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Reviving a Dying Mall and Transforming a Neighborhood (Jay Hailey) - ULI fall meeting - 102811

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Reviving a Dying Mall and Transforming a Neighborhood (Jay Hailey) - ULI fall meeting - 102811

  1. 1. Reviving a Dying Mall and Transforming a Neighborhood <ul><li>Moderator </li></ul><ul><ul><li>Jay Hailey </li></ul></ul><ul><li>Speakers </li></ul><ul><ul><li>Scott Polikov </li></ul></ul><ul><ul><li>Bill Mullane </li></ul></ul><ul><ul><li>Matt Whelan </li></ul></ul><ul><ul><li>Jim Yoder </li></ul></ul> [email_address]
  2. 2. Airport Boulevard Redevelopment Initiative <ul><li>Establish a Vital Vision for redevelopment </li></ul><ul><li>Set the Stage for Reinvestment in Public Infrastructure and Economic Development </li></ul><ul><li>Create More Transportation Options </li></ul><ul><li>Develop a Redevelopment Model for Other Corridors in the City </li></ul>Goals of the Initiative
  3. 3. AIRPORT BOULEVARD CORRIDOR Airport Boulevard Corridor
  4. 4. Why Focus on Airport Boulevard? <ul><li>Leverage current and planned investments along the corridor: </li></ul><ul><ul><li>Red Line rail service </li></ul></ul><ul><ul><li>New developments at Crestview Station and Mueller at each end </li></ul></ul><ul><ul><li>Revitalizing neighborhoods </li></ul></ul><ul><ul><li>Popular local businesses </li></ul></ul><ul><ul><li>Travis County Facilities </li></ul></ul><ul><ul><li>Highland Mall/ACC </li></ul></ul>
  5. 5. Tools to Transform Airport Boulevard Use Based Development Form-Based Development
  6. 6. A Different Approach to Regulating Development <ul><li>Conventional Zoning </li></ul><ul><li>Focus on use </li></ul><ul><li>Form-Based Code </li></ul><ul><li>Focus on form and design </li></ul>Operations Form Form Operations Use Use Operations Form
  7. 7. Why Should Developers Want Form-Based Codes? <ul><li>Administrative review – streamlined process </li></ul><ul><li>Not one size fits all </li></ul><ul><li>Mix of uses by right </li></ul><ul><li>Standards for the public realm </li></ul><ul><li>Uses graphics over words </li></ul>
  8. 8. Airport Boulevard Today <ul><li>Unique independent businesses </li></ul><ul><li>Lack of neighborhood connectivity </li></ul><ul><li>Existing industrial uses along the corridor </li></ul><ul><li>Overhead utilities, signs, other visual clutter </li></ul>Issues and Opportunities
  9. 9. Emerging Market Issues and Opportunities <ul><li>Strong demand in Austin for infill housing and urban living but challenging without significant vacant land </li></ul><ul><li>Long-term redevelopment of Highland Mall could add significant new residential units and jobs to the corridor </li></ul><ul><li>Given land costs and infrastructure needs, housing costs might be higher than existing conditions can support </li></ul>
  10. 10. Community Vision Workshop Key Pad Polling: Housing Choice
  11. 11. Airport Blvd. Design Charrette <ul><li>Transitions </li></ul><ul><li>Highland Mall influence </li></ul><ul><li>Infrastructure and Water Quality </li></ul><ul><li>Rail and the Street as a Place </li></ul>Emphasized Opportunities
  12. 12. Character Zones for Form-Based Code Based on assessment phase and market analysis
  13. 13. Airport Boulevard Master Plan
  14. 14. Highland Mall Area
  15. 15. Airport Blvd. and Highland Mall - Before
  16. 16. Airport Blvd. and Highland Mall - After
  17. 17. Highland Mall - Before Existing view to mall from Airport Boulevard
  18. 18. Highland Mall - After Potential view along entry drive and plaza.
  19. 19. Reinvented Mall’s Future Context
  20. 20. Neighborhood Transitions from Airport Blvd.
  21. 21. Neighborhood Transitions from Airport Blvd.
