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Development 
Scenario 
Workshop 
Corridor 
Wide 
Infrastructure 
Recommenda3ons 
to 
Accelerate 
Private 
Investment 
Summary 
Hosted by: FOR:
Development 
Scenario 
Workshop
Development 
Scenario 
Workshop 
Data 
Support 
Provided 
by: 
• Cushman 
Wakefield/Northmarq 
• Marque@e 
Advisors
Targeted 
Infrastructure 
and 
Development 
public policy + 
infrastructure 
investments 
Targeting 
Priority 
Development 
Areas 
State, regional, 
local policies 
and $$ 
• Met Council 
• Utilities 
• Water Districts 
• Counties 
• Municipalities
Purpose 
Southwest LRT Corridor Community Works and ULI Minnesota engaged an 
independent panel of local and national developers, economists, and designers to 
work with the Technical Implementation Committee and provide corridor and station 
recommendations with a particular focus on five key SW LRT Corridor station areas: 
– Penn 
– Beltline 
– Blake 
– Golden Triangle 
– Mitchell Road 
The intended outcome is to identify key 
development opportunities, barriers and 
strengths related to land use and station location, 
and identify critical infrastructure improvements 
for consideration by the Cities and SW Project 
Office linking land use and engineering with 
market knowledge.
30% 
25% 
20% 
15% 
10% 
5% 
0% 
Timing 
Disconnect 
Between 
Transit 
and 
Developer 
Decisions 
Private 
Land 
Development 
Coordinate 
District 
Infrastructure 
Final 
Design 
Construc)on 
Preliminary 
Engineering 
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 
Year 
Land 
price 
premium 
Transit 
Infrastructure 
Timeline 
Hypothe3cal 
Land 
Price 
Impact 
Alterna)ves 
Analysis 
Preliminary 
Poli)cs 
Opera)on 
Source: 
Emerson, 
Donald; 
“Successfully 
Naviga3ng 
the 
FTA 
New 
Starts 
Process”; 
PB 
Consul3ng, 
2006
TOP 
TEN 
TOD 
STRATEGIES
1. IdenNfy 
specific 
corridor-­‐wide 
targets 
for 
both 
community 
benefits 
and 
economic 
development 
Artsit’s 
Studios 
Workforce 
Housing 
Belmar, 
CO 
TOD 
3.0 
Strategies
2. Incorporate 
market 
and 
development 
criteria 
TOD 
3.0 
Strategies
Cost 
Assump3ons 
Construction HARD Cost Estimates for SW Corridor 
Pat John Stacie 
Site Work 
Site Prep/Demo/Landscaping $6.00 6 4 psf Assumes structures on site and includes removal of surface parking 
Parking 
Surface Parking $3,000.00 3500 2500 3000 psf incl. landscape and lighting 
Structured Parking $16,666.67 12500 17500 20000 psf Structured parking 
Below Grade Parking $23,333.33 27500 25000 17500 psf 
Retail 
Concrete Podium Construction $102.50 100 105 psf 
Masonry (CMU) Construction $75.00 90 60 psf Standard retail strip center, dependent upon size 
Steel Frame Construction $60.00 60 
Storefront $1,050.00 1050 plf 
Retail Tenant Fit-Out $85.00 85 psf Depends on end user. Restaurants can have significant higher costs 
Office 
Multistory Concrete Construction $110.00 110 psf 
Steel Frame Construction $105.00 105 
Office Tenant Fit-Out $50.00 40 60 psf Depends on end user. Medical office can have significant higher costs 
Residential 
Single Family Wood Frame Construction $ 60.00 psf Will's best guess 
Townhouse Wood Frame Construction $ 80.00 psf Will's best guess 
Multifamily Wood Frame Construction $120.00 105 135 psf Includes const profit. overhead, city fees, etc. 
