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Home My WebLink About06/01/2010RENEWAL �E W H EAT RIDGE Progress Through Partnership AGENDA June 1, 2010 Notice is hereby given of a Public Meeting to be held before the City of Wheat Ridge Urban Renewal Authority on Tuesday, June 1, 2010 at 6:00 p.m., in the Lobby Conference Room of the Municipal Building at 7500 West 29th Avenue, Wheat Ridge, Colorado. Individuals with disabilities are encouraged to participate in all public meetings sponsored by the City of Wheat Ridge. Call Heather Geyer, Public Information Officer at 303 -235 -2826 at least one week in advance of a meeting if you are interested in participating and need inclusion assistance. 1. Call the Meeting to Order 2. Roll Call of Members 3. Approval of Minutes a. May 4, 2010 4. Public Forum (This is the time for any person to speak on any subject not appearing on the agenda. Public comments may be limited to 3 minutes.) 5. Staff Updates 6. Sub Area Market Studies — Anne Ricker, Leland Consulting a. 44 and Kipling b. 38 and Kipling 7. Other Matters 8. Adjournment MINUTES RENEWAL WHEAT RIDGE May 4, 2010 1. Call the Meeting to Order The meeting of Renewal Wheat Ridge was called to order by Chair Adams at 6:02 p.m. in the council chambers of the Municipal Building, 7500 West 29 Avenue, Wheat Ridge, Colorado. 2. Roll Call of Members Authority Members Present: Rick Adams James Bahrenburg Walt Pettit Tom Radigan Larry Schulz Authority Members Absent: Becky Bye Janet Leo Also attending: Patrick Goff, Executive Director Hillary Graham, RWR Attorney Bill Cunningham, Leland Consultants Ann Lazzeri, Recording Secretary 3. Approval of Minutes — March 2, 2010 and April 20, 2010 It was moved by Walt Pettit and seconded by James Bahrenberg to approve the minutes of March 2, 2010 as presented. The motion passed unanimously. Tom Radigan noted a correction to the minutes of April 20, 2010: Item No. 6 Sub -Area Market Studies should be clarified to reflect that Anne Ricker was not present at the meeting. It was moved by Walt Pettit and seconded by James Bahrenberg to approve the minutes of April 20, 2010 as amended by Tom Radigan. The motion passed unanimously. 4. PUBLIC FORUM (This is the time for any person to speak on any subject not appearing on the agenda.) There was no one present to address the Authority. RWR Minutes - 1 - May 4, 2010 5. Staff Updates • Patrick Goff reported that he had just received a letter from the Jefferson County Public Library Chair indicating excitement about participating in the project at 44 and Wadsworth. 6. Sub -Area Market Studies — Bill Cunningham, Leland Consulting Mr. Cunningham presented this matter in the absence of Anne Ricker who was unable to attend the meeting. He reviewed summaries of the sub -area market study prepared by Leland Consulting for the I -70 and Kipling Node and the 38' Avenue and High Court Node. The summaries included demographics, psychographics (psychographics go beyond basis demographics to describe characteristics of people and neighborhoods regarding attitudes, interests, opinions and lifestyles), residential demand and retail demand. He further reviewed office and employment demand, urban renewal considerations, ownership and utilization, and revenue potential for the two areas. Anne Ricker of Leland Consulting will present summaries of the other two area market studies at the June meeting. 7. WZ -08 -05 /Dearing for 4859 Miller Street — Zone Change Request The Community Development Department received a request for a zone change from Agriculture -One to Pl4nned Commercial District for property located at 4859 Miller Street. City Code requires review by Renewal Wheat Ridge (RWR) of land applications in urban renewal areas. RWR is then required to make a recommendation based on its review as to whether the request is in compliance with the I -70 /Kipling Corridors Urban Renewal Plan. The Urban Renewal Concept Plan recommends that the subject property be considered for Commercial uses which would be adjacent to Employment uses. Staff s findings were that the change is in conformance with the I -70 /Kipling Corridors Urban Renewal Plan. The intended use of the property is to allow expansion of vehicles for display. This use would be considered "flexible" and could adapt to changing market conditions. It was moved by Larry Schulz and seconded by James Bahrenberg that Renewal Wheat Ridge accepts staffs recommendation for the land use application at 4859 Miller Street. The motion passed unanimously. RWR Minutes -2- May 4, 2010 8. Other Matters Library Donation Investment Agreement — When their property was sold, the Vohaska's donated $100,000 toward a library building at 44"' and Wadsworth. The original library payment agreement provided for the money to be returned if not used for a library project within ten years. However, Mr. Goff s conversations with the Vohaska's clearly indicated that the money was donated in order to obtain a tax write -off and they have no intentions of ever receiving the money back. The Vohaska's have signed an amended agreement to this effect. Renewal Wheat Ridge turned the $100,000 over to the Wheat Ridge Foundation for investment. The Foundation has now requested a formal agreement with RWR outlining how the money is to be invested and how the money is to be turned over to RWR. It was moved by Larry Schulz and seconded by James Bahrenberg to approve the library donation investment agreement as presented in the meeting. The motion passed 4 -1 with Tom Radigan voting no. Tom Radigan commented that there would be significant tax benefits if the Foundation were located in an enterprise zone. It was moved by Walt Pettit and seconded by James Bahrenberg to direct Patrick Goff to take the money out of the Foundation's account when the balance is back to $100,000. The motion passed unanimously. 9. Adjournment The meeting was adjourned at 8:00 p.m. The next meeting will be held on June 1, 2010. Rick Adams, Chair Ann Lazzeri, Recording Secretary RWR Minutes -3 - May 4, 2010 Site & Trade Area v �NEA R DGE P. rc•.s Uh h P—emNI 44th & Kiplin Priority Investment Area Designated as a "Village Center" site in the 1 -70 &Kip Renewal Plan ' ' Location, land availability and village designation suggest neighborhoo serving retail scale —trade area reflected in 2 -mi. radius below Potential complementary office and village residential uses would likely compete with other moderately - scaled projects within same radius WESTMINSTER - f I 69TH AV x r 68TH AV ARVADA O 66TH AV P 64TH AV 62ND Av f GOLDEN Study Area Facts Parcels, Owners Parcel Acreage Status Zoning EDGEWATER 20T N Z 17TH AV a Colfax Ave a Pv 14TH AV = 40 r r z 10TH AV 10TH AV a LAKEWOOD P° o ~ � 6TH 2 G 6 Miles < 2ND AV 1ST AV 1ST AV • 73 non -ROW parcels ranging from 1,700 s.f. to over 8 acres (4600 Kipling property) • Approx. 40 ownership entities • Ownership has large out -of -town component (California -owned apartments) 63 parcel acres (see map on following sheet) Mostly occupied, with large vacant assemblage at northeast quadrant of area; some other scattered retail and small office vacancies Predominantly multifamily (R -3, PRD) and commercial zoning (C -1, C -2, N -C, R -C, PCD), but Includes remains of agricultural zoning (A -1) and some low -mid density residential (R -2) Z SS RALSTON RD S Z a H AV y RIDGE RD o � 52N AV G FD 52ND AV 52ND AV Rkj = G ¢ 1° 50TH AV 712 49TH AV Z 3 GOLDEN Subject 46TH AV F 44TH AV Z WHEAT RIDGE Z C 38TH AVE 38TH AV m a = 35TH AV � 35TH AV Y � 32ND AV u DEN'S'ER `o v m 29TH AV o Sp � r m B r 26TH AV 'a j 7 N � o F9 f GOLDEN Study Area Facts Parcels, Owners Parcel Acreage Status Zoning EDGEWATER 20T N Z 17TH AV a Colfax Ave a Pv 14TH AV = 40 r r z 10TH AV 10TH AV a LAKEWOOD P° o ~ � 6TH 2 G 6 Miles < 2ND AV 1ST AV 1ST AV • 73 non -ROW parcels ranging from 1,700 s.f. to over 8 acres (4600 Kipling property) • Approx. 40 ownership entities • Ownership has large out -of -town component (California -owned apartments) 63 parcel acres (see map on following sheet) Mostly occupied, with large vacant assemblage at northeast quadrant of area; some other scattered retail and small office vacancies Predominantly multifamily (R -3, PRD) and commercial zoning (C -1, C -2, N -C, R -C, PCD), but Includes remains of agricultural zoning (A -1) and some low -mid density residential (R -2) 44th & Kipling Aerial 44th & Kipling Priority Investment Area motel motel RV sales RV storage Fruitdale apartments Park a c C 2 d t apartments elementary c school & vacant fields ag /residential office v � ball field J oa & c i church a parking gas 44th Ave tree tree auto sales, single office nursery nursery repair, junk family, low apartments density storage mr yard kF 43rd a•_e s ,' primarily strip — p sin vacant ` retail parking officce _ r family Clear Cry trails & open space along Clear Creeli"Ij, 500 f Feet /�/ _4 Though attractive in terms of size, the 12+ acre vacant assemblage at 4600 Kipling will require infill design creativity to overcome shallow lot depth along its northern half