A common quote to this regard is "Price is what you pay. Value is what you get." I've done a little digging around with tenants commonly found in the commercial real estate market, and have included them on the chart below. In addition, I've included both Moody's and S&P ratings systems as a reference. Remember, these companies credit can change over time, and I'd suggest you do your own research before making the purchase.
When looking for an investment property in commercial real estate, we should often be concerned not only with the quantity of the income stream, but also the quality. For public companies, we can often use the credit rating or look at the companies financials ourselves to determine if the price and the tenant credit "match up." A common quote to this regard is "Price is what you pay. Value is what you get." I've done a little digging around with tenants commonly found in the commercial real estate market, and have included them on the chart below. In addition, I've included both Moody's and S&P ratings systems as a reference. Remember, these companies credit can change over time, and I'd suggest you do your own research before making the purchase.
0 Comments
1. Green Stormwater Infrastructure Design
ACHD has been working with a technical consultant, Tetratech, to look at designing green stormwater infrastructure in the Main/Fairview corridor. We received the draft report in December, and it is being reviewed by both the City and ACHD. In this report, the block between 24th and 25th Street on Fairview Avenue were designed to determine how much stormwater could be handled and how much this infrastructure would cost to implement. This report shows a reduction in 1 travel lane (from 4 to 3 lanes) and the addition of on street parking, which also coincides with the City’s master plan vision. 2. Boise School District & Success at Whittier Elementary We met with the leaders at Boise School District to discuss the urban renewal district, as well as the long term needs of Whittier Elementary. During this meeting, it was great to hear that Whittier has a dual language program, which has been tremendously successful. The school is now at capacity and has a waiting list for those wanting to enroll. Great news for the West End! 3. Utilizing the DEQ Brownfield Program As we work with the Department of Environmental Quality and their brownfield program to evaluate the 2 city owned properties in the West End, it is becoming apparent that this program is a great asset for our community. This program is great at helping to determine the environmental impacts our past activities have on our current development desires. 4. Connectivity in the West End As you drive down Main Street or Fairview Avenue in the West End, you quickly realize that this area is dominated by the automobile with large, wide roads, and big blocks. The Main and Fairview corridors are great at moving a lot of cars, but they are not so good at making a bicyclist feel safe. In addition, because the blocks are so large, the pedestrian scale is lost. We have been looking at various scenarios and meeting with ACHD to investigate breaking up the super blocks to help improve connectivity, give the area a more pedestrian scale, and improve safety for our bicyclists. 1. Historic Guernsey Milk Depot Sold! For the first time in 39 years, the historic Guernsey Milk Depot building has been sold! A local investor purchased the prominent West End building designed by Tourtellotte & Hummel and built in 1937. They plan on making upgrades to the building and keeping the current offices in place. This building is on the Historic West End Walking Trail and sits at the corner of 25th & State Street. 2. Due Diligence on City Properties Continues In preparation for property disposition, we have started receiving the environmental studies coordinated through the DEQ brownfield program. These studies provide valuable information on property history and future development. 3. West End Website & Continued Branding The West End is a great place to live, work, or play and we’d like to spread the message. As a part of this effort, we have engaged Stephanie Worrell to help us coordinate website updates as well as some video messaging for the West End. Because the West End has a long history of established businesses along with exciting features like the whitewater park, we want to share our vision and let people know what the West End has to offer. 4. Esther Simplot Park Getting Closer We all know permitting sometimes takes longer than anticipated, but word is that final permitting for Esther Simplot Park is close. This park will be like no other in Boise with a strong emphasis on water and will be a great compliment to the Boise River Park. Once construction starts on this project, it is anticipated to take approximately 1 year to complete. 5. ACHD’s Commitment to the West End ACHD has already spent over $9.5 million to improve transportation in the West End with the construction of Whitewater Park Boulevard and re-configuring 27th Street, and they plan on more projects. Both Madison and Jefferson are slated for curb, gutter, and sidewalk improvements west of 27th in 2016 and 2017. 1. Developers Showing Interest There are several developers showing interest in the area, and it has been exciting to start discussions with them. During the month of May, we met with 2 different Portland, OR developers to hear about their ideas for the West End and downtown Boise. We also visited several of their projects to get a feel for the type of development they typically do, and determine how they may play a role in shaping our downtown. 