Turnpike Corridor Re-Investment Project. Montgomery County Planning Commission

Transcription

1 Turnpike Corridor Re-Investment Project Montgomery County Planning Commission

2 Goal Reinvigorate and re-invest in office/industrial parks between Valley Forge and Willow Grove interchanges

3 Partners Local Municipalities Property Owners Businesses Montgomery County DVRPC PennDOT PA Turnpike Commission

4 Partners

5 Issue Montgomery County has been an economic powerhouse for decades. The county: Has over half a million total jobs, and Leads the state in high-tech and manufacturing jobs Hatfield Souderton Harleysville Montgomeryville Lansdale Area Blue Bell Ambler Area Horsham 276 Ft. Washington Hatboro Willow Grove 611 Glenside Abington Jenkintown Cheltenham Huntingdon Valley Norristown Plymouth Meeting 100 Pottstown " # 422 Upper Providence Royersford 29 Oaks 30,000-50,000 employees 20,000-30,000 employees 10,000-20,000 employees 5,000-10,000 employees Valley Forge King of Prussia Conshohocken 476 Bryn Mawr 76 Bala Cynwyd Ardmore Wynnewood

6 The county also: Issue Imports 86,000 more workers from neighboring counties than commute out, and Has a lower unemployment rate than the nation or Pennsylvania. 10.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% Montgomery County Pennsylvania United States

7 Issue Over the past decade, job growth in the county has not been as robust as in prior years. Some traditionally strong industries in the county, like manufacturing and information, have been adversely affected by structural changes in the national economy. Percent Change in Jobs 40% 35% 30% 25% 20% 15% 10% 5% 0% Montgomery County Pennsylvania Total Employment Change in Montgomery County according to the BLS: , , , , , ,000-5% -10%

8 Issue Many of the business parks in the county were first developed in the 1960s and 1970s and now need to be reinvigorated. Willow Grove/Horsham in 1975 Fort Washington in 1965

9 Issue Vacancy rates are higher and rents lower for offices in 2012 than desired. Turnpike Corridor Market Vacancy Rate Rent per SF Ft. Wash/Spring House 12.4% $22 Horsham/Willow Grove 11.1% $20 King of Prussia/Wayne 15.3% $24 Norristown/Valley Forge 12.6% $21 Plymouth Mtg./Blue Bell 20.8% $24 Other Markets Vacancy Rate Rent per SF Center City Philadelphia 9.0% $25 Conshohocken 9.3% $30 Navy Yard in Philadelphia 2.9% $29

10 I 95 from Delaware to Center City Issue Pennsylvania Turnpike through Montgomery County The PA Turnpike was built as (6 an interchanges inter-city 20 miles) connector with relatively long distances between interchanges. It s now used Montgomery County as a! commuter road providing access to business!! parks and needs to have closer interchanges.!!! Pennsylvania Turnpike through Montgomery County (6 interchanges in 20 miles) I 95 from Delaware to Center City (17 interchanges in 20 miles)! Montgomery County!!!!! Delaware County!!!!!!!!!! Philadelphia!!!!!

11 Opportunity Many properties are ready for redevelopment and improvement. The study area affects 8800 acres of existing office/industrial parks and 1600 acres of proposed redevelopment (WGNAS): total of 10,400 acres The study area includes 8 municipalities and 7 school districts, which could see tax revenues increase with new development.

12 Opportunity Conshohocken reinvented itself, becoming a premier office and apartment market in the region.

13 Opportunity The Unisys campus in Whitpain is being reinvented.

14 Opportunity The Unisys campus in Whitpain

15 Opportunity The Unisys campus in Whitpain

16 Opportunity Many suburban communities are rethinking their business parks. King of Prussia has approved a Business Improvement District and is considering zoning changes. Lower Merion adopted new mixed use and more intensive zoning for the Bala Cynwyd office area on City Avenue. Lower Providence adopted new mixed use zoning for the Valley Forge Corporate Center. Upper Dublin is considering transfer of development rights zoning for Fort Washington that would get development out of the floodplain.

17 Opportunity All-Electronic Tolling (AET) allows existing interchanges to be modernized and new interchanges to be considered. The Turnpike is conducting a feasibility study for widening to 8 lanes between the Mid- County and Bensalem interchanges. Strategic Plan is underway to guide the Turnpike s business decisions. New state P3 Legislation, Public Private Partnership, could be used to implement recommendations.

18

19

20

21

22

23

24

25

26 Proposal Work with municipalities to assess real estate trends, development potential, existing zoning and update/modernize where necessary Partner with major property owners/large companies along corridor Do traffic modeling, thru DVRPC, of corridor and modernized/new interchanges

27 Proposal Work with Turnpike to provide conceptual engineering of interchanges and financial analysis of traffic and revenue Work with Penndot and municipalities on localized traffic impacts of modernized / new interchanges Work with State/County/municipal elected officials/park property owners/large companies to implement

28 Proposal Create technical committees for land use and transportation improvements. These committees would incorporate three areas 1. Horsham, Upper Moreland, Upper Dublin 2. Norristown, Plymouth, Whitpain, Whitemarsh 3. Upper Merion Create a policy committee that incorporates all three areas and discusses overall policy and implementation

29 Time Frame Completion by summer of 2014