  22. 22. Linked Markets for “Mall” as a Mixed Use Neighborhood
  23. 23. Additional Stops on the Rail Line? Proposed Fiskville Station Area
  24. 24. Leveraged Infill – Station to Station Proposed Fiskville Station Area
  25. 25. Headlines Chronicle Mall’s Decline Shopping for an answer Experts debate the future of Highland <ul><li>Legal twists spin into bankruptcy </li></ul><ul><ul><ul><ul><ul><li>Before recent filing, Highland Mall had been reeling from series of court maneuvers over its troubles </li></ul></ul></ul></ul></ul>Sale speculation follows mall Highland co-owner’s debt nearing $27B Ghost Mall? Retail Bagpipes Sound a Dirge for Highland Mall Highland Mall files for bankruptcy Dillard’s will leave mall by May’s end Highland Mall shops worried So many questions, so much in limbo Highland Mall Macy’s closes for good
  26. 26. New Life for the Mall ACC ready to transform mall ACC to buy still more Highland Mall space $14.6 million deal gives school 79% of retail site; plans for use developing With Macy’s site deal, ACC to expand at Highland Mall College also bought Dillard’s location in May for growth ACC buys building, parking area at Highland Mall from Dillard’s Plans show students could live, learn, shop at mall site ACC’s plans for classrooms, offices, expansion may alter area ACC to buy last mall land ACC buys Highland Mall a future
  27. 27. Editorial & Political Support <ul><ul><ul><ul><ul><li>EDITORIAL ■ DEVELOPMENT </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>ACC’s plans a boon to mall, area </li></ul></ul></ul></ul></ul>
  28. 28. ACC to the Rescue
  29. 29. About ACC <ul><li>45,100 credit students </li></ul><ul><li>4,500 faculty/staff </li></ul><ul><li>235+ degrees & certificates </li></ul><ul><li>$52 in-district tuition </li></ul><ul><li>44% transfer + graduation rate </li></ul><ul><li>Mission to provide open-door access to affordable, quality higher education </li></ul>Primary Gateway to Higher Education & Training
  30. 30. ACC’s Unique Mission General education Primary source of university transfer students Direct entry into the workforce Quick careers Certificate and associate degree programs GED, Adult Education, ESOL Developmental Education (47% require this) Professional Development Customized Training Lifelong Learning Core Curriculum Career Training Foundation Skills Programs Continuing Education
  31. 31. Service Area
  32. 32. Locations <ul><li>8 full-service campuses, with locations in: </li></ul><ul><li>South Austin (South Austin Campus) </li></ul><ul><li>Southeast Austin (Riverside) </li></ul><ul><li>Southwest Austin (Pinnacle) </li></ul><ul><li>Central East Austin (Eastview) </li></ul><ul><li>Downtown Austin (Rio Grande) </li></ul><ul><li>North Austin (Northridge) </li></ul><ul><li>Round Rock (Round Rock Campus) </li></ul><ul><li>Cedar Park (Cypress Creek) </li></ul><ul><li>Elgin & Hays open in coming years </li></ul>
  33. 33. Planning <ul><li>2007: Facilities Master Plan </li></ul><ul><li>Build new campuses in Round Rock, Manor, Hays County, Leander </li></ul><ul><li>Master plans for existing campuses to accommodate growth </li></ul><ul><li>2011: Campus Master Plans </li></ul><ul><li>Projected enrollment demand at each campus </li></ul><ul><li>Assessed condition of existing campuses </li></ul><ul><li>Planned for expansion and renovation of seven campuses </li></ul><ul><li>2011: Facilities Master Plan </li></ul><ul><li>Included renovations, expansions and new construction </li></ul><ul><li>Included swing space to allow work at existing campuses </li></ul><ul><li>Included consolidation of Administrative functions </li></ul>
