virginia economic developers association · 2018-04-04 · 50-year marginal cumulative real estate...
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Virginia Economic Developers Association
The Importance of Utility & Infrastructure Investment for Economic Development
DCM Dave Hansen20 March 2015
Today Tomorrow / 2040 and Beyond
2
Virginia Beach’s VISION 2040
Strategic Growth Areas
Newtown SGA
Pembroke SGA
Laskin Gateway
Resort SGA – North End
Private Development
Incentivizing Public Investment
Motivated Contractor
Good Plans and Specs
Quality Work
$80M Private and $40M Public Investment
Virginia Beach Arena
5 Years Before the Receipt of an Unsolicited Proposal for an Arena
VB PU Decided to Create Sanitary Sewer Capacity for the Growth and Revitalization of
the Resort SGA
Last Year Completed Construction of a new Sanitary Sewer Pump Station Allowing the
Development of the 19th Street Corridor
Light Rail Transit ExtensionConnecting the City Centers of
Virginia Beach and Norfolk
14
Transit Oriented Development
Newtown Road Station
16
Newtown(Existing)
Residentialunits
Officesf
Commercialsf
Hotel rooms
Industrialsf
Optimistic 484 28,256 20,542 145 (328,030)
Average 323 18,837 13,695 97 (218,687)
Modest 161 9,419 6,847 48 (109,343)
Witchduck Road Station
17
Witchduck Residentialunits
Officesf
Commercialsf
Hotel rooms
Industrialsf
Optimistic 1,953 1,279,535 879,318 735 -659,030
Average 1,302 853,023 586,212 490 -439,353
Modest 651 426,512 293,106 245 -219,677
Pembroke Multimodal Station Master Plan Concepts Kellam Road Area
18
TodayTomorrow
Kellam Residentialunits
Officesf
Commercialsf
Hotel rooms
Industrialsf
Optimistic 2,144 1,366,833 750,052 -98 -270,666
Average 1,430 911,222 500,035 -66 -180,444
Modest 715 455,611 250,017 -33 -90,222
Pembroke Multimodal Station Master Plan Concepts Constitution Drive
19
TodayTomorrow
Constitution Residentialunits
Officesf
Commercialsf
Hotel rooms
Industrialsf
Optimistic 3,093 2,214,155 825,570 1,336 -54,246
Average 2,062 1,476,104 550,380 891 -36,164
Modest 1,031 738,052 275,190 445 -18,082
TOD Land Use Changes Table(Removes Overlap)(50 year build out)
Residential Office Commercial Hotels Industrial
Stations and Redevelopment Scenarios (units) (sf) (sf) (rooms) (sf)
Modest
Newtown (existing station) 161 9,419 6,847 48 (109,343)
Witchduck-Kellam-Constitution 2,395 1,620,174 818,313 683 (327,981)
Marginal Redevelopment 2,556 1,629,593 825,160 731 (437,324)
Average
Newtown (existing station) 323 18,837 13,695 97 (218,687)
Witchduck-Kellam-Constitution 4,790 3,240,349 1,636,627 1,366 (655,961)
Marginal Redevelopment 5,113 3,259,186 1,650,322 1,463 (874,648)
Optimistic
Newtown (existing station) 484 28,256 20,542 145 (328,030)
Witchduck-Kellam-Constitution 7,184 4,860,523 2,454,940 2,048 (983,942)
Marginal Redevelopment 7,668 4,888,779 2,475,482 2,193 (1,311,972)
TOD Station Physical Land Usage Changes
Modest = 25% of SGA TOD build
out
Average = 50% of SGA TOD build
out
Optimistic = 75%of SGA TOD build
out
Average AnnualTaxes Generated for:
Newtown, Witchduck, Kellam &
Constitution
21
Nominal PV (5.5%) Nominal PV (5.5%) Nominal PV (5.5%)
10 Year
Modest 2.02$ 1.41$ 1.94$ 1.36$ 1.88$ 1.32$
Average 4.35 3.03 4.19 2.92 4.07 2.85
Optimistic 6.68 4.64 6.44 4.49 6.26 4.38
20 Year
Modest 5.74 2.46 4.81 2.06 4.18 1.79
Average 12.60 5.40 10.75 4.60 9.48 4.05
Optimistic 19.46 8.34 16.69 7.14 14.79 6.32
30 Year
Modest 9.42 2.40 7.59 1.93 6.33 1.61
Average 21.08 5.36 17.41 4.42 14.88 3.78
Optimistic 32.73 8.32 27.23 6.91 23.44 5.95
40 Year
Modest 12.98 1.94 10.24 1.53 8.33 1.25
Average 29.54 4.42 24.06 3.60 20.26 3.03
Optimistic 46.11 6.89 37.89 5.66 32.18 4.81
50 Year
Modest 16.70 1.47 12.99 1.14 10.41 0.91
Average 38.58 3.38 31.15 2.73 26.00 2.28
Optimistic 60.45 5.30 49.31 4.32 41.58 3.65
Class AA Class A Class B
Marginal Average Real Estate Taxes (millions)
Quarter and Half Mile Station Outlook
50-Year Marginal Annual Real Estate Tax Table
10.75
50-Year Marginal Cumulative Real Estate Tax Table
22
Nominal PV (5.5%) Nominal PV (5.5%) Nominal PV (5.5%)
10 Year
Modest 20.2$ 14.1$ 19.4$ 13.6$ 18.8$ 13.2$
Average 43.5 30.3 41.9 29.2 40.7 28.5
Optimistic 66.8 46.4 64.4 44.9 62.6 43.8
20 Year
Modest 77.6 38.7 67.5 34.2 60.6 31.1
Average 169.5 84.3 149.4 75.2 135.5 69.1
Optimistic 261.4 129.8 231.2 116.3 210.5 107.0
30 Year
Modest 171.8 62.7 143.4 53.5 123.8 47.2
Average 380.3 137.8 323.5 119.5 284.4 106.8
Optimistic 588.7 213.0 503.6 185.5 444.9 166.5
40 Year
Modest 301.5 82.1 245.7 68.8 207.2 59.6
Average 675.7 182.0 564.1 155.4 487.0 137.1
Optimistic 1,049.8 282.0 882.5 242.1 766.7 214.6
50 Year
Modest 468.5 96.7 375.6 80.2 311.3 68.8
Average 1,061.5 215.9 875.6 182.8 746.9 159.9
Optimistic 1,654.4 335.0 1,375.7 285.3 1,182.6 251.0
Marginal Cumulative Real Estate Taxes (millions)
Quarter and Half Mile Station Outlook
Class AA Class A Class B
149.4
Average CumulativeTaxes Generated for:
Newtown, Witchduck, Kellam &
Constitution
www.vbgov.com/lightrail
http://www.vbgov.com/government/departments/planning/TransPlanning/Virginia-Beach-Light-Rail-Extension/Pages/default.aspx
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