2. Market Research and Demographics For people interested in investing or moving to the West End, I thought it would be useful to quantify what type of people live there. As a part of this study, not only is it great to get population and income statistics, but also to determine lifestyle characteristics of the residents: where do they spend their money, do they typically rent or own their home, are they single or married, what do they do for employment, etc. In summary, when the West End is compared to Boise as a whole, West End residents tend: to be younger, more often single, to make less money but be more educated, to be more likely to rent their home, and as may be expected, spend more money on most anything to do with outdoor activities! 3. Bike Shop & Beer Garden in the West End? I attended a neighborhood meeting where a group would like to open a bike shop in conjunction with a beer garden in the old Nifty Nineties Antique Store at Main and 25th Street. Not only would this bring renovations to an existing building, but it would bring life to a vacant property! Neighbors were generally in support of this new project, but had some concerns with the lack of off street parking. This group has since made official application with the City and will be encouraging customers to either walk or bike to their establishment – The Handlebar. We’re hoping this group can make this new business a reality, so stay tuned for further updates. 4. West End Food Park (WEFP) is Official! The West End is looking forward to the Grand Opening of its newest business on July 3, 2014 when the West End Food Park officially opens! Look for site improvements to be taking place during the month of June and food trucks will be arriving shortly. 5. Various Exciting Activities We have been working diligently with Rizen Creative to launch the West End website, which will be a great community asset as well as a place for potential developers to obtain valuable information. In addition, a three acre parcel along Whitewater Park Blvd. has been spurring great interest for multifamily development. 1. Stakeholder Outreach With spring in full swing, there seems to be some excitement in the air for possibilities within the West End. I met with various stakeholders in the area to discuss what has been happening and what is going to be happening. In the month of April, I met with: · St. Luke’s – discussion as to the efforts of the City and CCDC within the West End as well as some discussion as to their plans with their land holdings. · Capital Lumber – educational meeting to share our efforts in the West End and determine how they could mesh with the desires of the neighborhood and the future of Capital Lumber. · Veterans Park Neighborhood Association (VPNA) Annual Meeting – attending and presenting our plans for the West End at the annual neighborhood meeting held at the Dutch Goose. Many neighbors had questions as to potential development along Main & Fairview as well as impacts of the 27th Street modification. 2. Community Outreach During the month of April, I met with Centennial Rotary as well as holding a Brown Bag Luncheon with the Urban Land Institute. The Rotary meets at the Riverside Hotel and had numerous inquiries as to the possibility of a multi-use stadium, the new zoning and parking overlay, and the naming of the West End. The brown bag luncheon with the ULI was well attended with about 25 participants, and we discussed various items with emphasis on housing, the vision of the West End, and the implications of the rezone along Main & Fairview. In addition, we took a walking tour to discuss the potential Food Truck Park as well as a proposed Bike Shop & Beer Garden. 3. Branding & Getting the Word Out You may have noticed that the West End now has a big branding statement visible from The Connector. During April, the old Boise Marine building was repainted white and then a large West End logo was painted on the building to help make people aware of the neighborhood. This building is highly visible to over 70,000 cars per day, and we’re hopeful people will start taking note and asking questions. In addition, we are getting close to launching the West End website! This website will be a great resource for information on potential development opportunities the area, spreading the word on events, collaborating with businesses, and sharing our vision. 4. Update on West End Food Park (WEFP) As promoters of the West End, the City has taken a lead role to try and assist in getting the WEFP up and running. We are in the final stages of lease negotiations, bidding improvements for the site, and hopefully getting a lease signed soon. 5. Investigating Connectivity and Site Planning Because there are numerous large parcels that could be developed in a number of ways in the Main/Fairview corridor, we have been investigating various site plans and building layouts that could be conducive to catalyst development that is bicycle and pedestrian friendly. As we speak to developer s and potential tenants for the area, it is helpful for them to share our thoughts on the items that are important to the City and the neighborhood. In addition, these quick studies give us realistic expectations on development sizes and layouts. 1. Construction has begun in the West End! The first West End construction project has broke ground! It is a 21,000 square foot, 2 story medical office building on the corner of Whitewater Park Boulevard and Main Street. This first floor will be home to Whitewater Oral Surgery while the second floor is seeking new tenants. This building incorporates some great design features to include: building pulled up to the corner with the parking located behind, a mixture of high quality exterior cladding choices, and a modern type architecture by Erstad Architects. 2. Events and Community Building Sheila Francis, with Payette Brewing, organized the first Food Truck Rally to benefit the American Cancer Society “Relay for Life.” This Rally boasted excellent attendance and it was great to see lots and lots of patrons showing up on bikes. In addition, it is now official that the YMCA’s “Y not Tri” will be moving to the West End! Look for this event on July 12th. Some of the great changes to the race are a Saturday start time (instead of a Thursday evening) to help boost attendance, multiple distances to accommodate more athletes, and food trucks to help make this a real family outing. 