and the service station occupying its "hard corner". • less than'' /: mile south of 1 -70, this investment area borders both highway- serving (lodging, RV sales, food service) and neighborhood (elementary school, park, single - family homes) land uses. • With a strong arterial "hard corner'; but no actual interstate frontage, parcels here are best suited for neighborhood- serving uses. • Development within this investment area includes moderate - income 1970's apartments, aging retail establishments, RV storage, some legacy farm uses and multiple small office properties. • The adjacency to Clear Creek open space & trail system is a key untapped asset (with excellent sidewalk on 44th Ave., forms backbone of very walkable area). • Vehicular access is quite good along 44th Ave. and Kipling St. (plus convenience to I- 70); though local street grid "behind" area parcels is lacking /disrupted Psychographics Psychographics go beyond basic demographics to describe characteristics of people and neighborhoods: profiling attitudes, interests, opinions, and lifestyles. Commercial retail developers use a community's psychographic profile as an indication of its residents' propensity to spend across selected stores and brands. Residential developers glean preferences for certain housing products. There are 66 total possible segments in the widely - used PRIZM -NE system used by Claritas, Inc. While the Wheat Ridge psychographic profile is dominated by senior segments -- across the moderate to high income spectrum - -a number of key younger lifestyle groups, such as Young Influentials keeps the neighborhood mix diverse in terms of age Profile of Representative Segments Old Glories Primarily downscale suburban retirees, Americans aging in place in older apartment complexes. Households in this racially- diverse segment often contain widows and widowers living on fixed incomes who tend to lead home - centered lifestyles. They're among the nation's most ardent television fans, watching game shows, soaps, talk shows, and news magazines at high rates. _RE NEWAL 44th & Kipling WHEAT RIDGE Progress Through P. --hip Priority Investment Area Top Wheat Ridge PRIZM -NE Segments Domestic Duos A middle -class mix of mainly over -65 singles and married couples living in older suburban homes. With their high - school educations and fixed incomes, segment residents maintain an easy -going lifestyle. Residents like to socialize by going bowling, seeing a play, meeting at the local fraternal order, or going out to eat. Young Influentials • Once known as the home of the nation's yuppies, this segment is a now a common address for younger, middle -class singles and couples who are more preoccupied with balancing work and leisure pursuits. Having recently left college dorms, they now live in apartment complexes surrounded by ball fields, health clubs, and casual- dining restaurants. Number of Wheat Ridge Households Index to all U.S. Households (100% = average) Old Glories 2,401 1765% New Beginnings 1,384 663% Domestic Duos 1,155 687% Young Influentials 958 470% Suburban Pioneers 787 544% Suburban Sprawl 783 426% Pools and Patios 767 415% Gray Power 708 548% American Classics 695 486% New Empty Nests 648 436% Together, these segments represent % of all residents Domestic Duos A middle -class mix of mainly over -65 singles and married couples living in older suburban homes. With their high - school educations and fixed incomes, segment residents maintain an easy -going lifestyle. Residents like to socialize by going bowling, seeing a play, meeting at the local fraternal order, or going out to eat. Young Influentials • Once known as the home of the nation's yuppies, this segment is a now a common address for younger, middle -class singles and couples who are more preoccupied with balancing work and leisure pursuits. Having recently left college dorms, they now live in apartment complexes surrounded by ball fields, health clubs, and casual- dining restaurants. Pools & Patios Formed during the postwar Baby Boom, Pools & Patios has evolved from a segment of young {-� suburban families to one for older, empty- nesting couples. In these stable neighborhoods graced with backyard pools and patios - -the highest proportion of homes were built in the 1960s -- j�r residents work as white - collar managers and professionals, and are now at the top of their career Demographics R NEWAL 44th & KIpIIng '� E WHEAT RIDGF- N,.,r..