East End Communities – Pittsburgh, pa may 8 – 13, 2016
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• The mission of the Urban Land Institute is to provide leadership in the responsible use of land and in creating and sustaining thriving communities worldwide.
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37,000 members, worldwide representing the spectrum of real estate development, land use planning and financial disciplines, working in private enterprise and public service.
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– Conducts Research – Provides a forum for sharing of best practices – Writes, edits and publishes books and magazines – Organizes and conducts meetings – Directs outreach programs – Conduct Advisory Services Panels About the Urban Land Institute 3 Ea
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, 20 16 • Since 1947 • 15 - 20 panels a year on a variety of land use subjects • Provides independent, objective candid advice on important land use and real estate issues • Process
• Review background materials • Receive a sponsor presentation & tour • Conduct stakeholder interviews • Consider data, frame issues and write recommendations • Make presentation • Produce a final report The ULI Advisory Services Program 4 Ea
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, 20 16 The Panel
Alrich Lynch Senior Managing Director LDG Consulting Atlanta, GA
Harvard Graduate School of Design Cambridge, MA Sue Southon Senior Technical Specialist ICF International Bloomfield Hills, MI ULI Staff: Tom Eitler Senior Vice President
Kathryn Craig Senior Associate
Alan Razak, Chair Principal AthenianRazak LLC Philadelphia, PA
Senior Associate BAE Urban Economics Berkeley, CA Nick Hamilton Director The American Assembly at Columbia University Legacy Cities Partnership New York, NY
Senior Vice President of Land Acquisition and Development EYA, LLC Bethesda, MD
Director HCED Consulting Clearwater, FL
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, 20 16 Sponsors • East Liberty Development, Inc. • Councilman Ricky Burgess
With support from:
• The Mosites Company • Sitko Bruno, LLC • Mistick Construction, Co. • P.W. Campbell Contracting Co. • Walnut Capital Management, Inc. 6 Ea
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, 20 16 East End Neighborhoods 7 Ea
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, 20 16 The Assignment 1. Help identify public and private financing tools and how they can be used to support housing and economic development activities in the East End.
2. Help identify national/state/public-private funding partnerships that can be used for affordable housing in excess of $10 to $30 million dollars.
3.
a sustainable mixed-income community?
4. What examples of inclusionary zoning around transit stops have been successful or, for that matter, not successful? And how can the economic development activity in and around East Liberty transit center be utilized to benefit existing low-income residents living in proximity to this development?
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initiatives? And how can communities maximize M/WBE and resident participation in housing and economic development activities?
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practices for crime reduction? What are tools/best practices for public school improvement?
7. Help identify/recommend the timing or sequence of development projects within the East End. Are there strong market edges in the East End which could support housing and economic development initiatives?
8. Help identify land use planning tools/best practices that support or encourage social equity.
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, 20 16 Pittsburgh and the East End •
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Pittsburgh and East End communities
0 100 0 800 1940
1960 1980
2000 2020
2040 Pittsburgh Population East End Population
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, 20 16 Pittsburgh Responds to Challenges •
– a good example from the past •
to include East End communities in the region’s success
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, 20 16 What will you look like? What does a city that used to be 600,000 people look like when it becomes 300,000? 11 Ea
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, 20 16 Challenges/Issues The East End represents not just a real estate and housing undertaking; it requires full-spectrum community building • Striking While the Iron’s Hot, but Not Running Headlong • Market Uncertainty • Planning: Grassroots vs. Top Down • Racial Diversity • Combatting Perceptions/Transcending Boundaries
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, 20 16 Responses & Recommendations • The neighborhoods are different and require different responses • The timeline is long-term, sequential • Funding
– Big ideas and small • Ratios
– proportions and incentives • Crime
– intriguing experience • Engaging Existing Residents – • HELP Initiative – a good idea that depends on capacity and organization • ELDI’s Role – transitioning over time
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, 20 16 Residential Market Overview • Housing analysts consider housing to be affordable if housing costs are less than or equal to 1/3 of total household income • Households with incomes equal to the citywide median can afford home sale prices of approximately $160,000 and rental rates of approximately $1,140 • Households with incomes equal to the median for the East End can afford home sale prices of approximately $100,000 and rental rates of $640 Housing Affordability Citywide East End Median Income
