Visioning for the Future: Corridor Redevelopment Study
Reimagining a well-established and significant transit corridor through a developed community presents both opportunity and challenge.
KimbleCo was pleased to join this important project as a member of a team alongside a planning and engineering firm, an architectural firm and a national zoning company. KimbleCo was selected for the team (a unique addition not done by other competing teams) to bring real market experience and development expertise to help achieve the project goals. It was recognized that consulting teams often plan an aspirational vision for a community that in the end is not feasible due to market conditions resulting in high hopes that cannot be realized.
KimbleCo is not a research company, but with authentic, “boots on-the-ground” real estate development and brokerage experience they used their over 55 years of experience to develop future development scenarios that were aspirational yet grounded in market fundamentals. Possibilities that could result in true economic development.
We first developed a Market Review which analyzed demographics and current market conditions such as rents, vacancies, construction cost and other indicators for office, retail and multi-family product which were the most likely redevelopments for the corridor.
Then, using data and conclusions from the Market Review, we determined and tested possible redevelopment opportunities through hypothetical and high-level development proformas culminating in a Redevelopment Analysis Study. Size and geometry of redevelopment parcels and compatibility with surrounding uses further guided redevelopment possibilities. KimbleCo and the architectural team member worked together in an iterative manner to test fit the various sites to provide multiple alternatives for redevelopment along the corridor. Careful attention was made to multimodal transit, green space and street improvements along the corridor. Assessment of development deal structures to determine if there were financial gaps that might require public incentives were also evaluated.
The combination of the Market Review and the Redevelopment Analysis provided city leaders and staff with a feasible yet aspirational starting point to begin the development process to reach the desired outcomes – a revitalized, vibrant, walkable and inviting place for people to live, work and play.
Outcomes
Study & analysis with the goal of redeveloping a 13-mile corridor to achieve:
An inviting and exciting place to live, work, play and recreate
A corridor reflecting an identity unique to the city
New and mixed uses throughout the corridor that serve the community
Streetscaping that is more walkable and livable for all people
A roadway that is more efficient for all users, not just cars
An enhanced public realm, with sustainable and engaging features
Support for the growth and change of the surrounding city and region
Product Type
Office, retail and multifamily
Scope of Services
Consulting
Client
Local municipality
Goals and vision
Aspirational yet implementable corridor redevelopment plan
challenges
Market fundamentals and economics
Multiple landowners
Redevelopment vs. greenfield