« fi,u.....hPo•n, Priority Investment Area Locator map with trade area boundary a� ARVADA a sF.Nx. Y.FN.Y - �. .F F uWFF. c PK {W SHiow � 'vo nv SNNp -^ Y Yin :. G F ipDFx 5 � Subject 4YN.W _�� MINAY ' H R WHEAT RIDGE g FbA AY _ S rs,N DENVER }ftyw F•oFw�ne� � FaM w cau a.e � f'_7 FF` rw, G ��Nw � NIM AY LAKEWOOD 5 0 sM 6 �GOIOFN - „i. i Fst♦ iNOw lSTw • The 2 -mi trade area accounts for approx. 1.6% of Metro Denver's population — down from 1.8% in 2000. • There are 3,600 more households in the trade area than in Wheat Ridge proper. • Recognizing infill potential, Denver Regional Council of Governments forecasts moderate growth for Wheat Ridge (in contrast to Census -based "blind” projections, which show little or no growth). • Wheat Ridge and trade area residents are somewhat ethnically diverse, and below Metro levels of income and educational attainment. • With an older population base, the trade area also has smaller households and somewhat more "non- family" households. • Trade area residents (who are still in the workforce) are somewhat more likely than Metro -wide residents to be in "blue collar "jobs. i Denver - Aurora - 2-mi City of Broomfield radius Wheat Ridge Metro 2000 Population 38,776 32,913 2,179,296 2010 Population 39,957 31,257 2,528,842 2010 Households 17,597 14,032 996,177 Projected Annual Household Growth Rate 1.1% 0.8% 1.4% (Claritas or DRCOG) Average Household Size 2.29 2.37 2.56 (2010) Pct. Non - family 40% 43% 35% Households (2010) Pct. Renters (2010) 47% 46% 32% Pct. Age 65+ 17% 21% 10% Pct. Age 0 -14 19% 17% 21% Median Age 40.8 43.9 36.5 Pct. With Bachelors 28% 27% 37% Degree Pct. Blue Collar (Age 16 +) 25% 24% 19% Median Household $46,575 $45,674 $61,853 Income Per Capita Income $26,045 $26,116 $31,029 Pct. With Income Over 13% 13% 259° $100,000 Pct. Hispanic 19% 23% 23% Pct. Black /African- American 2% 1%O 5% Locator map with trade area boundary a� ARVADA a sF.Nx. Y.FN.Y - �. .F F uWFF. c PK {W SHiow � 'vo nv SNNp -^ Y Yin :. G F ipDFx 5 � Subject 4YN.W _�� MINAY ' H R WHEAT RIDGE g FbA AY _ S rs,N DENVER }ftyw F•oFw�ne� � FaM w cau a.e � f'_7 FF` rw, G ��Nw � NIM AY LAKEWOOD 5 0 sM 6 �GOIOFN - „i. i Fst♦ iNOw lSTw • The 2 -mi trade area accounts for approx. 1.6% of Metro Denver's population — down from 1.8% in 2000. • There are 3,600 more households in the trade area than in Wheat Ridge proper. • Recognizing infill potential, Denver Regional Council of Governments forecasts moderate growth for Wheat Ridge (in contrast to Census -based "blind” projections, which show little or no growth). • Wheat Ridge and trade area residents are somewhat ethnically diverse, and below Metro levels of income and educational attainment. • With an older population base, the trade area also has smaller households and somewhat more "non- family" households. • Trade area residents (who are still in the workforce) are somewhat more likely than Metro -wide residents to be in "blue collar "jobs. Residential Deman 10 -year Residential Demand — Attainable Investment Area Unit Capture Trade Area Apartment Inventory (s.f.) by Year Built 400,000 300,000 200,000 100,000 0 1950 1955 1960 1965 1970 1975 1980 1985 44th & Kipling Priority Investment Area J Aging multifamily inventory signals opportunity for selective replacement as part of infill strategy 1990 1995 Source: Costar, Inc.; 75 2000 2005 and Consulting Group • Projected trade area household growth rate is healthy but moderate through 2020 (1.1% annually) • Overall trade area demand for approx. 524 new market -rate apartments or attached ownership units by 2020 • Infill development in the 44th & Kipling area could absorb approx. 98 new units at an attainable 15 to 20% market share /capture rate • Interstate and open space proximity increase the area's residential desirability, as does the prospect of new walkable commercial infill space (both employment and village retail) Totals 22 Rental /Apartment $150Kandup 0 0 Condo/Townhome $100 -150K 0 0 v eo M 4 Note: Shows attainable investment w $75-100K 4 area demand, assuming aggressive land assembly and /or property c $50 -75K 12 turnover. � 9 r Reflects 15 to 20% capture of trade $35 -50K S 21 area new units by category _ (conservative given small trade area) $25 -35K 3 20 $15 -25K 1 19 units Trade Area Apartment Inventory (s.f.) by Year Built 400,000 300,000 200,000 100,000 0 1950 1955 1960 1965 1970 1975 1980 1985 44th & Kipling Priority Investment Area J Aging multifamily inventory signals opportunity for selective replacement as part of infill strategy 1990 1995 Source: Costar, Inc.; 75 2000 2005 and Consulting Group • Projected trade area household growth rate is healthy but moderate through 2020 (1.1% annually) • Overall trade area demand for approx. 