Gnarly Nate - Buzzards

Adaptive Reuse Case Study

REAE 5316 Fall 2012

In this course we have been studying various sites to see example of Adaptive Reuse  in real estate.  Adaptive reuse is when older real estate is adapted and fitted for an new use instead of the traditional  method of tear  down the old building and start with a new.   With the problem of suburban sprawl, many cities where seeing areas become abandoned and neglected when developers went  to look for new spaces to develop and thus drawing out the citizens from the old neighborhoods.   With todays movement toward a more sustainable society we are seeing developments coming back to the old neighborhoods and cities and a resurgence of vitality in areas that were once abandoned.   Government funding is also being offered to entice developers to get creative and find ways to rebuild and restores existing sites.   

This is a case study anaylsis/ proposal of a current development project: 1001-1059 Foch Street and 821-945 Foch Street.

Foch Street Development Project/Analysis

Proposition

• Create a multi-use facility that promotes local business development while offering residential and retail spaces that compliment each other and encourage vitality of the area.
•  Assume project length of five years
•  Create leveraged internal rate of return of 10% or higher

Construction Details

Exterior Construction: insulated concrete/ stucco tilt-up with steel supports

Interior Flooring: stained concrete on 1st level, wood on 2nd and 3^rd level

Interior Lighting: drop fixtures with T8 fluorescent

Construction Costs

Building Square Footage:  36,660 square feet

Anticipated Cost per Square Foot: $100

Total Anticipated Construction Costs:  $3,666,000

Building Features

Efficient Energy-Star appliances

Easily adjustable interior layouts

Glass block design elements, concrete flooring

Standard industrial dock doors in property rear/glass in front  

Site Analysis

1001-1059 Foch Street

821-945 Foch Street

Proposed development is located in a neighborhood in Ft. Worth.  It is in close proximity to downtown Fort Worth and Interstate I-35W and I-30.   This area has qualifies for local and federal funding for infrastructure improvements, environmental cleanup, site preparation, and a low-interest business loan program 

This location is great for development due to its proximity to the Mongomery Plaza and new  apartment developments.

Regulatory Analysis

MU-1 zoning

NEZ designation

This area is currently designated as a mixed-use growth center and Urban Village.  Zoning is appropriated for mixed use, multi-family, retail and office.

Area Demographics 

Houses and condos: 16,884 Renter-occupied apartments: 8,101 % of renters here:50% State:36% Males: 15,268  (49.0%) Females: 15,886  (51.0%)                 100% urban population. Estimated median house/condo value in 2010: 76107: $197,845 Texas:$127,400 Median resident age: This zip code: 37.1 years Texas median age: 33.5 years Average household size: This zip code: 2.1 people Texas: 2.8 people Estimated median household income in 2010: This zip code: $57,185 Texas: $49,585

INVESTMENT CHALLENGES

• Current zoning is inconsistent with prevailing market conditions that favor pedestrian-oriented urban environments and still needs to be zoned  through the petition-based rezoning process in order to allow for the redevelopment as depicted in the village plans.

• Previous public investments have not resulted in the anticipated level of private investment. This mixed use retail space will attempt to engage the private sector into investing in the area. 



Proposed: URBAN DESIGN ELEMENTS AND PLAN

This plan consists of two three story mixed-use buildings each consisting of specialty retail space, small business and entertainment on the ground floor and a mix of condo and loft/work space units on the second and third floors. A destination restaurant and small retail stores, salons, local vendors and a bank will occupy the retail spaces on the ground floor.  Ground floor suites will have the option to be split up to smaller lease areas, with some  spaces dedicated to affordable rents to encourage small business. A central plaza and attractive streetscape amenities with covered patio seating provide a pedestrian-friendly environment.  The two facing buildings will create an attractive plaza area that will encourage pedestrian traffic, additionally free wi-fi and bike racks will be included.  Parking will be on–street and a lot behind the building.  Frame work will be in place for infill development in the future.

The ground floor buildings will consist of the following rental units each:

Two large lease spaces, approx 1875 square foot each

Four smaller spaces with further options to be subdivided, approximately 1,000 square foot ( 500 if divided)

 First Floor - 2 identical buildings will mirror each other

The second and third floors of each building will consist of the following two story condo units:

Four Live/Work 1 bedroom, 1 ½ bath  2 story loft spaces (2 affordable units)  approx 1020 square foot each

Two 2 bedroom, 1 bath condo , approximately 1,000 square foot condo (2nd Floor - 1 Level)

Two affordable unit studios approximately 550 square foot (2nd Floor - 1 Level)

Two 1 bedroom, 1 bath condos , approximately 850 square foot condo (3rd Floor - 1 Level)

Two full studios, approximately 850 square foot (2nd Floor - 1 Level)

The second floor of the mixed use building is accessed by three sets of stairs or the elevator located at the back of the building.  Second floor Live/Work lofts have the option to add stair entrances off balcony from the center plaza for business store-front entrances.  Main entrances to the residential units are reached from the breezeway running along the back of the second story of each building and provide private entry to each unit.

