C R E AT I N G O P P O R T U N I T Y AT
OXFORD CIRCLE | A R E D E V E LO P M E N T F E A S I B I L I T Y S T U DY
Cre ate d M a rc h 2 0 1 6 by
OX F O R D C I R C L E F E A S I B I L I T Y S T U DY | PA G E 1
TA B L E O F CO N T E N T S
Section 00 | Executive Summar y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 04 Project Over view ...................................................................................... 05 O v e r v i e w o f K e y Fi n d i n g s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 6 Study Recommendations .......................................................................... 06
Section 01 | Existing Conditions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 07 Business Inventor y .................................................................................... 10 Zoning ..................................................................................................... 11 O w n e r s h i p & P VA Va l u e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 Building Analysis .................................................................................... 14 Urban Design Assessment .......................................................................... 16 Public Space Assessment .......................................................................... 18 Green Infrastructure ................................................................................ 19 Infrastructure ........................................................................................... 28
Section 02 | Market Study . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Tr a d e A r e a s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 1 Service Market ......................................................................................... 35 Broader Market ........................................................................................ 39 Other Markets .......................................................................................... 42 Ta r g e t M a r k e t s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 3 Yo u t h M a r k e t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 Hispanic Market ....................................................................................... 46 At-Risk Market ........................................................................................... 48 K e y Fi n d i n g s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 0
Section 03 | Development Program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 52 R e d e v e l o p m e n t Fr a m e w o r k . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 3 Objectives ................................................................................................ 54 Redevelopment Approaches .................................................................... 56 Development Program .............................................................................. 58 Projects and Programs .............................................................................. 60 Fu n d i n g S t r a t e g y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 2 Sources + Uses Budget ................................................................................ 63 Opportunity Hub ...................................................................................... 64
Section 04 | Implementation Program . . . . . . . . . . . . . . . . . . . . . . . . . . .. 65 Pa r t n e s h i p s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 7 5 -Ye a r A c t i o n + I n v e s t m e n t P l a n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 8 5 -Ye a r I n v e s t m e n t + Fu n d i n g S t r a t e g y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 0 1 0 -Ye a r A c t i o n + I n v e s t m e n t P l a n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 2 Fu n d i n g S o u r c e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 4 Critical Timeline ....................................................................................... 76
00 | EXECUTIVE SUMMARY
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EXECUTIVE SUMMARY Ox fo r d C i r c l e O p p o r t u n i t y H u b
The 2013 Comprehensive Plan for Lexington-Fayette County, KY recommended seven areas for fur ther study through a small area plan process. One of those small area plans was the Cardinal Valley Small Area Plan, adopted in April 2015, with an action plan implementation item to conduct a feasibility study for the Oxford Circle Neighborhood Center as a step towards the small area plan’s goal of “Redevelop Oxford Circle as a community space by providing public ser vices such as a new librar y and community center, as well as neighborhood ser ving retail.” Redevelopment of Oxford Circle into a neighborhood center with these ser vices was ranked highest by the public in meeting #3 of the small area plan process. The Oxford Circle Redevelopment Feasibility Study was tasked with understanding what mix of ser vices - librar y, community center and neighborhood-ser ving retail – could be suppor ted and would ultimately ser ve to transform the underper forming retail center. The assignment was not to conduct another planning exercise, but to create a development program that effectively responded to the market and the community it will ultimately ser ve. A development mind-set and approach was applied throughout the entire 6-month process to fully understand the scale and type of oppor tunity, how to overcome existing barriers both to the market and with the physical development and finally how to package a viable redevelopment scenario that meets the needs of the community, ser vice providers and existing proper ty owners. While this site and market is not without its challenges, the study determined that none presented obstacles that cannot be overcome with a good plan of action and engaged, high capacity par tners. The following plan outlines a redevelopment approach that will, if successfully implemented, create a “win-win-win” for all involved. Ser vice providers, like the Librar y and Community Action Council, will get newly built or renovated space that better suits their and their clients’ needs. Existing proper ty owners will have more options, many of which do not exist today, giving them new freedom to explore alternative futures and oppor tunities. And most impor tantly, the community will have access to state of the ar t facilities that offer ser vices tailored to their individual community ’s needs through the creation of the Oxford Circle Oppor tunity Hub.
OVERVIEW OF KEY FINDINGS 1 . Cu r r e n t s i t e p l a n / d e ve l o p m e n t l ayo u t d o e s n’t wo r k . To d a y t h e re a re s i g n f i c a n t d e v e l o p m e n t
i m p e d i m e n t s - c o n d i t i o n o f b u i l d i n g s / i n f r a s t r u c t u re, m a i n t e n a n c e, s a fe t y, p a rc e l c o n f i g u r a t i o n , v i s i b i l i t y - t h a t m u s t b e a d d re s s e d i n o rd e r t o m a k e t h e s i t e wo r k fo r i t s u s e r s.
2 . R e t a i l o p p o r t u n i t i e s a r e l i m i t e d . W h i l e t h e a re a i s
“u n d e r s e r v e d ” b y c u r re n t re t a i l o p t i o n s, p o o r v i s i b i l i t y, c o m p e t i t i o n a n d p hy s i c a l / p s y c h o l o g i c a l b a r r i e r s d o n o t m a k e O x fo rd C i rc l e a n i d e a l s i t e. T h e f ro n t a g e a l o n g Ve r s a i l l e s i s t h e m o s t i d e a l l o c a t i o n fo r f u t u re re t a i l. N e w re t a i l o p t i o n s s h o u l d s e r v e n e i g h b o r h o o d, c o m m u t e r t r a f f i c a n d h o s p i t a l v i s i t o r m a r k e t s.
