD Residential Units Multifamily - 151 Square Foot Assumption - 760 sf Rent Limits: $1,546 - $2,560 Income Limits: $61,000 - $88,000 C Increased Density for Affordability Residential Units Multifamily - 192 Square Foot Assumption - 940 sf Cultural (Block 18) 20,000 Square Feet Cultural (Block 16) 30,000 Square Feet Parking Spaces Underground Block 16 - 206 Underground Block 18 - 125 Parking Spaces Underground Block 16 - 219 Underground Block 18 - 106 Hy Hybrid* Residential Units Multifamily - 120 Square Foot Assumption - 760 sf Multifamily - 138* Square Foot Assumption - 940 sf Cultural (Block 16) 30,000 Square Feet Parking Spaces Underground Block 16 - 154 Underground Block 18 - 193 Retail25,000 Sf (Food Based Retail) Green Space6300 Square Feet *Affordability Unlocked on Block 16Creative Workspace17,000 Square FeetGreen Space4500 Square Feet Retail (Block 1810,000 Square FeetGreen Space00 Square Feet Rent Limits: $1,159 - $1,721Income Limits: $46,000 - $66,000Retail15,000 Sf (Food Based Retail) Financial Model Assumptions Transaction Structure • Developed / financed by parcel (Block 16 / Block 18) • Financed by use (Residential vs. Commercial) Sources of Capital (Current Market Rates / Conditions) • Debt and equity financing • Subsidies (LIHTC - Affordable housing, NMTC - Commercial) Valuation / Feasibility (Developer’s Perspective) • Total project costs • Discounted cash flow analysis • Conservative operations Housing Summary Comparison Housing Summary Comparison* 2 * Preliminary (Subject to change) Program Summary Comparison Program Summary Comparison* 3 * Preliminary (Subject to change) Program Cost Comparison Program Cost Comparison* 4 * Preliminary (Subject to change) Programmatic Cost Trade-offs Programmatic Cost Trade-Offs Cost Impacts Potential Trade-Offs Parking – Below Grade/ Structured (15 – 30% of Total Project Cost) Parking – Reduced/ Shared Parking (Decrease Parking Costs by 25-50%) Commercial Use – Cultural (Significant Subsidy/ Additional Resources Required) Residential Use – Affordable Housing (Significant Subsidy/ Additional Resources Required) Commercial Use – Reduce Cultural SF by 10,000 (Reduce Cultural Gap by 30%+/ Replace with 5-10 Units) Residential Use – Gap Financing; Higher Income Levels (Funding Subsidy Needed; Decrease in Gap) 5 Scenario Summary Comparison High - Low - Commercial Only (Food Retail/ Workspace) This is an illustration based on review of other similar type projects that have been developed. (Sources not guaranteed.) This is an illustration based on review of other similar type projects that have been developed. Sources not guaranteed. 6 * Preliminary (Subject to change) Scenario Summary Comparison Commercial Only (Cultural) High - Low - This is an illustration based on review of other similar type projects that have been developed. (Sources not guaranteed.) This is an illustration based on review of other similar type projects that have been developed. Sources not guaranteed. 7 * Preliminary (Subject to change) Program Summary Comparison Program Summary Comparison* 3 * Preliminary (Subject to change) Scenario Comparison B NCCD C Increased Density for Affordability Hy Hybrid B NCCD Overlay 16 18 Housing Housing Commercial Cultural Retail Food Based Retail Green Space Underground Parking Structure Parking Juniper Street Block 16 E. 11th Street et e Stre urv C et s Stre o arc n M a S Block 18 t e e r t S r e l l a W *drawing is illustrative only and not intended to represent final design. Multifamily Commercial Cultural Center Retail Parking Structure City Owned Parcel East 11th Street Market Affordable