Second Floor

Third Floor/ Loft

Financial Analysis

Development Cost Estimate

Property Purchase (Acquisition/Grant) $0

Building Construction Costs $3,666,000

Current Project Public Funding Available for Project

$ 1.5 million EDI

    7.5 million Section 108

    1.5 million EDA

    1.1 million CDBG

$11.6 million

References:

 http://www.tad.org/

http://fortworthtexas.gov/planninganddevelopment/urbanvillages/default.aspx?id=12450

http://www.developmentexcellence.com/presentations/SEE_Week04/W_Davis.pdf

(http://www.reedconstructiondata.com/rsmeans/models/supermarket/texas/fort-worth/)

BISHOP ARTS

Adaptive Reuse – Bishop Arts District- SITE VISIT

We had the chance to visit so interesting locations as site visits in my REAE 5316 Adaptive Reuse class.   The visit to Bishop Arts was a perfect example of reuse and revitalization efforts in Dallas as we got to learn more about the history of these old building that have been rehabed into to trendy restaurants and boutiques.  The Bishop Arts District s in the heart of Oak Cliff.  

This area had been abandoned after the Trolley's stop running and just sat vacant and abandoned.  Developer/investor Jim Lake Sr. and his partner Mike Morgan began buying the run-down properties in 1985 with the intent to reuse these old buildings  They remodeled and thus basically revitalize the entire area.  Today the Bishop Arts District is a vibrant, popular spot to go shopping or just hang out.  A variety or restaurants, bars and boutiques line the streets, drawing crowds from all over.

An old grocery store has been converted into a restaurant and even an abandoned Fire Station now is home to a Gloria's restaurant.

Ft. Worth South Inc. - Mike Brennan SITE VISIT

Ft. Worth South – Mike Brennan

http://www.fortworthsouth.org

We had another site visit in several different Ft Worth locations.  In this visit we  met with Mike Brennan the Director of  Ft. Worth South, Inc.  at his office located at 1606 Mistletoe Blvd, an old residence converted into office space.

We got a lot of insight from Mike regarding the redevelopment of Ft Worth and how they have been using TIF fund to restore the Near South Side area.

He explained how Tif funds were collected from Tax increases in the TIF areas and put aside to fund developments to further increase the property values and at the same time creating future tax value in the neighborhood.

He also discussed his ideals regarding  the important requirements for a sustainable city area.  These requirements included converting streets into complete streets to accommodate both pedestrian and vehicular traffic comfortably.   Easy access to a variety of public spaces, using multi floor building to maximize use of buildings without overcrowding and most importantly being near and accessible to residences.

By looking at all the development that is going on in this area it is easy to see that Mike is doing a great job in building the community and bringing vibrancy back to South side Ft Worth.

Live Oak Music Hall & Lounge SITE VISIT

We  had the chance to visit  the Live Oak Music Hall and Lounge  located at 1311 Lipscomb St. in the Near Southside neighborhood.   This old building that once was the Southside Lions Club has been renovated into a Music Hall.  

We got a personal tour from Bill Smith the developer.  Bill Smith explained how he used his years of construction experience and through a labor of love rebuilt this  old warped building into the beautiful Music House and lounge it is today.

His hand carved woodwork can be seen throughout the Music hall and it is testimony to all the care he put into this place.  

Today the Live Oak is a major part of the community and hosts a variety  of concerts from live bands to symphonies. It is a frequent spot for local fundraising concerts  or just a great place to hang out an I am sure we will be hearing about events at this place for years to come.  

Ft. Worth Texas & Pacific Bldg. SITE VISIT

 Adaptive Reuse – Downtown Ft. Worth T&P building

Posted on November 25, 2012 

One memorable place we had the chance to visit was the Ft. Worth Texas and Pacific Railroad  building.








 This historic building , designed in 1931 has been beautifully rehabed to maximize it use and bring life back into this building for many years to come.

Banquet room

This building's old railroad station lobby has been turned into a beautiful and unique party venue that will be the site of many parties and weddings for years to come.

The original architecture of this old building is now the highlight of this party venue with beautiful high ceilings with intricate designs from the art deco era, brass doors, unique chandeliers and gorgeous vintage windows.

Loft entrance

 The upper floors of this building have been converted into luxury condos called Texas and Pacific Lofts.

The condos have a gated private entrance to maintain privacy for tenants. 

Ray Boothe - Architect

 Southside Ft. Worth – Ray Boothe Architect - SITE VISIT

During out tour of Ft Worth we also met with Ray Boothe.  He is been a major player in growth and redevelopment of the near south side neighborhood in Ft. Worth.  

The first place we visited with him was at Brewed.  

Brewed is a great little coffee house that has opened up in one of his rehabbed building.  Looking at the simple clean lines of this old 50's building... from the outside you cannot imagine how modern it will be inside.  

With simple green landscaping, this building has maintained its original architecture and has been put to a fabulous reuse.




Inside this coffee house it was bustling with activity and you could tell that despite just recently opening up for business, it is already becoming the cool spot to stop for a drink or bite to eat. 

Ryan's Deli- coming soon

Along the same strip we also toured other projects that are still under construction like Ryan's Fine Grocer & Deli.

Ray is also an architect along with being an experienced developer so he has been able to follow his projects through all phases of completion and is an expepert at creative financing and use of TIF funds to get the most out of his projects.  

He was very knowledgeable in all phases of construction and explained how he has been utilizing the older buildings natural design and retro fitting them to accomodate the new uses.  He is fitting his projects with energy efficient materials, taking advantage of natural lighting  and using water conserving landscaping.   

He explained how he was able to creatively meet city codes for areas that serve alcohol with minimal cost by building up the grade and the use of retaining walls to get the most out of his space and adding character and design at the same time.  

Fire Pit in patio

He also added little finishing touches to the patio areas like fire pits that I really liked

Since he has been developing this area for years he has many other projects from an old drugstore, a bank and many  other mixed use building that contain lofts, restaurants etc.   

Ray Booth has done such a great job with his projects in Ft Worth that his work should be an example for other City's and he truly deserves  credit for the revitalization of the area.