Economic Development Vision

Transcription

1 Economic Development Vision

2 Summary of Vision Profiles Waterfront City Center Entertainment Cultural High Density

3 Common Economic Development Themes Council Workshop New investment, commercial investment needed; Retail resident spending in Palm Bay; Impact fees; Use the Bayfront Village area to Drive a second renaissance ; Back to the city s roots the Bay; Infrastructure is a challenge; Harris Corp is a huge asset; Remember the arts Public Input - Development General support for attracting investment; Height can be a way to attract investment, but views and water access should be preserved; Respect cultural and historic assets and culture s role in revitalization.

4 Common Economic Development Themes Public Input - Opportunities Outdoor activities and recreation; Boat accessible; Marina can be the anchor; Waterfront; Millennials; Public Input - Infrastructure Pedestrian/bicycle path along US1 needs to connect to other destinations; Roadway conditions; Lack of sidewalks; No north-south transit line along US1; Castaway Park;

5 The BusinessFlare Approach Common Business Climate Themes No Brand Outdoors Recreation Waterfront Harris Transportation and Infrastructure Reputation Marina Redevelopment Land Use And Zoning

6 The BusinessFlare Approach Investment Drivers Land The City owns the 7.39 acre marina property; Labor Harris Corp, strong regional workforce; Capital Limited infrastructure funding; Markets Brand and identity challenges; Regulation Limited Residential Development Capacity

7 Market Demand BCRA 5-Minute 15-Minute City of Palm Bay Brevard County Projected Housing Unit Growth 4.3% 4.8% 4.9% 10.2% 5.1% Projected Housing Unit Demand ,771 4,670 14,193 Projected Retail Sq. Ft. 31,618 92,621 70, ,852 1,336,865 Projected Restaurant Sq. Ft. 2,440 9, ,527 34,346 Total Commercial Sq. Ft. 34, ,551 70, ,379 1,371,210 Summary of Market Demand residential units; 51,000 square feet of retail; 6,000 square feet of restaurant; No office development; No hotel development. Demand from normal population and job growth trends. The existence of demand does not mean that the demand can or will be constructed under current market conditions.

8 Market Potential $25-50K $50-75K $75K+ Total Owner ,151 2,544 Renter 4,414 1,728 3,029 9,171 Vacation/2nd Home n/a n/a Market Potential 5,298 2,237 5,027 12,562 Summary of Market Potential to Tap Into Up to 12,000 residential units; 325,000 square feet of retail; 67,000 square feet of restaurant; 40,000 square feet office development; Significant, uniquely branded hotel development. Market Potential that may be available through convergence of branding, regulatory changes, process improvements, plan implementation and private sector execution.

9 The BusinessFlare Approach Investment Drivers Economic Opportunities PRESERVE ENHANCE EXPOSE INVEST CAPITALIZE

10 Bayfront Opportunities Preserve Views, recreational opportunities and waterfront access Enhance Transportation connectivity, infrastructure and development capacity Expose Uniqueness of setting and connection of nature and commercial opportunity Invest Impact Fees, infrastructure and service Capitalize The Marina property and the presence of Harris Corp.

11 Strategy Areas Customer Service/Reputation Branding Harris Outdoors and Recreation Transportation and Infrastructure Marina Land use and Zoning

12 Connection to Investment Drivers Land Marina Labor Harris Outdoors and Recreation Capital Transportation and Infrastructure Markets Branding Regulation Reputation Land use and Zoning

13 Action Plan Reputation TIF rebate program for new investment Address Impact Fee issues Reinstate impact fee waiver or create a TIF impact fee incentive fund in the BCRA Implement Economic Development Values Responsiveness Invest in staff and resources to remain competitive; Adopt private sector standards for customer service; Build a broker network; Information Maintain database of relevant, meaningful information; Participate in ULI, ICSC, FRA; Certainty Predictable, fair, timely processes;

14 Action Plan Branding Rebrand to differentiate from other Indian River Lagoon assets Connect outdoors, recreation, commerce and community Palm Bay your dream getaway for life Spend less live better Salt Life concept If you dream it you can have it The We club join live outdoors the club carefree Bass Pro livable Your adventure starts here Gander Worlds The foremost adventurous outfitters life for Cabella less Unpretentious Outdoor luxury The good life The view Life s Getaway

15 Action Plan Outdoors and Recreation Introduce waterfront concessions Preserve and maintain open space through land use and zoning revisions Target recreation related special events

16 Action Plan Harris Corporation Make Harris Corporation into more of a Bayfront stakeholder Get Harris Corporation Testimonials Survey Harris Corporation employees Create a Harris Night Out event on the Bayfront

17 Action Plan Infrastructure and Transportation Complete Palm Bay Road Improvements; Explore creating a Palm Bay mooring field; Implement Complete Streets ; Implement transit throughout US1; Expand pedestrian connections; Use land use and zoning to provide public benefits; Require new development to install bike racks; Neighborhood transit planning included as part of zoning rewrite; Complete retention pond and other stormwater/flooding improvements

18 Action Plan Marina Redevelopment Issue the RFQ for the Marina Public space; Hospitality; Recreational activities; Public parking; Connect to the area s brand; Include maintenance of the park on the east side of US1; Connect the Marina to the Boat Ramp; Encourage acquisition of and/or participation with the private marina; Do not change the process or terms once initiated.

19 Action Plan Limited Development Capacity Begin market-driven, public benefit land use and zoning revisions Revise permitted, conditional, prohibited uses. Current use regulations: Conditional Sidewalk cafes Dancing Marinas with boat sales/rentals Alcoholic beverages Mixed use 1+ acre commercial Prohibited Commercial Towers Permitted Offices Financial Inst. Funeral Homes Nurseries Repair Services

20 Action Plan Limited Development Capacity Begin market-driven, public benefit land use and zoning revisions Revise permitted, conditional, prohibited uses. Step up heights from the bay to the FEC tracks; Increase residential density; Acres Density/Height Development Comparison Estimates: Current Units Permitted 30/acre 3 stories 50/acre 3 stories 75/acre 3 stories 75/acre 4 stories 100/acre 6 stories 150/acre 8 stories ,109 Lot Coverage 53% 80% 133% 88% 71% 76% ,139 1,139 1,518 2,277

21 Action Plan Limited Development Capacity Begin market-driven, public benefit land use and zoning revisions Consider western expansion of land use and zoning revisions and revitalization efforts:

22 Action Plan Limited Development Capacity Fiscal Impact Example Current entitlements 37 units, 3 stories 100 Units per acre 350 Units 6-8 stories 45,000 square feet commercial retail, restaurant 600 parking spaces 24 months construction Construction cost $66 million First year TIF = $598,861 in 2019 Net Present Value of TIF = $8,831,636

23 Action Plan Summary Reputation Branding Harris Outdoors and Recreation Transportation and Infrastructure Marina Land use and Zoning

24 Economic Development Vision