524 new market -rate apartments or attached ownership units by 2020 • Infill development in the 44th & Kipling area could absorb approx. 98 new units at an attainable 15 to 20% market share /capture rate • Interstate and open space proximity increase the area's residential desirability, as does the prospect of new walkable commercial infill space (both employment and village retail) Retail Demanc 44th & Kipling Priority Investment Area Existing Trade Area Surplus /Leakage General Merchandise 118.7 Building Material, Garden Equip 76.9 Foodservice and Drinking Places 45.5 Food and Beverage (grocery) 36.1 Sporting Gds, Hobby, Book, Music 13.1 Surplus = Trade Area sales above what is expected from Trade Area resident Electronics and Appliance 6.8 spending (may indicate an inherent strength — should try to preserve Misc. Store Retailers 4.9 surpluses). Furniture and Home Furnishings -5.1 Void (or Leakage) = Trade Area resident Clothing and Accessories -12.8 spending outside the Trade Area (some of Health and Personal Care -18.1 which can be recaptured). Total 10 -Year Attainable Retail Demand 44th & Kipling Investment Area Capture X$1,000,000 Totals Other (cinema, prof. /med...) 22,922 General Merchandise 14,106 Leakage, household growth and some replacement of Food and Beverage (grocery) 10 , 920 obsolete space adds up to Foodservice and Drinking Places 8,971 1.9 M s.f. of total trade area retail demand by 2020 Health and Personal Care 7,837 Building Material, Garden Equip 7,543 This chart summarizes a 20% share for this investment Clothing and Accessories 5,534 area — reasonable given the Furniture and Home Furnishings 2,827 small trade area, but requiring coordinated Misc. Store Retailers 2,576 assembly, design and policy Sporting Gds, Hobby, Book, Music 2,345 efforts. Electronics and Appliance 2,096 square feet 87,677 Office /Employment Demand Pr1414tnvesmentpli A ng Flex /R &D Space Demand estimate 2010 employment in production & service (non - retail) sectors 17,711 2010 Trade Area occupied flex s.f. 899,499 2010Trade Area flex vacancy rate 7.9% Average trade area rents (NNN) $6.27 2010 excess (above - equilibrium) vacant 9,230 space (assuming 7 %= balanced) Production /service job growth through 2020 (projected annual rate) 0.86% Est. new trade area flex demand 80,069 through 2020 (s.f.) Attainable node capture rate 15% Attainable 10 -yr. node capture (s.f.) 12,010 source DRCOG, LCG Costar Costar Costar LCG DRCOG, LCG LCG LCG LCG estimate 12,770 1,443,084 9.1% $14.05 Industrial Demand 2010 production sector employment 2010 Trade Area occupied industrial s.f 2010 Trade Area industrial vacancy rate Average trade area rents (NNN) 2010 excess (above - equilibrium) vacant space (assuming 7 %= balanced) Production sector job growth through 2020 (projected annual rate) Est. new trade area industrial demand through 2020 (s.f.) Attainable node capture rate Attainable 10 -yr. node capture (s.f.) estimate 4,941 2,696,553 5.3% $6.27 0 1.34% 384,520 15% 57,678 Office Demand 2010 Non - retail service sector employment 2010 Trade Area occupied office s.f. 2010 Trade Area office vacancy rate Average trade area rents (full service) 2010 excess (above - equilibrium) vacant space (assuming 12 %= balanced) Non - retail service sector job growth through 2020 (annual rate) Est. new trade area office demand through 2020 (s.f.) Attainable node capture rate Attainable 10 -yr. node capture (s.f.) 0 0.66% 98,541 15% 14,781 • This investment area is already home to several small offices and could attract more given highway proximity • Employment - related development in flex /R &D space (or even "clean" industrial uses) should not be overlooked as a beneficial mixed - use component • An adult educational component, such as a junior college annex or smaller job training campus could fit the 4600 Kipling parcel — perhaps targeting both young adults and area seniors desiring continuing education /training Urban Renewal Consideration 44th & Kipling Priority Investment Area 44th & Kipling Priority Investment Area • The entire 44th & Kipling opportunity node is located within the newly - created 1 -70 & Kipling Corridors Urban Renewal Area • The Urban Renewal designation enables this node to take advantage of tax increment financing— meaning that rising property values and retail sales can help fund some redevelopment costs, like infrastructure improvements, bypassing the City's general