Norwich VCI public workshop - Dec 14 2011

NORWICH’S VIBRANT COMMUNITIES INITIATIVE

The Cecil Group Inc. • FXM Associates • Durkee, Brown, Viveiros & Werenfels Architects

DOWNTOWN NORWICH NORWICH’S VIBRANT COMMUNITIES INITIATIVE

Presented by:

The Cecil Group, Inc.

FXM Associates

Durkee, Brown, Viveiros & Werenfels Architects

December 14, 2011



Agenda

Project Overview

Preliminary Market Findings

Case Studies

Resources

Potential Criteria for Evaluating

Properties

Group Discussions



Project Overview

Evaluation of Historic Assets and Buildings

• Leverage historic resources to trigger redevelopment

• Leverage redevelopment to preserve historic resources

• Engage the community and attract stewards and

investors in the future

Process

• Historic inventory and community context

• Market evaluation

• Target buildings or projects

• Pilot planning project



Project Overview



Project Overview

Study Area



Project Overview

Historic

Properties



Project Overview

Water Street and Chelsea Harbor Drive



Project Overview

Main Street



Project Overview

Franklin Square



Project Overview

Broadway, Chestnut and Franklin Streets



Preliminary Market Findings

Housing Demand Analysis

Retail Opportunity/Gap Analysis



FXM’s proprietary Housing Demand Model

considers the following:

• Number of households in 2011 by age and income

• Projected number of households by age and income in

2016

• Mobility by age of householder

• Propensity to own or rent by age of householder

• Income qualified households by rent or sales price points

Average annual housing demand

estimated for rental or sales within target

geographic area

Housing Demand Analysis



20 – Minute Drive Time



Estimated Average Annual Demand for Rentals

All Household Types with Qualifying Incomes

2011- 2016

396

187

326

0

50

100

150

200

250

300

350

400

450

Rentals @ $900/month Rentals @ $1100/month Rentals @ $1300/month

Nu

mb

er

of

Un

its

pe

r Y

ear



Average Annual Demand for Rentals: Norwich Market Area 2011-2016

Householders under Age 35 and Ages 55 to 74

239

183

97

45

40

23

0

50

100

150

200

250

300

Rentals @ $900/month Rentals @ $1100/month Rentals @ $1300/month

Age 55-74

Under Age 35



Retail Opportunity/Gap Analysis is a snapshot of

current (2010) consumer expenditures and actual

store sales within a defined geographic area

Retailers typically use 5- 10- and 15-minute drive

times to define their market areas

Where consumer expenditures within those drive

times exceed store sales, potential opportunities

exist to expand existing stores/store sales or

attract new retailers




Potential Opportunities for Several

Business Types

• Furniture Stores

• Radio, Television, Electronic Stores

• Camera and Photographic Equipment Stores

• Specialty Food Stores

• Clothing Stores

• Jewelry Stores

• Luggage and Leather Goods Stores

• Sporting Goods Stores

• Book Stores

• Miscellaneous Stores




Case Studies

New Bedford

Providence

Newburyport

Portsmouth

Plymouth



Case Study: New Bedford



Case Study: New Bedford

Focus on Redeveloping 10 Key

Properties

Focus on Expanding Occupancy

Modest Early Goals for Real Estate

Development Returns

Relocation of Certain Social Service Uses

Excellent Streetscape and Open Space



Case Study: Providence



Case Study: Providence

Return to Two-way

Streets

Focus on Filling Ground

Floors with

Entrepreneurial

Businesses

Building on the Arts/

Culture/’Funkiness’

Brand

Relocation of Key Social

Service Center



Case Study: Newburyport



Case Study: Newburyport

Focus on

streetscape

Seasonal events

Residential reuse



Case Study: Portsmouth

Culture, entertainment,

food led the way

Quality as a residential

community

Key outcomes

Time frame



Case Study: Portsmouth



Case Study: Plymouth

Façade improvement

program

Businesses for

residents – not tourists

Wayfinding signage



Case Study: Plymouth



Downtown Revitalization Initiative

• Result of 2010 voter-approved $3.38 million bonding

ordinance

Three Programs

• Code Correction

• Lease Rebate

• Revolving Loan

Local Resources



Tax Credit Programs

• Urban and Industrial Site Reinvestment Tax Credit

• Job Creation Tax Credit

• Research and Development Tax Credit

• Fixed Capital Tax Credit

• Machinery and Equipment Tax Credit

• Financial Services Tax Credit

• Angel Investor Tax Credit

• Historic Tax Credits

• New Markets Tax Credit

• Low Income Housing Tax Credit

Enterprise Zone

Tax Exemptions

State and Federal Resources



Base Criteria

• Current Use and Vacancy

Second Level Criteria

• Catalytic impact on other properties and downtown goals

• Long term benefit

• Match with market/reuse potential

• Property and site conditions

• Location advantages/disadvantages

• Historic contribution

• Ownership circumstances

• Demolition impact if not preserved

Third Level Criteria

• Short term feasibility

• Financing

Potential Criteria for Evaluating Properties

Note: Bold text means strongly

weighted criteria



Group Discussions



DOWNTOWN NORWICH NORWICH’S VIBRANT COMMUNITIES INITIATIVE

Presented by:

The Cecil Group, Inc.

FXM Associates

Durkee, Brown, Viveiros & Werenfels Architects

December 14, 2011