  34. 34. Highland Mall Plans <ul><li>Additional instructional space </li></ul><ul><li>Consolidation of administration </li></ul><ul><li>Continuing Education center </li></ul><ul><li>Convocation center </li></ul><ul><li>Space for nonprofit affiliates </li></ul><ul><li>Conference center </li></ul><ul><li>Wellness and professional development center </li></ul>
  35. 35. Why Highland Mall? <ul><li>Location </li></ul><ul><li>Centrally located </li></ul><ul><li>Transit service: MetroRail and local bus service </li></ul><ul><li>Roadway access </li></ul><ul><li>Existing utility infrastructure </li></ul><ul><li>Cost </li></ul><ul><li>Little competition to acquire existing retail space </li></ul><ul><li>Less expensive to retrofit existing buildings than to build new </li></ul><ul><li>Less time to retrofit existing buildings than to build new </li></ul><ul><li>Long-range potential for redevelopment </li></ul><ul><li>Excellent zoning </li></ul><ul><li>As existing agreements and leases expire, RedLeaf can redevelop the site </li></ul>
  36. 36. What next? <ul><li>Swing Space </li></ul><ul><li>In former J. C. Penney </li></ul><ul><li>Select design team in early 2012 </li></ul><ul><li>Move in date: Fall, 2014 </li></ul><ul><li>Administrative offices </li></ul><ul><li>In former Dillards </li></ul><ul><li>Select design team in early 2012 </li></ul><ul><li>Move in date: 2014 </li></ul><ul><li>Planning </li></ul><ul><li>Site planning with RedLeaf </li></ul><ul><li>Participating in Airport Boulevard planning process </li></ul>
  37. 37. Overview of Highland Mall <ul><li>Approx. 80 acres </li></ul><ul><li>1.2 million SF of existing buildings </li></ul><ul><li>Zoned CS-MU-NP </li></ul><ul><li>2.0 FAR allowed </li></ul><ul><li>90% Impervious Cover </li></ul>
  38. 38. Complex Ownership Structure <ul><li>18 Months Ago : </li></ul><ul><li>Owned by a Simon/GGP Partnership </li></ul><ul><li>AIG owned land </li></ul><ul><li>LNR – special servicer for CMBS </li></ul><ul><li>Dillards </li></ul><ul><li>Macys </li></ul><ul><li>Greyhawke (Penney’s) </li></ul><ul><li>2 lawsuits </li></ul><ul><li>Property Level : </li></ul><ul><li>Operating agreements </li></ul><ul><li>Cross access and parking easements </li></ul><ul><li>Utility lines under the buildings! </li></ul><ul><li>40 year old development – no code compliance </li></ul>
  39. 39. Redevelopment Potential <ul><li>Superior infill location </li></ul><ul><li>Public sector user/ demand driver </li></ul><ul><li>In place road & transit infrastructure </li></ul><ul><li>Risk mitigated financial structure </li></ul><ul><li>Strong community and political support </li></ul><ul><li>Public involvement & finance </li></ul>
  40. 40. Why is ACC a Good Anchor? <ul><li>Stable end-user </li></ul><ul><li>Great mix of uses: office, students, continuing education </li></ul><ul><li>Traffic generator to support retail </li></ul><ul><li>Aligned with community values </li></ul><ul><li>Able to invest in new facilities in down market </li></ul>
  41. 41. Components of Successful Projects <ul><li>1. Quality Real Estate (location) √ </li></ul><ul><li>2. Community and Political Support √ </li></ul><ul><li>3. Transit Options √ </li></ul><ul><li>4. Strong Anchor Use √ </li></ul><ul><li>5. Sensible Financial Structure √ </li></ul><ul><li>6. Public / Private Partnerships √ </li></ul><ul><li>7. Flexible Plans √ </li></ul><ul><li>8. Aligned Incentives √ </li></ul>
  42. 42. Regional Transformation in Process <ul><li>Highland Mall: The Next Infill Development Opportunity </li></ul><ul><li>Crestview Station </li></ul><ul><li>73.4 Acres </li></ul><ul><li>1,000 Residential Units </li></ul><ul><li>150,000 SF Retail </li></ul><ul><li>Triangle </li></ul><ul><li>22 Acres </li></ul><ul><li>750 Residential Units </li></ul><ul><li>120,000 SF Retail </li></ul><ul><li>Mueller </li></ul><ul><li>700 Acres </li></ul><ul><li>5,524 Residential Units </li></ul><ul><li>790,000 SF Retail </li></ul><ul><li>4 million SF Institutional/ Educational/Commercial </li></ul>