Multifamily Concrete Construction $138.00 psf 
Industrial 
Concrete Tilt-up Construction $45.00 45 psf 
Masonry (CMU) Construction $50.00 50 psf
Rent 
Assump3ons 
Rent and Vacancy Estimates for SW Corridor 
Premium Mitchell Golden 
Triangle Blake Beltline Penn 
Residential 
Vacancy Rate 2.3% 2.3% 3.2% 2.0% 1.9% 
Vacancy Rate 10% 2.3% 2.3% 3.2% 2.0% 1.9% 
Average Size 1,016 1,021 944 902 698 
$/SF (month) $1.11 $1.10 $1.04 $1.32 $1.49 
$/SF (month) 50% $1.66 $1.65 $1.56 $1.98 $2.23 
Office 
Vacancy % 2.61% 17.81% 21.37% 7.83% 12.29% 
Vacancy % 10% 2.6% 10.0% 10.0% 7.8% 10.0% 
Ave Net Rent (yr) $12.83 $12.84 $10.56 $13.09 $12.18 
Ave Net Rent (month) $1.07 $1.07 $0.88 $1.09 $1.02 
Ave Net Rent (month) 50.0% $1.60 $1.61 $1.32 $1.64 $1.52 
Retail 
Vacancy % 1.97% 6.45% 7.97% 7.38% 18.40% 
Vacancy % 10% 2.0% 6.5% 8.0% 7.4% 10.0% 
Ave Net Rent (yr) $19.67 $17.87 $12.45 $16.45 $13.76 
Ave Net Rent (month) $1.64 $1.49 $1.04 $1.37 $1.15 
Ave Net Rent (month) 50.0% $2.46 $2.23 $1.56 $2.06 $1.72
Project 
Feasibility 
Analysis 
Building 
Type 
ConstrucNon 
Type 
Podium 
Parking 
Mitchell 
Golden 
Triangle 
Blake 
Beltline 
Penn 
RESIDENTIAL 
Low 
Density 
Wood 
No 
Surface 
1 
1 
1 
1 
1 
Medium 
Density 
Wood 
No 
Structure 
0 
0 
0 
1 
1 
High 
Density 
Concrete 
No 
Below 
Grade 
0 
0 
0 
0 
1 
MIXED-­‐USE 
Medium 
Density 
-­‐ 
ResidenNal 
Wood 
Yes 
Structure 
0 
0 
0 
0 
1 
High 
Density 
-­‐ 
ResidenNal 
Concrete 
Yes 
Below 
Grade 
0 
0 
0 
0 
0 
MIXED-­‐USE 
OFFICE 
Medium 
Wood 
Yes 
Structure 
1 
1 
0 
1 
1 
High 
Concrete 
No 
Below 
Grade 
0 
0 
0 
0 
0 
OFFICE 
Low 
Cinder 
block 
No 
Surface 
1 
1 
1 
1 
1 
Medium 
Concrete 
No 
Structure 
1 
1 
0 
1 
1 
High 
Steel 
No 
Below 
Grade 
1 
1 
0 
1 
1
3. Extend 
mobility, 
access, 
connecNons 
to 
place 
Hop 
ShuRle 
-­‐ 
Boulder, 
CO 
TOD 
3.0 
Strategies
4. Derive 
the 
staNon 
influence 
area 
and 
specific 
boundaries 
TOD 
3.0 
Strategies
5. Enable 
market 
metrics 
to 
shape 
staNon 
area 
land 
uses 
Mid-­‐rise 
Freight 
Project 
– 
Denver, 
CO 
office 
– 
Woburn, 
MA 
TOD 
3.0 
Strategies
6. Street 
designs, 
pedestrian 
networks 
and 
open 
spaces 
= 
transit 
infrastructure 
CASE STUDY: Creating an Urban Boulevard – Alameda Ave. 
Alameda Ave 
Lakewood, CO 
TOD 
3.0 
Strategies
CASE STUDY: Creating an Urban Boulevard – Alameda Ave. 
Alameda Ave 
Lakewood, CO 
TOD 
3.0 
Strategies
CASE STUDY: Creating an Urban Boulevard – Alameda Ave. 
Alameda Ave 
Lakewood, CO 
TOD 
3.0 
Strategies
CASE STUDY: Creating an Urban Boulevard – Alameda Ave. 