3 . U n i q u e co m m u n i t y c h a l l e n g e s r e q u i r e u n i q u e a p p r o a c h . To d a y ’s C a rd i n a l Va l l e y f u n c t i o n s ve r y
d i f fe re n t l y t h a n t h e o n e t h a t g re w u p a ro u n d t h e o r i g i n a l O x fo rd C i rc l e c e n t e r. T h e re i s a g ro w i n g n e e d fo r c o m m u n i t y a n d s o c i a l s e r v i c e s t o a d d re s s t h e e v o l v i n g n e e d s o f t h e p re d o m i n a t e l y H i s p a n i c c o m m u n i t y.
4 . L i b ra r y + Co m m u n i t y Ce n t e r a r e c r i t i c a l a n c h o r s.
Wi t h re d e ve l o p m e n t , t h e re i s a n o p p o r t u n i t y t o l e ve r a g e t h e l o c a t i o n o f t h e L i b r a r y a n d c o m m u n i t y / re c re a t i o n a l c e n t e r t o a t t r a c t a d d i t i o n a l i nv e s t m e n t a n d b u s i n e s s e s.
5 . P i e ce m e a l a p p r o a c h w i l l n o t wo r k . A h o l i s t i c
a p p ro a c h , t o b o t h re d e v e l o p m e n t a n d s e r v i c e d e l i ve r y, w i l l a l l o w fo r m o re s u s t a i n a b l e o u t c o m e s. T h e re a re o p p o r t u n i t i e s fo r s m a l l - s c a l e, i n c re m e n t a l c h a n g e s, b u t t h e y a r e u n l i k e l y t o c h a n g e t h e c u r re n t d y n a m i c o ve r t h e l o n g h a u l o r a t t r a c t t h e l e ve l o f i nve s t m e n t t h a t i s n e e d e d t o re - e s t a b l i s h O x fo rd C i rc l e a s a n e i g h b o r h o o d c o n t r i b u t o r.
S T U DY R E CO M M E N D AT I O N S Transform the underper forming retail center by acquiring necessar y proper ties that accommodate the development of the Oxford Circle Oppor tunit y Hub. This approach allows anchor uses - Village Branch Librar y and a Communit y/Recreation Center –to concentrate existing and expanded ser vices in a way that improves deliver y and increases accessibilit y by their core clients. These initial catalytic investments will attrac t future private -sec tor investment and interest from the broader retail/ser vice markets.
0 1 | E X I S T I N G CO N D I T I O N S
01
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EXISTING CONDITIONS I n t r o d u c t i o n t o Ox fo r d C i r c l e
Oxford Circle is situated in a prime location along
I n terms of immediate surroundings, the area around
one of the major ar terials leading into the Cit y of
Oxford Circle is comprised mostly of multi-family
Lexington. As one of the main gateway entries,
apar tments. While some of the existing businesses
Versailles Road is heavily used by commuters
within Oxford Circle provide neighborhood ser vices
coming and going to the airpor t and also ser ves as
(e.g. baker y, gym, small convenience store, etc.),
the main route to Keeneland. Currently, the existing
this area has incredible potential to become both
businesses along this stretch of Versailles Road (i.e.
a neighborhood hub for Cardinal Valley, and a
fast food, gas station, liquor store) do not appeal
destination point for the greater Lexington area.
to the broader market, but could be enhanced in a way that would allow them to take advantage of the higher traffic volumes along this major roadway.
The site itself is a complicated geometr y of a semicircle in which most of the buildings currently face inwards and have their back of house func tions,
The Cardinal Valley Neighborhood that encircles
such as dumpsters and emergenc y access doors,
the commercial core is an established work ing
on display to the surrounding neighborhood. I n
class, family- oriented neighborhood. The past few
addition, Vaughn’s Branch of Wolf Run cuts across
decades have seen changes to the people who
the site, effec tively isolating a third of the Circle
make up the communit y, with one of the highest
both perceptibly and physically.
concentrations
of
H ispanics
in
the
Cit y.
This
diversit y carries through to the commercial mix in and around Versailles Road, with many of the stores even catering to a bilingual clientele.
OX F O R D C I R C L E F E A S I B I L I T Y S T U DY | PA G E 8
Both images show the aerial view of Oxford Circle named after the U-shaped street that encircles the dated shopping c e n t e r.
