Among cities and towns with no particular recreational appeal, those that preserve the past continue to enjoy tourism. Those that haven t receive almost no tourism at all. Tourists simply won t go to a city or town that has lost its soul. Arthur Frommer
Redevelopment and Reuse Office space in rehabbed industrial buildings is commanding rents above new Class A Product. The changing work environment favors open floor plans in buildings with character. Hotel chains are embracing older buildings for new hotels. Source: Emerging Trends in Real Estate, 2016
Walkable Places Create Enhanced Value Consumers want walkable, vibrant communities Walkable neighborhoods have greatest value appreciation Projects that promote health will be worth more, lease faster & at higher rates and retain value. Use health for economic development.
Walkability = Low Cost Health Care Walking is a miracle drug US Surgeon General has asked communities to build trails. President s Council on Physical Fitness build more trails.
We are spending many billions of dollars every year to build severe and long lasting barriers to active living Dr. Eric France, Kaiser Permanente November 13, 2013
Barriers to Walking Walking is often difficult, dangerous, unpleasant or impossible.
Crosswalk to Nowhere
Physical activity, once part of our normal lives has been designed out of daily routines. Physical Activity
Make the healthy choice the easy choice This is free, requires no special equipment and can be done anywhere. This is not free. It requires special equipment and can only be done in a fitness facility.
Provide Walking Paths & Bike Trails Walking is America s most popular form of outdoor recreation. Today there are over 1600 open rail trails in the USA totaling over 19,000 miles. You generally have to be out of your car to spend money in a community.
Community Amenities Sought by Homebuyers Walking trails/bike paths - 36% Parks/natural areas - 26% Playgrounds - 21% Daycare - 14% Soccer Fields - 9% Golf Course - 6% Tennis Courts - 4% Source -National Association of Realtors National Assn. of Homebuilders, April 2004
Walkable Places Create Real Estate Value Numerous studies show that the demand for walkable, mixed use design far outstrips current supply There is a growing demand for small town/village living especially among retirees, empty nesters, young professionals and single people.
Walkability Boosts Value Walk Score is a walkability index assigned to a particular address. Carol Coletta, CEO s for Cities says each additional Walk Score point increases housing prices $600 to $3000. CDC says each 10 point increase in Walk Score results in 16 minutes per day more walking.
Reston, VA a walkable, mixed use suburb Walkable real estate can command value premiums of 25% to 100%. Source: PUMA s Global Trends Report, 2014 Sterling, VA a non-walkable suburb
Density alone does not necessarily encourage either walkability or neighborhood vitality.
It is not physical density itself, but the richness of the place that influences peoples decisions on whether to walk.
Keys to Walkability Destinations A variety of places (commercial, recreational, civic, etc.) to walk to. Connections a fine grained network of sidewalks & footpaths with plenty of intersections. Tissue Great architecture with human sized buildings, not big boxes. Density & Diversity of housing and population. Streetscape well designed streets with wide sidewalks, safe crossings and plenty of places to sit. Green networks Lots of street trees, small parks and green spaces. Source: Made for Walking: Density and Urban Form, Julie Campoli, Lincoln Land Institute, 2013
Sidewalk Cafes: Walkability Silver Bullet
Urban Vibrancy In 1990 Center City Philadelphia had no sidewalk cafes. Today Center City Philadelphia has 4,400 outdoor café tables. Center City is now the fastest growing zip code in Pennsylvania. Source: Better Cities & Towns, 2015
Buying & Selling Walkability Walkable Neighborhoods Promote Health the average resident weighs 6-10 lbs. less than residents of car dependent neighborhoods. Save Money Transportation is the 2 nd largest household expense. Foster Connection Studies show that every 10 minutes spent in a car commuting reduces time spent in community activities by 10% Increases Value Every one point increase in Walk Score equates to a $700 to $3000 increase in home value. Provides Commercial Premiums A new study by Real Capital Analytics (RCA) shows significantly greater appreciation for commercial properties in highly walkable locations over car dependent locations (125% appreciation vs. 22%).
Barnes & Noble Rockville Pike One story Single use Lots of parking in front
Barnes & Noble Bethesda Row Multi-Story Mixed Use neighborhood No Parking in front
Which one is more profitable? 1 Way to get here: Drive your car Rockville Pike 4 Ways to get here Drive your car Take Metro Ride your bike Walk Downtown Bethesda
Design Around Cars = More Cars
Design Around People = More People
Aging in Place Americans want to age in place. Communities will have to adapt.
Aging in Place Garage Apartments Accessory Dwelling Unit In-law Suites Homes with elevators
Walkable Naturally Occurring Retirement Mixed uses Multi-generational Access to existing services Alternative transportation Easy access to goods and services Communities
Great Parks Shape Great Cities Washington Paris London Vancouver
Washington Park - Before
Washington Park - After
Green Space & Property Values Greenville, SC The relationship between rising property values and green spaces is well documented. Some studies find as much as a 15 to 30 % increase in the value of properties adjacent to parks and open space.
Where is the most valuable land in NY?
Houses next to golf course
Value of Open Space Developers build golf courses because golf courses sell real estate at premium prices Very expensive to design, build & maintain golf courses Parks and open spaces also sell real estate at premium prices at lower costs to create and maintain
Eyesore or Opportunity?
Highline New York
Columbus Riverfront - Before
Columbus Riverfront - After
Arts and Culture Museums Theatres & Playhouses Concert Halls Art Galleries Festivals Murals and public art Public squares Taverns and coffee houses
Philadelphia Mural Arts Program Philadelphia offers walking, trolley and Segway tours of 47 public art projects.
Des Moines Art Park 4 large companies either expanded their offices or relocated to new offices adjacent to the new Des Moines Art Park
Lowertown Arts District Paducah, KY A crime infested 25 square block neighborhood was revitalized by providing artists with a place to live, work and sell their art
Restaurants, Food & Lodging Ratio of ethnic restaurants to fast food restaurants in metro area. Ratio of B&B s, small inns and boutique hotels to chain hotels in metro area. Number of local food markets versus chain grocery stores. Ratio of neighborhood shopping areas to enclosed malls.