Alameda Ave 
Lakewood, CO 
TOD 
3.0 
Strategies
7. Avoid 
over 
planning 
specific 
development 
design 
MIXED 
USE 
OFFICE 
RESIDENTIAL 
INDUSTRIAL 
TOD 
3.0 
Strategies
8. Phase 
incremental 
infrastructure 
improvements 
Industrial/Residen3al 
– 
Boulder, 
CO 
TOD 
3.0 
Strategies
9. Emphasize 
shared 
parking 
faciliNes 
15th 
and 
Pearl 
Parking 
Garage 
Boulder, 
CO 
TOD 
3.0 
Strategies
10. Create 
a 
long-­‐term 
district 
organizaNon/organizer 
Federal 
Major 
Employers 
Small 
Businesses 
TOD 
3.0 
Strategies 
State 
Local/County 
Governments 
METC 
District 
Coordinator 
Real Estate 
Developers 
Investors 
Metro Transit
For 
Discussion 
• Process 
for 
Metro 
Transit 
to 
provide 
opera3ng 
and 
capital 
cost 
data 
for 
alterna3ves 
early 
in 
the 
PE 
process; 
• Ability 
to 
assemble 
land 
for 
cataly3c 
projects 
and 
workforce 
housing; 
• Legisla3ve 
enabling 
language 
to 
fund 
infrastructure 
• Coordina3ng 
en3ty 
to 
focus 
on 
system 
wide 
infrastructure 
and 
placemaking

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RV 2014: TOD Market Dreams + Reality by John Breitinger

  • 1. Development Scenario Workshop Corridor Wide Infrastructure Recommenda3ons to Accelerate Private Investment Summary Hosted by: FOR:
  • 3. Development Scenario Workshop Data Support Provided by: • Cushman Wakefield/Northmarq • Marque@e Advisors
  • 4. Targeted Infrastructure and Development public policy + infrastructure investments Targeting Priority Development Areas State, regional, local policies and $$ • Met Council • Utilities • Water Districts • Counties • Municipalities
  • 5. Purpose Southwest LRT Corridor Community Works and ULI Minnesota engaged an independent panel of local and national developers, economists, and designers to work with the Technical Implementation Committee and provide corridor and station recommendations with a particular focus on five key SW LRT Corridor station areas: – Penn – Beltline – Blake – Golden Triangle – Mitchell Road The intended outcome is to identify key development opportunities, barriers and strengths related to land use and station location, and identify critical infrastructure improvements for consideration by the Cities and SW Project Office linking land use and engineering with market knowledge.
  • 6.
  • 7. 30% 25% 20% 15% 10% 5% 0% Timing Disconnect Between Transit and Developer Decisions Private Land Development Coordinate District Infrastructure Final Design Construc)on Preliminary Engineering 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Year Land price premium Transit Infrastructure Timeline Hypothe3cal Land Price Impact Alterna)ves Analysis Preliminary Poli)cs Opera)on Source: Emerson, Donald; “Successfully Naviga3ng the FTA New Starts Process”; PB Consul3ng, 2006
  • 8. TOP TEN TOD STRATEGIES
  • 9. 1. IdenNfy specific corridor-­‐wide targets for both community benefits and economic development Artsit’s Studios Workforce Housing Belmar, CO TOD 3.0 Strategies
  • 10. 2. Incorporate market and development criteria TOD 3.0 Strategies
  • 11. Cost Assump3ons Construction HARD Cost Estimates for SW Corridor Pat John Stacie Site Work Site Prep/Demo/Landscaping $6.00 6 4 psf Assumes structures on site and includes removal of surface parking Parking Surface Parking $3,000.00 3500 2500 3000 psf incl. landscape and lighting Structured Parking $16,666.67 12500 17500 20000 psf Structured parking Below Grade Parking $23,333.33 27500 25000 17500 psf Retail Concrete Podium Construction $102.50 100 105 psf Masonry (CMU) Construction $75.00 90 60 psf Standard retail strip center, dependent upon size Steel Frame Construction $60.00 60 Storefront $1,050.00 1050 plf Retail Tenant Fit-Out $85.00 85 psf Depends on end user. Restaurants can have significant higher costs