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P R O P E R T Y A S S E S S M E N T | B U S I N E S S I N V E N TO R Y
3 4 1
6 8 7
5
2 10
9
14 13
12
16 17
11 15
1
Panaderia y Electrodomestico Torreon
10 H a r v e s t W o r s h i p C e n t e r
2
Lavanderia San Francisco (vacant)
11 M a r a t h o n
3
Allen’s Food Mart
12 F o r d ’ s F i t n e s s C e n t e r
4
San Francisco Supermercado y Carniceria
13 F u r n i t u r e + E l e c t r o n i c s R a b b i t
5
As De Oros
14 S a l o n O a s i s
6
Tienda Electronica
15 L i t t l e C e a s a r s
7
Restaurante Mi Familia (vacant)
16 L i q u o r B a r n
8
Auto Repair
17 B r a n d e n b u r g s A u t o R e p a i r
9
CSL Plasma vacant building / out-of-business occupied / operating business
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P R O P E R T Y A S S E S S M E N T | ZO N I N G
ZONING Oxford Circle is zoned entirely commercial, either as a Neighborhood Business or H ighway Ser vice Business area. Surrounding Oxford Circle is more Neighborhood Business, Professional O ffices across the street at Cardinal H ill Rehabilitation, and several residential
categories:
Planned
Neighborhood
Residential and Two Family Residential.
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P R O P E R T Y A S S E S S M E N T | P R O P E R T Y O W N E R S H I P & P VA VA LU E
5d 5e 5a 5b 5c 3 4 1
6 8 7a 7b
2 9a 9b
14 13
18
10
12
16 11 15
17
Armando + Leticia Torres $190,000 1 2 $217,600 4 $ 1 4 0 , 0 0 0 5a $ 1 1 0 , 0 0 0 5b $51,200
5c
$42,200
5d
$64,000
5e
$144,000 6 8 $ 2 0 0 , 0 0 0 7a $20,000
7b
Amos W + Mary J Allen
Mary K Ford $ 4 2 5 , 0 0 0 12
$225,000 3
Ralph + Nancy Rhodus
J & C Campbell Investments $ 2 3 0 , 0 0 0 13 14
$ 3 1 0 , 0 0 0 9a
Donald + Ruth White
(Tim White)
Catsal LLC $ 6 0 0 , 0 0 0 15
$ 2 3 3 , 8 0 0 9b
Lexington Worship Center
$ 6 1 2 , 5 0 0 16 $50,000
18
$ 9 8 7 , 0 0 0 10
K & H Enterprises
(of Lexington)
$ 4 0 0 , 0 0 0 11
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PJTRT Holdings LLC $ 2 9 5 , 0 0 0 17
3
4
5
6
9
2
1
12
3 E l e c t r o n i c s / Fu r n i t u r e S t o r e s
1 R e c r e a t i o n a l Fa c i l i t y
2 Auto Repair Shops
1 Gas Station
2 Convenience/Liquor stores
1 Plasma Center
3 Bars/Restaurants (one vacant)
1 Butcher shop
1 Fa s t Fo o d
1 Laundry (now vacant)
1 Religious Institution
11
16
EXISTING CONTEXT
14
10
8
15
13
7
17
The existing businesses in Oxford Circle provide a variety of ser vices and goods to t h e c o m m u n i t y. T h e b u s i n e s s e s a r e b r o k e n down in the adjacent table. Among the most heavily used are: A l l e n’s Fo o d M a r t ( # 3 ) , C S L P l a s m a C e n t e r ( # 9 ) , H a r v e s t Wo r s h i p C e n t e r C h u r c h o f G o d ( # 1 0 ) , Fo r d ’s Fi t n e s s C e n t e r ( # 1 2 ) , Little Ceasars (#15), and the Liquor Barn Express (#16).
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D
2 L ava nde ri a S a n Fran c i s co Brick Exterior 1,193 sq. ft.
C
4 S an Fra nci sco Supermercado Y Ca rn i ce r i a
D
1 Pan ad er i a y
Electrodomesticos Torreon
7 R e st a u ra nte M i Fam i l i a Brick + CMU Exterior 4,800 sq. ft.
3 Allen’s Fo o d M ar t Brick Exterior 3,240 sq. ft.
Brick Exterior 1,193 sq. ft.
D
5 As De O ro s
C
6 Tiend a E lec tro nic a
CMU + Wood Exterior 4,630 sq. ft.
Brick Exterior 2,640 sq. ft.
C
C
C
Brick + CMU Exterior 1,200 sq. ft.
C
8 Au to R epair
9 CSL P lasma
Brick + CMU Exterior 1,200 sq. ft.
Brick Exterior 13,574 sq. ft.
vacant building / out-of-business occupied / operating business N OT E : a l l s q u a r e f o o t a g e s p r o v i d e d a r e e s t i m a t e s u s e d f o r p l a n n i n g o n l y
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B
10 Ha r ve s t Wor s hip Ce n CMU/Brick Exterior
D
12 Ford ’s Fitne s s Ce nte r Glass + Brick Exterior 16,392 sq. ft.
B
15 Little Ce a s a r s Brick Exterior 3,364 sq. ft.
D
T h e D e s i g n Te a m c o n d u c t e d a s i t e s u r v e y o f the existing building conditions. Materials and upkeep or visible deterioration of structures under went an initial obser vation to rank buildings with reuse potential.
11 M arat h on G as Statio n
nte r Ch u rc h of G o d
Outdated
D
D
13 Fu r n i t u re & E l ec t ron i c s R abbit
14 S alo n O asis
CMU + Siding Exterior 1,000 sq. ft.
B
CMU + Siding Exterior 4,584 sq. ft.
C
16 L i q u or B ar n Ex p res s Brick + CMU Exterior 8,750 sq. ft.
17 B rand enburg s Auto R epair Brick + CMU Exterior 2,394 sq. ft.
B
Good. Building is in generally good condition.