funds. Blighting conditions (a legal term in Colorado Urban Renewal Law) within this investment area include: • deteriorated /deteriorating structures • poor vehicular access • faulty lot shape /layout • site deterioration (neglect, trash, parking surface problems, etc.) • underutilized land (both vacant land and vacancy of structures) • inadequate public improvements Ownership /Utilizatio • This investment area includes significant absentee ownership — with 23 parcel acres controlled from California • Fragmentation of ownership is a barrier to redevelopment: 40 different owners control 70 parcels • Sales activity peaked in 2006 and 2007 with conveyance of apartment buildings and the large vacant parcel — both to California buyers Parcel Acres by Owner Address 25 20 15 10 5 0 14th & Kipling rity Investment Area Floor Area Ratio (or FAR) measures improvement area relative to parcel size -- used here as a gross measure of land utilization. Red, orange and yellow shaded properties have lower development densities - -thus may represent assembly opportunities for higher -value infill (ownership, zoning, building conditions, land prices, etc. also factor into opportunity analysis) Parcel Acres by Date of Last Sale <1990 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 0 5 10 15 20 Land Utilization (Development Density) ° o �P Site & Trade Area w EAT RIDGE Pr -Th hPannerahl Designated as a "Village Center" site i Renewal Plan 2 -mile radius shown below reflects neighborhood - serving potential of investment area — consistent with location, zoning, land availability Potential complementary office and village residential uses would likely compete with other moderately - scaled projects within same radius e WESTMINSTER 38th & Kipling Priority Investment Area GOLDEN 0 00"Y _ GOLDEN 2 Study Area Facts Parcels, Owners Parcel Acreage Status Zoning 20TH AV Miles 3 EDGEWATER' X94 Z 17TH AV IA Colfax Ave a pJ 14TH AV x 40 r a LOTH AV ' 10TH AV a LAKEWOOD P� 6TH z 6 2ND AV 1ST AV 1ST AV • 48 non -ROW parcels ranging from under 1,000 s.f. to over 8 acres (city park under construction) • Approx. 40 ownership entities • Ownership has large out -of -town component (California -owned apartments) 28 parcel acres (see map on following sheet) Mostly occupied, except for large parcel at southeast quadrant now under construction as park. Little in the way of post -2000 construction. Predominantly multifamily (R -3) zoning, with some commercial (PCD, R -C, N -C). New park is actually zoned Planned Commercial Development (though modified to reflect recreation use). 46TH AV 69TH AV 44TH AV 7- 10 1 68TH AV 0 ARVADA 0 Su Z 38TH AVE 66TH AV 38TH AV a) Q = LL 35TH AV 35TH AV a 64TH AV 62ND AV 32ND AV m v DENVER r m OD O r C Z 2 ) 90.6:00 58TH AV RALSTON RD a Z Y g 2.� t- H AV irdai` n RIDGE o g 52ND AV p1 DGE PD S2ND AV 52ND AV a 50TH AV _ 49TH AV Z FF N GOLDEN 0 00"Y _ GOLDEN 2 Study Area Facts Parcels, Owners Parcel Acreage Status Zoning 20TH AV Miles 3 EDGEWATER' X94 Z 17TH AV IA Colfax Ave a pJ 14TH AV x 40 r a LOTH AV ' 10TH AV a LAKEWOOD P� 6TH z 6 2ND AV 1ST AV 1ST AV • 48 non -ROW parcels ranging from under 1,000 s.f. to over 8 acres (city park under construction) • Approx. 40 ownership entities • Ownership has large out -of -town component (California -owned apartments) 28 parcel acres (see map on following sheet) Mostly occupied, except for large parcel at southeast quadrant now under construction as park. Little in the way of post -2000 construction. Predominantly multifamily (R -3) zoning, with some commercial (PCD, R -C, N -C). New park is actually zoned Planned Commercial Development (though modified to reflect recreation use). 46TH AV 44TH AV 10 1 m 0 WHEAT RIDGE Su Z 38TH AVE 38TH AV a) Q = LL 35TH AV 35TH AV a N 32ND AV m v DENVER m OD O 29TH AV S pFE Re 3 m 9 a 26TH AV v Y co 38th & Kipling Aerial Wheat 500 Ridge Feet Rec Center g' th Ave retail . 44 strip Everitt LL T, house center Middle q dentists muffler sh _ a gas gas - 38th Ave _ ,d 9 . , . , Ufa bucks 4; retail M. � Bingo, 0 n cleaners, dentists w strip � 37th PI pub _ center Lis 37th PI apartments .,. 