$41,000
$23,000
Affordable Home Sale Price at median income
$160,000
$100,000
Affordable Monthly Rent at median income
$1,140
$640
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, 20 16 Residential Market Overview • “Affordable Housing” can consist of either: – Homes with mandated affordability restrictions, which can be in developments with all affordable units or mixed-income projects – Homes with no mandated affordability restrictions that are affordable to households with lower incomes. The cost of these units can increase in markets experiencing an increase in demand, reducing affordability levels – Homes with no mandated affordability restrictions that are made affordable through the use of Section 8 Housing Choice Vouchers • Pittsburgh and the East End have all three of these types of affordable housing
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, 20 16 Residential Market Overview • Median home sale price: $142,000 • Average rental rate: $1,000 per month • Overall, these housing costs are affordable to households with the median citywide income • But: housing costs in much of Pittsburgh are not affordable to many lower-income households, including many East End households Pittsburgh Residential Market 16 Ea
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, 20 16 Residential Market Overview • Median home sale cost: $24,500 • Many homes at this price point require substantial and costly rehabilitation work (often $150,000 per unit) – Renovation costs can make homes unaffordable to lower-income households – The cost of renovated homes is often higher than typical home sales costs in Pittsburgh, though recent sales of renovated homes in East Liberty demonstrate market support for homes selling for $380,000 or more • Overall, the rental rate in the East End averages $933 per month • The cost of new rental units in East Liberty typically ranges from $900 to $2,600 per month • New residential development will require market support from higher-income households
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, 20 16 Residential Market Overview • Future increases in households in Pittsburgh create potential demand for housing in the City and the East End Neighborhoods • Potential sources of household growth in Pittsburgh include: – Population shifts from elsewhere in Pittsburgh – Residents from outside of Pittsburgh moving into the City – Future citywide and regional population growth • Projections indicate that Pittsburgh will grow by 29,000 households within the next two decades • Households could grow more significantly if job growth or household formation rates occur faster than projected
13 8,25 3 17 1,74 8 0 20,000 40,000 60,000
80,000 100,000
120,000 140,000
160,000 180,000
200,000 2010
2035 Number of Households, Pittsburgh
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, 20 16 Residential Market Overview • In 2010, households in the East End accounted for approximately 7% of households in Pittsburgh • If the East End Neighborhoods can capture the same share of household growth moving forward, it would create demand for up to 2,400 units in the East End by 2035, or 120 units per year • This likely represents the maximum residential demand over this time period – Aggressive effort needed to reach this level of growth – Potential for more units in the near term due to strong current market conditions – East Liberty is likely to absorb most near-term demand – Existing unoccupied properties will absorb a portion of future demand
Potential Residential Market Demand 19 Ea
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, 20 16 Pittsburgh • History – Shared with many other legacy cities: rapid growth followed by job, population and tax base decline • Today – Increasingly attractive to employers and residents – Population growth of city and region • Tomorrow – Now is the time to plan for population growth that revitalizes and preserves affordability
Past Present and Future 20 Ea
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, 20 16 Pittsburgh • Healthy neighborhoods are mixed income and diverse • The market can bring essential investment, but it cannot solve everything
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, 20 16 Pittsburgh • Population growth of city and metro • Scale matters • Buzz about Pittsburgh • Pride of place (city and neighborhoods) • Very strong philanthropies and anchor institutions (Eds and Meds) • Affordable and available land and buildings • Neighborhood architectural character and good bones • Fresh water Observed Strengths 22 Ea
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, 20 16 Pittsburgh • Pittsburgh made tough choices to stabilize its economy • Infrastructure maintenance, public capacity and community institutions were underfunded for years • Fragmented authority and responsibility for comprehensive planning • Lack of formal adoption of city-wide or neighborhood plans • Extremely strong racial, economic, social, and geographic divisions • Absence of immigrant populations • Continued suburban development will likely absorb a disproportionate share of the regional population growth
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