C
Minor repairs needed. Mostly cosmetic repairs needed to the structure (e.g. new facade treatment, window replacement, etc.)
D
Major repairs needed. Significant repairs would be needed to update the structure (e.g. major roof repairs, replacement or repair of load bearing walls, complete gut, etc.)
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P H YS I C A L A S S E S S M E N T | U R B A N D E S I G N
URBAN DESIGN ASSESSMENT At the time Oxford Circle was construc ted there was a movement to build shopping centers around the car. Trends have changed over the decades and consumers are look ing for a lively, pedestrian-friendly, communit y- oriented space that engages the surrounding neighborhood. Although Oxford Circle links to a number of residential streets it lacks a clear pedestrian zone and is missing sidewalks around the perimeter of the site. This lack of sidewalks also means that the public cannot access the t wo halves of the site except along the narrow sidewalks on Versailles Road. The right- of-way is generous around Oxford Circle, even containing a vegetated median for a por tion of its length. However, there are no clear mark ings to indicate whether the roadway is one or t wo lanes in some areas, which causes confusion to motorists and poses a safet y issue for pedestrians forced to walk in the street. There is also no delineation given for bic ycle lanes.
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There is no clear main entrance to the Oxford
made to clean up Vaughn’s Branch and the adjacent
Circle commercial center, and instead cars enter
park ing area.
from a number of worn driveways, cutting across poorly marked park ing lots to their destination. These oversized sur face park ing lots are the first hindrance to any clear pedestrian or vehicular circulation pattern, which of ten leads to conflic ts of who has the right- of-way. I nternal sidewalks exist only within the first few feet of the façade of the buildings, with no true connec tions bet ween groupings of struc tures. The amount of imper vious sur face is a hindrance for circulator y, ecological, and aesthetic reasons. Park ing is unfocused and not effec tively tied to the commercial businesses
The businesses along Versailles Road turn their backs
on
the
businesses
in
the
Circle,
and
pedestrian and vehicular movement across the various proper ties is challenged. The large number of proper t y owners makes it difficult to accomplish large -scale improvements. The buildings within the area fail to address Oxford Circle or the surrounding neighborhood.
Complimentar y
uses
are
spread
across the site and either force a customer to park multiple times, traverse a sea of park ing or walk in the street to reach additional businesses.
or shared in a manner that could consolidate the amount of asphalt. Great effor ts have also been
M u l t i - Fa m i l y s t r u c t u r e s l i n e p e r i m e t e r o f O x f o r d C i r c l e
Vi e w f r o m Ve r s a i l l e s R o a d o n t o O x f o r d C i r c l e
Road Conditions along Oxford Circle
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P U B L I C S PA C E A S S E S S M E N T Oxford Circle has the advantage of having a natural amenit y and a large amount of undeveloped / underutilized space in an attrac tive location which has the oppor tunit y to become a successful gathering site for the communit y. The natural amenit y in this case being Vaughn’s Branch, a tributar y of Wolf Run, which runs nor thwest to southeast bisec ting the site with areas on either side filled with vegetation and green open space, (see adjacent photo). Mak ing use of the greenspace along Vaughn’s Branch as a recreational space will help to enhance the area’s appearance. The Existing Public Space Assessments map provides information on existing sidewalks, major roads, hydrology and per vious sur faces. These elements will be useful in determining the best areas for public gatherings/use.
One of the most notable missing amenities are sidewalks along Oxford
Circle to form a continuous path around and throughout the commercial core that would encourage the public to explore and circulate.
Lastly, Oxford Circle currently has a large por tion of its site as
imper vious sur face. Break ing down the scale will be critical in creating public nodes and pedestrian paths throughout the site.
P H YS I C A L A S S E S S M E N T | P U B L I C S PAC E
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P H YS I C A L A S S E S S M E N T | T R E E C A N O P Y
GREEN INFRASTRUCTURE The natural infrastruc ture refers to those biotic systems providing multiple and mutual benefits to the built environment when in balance. Currently, the Oxford Circle Study Area has large areas of inefficient or unused imper vious sur face creating a dramatic imbalance in the natural infrastruc ture. The development within the Oxford Circle Area occurred at a time prior to Lexington’s requirements for water qualit y strategies, water quantit y control measures and park ing lot landscape requirements.
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GREEN INFRASTRUCTURE | SOILS
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G R E E N I N F R A S T R U C T U R E | H E AT I S L A N D
H E AT I S L A N D E F F E C T O ther than a limited area of Vaughn’s Branch, the projec t area is void of tree canopy coverage leading to an increase in the heat island effec t. According to the recently completed 2015 Urban Tree Canopy Assessment and Repor t Card, the 11th Council Distric t meets the overall goal of 30% tree canopy coverage. The Cit y ’s overall coverage average is 5% below the target. However, the Oxford Circle area is significantly deficient in tree canopy at less than 10%, as indicated by the heat island diagram. This graphic illustrates the majorit y of the projec t area with a high to ver y high heat index ratio. The redevelopment design should strive to reach the goal of 30% Urban Tree Canopy.
