Wednesday, January 27, 2016

Save the $25,000; Open the Drawer; The Answers are Already There

In 2009 the CRA paid a firm $200,000 to put together a Master Plan for the CRA.  What did it say?

The CRA Economic Development strategy is comprised
of the following key components:
1. Residential
2. Retail
3. Office
4. Tourism, Arts and Entertainment

Opportunities for construction of housing in the Downtown core should concentrate on higher- density housing types which support urban development and redevelopment. This includes rental lofts and apartments, for-sale lofts and apartments, and for-sale townhouses/rowhouses and live-work flex units.

Multi-Family Development (For-Rent) The lack of apartment options in the CRA has effectively reduced its appeal to those people who: (1) can’t afford to live in a single family home, (2) don’t
wish to live in a single family home, or (3) don’t wish to care for a large home and lawn. People in their twenties and early thirties; one of the key demographic groups underrepresented downtown,
often prefer to rent as they begin to establish their careers and are not yet ready for marriage or
financially ready to purchase a home.

In a traditional neighborhood development within the CRA, the base rent price for multi-family
apartments would be $650/month for a 550 SF studio, $850/month for a 750 SF 1br/1ba unit,
$1,050/month for a 2br/1ba unit, and $1,200/month for a 1,100 SF 2br/2ba unit.

The limited availability of condominium developments in the CRA is also a constraining
factor for some people who would live in Downtown Pensacola. These housing types are desirable to first homebuyers, empty-nesters, investors, and second homebuyers. They typically are smaller in size than single family homes and sit on less land area. In the case of condominiums, no land area transfers with the unit and thus the cost of land does not contribute greatly to the purchase price, which can improve their affordability.

According to Zimmerman/Volk, the for-sale price range for condominiums could vary greatly. The
range for a soft loft unit would be $145,000 for a 600 SF studio, $190,000 for an 800 SF 1br/1ba,
$235,000 for a 1,000 SF 2br/1ba, and $290,000 for a 1,250 SF 2br/2ba. For high-rise or luxury units, forsale mansion apartments would be priced at $215,000 for an 850 SF studio, $325,000 for a
2br/2ba 1,300 SF unit, and $375,000 for a 1,500 SF 2br/2.5ba/den unit.

2009 Master Plan


Anonymous said...

Urban Design Associates has already been paid a hefty fee to study and recommend development of the Hawkshaw property. Anyone remember this:

Anonymous said...

They weren't paying attention the first time. Some of them were in the back room munching on snacks. There weren't enough colored pictures in the brochure that Urban Designs gave them the first time. The previous study had to actually be read. Who has time to read? Bob told them that there was an extra $25,000 lying around city hall, so why not give it to someone from Massachusetts? The quality of the last study doesn't matter. Only the quantity of studies matter. The consultant promised to bring them all some Boston baked beans. Why sell the property when we can keep this fun going forever? The City of Pensacola isn't interested in cash income. We are only interested in cash spending. The City Council has never heard of a study they didn't like, even though no one on the council actually studies the studies.

Anonymous said...

Anonymous at 4:34 p.m. said it all. They waste all our money on studies that they trot out to the public, get us all excited that something great will happen; not one single council member reads the studies (complain that it's just too much to read). They put these studies in a desk drawer, buried under all the other things that really don't want to do, and forget them and then get mad when citizens point to the studies and ask why it isn't being done.