3. The word is getting out and people are taking notice. As our efforts to spread the word start getting out, we are seeing more and more inquiries into the West End from potential users, developers, and real estate agents. In the past month, I was invited to speak at several events to share our vision. During these discussions, attendees were excited to see so much effort being put forth to revive this part of town and many are asking how they can get involved. 4. West End Food Park & City Park and Ride An idea to expand on the underserved retail needs of the West End, we have been approached by a group to help evaluate the idea of getting a West End Food Park established. This idea would allow food trucks to set up 7 days a week and provide the area with some activity and some highly needed dining options. In addition, the City is investigating the idea of a Park and Ride location in the West End for employees at City Hall. This location would allow employees to park their car in the West End, and then shuttle or ride their bike to City Hall. As a part of these two plans, we are investigating if it may be beneficial for both parties to co-locate, which would allow shared parking and expenses, as well as, giving the employees dining options while coming or going. 1. City Disposition Plan in the West End Since the City is a large land owner in the West End, it makes sense that the City investigate its options in helping spur development by leveraging its holdings. Some advantages of leading this effort would be: · Spurring private development in our newest urban renewal district. · Directing the type of development that advances the City’s vision as shown in the Master Plan. · Bring synergistic type development, which can help make our downtown core even stronger. 2. CCDC at Work To “Market the Change” and “Engage the Community,” signage has been installed at the West End office, and we are in the last steps of finalizing a contract to paint a West End mural on the old Boise Marine building at 24th and Fairview. In addition, we have ordered branding materials to continue our efforts with keeping the momentum moving forward and the neighborhood active in spreading the word. In addition, Rizen Creative has started the West End website, which we hope to unveil by May 1st. 3. Events in the West End! We have scored a couple victories in bringing events, people, and excitement to the West End for 2014. On March 14th, a Food Truck Rally will take place at the corner of Whitewater Park Boulevard and Main Street. This event will benefit the American Cancer Society. On May 1st we will be hosting an event called the West End Summit, which will be an interactive event focusing on potential development in the West End. Lastly, we are excited to announce that the Y not Tri (held by the YMCA) will be moving from its longstanding location on Parkcenter to Quinn’s Pond and Whitewater Park Boulevard. Not only will this triathlon now be in the West End, it will grow its presence and move from a Thursday evening event to a Saturday triathlon. 4. Right Sizing Main and Fairview The dialogue with ACHD has begun to discuss the possibility of implementing the street sections called out in the Master Plan along Main and Fairview. The Master Plan calls for a reduction of 4 travel lanes to 3 travel lanes with the addition of on-street parking and bicycle lanes. ACHD is in the process of running traffic analysis to help determine how these streets may be made more bicycle and pedestrian friendly. 5. Rezone Passes Boise City Council Although this officially took place in March, the West End has crossed its first large policy milestone to making higher density, mixed use development a reality. City Council passed a rezone to C-5 in the Main/Fairview corridor in addition to expanding the parking overlay. 1. City Disposition Plan in the West End As a part of “Identifying Catalysts” and “Deliver Results”, we are investigating the possibility of the City selling its land holdings in the West End. If the City does indeed dispose of its property, it is possible to do so in a manner such that various aspects of development can be controlled by the City and various stakeholders. For example, it is plausible the City could require the following:
2. CCDC at Work To “Market the Change” and “Engage the Community,” we are working with Rizen Creative to help develop the identity of the West End and build relationships with the business community. Over the next several months we will refine how urban renewal dollars can be best spent to further CCDC’s mission. In addition, be on the lookout for the West End Summit, which is planned for April 2nd at the Red Lion Downtown. This will be an opportunity to showcase the assets in the West End to a diverse audience, but also get feedback as to future development and business building. 3. Possibility for Multifamily in the West End There are several parcels that could be well suited for multifamily development in the West End. With the amenities that already exist (proximity to downtown, the Greenbelt, the Boise River Park, etc.) or are planned (Esther Simplot Park, a neighborhood friendly 27th Street, etc.) there is a desire to live near our urban core. Various multifamily developers have expressed interest in the area, and we are hopeful that this type of development could be announced during 2014. 4. Review of the CCDC Capital Improvement Plan & 30th Street Master Plan As we continue to pursue bringing good things to our newest Urban Renewal District, it is important that we check in with our progress and benchmarks as they may have been laid out in our guiding documents. The good news after reviewing the timelines and various benchmarks is that some adjustments may need to be made, and they are positive! By looking at the CCDC’s CIP or the Master Plan Implementation chapter, it appears we are ahead of schedule. 