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G R E E N I N F R A S T R U C T U R E | 1 0 0 - Y E A R F LO O D P L A I N
S T O R M WAT E R A N D F L O O D P L A I N The projec t area is bisec ted by Vaughn's Branch Creek , a tributar y of the Wolf Run Creek watershed. The Oxford Circle Area was developed at a time when there was little to no consideration for Stormwater management prac tices. As a result, most of the buildings in the Circle experience some degree of water inundation during heav y storm events. The 1983 Kennoy Repor t illustrated struc tures that had been inundated during flooding events. The Urban Count y Government under took a number of stormwater management projec ts during the late 1980s and 1990s. The Cit y along with Friends of Wolf Run, a non-profit organization, continue to this day to advance water qualit y and quantit y projec ts. These stormwater improvements within the watershed include protec ting stream bank from development encroachment, reducing existing imper vious sur face areas and riparian stream bank reforestation. The current FEMA floodplain map reflec ts these past improvements by LFUCG resulting in significant reduc tions in the floodplain area of Oxford Circle. While the risk of flooding has been significantly reduced, any future redevelopment or infill should include floodplain modeling of this reach of the watershed and should employee best management prac tices for stormwater quantit y and qualit y.
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G R E E N I N F R A S T R U C T U R E | K E N N OY R E P O R T
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T R A N S P O R TAT I O N Oxford Circle is a horseshoe shaped minor collec tor road. This quar ter mile road has a raised center median with local streets connec ting to the surrounding Cardinal Valley Neighborhood. Vaughn’s Branch of Wolf Run Creek bisec ts the projec t area. As a result of this bifurcation, mobilit y is limited from the east side of the proper t y to the west side. I n recent years, a number of transpor tation related studies have been conduc ted regarding Versailles Road and the Cardinal Valley area. The cit y wide, 2007 Bike -Ped Master Plan identifies medium and low priorities for bike pedestrian improvements along the Versailles Road Corridor and the Cardinal Valley area. Recently there has been an increased emphasis on mobilit y and accessibilit y, thus priorities for multi-modal transit along Versailles Road have shif ted. The more recent 2015 Versailles Road Corridor Study calls for 6’ pedestrian sidewalks and 5’ bic ycle lanes along both sides of Versailles Road in this “transition sec tion.” Currently, Versailles Road has bike lanes and intermittent pedestrian facilities in the Study Area. The 2015 Cardinal Valley Small Area Plan called for both bike and pedestrian improvements in and around the Oxford Circle Area. Currently, Oxford Circle has no bic ycle facilities. Pedestrian facilities are limited to the outside edge of Oxford Circle, including some areas of noncontiguous sidewalks.
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T R A N S I T FA C I L I T I E S LexTran has t wo bus routes and four bus stops within the projec t area. Three stops are located on Oxford Circle and one stop on Cambridge Drive. Route 8 – Versailles, ser ves the Versailles Road, Alexandria Drive and Lane Allen Road corridors. Route 21 – Airpor t / Keeneland along Versailles Road, provides links to major employment namely
and
transpor tation
downtown,
the
centers
airpor t
and
Keeneland. Currently, there are t wo aging bus stop shelters. One on the inner loop of Oxford Circle, and the other on Cambridge Drive. While the shelters both have concrete pads the shelter along Oxford Drive lacks pedestrian
or
accessible
routes
to
the
struc ture.
BIKE AND PEDESTRIAN FA C I L I T I E S Currently, the inner loop of Oxford Circle has no bic ycle or pedestrian facilities. The outer loop has limited pedestrian facilities There are some areas of noncontiguous sidewalks and no crosswalk facilities except at the intersec tions of Oxford Circle and Versailles Road.
V E H I C U L A R FA C I L I T I E S Versailles
Road
(U.S.
60),
defining
the
southern edge of the projec t area, is a major
east/west
principal
ar terial
road
I N F R A S T R U C T U R E | T R A N S P O R TAT I O N N E T W O R K
connec ting downtown Lexington to the Cit y of Versailles. Oxford Circle is classified as a major collec tor road ser ving to connec t the Cardinal Valley neighborhoods to Versailles Road. According to the MPO 2040 Plan, the Oxford Circle Area currently experiences little to no traffic congestion along Versailles Road. The Plan references minor congestion at the intersec tions of New Circle/Versailles Road and Red M ile Road/ Versailles Road. Currently, construc tion projec ts at these locations should address the congestion issues. MPO 2040 forecasts significant congestion in the Oxford Circle Area if no improvements are construc ted. Vehicle circulation within the proper t y is random and uncontrolled at best. I nternal vehicular circulation patterns have not been established due to the past development patterns. As a result, the majorit y of the east sec tion of the proper t y is paved without traffic controls such as islands, designated driveways or striping. These conditions create inefficienc y for vehicular park ing and unsafe conditions for motorist, c yclist and pedestrians alike. O ther than sidewalks at the buildings, the proper t y has no bike or pedestrian facilities along the perimeter or internally to the parcel.
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I N F R A S T R U C T U R E | U T I L I T Y LO C AT I O N
UTILITY INFRASTRUCTURE For most infill and redevelopment projec ts; gas, water, elec tric and telecommunications are generally in the vicinit y and utilit y companies have the capacit y for additional ser vice. These utilities are in the projec t area and should not pose an issue for redevelopment of Oxford Circle. Under LFUCG’s consent decree with the EPA and the KY Division of Water, restric tions have been placed on new development. I n cer tain sec tions of the cit y no new or redevelopment projec ts can commence until adequate capacit y can be established to prevent sanitar y sewer over flows from occurring. LFUCG’s Division of Water Qualit y developed the Capacit y Assurance Program (CAP) under the consent decree to insure new and infill development could be adequately ser ved by the sanitar y sewer system. The sanitar y sewer watershed diagram indicates the Oxford Circle Area has sufficient capacit y to accept additional sanitar y sewer flow from new and redevelopment/infill projec ts. Regarding stormwater management as with any new or redevelopment projec ts, the Oxford Circle Area would need to comply with current stormwater quantit y and qualit y requirements. As such, green infrastruc ture and low impac t development prac tices offer a means to mitigate stormwater runoff and should be strongly considered for the Oxford Circle area.
