back again: commentary on the revitalization of pioneer square
TRANSCRIPT
Donovan RypkemaPlaceEconomicsWashington, DC
May 2, 2014
No more whining
Competent, well regarded organization
Written set of specific goals and tasks
Acknowledgement of problems but no longer sense that “all is lost”
Expansion of BIA
North Lot Development
Trolley Line
Major engagement, re-engagement of
citizens
Pioneer Square Today
Good News on the Office Real Estate FrontApril 2013 Survey 5 year average
Vacancy Rate 9.4% 13.9%
Vacant Square Feet 610,698 893,892
12 Month Absorption (s.f.) 136,214 45,162
Gross Rent/s.f. $27.01 $25.21
Sales Price/s.f. $349 $274
Sales Volume (million) Past Year
$426 $188
0 20 40 60 80 100 120 140 160
Law/Consulting
Restaurant/Café/Bar
Retail
R&D/Programming/Software/Tech
Art
Non-Profit/Advocacy
Engineering/Architecture/Design
Services
Advertising/PR/Marketing
Auto related/Parking
Real Estate Related
Insurance/Financial Services
Businesses in Pioneer Square
• Research and Development in Biotechnology
• Software Publishers
• Internet Publishing and Broadcasting and Web Search Portals
• Advertising Agencies
• Professional and Management Development Training
• Industrial Design Services
• Graphic Design Services
• Mortgage and Nonmortgage Loan Brokers
• Employment Placement Agencies
$0
$20,000
$40,000
$60,000
$80,000
$100,000
Capitol Hill First Hill Uptown South LakeUnion /Denny
Triangle
Belltown PioneerSquare /
InternationalDistrict
CBD
Average Household Income
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
Median Household Income
0%
10%
20%
30%
40%
50%
60%
70%
80%
Capitol Hill First Hill Uptown South LakeUnion /Denny
Triangle
Belltown PioneerSquare /
InternationalDistrict
CBD
Associates Degree or Higher
For Pioneer Square/ID to reach the Average number of people with degrees of the next lowest educational attainment neighborhood (First Hill) you would have to add 1916 people ALL with associate
degrees or higher.
0%
10%
20%
30%
40%
50%
60%
70%
80%
Change in median HH income 2000 - 2013
20
25
30
35
40
45
50
Capitol Hill First Hill Uptown South LakeUnion /Denny
Triangle
Belltown PioneerSquare /
InternationalDistrict
CBD
Median Age
Intentional ignoring of criminal activity
Discouragement of reporting crime
“Nothing we can do” response
Policing Problem
* as long as you keep them down in Pioneer Square
ESPECIALLY the poor, the addicted, the mentally ill, the homeless.
Share the Square should mean
that the rest of the
neighborhoods in Seattle
should share the social
responsibility of housing the
~2500 poor and homeless and
addicted and mentally ill now
warehoused in Pioneer
Square.
Pioneer Square:Dumping Ground for Busses
• “It’s fixed now”
• Success based on person, not organization
• Sudden “crash” as restaurant hot spot
• No resolution on
public safety/civility issues
• Not paying attention to
the little details
Residential Office Difference
Food at home $3,750 $625 $3,125
Food away from home $2,437 $1,044 $1,393
Alcoholic beverages $482 $542 -$60
Household operations & supplies $2,021 $171 $1,850
Household furnishings & equipment $1,462 $627 $835
Apparel $1,467 $588 $879
Health care $897 $508 $389
Entertainment $2,379 $900 $1,479
Personal services & other $1,899 $763 $1,136
TOTAL $16,794 $5,768 $11,026
The Frye
• 141,500 s.f.• 234 apartments• $10,650,000
Appraised Value• Rents $585-$945• Taxes $1,987.07
(actual)• Taxes $110,050
This should be the landmark entry building to Pioneer Square
“Property rights” does not give the right to diminish the value of adjacent properties by extended periods of vacancy, lack of maintenance, and building deterioration
Thank you very
much
© Donovan D. Rypkema, 2014PlaceEconomics
PO Box 7529Washington, DC 20044
www.PlaceEconomics.com