RES provides the real estate market context for neighborhood and commercial district revitalization assignments. We frequently work as part of a project team with planning and urban design firms, providing information on the type and scale of various land uses that could be absorbed as part of an overall concept or master plan. Our goal in these assignments is to assure that a plan can be implemented and that new development and redevelopment projects are sustainable over the longer term.
City of Roanoke Redevelopment & Housing Authority (RRHA)
Loudon-Melrose and Shenandoah West Choice Neighborhoods Transformation Plan
As market analysts on the planning team working with RRHA to prepare the Transformation Plan, RES has analyzed market conditions influencing the revitalization and redevelopment potential of the Lansdowne Park and Melrose Towers public housing developments and the broader neighborhoods in which these properties are located. Our market analysis addressed the market for mixed-income residential units offered for-sale and for-rent within the neighborhoods, as well as the commercial/retail development potential. The Preliminary Market Assessment outlined a strategy to reposition the neighborhoods to become neighborhoods of choice with strategic investments to capitalize on existing neighborhood strengths and jump-start the market for revitalization. RES outlined the components of a market-based residential and commercial/retail development program including new construction of mixed-income senior and family rental housing, an affordable homeownership component, and new commercial development. In addition, for the units proposed for off-site development RES prepared demographic and economic profiles of potential selected Roanoke neighborhoods identified by RRHA as potential locations.
Creative District Market Analysis
Wilmington Renaissance, the downtown advocacy organization for the City of Wilmington, Delaware, retained a consultant team to prepare a plan for a creative district to be established in the west Center City neighborhood. A number of arts-related uses, including affordable artist’s rental housing and several new performance venues, were clustered in the area. The consultant team developed strategies for leveraging the existing activities to revitalize this distressed neighborhood and providing enhanced educational and recreation opportunities and an improved quality of life for existing neighborhood residents. RES conducted a commercial and residential real estate market analysis that provided input to the planning process about the types of land uses that would have market support in the Creative District, the amount of residential units/commercial space that could be absorbed over the planning time horizon and the recommended characteristics and pricing of each real estate use. RES also provided input to the team about the potential fiscal and economic impacts of implementing the Creative District plan.
McCormack Baron Salazar
Larimer/East Liberty Choice Neighborhood Application
RES served as market analyst on the team preparing the East Liberty/Larimer Choice Implementation Grant application of the Housing Authority of the City of Pittsburgh (HACP), working with McCormack Baron Salazar, HACP’s developer/partner. RES analyzed the market for the mixed-income rental housing, a live/work component of the project, an infill for-sale component, and commercial development proposed in the application and prepared the documentation that was included in the formal application submitted to HUD. The application is one of six finalists for a $30 million Choice Implementation Grant.
We subsequently prepared a Market Study/Housing Needs Assessment for Phase I of the proposed mixed-income redevelopment outlined in the application, an 81-unit mixed-income housing development. The market study was part of a Low-Income Housing Tax Credit application submitted to the Pennsylvania Housing Finance Agency during November 2013. The development received an allocation of Low-Income Housing Tax Credits early in 2014.
Perth Amboy, New Jersey
Gateway Neighborhood Revitalization Plan
RES is teamed with TRIAD Associates on a Wells-Fargo Foundation-funded initiative to revitalize Perth Amboy’s Gateway Neighborhood. This neighborhood includes a large stretch of the Smith Street business corridor, one of the City’s major shopping streets as well as several former industrial sites that are available for redevelopment. RES has provided the real estate market and economic development context for the plan, which is a collaborative effort between area residents, business owners and several public and not-for-profit agencies.
Nicetown Community Development Corporation
Commercial Corridor Market Analysis
RES was retained to complete a commercial corridor market analysis and economic development strategy for a one mile long portion of Germantown Avenue in Philadelphia. The study area extended from Broad Street northwest to the Wayne Junction regional rail station and included parts of the Nicetown and Tioga neighborhoods. RES analyzed expenditure patterns in the surrounding trade area and identified categories in which new establishments in the study area could capture demand. We also made recommendations about parts of the corridor where the Nicetown CDC should focus its efforts in order to build on current concentrations of successful businesses and create critical mass. At the end of the corridor adjacent to Wayne Junction, RES recommended strategies for capitalizing on the significant ridership using this multi-modal hub each day. RES also explored options for using non-store retailers, such as produce vending carts and weekend flea markets to expand retail options and economic activity in the study area.
Philadelphia City Planning and Commerce Departments
A Strategic Economic Development and Housing Plan for Germantown-Lehigh
As market analysts on a consultant team, RES prepared analyses of market conditions in a target area around the intersection of Germantown and Lehigh Avenues in North Philadelphia. Our work addressed the market for retail and commercial uses along these major streets, including an analysis of gaps in the market and retail potential. In addition, RES prepared analyses of the market for additional residential development including units offered for-sale and for-rent and the market potential for senior housing at specific locations within the delineated target area.
RES also prepared a financial analysis for reuse of a mixed-use City-owned building on Germantown Avenue to assist the Commerce Department in sizing the amount of subsidy that might be required to rehabilitate the building.
Woodbridge, Township, New Jersey
Business District Revitalization Study
RES was retained by Woodbridge Township to prepare a revitalization study for the Main Street Business District. This five block area is the traditional downtown of this large municipality and has been under the jurisdiction of a Special Improvement District for the past decade. A New Jersey Transit rail station sits at the heart of the business district. Despite the physical improvements and marketing activities undertaken by the SID, the mix of stores and services in the business district has deteriorated, and a number of vacancies exist. RES analyzed existing business conditions and prospective demand and made recommendations regarding merchant attraction, theming of the district, transit-oriented development approaches and other strategies for revitalization. In addition to conventional market analysis, our approach to this engagement involved extensive merchant interviews as well as three survey initiatives: a shopper intercept survey; a commuter survey; and a mail survey to a sample of Township residents. Deliverables included a report to the Township and an information package suitable for distribution to merchant and developer prospects.