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0 2 | M A R K E T S T U DY
02
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MA R K E T S T U DY A n a l ys i s o f R e t a i l a n d S e r v i ce S e c t o r s
The Oxford Circle Market Study ’s principal goal is to determine a recommended development strategy per taining to the desired projec t scale and tenant mix. I n order to do this, we must understand the market available to suppor t the projec t. The basic building block is a projec t ’s trade area and the market suppor t fac tors contained there -in. Once these fac tors are understood, we can evaluate the market ’s underlying supply and demand charac teristics. This allows us to evaluate the ex tent to which the trade area residents’ needs are being satisfied by the existing commercial and ser vice environment. The key is to identify which needs are currently being met, how needs are changing, which needs are found lack ing and how the demand for cer tain ser vices or commercial uses may change over time. This forms the basis for our recommended development strategy.
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TRADE AREAS Fa c t o r s & D e f i n i t i o n
The trade area for any projec t is that geography from which it will capture a large majorit y of its clientele and business.
T R A D E A R E A FAC TO R S ra n k i n g s
(1)
S i t e & Vi s i b i l i t y : C
Usually the trade area will
contribute bet ween 70% and 80% of the
Tr a n s p o r t a t i o n N e t w o r k : A
projec t ’s demand. Fac tors impac ting the delineation of the trade area include:
P h y s i c a l & Ps y c h o l o g i c a l B a r r i e r s : C
anticipated scale, potential tenant mix, site visibilit y, qualit y and access of the
Competing Alternatives: D
transpor tation net work , both physical and
psychological
barriers
and
presence of competing alternatives.
the
Development Scale
(2)
In
many cases, not all of these fac tors have
Te n a n t M i x
(2)
been determined and that is the situation here. For example, this market study will help define both the projec t ’s scale and tenant mix.
source: Gentleman McCar ty/DCI analysis (1) A indicates excellent, B indicates above average, C indicates average, D indicates below average and F indicates failing (2) rankings not determined due to lack of information
SITE AND VISIBILITY The site is flawed in several ways. There is a significant water feature that runs diagonally across the site, dividing it into t wo distinc t pieces.
Along this
fault there is also a significant grade change. The eastern por tion of the site is approximately 15 feet lower than the western piece. present
serious
Both of these fac tors impediments
to
site
Lexington market, visibilit y is excellent for a narrow strip unaffec ted by the change in topography. Horseshoe shaped Oxford Circle provides visibilit y of the site on the remaining 3 sides, but traffic levels are significantly lower than along Versailles Road.
With approximately 1,000
Some of the existing land uses on the
feet of frontage along Versailles Road
site and adjacent to it bet ween the
(Bus. 60), which is a major east-west
t wo intersec tions of Oxford Circle with
traffic ar ter y in the western half of the
Versailles Road contribute to the negative
utilization.
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10 M I N U T E WA L K - N E I G H B O R H O O D T R A D E A R E A
source: ESRI Business Analyst and Gentleman McCar ty/DCI analysis
perceptions of the area. This is par ticularly impor tant for the t wo intersec tions: to the east, the Marathon gas station occupies what could be an impor tant parcel that could define and establish identit y for the Oxford Circle proper t y.
To the west, this is also true. This collec tion of sites could be the ideal location
for any retail uses identified for the redevelopment, but would provide ideal locations for more trafficoriented retail and commercial uses. This would require that access off of Versailles Road in both direc tions is provided. The realignment of Oxford Circle with Mason Headley would improve the availabilit y of frontage and increase access to the site, while creating better connec tions to Cardinal H ill Rehabilitation Hospital. Although not par t of the Oxford Circle projec t site, Cardinal H ill Rehabilitation Hospital is located direc tly across Versailles Road from the site and currently is the most significant economic generator in the area. The hospital was established in 1950 and presently houses 232 beds in 400,000 square feet of space. Repor tedly, the hospital has a staff of approximately 600 persons and treats 9,500 patients annually.
The average
patient stay at the hospital is 1 week . I f each patient had an average of 5 visitors over the week ’s stay, that would equal nearly 50,000 visitors annually. The hospital staff, patients and, maybe most impor tantly, patient visitors represent a ver y attrac tive “captive market ” that presently has vir tually no shopping or other commercial ser vices available locally to satisfy their daily needs. This market is not likely captured in the current trade area estimates and would represent additional demand to suppor t retail and ser vice offerings.