5. Rezone Passes Planning and Zoning Commission The first major policy step in the West End is to rezone of a large portion of the Main/Fairview corridor to C-5, which would allow for a more urban development. In addition to the rezone, we are extending the P-3 Parking Overlay throughout the commercial zone along Main and Fairview to reduce the amount of required parking spots. This has passed Planning and Zoning and is scheduled to be heard by City Council on March 4th. Great Things Happening 1. Events coming to the West End in 2014! As a part of “Engaging the Community” and “Marketing the Change”, we are working on getting some great events happening in the West End. Keep your eyes out for the West End Summit coming this spring. This event will allow business and property owners, various stakeholders, developers, and other community members to get engaged in what is happening, learn how they may get involved, and offer input on possible development opportunities. In addition, there is a plan in the works to bring other exciting events to the West End. 2. Official West End Master Plan Review To “Eliminate Roadblocks” and “Identify Catalysts,” I have reviewed the West End Master Plan from cover to cover to help identify items that may need to be changed, modified, or removed to help the document get us to our vision. With this review, it is great to see that many items in the “Implementation” chapter are ahead of schedule after only 4 months of work! Be on the lookout for official revisions to this document to go through the approval process in 2014. 3. Strategic Planning to Bring Land Owners Together The West End boasts several larger tracts of developable ground near Boise’s downtown core, and it is imperative everyone is on the same page to realize the vision laid out in the Master Plan. To “Eliminate Roadblocks” and “Develop the Team,” we are working on a plan to bring the larger landholders together and share in a cohesive strategy for jump starting development that will bring vitality and life to our newest urban renewal district. This could be a plan of action for disposition as well as master planning. 4. The West End logo is here! Did you notice it at the top of the page? Now with the logo complete, we are ready to continue with our other branding efforts for the West End. As a part of “Marketing the Change” and “Engaging the Community,” we will start seeing some cohesive strategies in the West End through signage, brochures, website, etc. Although this logo says “Established 1912,” it will be changed to show “Established 1903,” which is the year the first plat was recorded in the West End. Things to be watching for… 1. Building the West End Identity Now that we have a logo, work with Rizen Creative to build the rest of the identity package has started. Be on the lookout for communication from the West End to start appearing on signs, emails, and other creative forms of media. 2. Zoning at P&Z in January As another big change to the West End, the zoning in the Main/Fairview corridor will be heard at Boise City’s Planning & Zoning Commission on January 13th. This will change many parcels from C-2, C-3, and C-4 to a C-5 zoning. Great Things Happening
1. First West End business owner meeting! As a part of “Developing the Team” and “Engaging the Community”, we held the first West End business owner meeting to discuss things that could be done in the area to help bring life to the West End. We anticipate having a minimum of 4 events over the next year to help bring people and new ideas to this part of town. The West End businesses are excited to drive this effort. 2. Neighborhood meeting held and rezone application submitted. To help “Eliminate Roadblocks” and “Identify Catalysts,” the rezone and parking overlay expansion process is underway. A neighborhood meeting was held on November 12th with good attendance and some positive feedback. In addition, the application was submitted and should be heard in January by the Planning and Zoning Commission. This may be one of the only City initiated rezone applications where additional property owners want to be included! 3. Final design of 27th Street agreed upon. Through some great cooperation between ACHD, CCDC, and the City of Boise a final design on 27th Street has been agreed upon. With an effort to “Deliver Results” and “Eliminate Roadblocks” we will see a greatly improved 27th Street neighborhood with bike lanes, 2 lanes of through traffic instead of 4, and streetscape improvements to include bulb-outs at 3 intersections. 4. The West End logo is getting close. With the help of the community and various stakeholders, we are working on “Marketing the Change” and “Engaging the Community” by collecting feedback about the logos and revising the concepts to come up with a design that resonates well with the West End. We should have a final logo by the end of December! 5. Working with stakeholders to identify projects in the near term. Because of our efforts we have seen increased interest in the West End, and it is important to start finding projects that can keep this momentum moving forward. There have been several projects brought to our attention and we are working to get some of them off the ground. Things to be watching for… 1. Ground breaking on medical office building! The medical office building at the corner of Whitewater Park Boulevard and Main Street is getting close to start demolition on the current building and begin construction of their new office. We should see some activity on this corner within the next 30 days. 2. More on connectivity. With the great partnership between ACHD, CCDC, and the City of Boise we anticipate lots more to come on implementing some of the complete street concepts in the West End Master Plan (aka The 30th St Master Plan). We are already seeing some great strides with a buffered bike lane on Main Street west of Whitewater Park Boulevard, and wouldn’t it be great to see a more pedestrian & bike friendly Main and Fairview? |
AuthorJay Story Archives
September 2019
Categories
All
|