  43. 43. Highland Mall Concept Plan
  44. 44. Potential Future for Highland Mall <ul><li>POTENTIAL PROGRAM </li></ul><ul><li>Austin Community College </li></ul><ul><li>1.3 million SF office, classrooms and support uses </li></ul><ul><li>RedLeaf Development </li></ul><ul><li>Approximately 40 acres </li></ul><ul><li>2.0 million SF residential, office, retail, hotel </li></ul>
  45. 45. Overall Plan – 3 Step Process <ul><li>STEP 1: </li></ul><ul><li>Acquisition </li></ul>STEP 2: Preparation STEP 3: Implementation <ul><li>Acquire Tract 1 -- COMPLETE </li></ul><ul><li>Acquire Tract 2 – COMPLETE </li></ul><ul><li>Acquire Tract 3 – COMPLETE </li></ul><ul><li>Acquire Tract 4 -- COMPLETE </li></ul><ul><li>Community Involvement/Engagement </li></ul><ul><li>Secure Entitlements </li></ul><ul><li>Master Planning </li></ul><ul><li>Infrastructure Plan </li></ul><ul><li>Establish community governance, architectural controls and common maintenance cost sharing </li></ul><ul><li>Infrastructure phasing plan </li></ul><ul><li>Design and construction </li></ul><ul><li>Marketing and development </li></ul>
  46. 46. Austin Community College/RedLeaf <ul><li>ACC solely responsible for its facilities </li></ul><ul><li>RedLeaf solely responsible for non-college development </li></ul><ul><li>Sharing of portions of project that provide joint benefit </li></ul><ul><ul><li>common roads/infrastructure </li></ul></ul><ul><ul><li>planning </li></ul></ul><ul><ul><li>mechanisms to ensure long-term vision </li></ul></ul><ul><ul><li>common maintenance </li></ul></ul>
  47. 47. Next Steps <ul><li>Public process to establish a long-term vision </li></ul><ul><li>Entitlements to support vision </li></ul><ul><li>Financing plan </li></ul>
  48. 48. Retail’s Transforming Role at Highland Mall
  49. 49. American lifestyle is being redefined and reshaped today and into the next decade
  50. 50. Some shopping centers are adjusting to consumer shifts and gaining market share
  51. 51. While others struggle to survive and fade away
  52. 52. The traditional retail mall construct is changing at Highland Mall…
  53. 53. … a new supporting role will be defined for retail as new uses, customers and trade area profiles lead to sustainable retail merchandising
  54. 54. Highland’s retail elements <ul><li>Infill location </li></ul><ul><li>Access </li></ul><ul><li>Parking </li></ul><ul><li>Trade area </li></ul><ul><li>Customers </li></ul><ul><li>Community alignment </li></ul>
  55. 55. Community Assets <ul><li>Corridor </li></ul><ul><li>Transportation </li></ul><ul><li>Infill market area </li></ul><ul><li>Regional customers </li></ul><ul><li>Regional access </li></ul><ul><li>Economy </li></ul>
  56. 56. Retail’s new role needs to strategically align with the Airport Boulevard Master Plan, the Highland Mall Area and the Highland Mall Master Plan
  57. 57. Students Learning… Living… … and Shopping
  58. 58. The student as customer… …and part or full time employee
  59. 59. Students that are and become “the job growth story”…
  60. 60. … in the community and throughout the region
  61. 62. Reviving a Dying Mall and Transforming a Neighborhood <ul><li>Moderator </li></ul><ul><ul><li>Jay Hailey </li></ul></ul><ul><li>Speakers </li></ul><ul><ul><li>Scott Polikov </li></ul></ul><ul><ul><li>Bill Mullane </li></ul></ul><ul><ul><li>Matt Whelan </li></ul></ul><ul><ul><li>Jim Yoder </li></ul></ul> [email_address]