3 7thgv e thrift store vacant land under construction Autozone as park 38th & Kipling Priority Investment Area a c aroma v hospital houses 35th Ave L 35th Ave � I 36th Ave p , This priority investment area benefits from public sector activity generators in the Rec Center, Everitt Middle School, and — as of next year —the new park being added to long - vacant land in the southeast quadrant • Although convenient to 1 -70, this investment area is well within the residential heart of west Wheat Ridge. • 38th Avenue is past its prime as a major regional arterial linking Wheat Ridge to Denver and its foothills, but together with Kipling St., it remains part of a key intersection with active catalysts and redevelopment potential. • The area includes only a few residential uses: small apartments south of Bingo Hall, an ag /residential holdout across from the Rec Center, and a small cluster of houses just north of 35 Ave. • Existing commercial uses, with the exception of Starbucks and a few others, are aging. • Vehicular access is quite good via major arterials (38th Ave. and Kipling St.), with convenient, if often congested, access to downtown Denver. The middle school & Rec Center disrupt the local street grid traffic. Psychographics Psychographics go beyond basic demographics to describe characteristics of people and neighborhoods: profiling attitudes, interests, opinions, and lifestyles. Commercial retail developers use a community's psychographic profile as an indication of its residents' propensity to spend across selected stores and brands. Residential developers glean preferences for certain housing products. There are 66 total possible segments in the widely - used PRIZM -NE system used by Claritas, Inc. While the Wheat Ridge psychographic profile is dominated by senior segments -- across the moderate to high income spectrum - -a number of key younger lifestyle groups, such as Young Influentials keeps the neighborhood mix diverse in terms of age Profile of Representative Segments Old Glories Primarily downscale suburban retirees, Americans aging in place in older apartment complexes. Households in this racially- diverse segment often contain widows and widowers living on fixed incomes who tend to lead home - centered lifestyles. They're among the nation's most ardent television fans, watching game shows, soaps, talk shows, and news magazines at high rates. RE NEWAL EAT RIDGE 38th & Kipling Progress ih—gh Partnership Priority Investment Area Top Wheat Ridge PRIZM -NE Segments Domestic Duos A middle -class mix of mainly over -65 singles and married couples living in older suburban t homes. With their high - school educations and fixed incomes, segment residents maintain an easy -going lifestyle. Residents like to socialize by going bowling, seeing a play, meeting at the a,. local fraternal order, or going out to eat. Young Influentials Once known as the home of the nation's yuppies, this segment is a now a common address for younger, middle -class singles and couples who are more preoccupied with balancing work and leisure pursuits. Having recently left college dorms, they now live in apartment complexes surrounded by ball fields, health clubs, and casual- dining restaurants. Number of Wheat Ridge Households Index to all U.S. Households (100% = average) Old Glories 2,401 1765% New Beginnings 1,384 663% Domestic Duos 1,155 687% Young Influentials 958 470% Suburban Pioneers 787 544% Suburban Sprawl 783 426% Pools and Patios 767 415% Gray Power 708 548% American Classics 695 486% New Empty Nests 648 436% Together, these segments represent % of all residents Domestic Duos A middle -class mix of mainly over -65 singles and married couples living in older suburban t homes. With their high - school educations and fixed incomes, segment residents maintain an easy -going lifestyle. Residents like to socialize by going bowling, seeing a play, meeting at the a,. local fraternal order, or going out to eat. Young Influentials Once known as the home of the nation's yuppies, this segment is a now a common address for younger, middle -class singles and couples who are more preoccupied with balancing work and leisure pursuits. Having recently left college dorms, they now live in apartment complexes surrounded by ball fields, health clubs, and casual- dining restaurants. Pools & Patios Formed during the postwar Baby Boom, Pools & Patios has evolved from a segment of young �W suburban families to one for older, empty- nesting couples. In these stable neighborhoods graced with backyard pools and patios - -the highest proportion of homes were built in the 1960s -- residents work as white - collar managers and professionals, and are now at the top of their career Demographics ' 16 WH EA TRI 30th & KIpIIrIg WHT RIDGE P.. q ,,,..,,,c,h P. , Priority Investment Area Locator map with trade area boundary WESUANSTER ARVADA YThw 6 wcw urt„n• i Ysr;n.c f ' aw, lssggm, S ..i 2000 Population 2010 Population 