Office Multistory Concrete Construction $110.00 110 psf Steel Frame Construction $105.00 105 Office Tenant Fit-Out $50.00 40 60 psf Depends on end user. Medical office can have significant higher costs Residential Single Family Wood Frame Construction $ 60.00 psf Will's best guess Townhouse Wood Frame Construction $ 80.00 psf Will's best guess Multifamily Wood Frame Construction $120.00 105 135 psf Includes const profit. overhead, city fees, etc. Multifamily Concrete Construction $138.00 psf Industrial Concrete Tilt-up Construction $45.00 45 psf Masonry (CMU) Construction $50.00 50 psf
  • 12. Rent Assump3ons Rent and Vacancy Estimates for SW Corridor Premium Mitchell Golden Triangle Blake Beltline Penn Residential Vacancy Rate 2.3% 2.3% 3.2% 2.0% 1.9% Vacancy Rate 10% 2.3% 2.3% 3.2% 2.0% 1.9% Average Size 1,016 1,021 944 902 698 $/SF (month) $1.11 $1.10 $1.04 $1.32 $1.49 $/SF (month) 50% $1.66 $1.65 $1.56 $1.98 $2.23 Office Vacancy % 2.61% 17.81% 21.37% 7.83% 12.29% Vacancy % 10% 2.6% 10.0% 10.0% 7.8% 10.0% Ave Net Rent (yr) $12.83 $12.84 $10.56 $13.09 $12.18 Ave Net Rent (month) $1.07 $1.07 $0.88 $1.09 $1.02 Ave Net Rent (month) 50.0% $1.60 $1.61 $1.32 $1.64 $1.52 Retail Vacancy % 1.97% 6.45% 7.97% 7.38% 18.40% Vacancy % 10% 2.0% 6.5% 8.0% 7.4% 10.0% Ave Net Rent (yr) $19.67 $17.87 $12.45 $16.45 $13.76 Ave Net Rent (month) $1.64 $1.49 $1.04 $1.37 $1.15 Ave Net Rent (month) 50.0% $2.46 $2.23 $1.56 $2.06 $1.72
  • 13. Project Feasibility Analysis Building Type ConstrucNon Type Podium Parking Mitchell Golden Triangle Blake Beltline Penn RESIDENTIAL Low Density Wood No Surface 1 1 1 1 1 Medium Density Wood No Structure 0 0 0 1 1 High Density Concrete No Below Grade 0 0 0 0 1 MIXED-­‐USE Medium Density -­‐ ResidenNal Wood Yes Structure 0 0 0 0 1 High Density -­‐ ResidenNal Concrete Yes Below Grade 0 0 0 0 0 MIXED-­‐USE OFFICE Medium Wood Yes Structure 1 1 0 1 1 High Concrete No Below Grade 0 0 0 0 0 OFFICE Low Cinder block No Surface 1 1 1 1 1 Medium Concrete No Structure 1 1 0 1 1 High Steel No Below Grade 1 1 0 1 1
  • 14. 3. Extend mobility, access, connecNons to place Hop ShuRle -­‐ Boulder, CO TOD 3.0 Strategies
  • 15. 4. Derive the staNon influence area and specific boundaries TOD 3.0 Strategies
  • 16. 5. Enable market metrics to shape staNon area land uses Mid-­‐rise Freight Project – Denver, CO office – Woburn, MA TOD 3.0 Strategies
  • 17. 6. Street designs, pedestrian networks and open spaces = transit infrastructure CASE STUDY: Creating an Urban Boulevard – Alameda Ave. Alameda Ave Lakewood, CO TOD 3.0 Strategies
  • 18. CASE STUDY: Creating an Urban Boulevard – Alameda Ave. Alameda Ave Lakewood, CO TOD 3.0 Strategies
  • 19. CASE STUDY: Creating an Urban Boulevard – Alameda Ave. Alameda Ave Lakewood, CO TOD 3.0 Strategies
  • 20. CASE STUDY: Creating an Urban Boulevard – Alameda Ave. Alameda Ave Lakewood, CO TOD 3.0 Strategies
  • 21. 7. Avoid over planning specific development design MIXED USE OFFICE RESIDENTIAL INDUSTRIAL TOD 3.0 Strategies
  • 22. 8. Phase incremental infrastructure improvements Industrial/Residen3al – Boulder, CO TOD 3.0 Strategies
  • 23. 9. Emphasize shared parking faciliNes 15th and Pearl Parking Garage Boulder, CO TOD 3.0 Strategies
  • 24. 10. Create a long-­‐term district organizaNon/organizer Federal Major Employers Small Businesses TOD 3.0 Strategies State Local/County Governments METC District Coordinator Real Estate Developers Investors Metro Transit
  • 25. For Discussion • Process for Metro Transit to provide opera3ng and capital cost data for alterna3ves early in the PE process; • Ability to assemble land for cataly3c projects and workforce housing; • Legisla3ve enabling language to fund infrastructure • Coordina3ng en3ty to focus on system wide infrastructure and placemaking