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10 M I N T R AV E L ZO N E S
R E TA I L
METRO/CBSA
Wa l k
D r i ve
R e t a i l Tra d e A r e a
R e g i o n a l M a r ke t
2010 Total
4,241
105,673
32,476
472,099
2015 Total
4,380
109,708
34,602
489,562
2020 Total (1)
4,589
114,757
36,783
511,624
Annual Change 2015-2020
0.95%
0.92%
1.26%
0.90%
2010 Total
1,632
43,641
12,544
190,142
2015 Total
1,673
45,415
13,366
197,452
2020 Total (1)
1,756
47,700
14,263
206,612
Annual Change 2015-2020
0.97%
0.99%
1.34%
0.93%
2015 MHI (2)
$32,179
$39,498
$45,484
$51,760
2015 AHI (3)
$39,401
$59,810
$67,524
$70,968
2020 MHI (1)(2)
$35,586
$43,923
$50,584
$58,301
2020 AHI (1)(3)
$44,219
$68,036
$76,445
$80,935
Po p u l a t i o n
Households
Household Income
Income Distribution (2015)(4)
≤ $25,000
39.6%
33.1%
26.4%
24.6%
$25,000 - $49,999
37.0%
25.1%
27.7%
23.5%
$50,000 - $99,999
18.0%
24.7%
27.8%
30.7%
5.4%
16.2%
18.1%
21.2%
$100,000 +
Data source: ESRI Business Analyst and Gentleman McCar ty analysis (1) represents estimated totals provided by ESRI (2) MHI = median household income (3) AHI = average household income (4) data represented is percent of total households in each income cohor t
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T R A N S P O R TAT I O N N E T W O R K
Competing Alternatives.
The Fayette
Mall area (4 miles southeast) and the To the east, Versailles Road connec ts
Downtown/UK area (2.3 miles east) both
the site to Downtown Lexington and
represent
the Universit y of Kentuck y campus, well
of nearly all commercial uses that the
within a 10 minute drive.
communit y would like to attrac t.
These areas
compelling
concentrations Of
are accessible by both automobile and
impor tant note is the fac t that there is not
bus ser vice.
Versailles Road connec ts
a single shopping center or traditional
with New Circle Road (H w y. 4) 1.3 miles
big box retailer in this western por tion of
to the west and then continues all the
the market, other than the grocer y and
way to the Cit y of Versailles (pop. of
drug stores one would t ypically expec t to
nearly 10,000). As can be seen from the
find currently located in the general area
Drive Time Map, the site can easily reach
of the site. Traditional depar tment stores
an area that contains over 22% of the
are absent, as are the discount stores,
Lexington metropolitan area population
wholesale clubs and home improvement
(109,708 of 489,562) today.
stores.
PHYSICAL AND P S YC H O L O G I C A L B A R R I E R S While
both
the
Downtown
and
the
Universit y of Kentuck y are huge economic generators and are within easy reach of the site, there are both physical and psychological barriers which will limit the site’s abilit y to draw customers from the east. These destinations are both large and well- established and offer a better, more expansive mix of commercial and ser vice businesses. Given the limited size
POTENTIAL MARKE TS 1 0 M i n u t e Wa l k A r e a - N e i g h b o r h o o d Tra d e Area 1 0 M i n u t e D r i ve Co m m e r c i a l S e r v i ce Tra d e A r e a R e t a i l Tra d e A r e a
of the Oxford Circle site and availabilit y of developable sites nearby, the projec t will not be able to develop a commercial
Ca r d i n a l H i l l / Vi s i t o r M a r ke t
projec t of suitable scale to compete with these attrac tions.
However, if a
unique non- commercial program can be assembled, it may be possible to tap into the ex tended eastern market.
Because
of these fac tors, it is likely that multiple trade areas will be identified to ser ve the projec t.
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SERVICE MARKET 1 0 M i n u t e D r i ve Tra d e A r e a
Non-retail uses such as other commercial
Household I ncomes within this trade area
and ser vice uses can be expec ted to draw
are significantly below average. I n 2015,
from a broader geographic area than retail
median household income was $39,498
uses can because of their ver y competitive
compared to $51,760 for the metropolitan
nature.
The array of commercial and
area, or 31% lower. Today, 58.2% of trade
ser vice uses is populated with a much
area households have incomes below
larger group of possible entities.
This
$50,000. This compares to only 48.1% for
allows the possibilit y to design a mix of
the metropolitan area. While growth in
uses that is much more unique than that
incomes is projec ted to increase by 2.2%
available to retail. I n Oxford Circle’s case,
annually over the nex t 5 years, it will lag
we have defined the ser vice trade area to
that within the region. As such, the trade
ex tend for a 10 minute drive time from
area will continue to fall fur ther behind
the site.
the region in terms of purchasing power.
Additional information on the
social ser vices market is provided in the following sec tion.
Trade area residents are younger, at 31.4 years old, than the metropolitan area
Population within this trade area in
at 36.1 years.
2015 is 109,708 persons.
population
Population
is
This younger resident reflec ted
in
the
age
growth within the trade area is strong
distribution of the population. Within the
bet ween 2015 and 2020, reaching 0.9%
trade area there is a higher concentration
annually. This compares to the Lexington
of school-aged residents, those under the
metro area, which is growing at 0.90%
age of
annually.
within the Region.
Nationally the growth rate is
0.75% annually.
By 2020, this growth
rate results in the trade area population reaching 114,757. Households
within
19 (29.8%), compared to 25.5%
Ethnically, the trade area differs from the metropolitan area. I n 2015, 73.3 % of the population was white and 9.1% repor ted
the
trade
area
being of H ispanic origin. This compares
exhibited similar trends to those of the
to 80.1% and 6.0% at the metropolitan
population.