2010 Households Annual Household Growth Rate (Claritas or DRCOG projections) Average Household Size (2010) Pct. Non - family Households (2010) Pct. Renters (2010) Pct. Age 65+ Pct. Age 0 -14 Median Age Pct. With Bachelors Degree Pct. Blue Collar (Age 16 +) Median Household Income Per Capita Income Pct. With Income Over $100,000 Pct. Hispanic Pct. Black/African- American $47,878 $45,674 Denver - $26,116 15% Au ro ra- 18% Cityof Wheat Broomfield 2 -mi radius Ridge Metro 39,001 32,913 2,179,296 38,469 31,257 2,528,842 17,128 14,032 996,177 0.8% 0.8% 1.40% 2.29 2.37 2.56 40% 43% 35% 44% 46% 32% 18% 21% 10% 18% 17% 21% 42.6 43.9 36.5 32% 27% 37% 23% 24% 19% $47,878 $45,674 $27,618 $26,116 15% 13% 18% 23% 2% 1% $61,853 $31,029 25% • The 2 -mi trade area accounts for approx. 1.5% of Metro Denver's population — down from 1.8% in 2000. • There are 3,100 more households in the trade area than in Wheat Ridge proper. • Recognizing infill potential, Denver Regional Council of Governments forecasts moderate growth for Wheat Ridge (in contrast to Census -based "blind" projections, which show little or no growth). • Wheat Ridge and trade area residents are somewhat ethnically diverse, and below Metro levels of income and educational attainment. • With an older population base, the trade area also has smaller households and somewhat more "non- family" households. 23% • Trade area residents (who are still in the workforce) are somewhat more likely than s% Metro -wide residents to be in "blue collar " jobs. .i'rI AY •01•/4 YMiv WHEAT RIDGE ! 'fMWAM7 g DENVER S _ 'a t.r4 r LAKEWOOD e u. • The 2 -mi trade area accounts for approx. 1.5% of Metro Denver's population — down from 1.8% in 2000. • There are 3,100 more households in the trade area than in Wheat Ridge proper. • Recognizing infill potential, Denver Regional Council of Governments forecasts moderate growth for Wheat Ridge (in contrast to Census -based "blind" projections, which show little or no growth). • Wheat Ridge and trade area residents are somewhat ethnically diverse, and below Metro levels of income and educational attainment. • With an older population base, the trade area also has smaller households and somewhat more "non- family" households. 23% • Trade area residents (who are still in the workforce) are somewhat more likely than s% Metro -wide residents to be in "blue collar " jobs. Residential Demand V RENE 38th & KIpIII1g WHEAT RIDGE P ..Thr IN P.n.. "h Priority Investment Area 10 -year Residential Demand — Attainable Investment Area Unit Capture Trade Area Apartment Inventory (s.E) by Year Built 400,000 300,000 �- 200,000 100,000 0 — - :8-111, 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 Aging multifamily inventory signals opportunity for selective replacement as part of infill strategy Source: Costar, Inc.; Leland Consulting Group • Projected trade area household growth rate is moderate through 2020 (0.8% annually), relative to Metro growth • Overall trade area demand for approx. 358 new market -rate apartments or attached ownership units by 2020 • Infill development in the 38th & Kipling area could absorb approx. 66 new units at an attainable 15 to 20% market share /capture rate • Proximity to Rec Center and good vehicular access should boost residential prospects, but land assembly is a challenge to realizing absorption potential Totals 51 15 ■ Rental /Apartment $150K and up 0 0 Condo /Townhome $100 -150K 0 0 W 0q Note: Shows attainable investment $75 -100K 3 area demand, assuming aggressive land assembly and /or property c $50-75K 8 turnover. � 6 °� Reflects 15 to 20% capture of trade w $35 -50K 4 14 area new units by category _ (conservative given small trade area) $25 -35K 2 13 $15 -25K 1 13 units Trade Area Apartment Inventory (s.E) by Year Built 400,000 300,000 �- 200,000 100,000 0 — - :8-111, 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 Aging multifamily inventory signals opportunity for selective replacement as part of infill strategy Source: Costar, Inc.; Leland Consulting Group • Projected trade area household growth rate is moderate through 2020 (0.8% annually), relative to Metro growth • Overall trade area demand for approx. 358 new market -rate apartments or attached ownership units by 2020 • Infill development in the 38th & Kipling area could absorb approx. 66 new units at an attainable 15 to 20% market share /capture rate • Proximity to Rec Center and good vehicular access should boost residential prospects, but land assembly is a challenge to realizing absorption potential