I n 2015, the trade area
level. Upon more detailed study, it ’s clear
had 45,415 households, up from 43,641
that the ethnic charac ter of the trade area
households in the 2010 census. By 2020,
is heavily influenced by the immediate
households will reach 47,700, growth of
area surrounding the projec t. Within a 10
0.99% annually.
minute walk ing time of the projec t, there
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10 M I N T R AV E L ZO N E S
R E TA I L
METRO/CBSA
Wa l k
D r i ve
R e t a i l Tra d e A r e a
R e g i o n a l M a r ke t
8.3%
5.0%
6.9%
6.2%
≤ 19
29.8%
24.5%
24.8%
25.5%
20 - 34
27.4%
30.2%
25.7%
33.1%
35 - 54
24.9%
24.2%
26.3%
26.7%
55-64
8.9%
10.3%
10.6%
12.1%
65 +
9.0%
10.9%
12.5%
12.7%
Median Age
30.8
31.4
34.6
36.1
White Alone
53.7%
73.3%
68.7%
80.1%
Black Alone
14.5%
14.6%
12.6%
11.2%
American Indian Alone
0.4%
0.2%
0.3%
0.2%
Asian Alone
0.7%
4.1%
4.0%
2.8%
Pacific Islander Alone
0.2%
0.1%
0.1%
0.0%
27.3%
5.2%
10.1%
3.1%
Two or More Races
3.2%
2.5%
2.6%
2.5%
Hispanic Origin (1)
39.8%
9.1%
16.1%
6.0%
Age Distribution
<5
Race & Ethnicity
Some Other Race
Data source: ESRI Business Analyst and Gentleman McCar ty analysis (1) Hispanic origins independent of race
is a total population today of 4,380. This population is much less affluent ($32,179), significantly younger (30.8 years) and heavily H ispanic with 39.8% repor ting that they are of H ispanic origin. As the preceding analysis indicates, demand is strong within the 10 minute drive time trade area. The unique market suppor t fac tors of the trade area will heavily influence the charac ter of the projec t ’s development potential. The key questions that need to be answered are - is demand and supply in balance? Are there sec tors of the economy that are under-supplied? O versupplied?
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10 MINUTE DRIVE - COMMERCIAL SERVICE TRADE AREA
source: ESRI Business Analyst and Gentleman McCar ty/DCI analysis
DEMAND FOR COMMERCIAL SERVICE USES A study of businesses, based upon SIC Codes, in the trade area today indicates that of the 11 classified business sec tors, all but t wo (the Utilit y and Agriculture and M ining sec tors) are over-represented within the trade area today.
This analysis is summarized on the attached table, Business Summar y, and is based upon a comparison of
the trade area to the Lexington metropolitan area. As illustrated, the 3 largest sec tors, measured by number of business, have been broken down into sub -sec tors to provide for a more granular analysis. Using the metropolitan area as a bench mark , we determined the per capita population needed to suppor t each business in each business sec tor. For example, within the Retail Trade sec tor, each business requires 113 persons (4,349 businesses divided into the metropolitan population of 489,562 equals a per capita of 113). Using this target per capita figure, it is estimated that the trade area should have approximately 975 business in this sec tor but currently has 1,555. This indicates that the 10 minute drive time trade area already contains vastly more businesses than it should, based upon our comparison to the metropolitan norms. The 10 minute drive time trade area is awash with businesses because the area captures 3 ver y large business nodes within its boundaries: Downtown Lexington, the UK complex and the Fayette Mall corridor. This doesn’t mean that the Oxford Circle projec t cannot attrac t business to the site, but this attrac tion must be based upon the unique draw of the area based on its t wo “anchors” which define the projec t: the Cardinal H ill Rehabilitation Hospital and a new social ser vices complex which might be built on the site, led by a new Librar y.
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BUSINESS SUMMARY
COMMERCIAL SERVICE TRADE AREA Ta r g e t # Pe r Capita (1)
Po t e n t i a l N e w Businesses (2)
Agriculture & Mining
202
32
Construction
353
-50
Manufacturing
125
-83
Transportation
101
-34
Communication
48
-51
Utility
14
3
Wholesale Trade
171
-88
R e t a i l Tr a d e S u m m a r y
975
-580
Home Improvement
53
-10
General Merchandise Stores
31
-11
Food Stores
99
-37
111
9
Apparel & Accessory Stores
69
-91
Furniture & Home Furnishings
91
-54
Eating & Drinking Places
261
-193
Miscellaneous Retail
259
-195
Fi n a n c e , I n s u r a n c e , R e a l E s t a t e S u m m a r y
585
-425
Banks, Savings & Lending Institutions
201
-111
48
-71
Insurance Carriers & Agents
114
-93
Real Estate, Holding, Other Investment Offices
222
-149
Services Summary
1807
-1317
Hotels & Lodging
31
-1
Automotive Services
130
-57
Motion Pictures & Amusements
124
-45
Health Services
291
-287
Legal Services
82
-150
Education Institutions & Libraries
84
-58
1064
-720
130
-68
Businesses by SIC
Auto Dealers, Gas Stations, Auto After-market
Securities Brokers
Other Services Government Summar y
Government
Data source: ESRI Business Analyst and Gentleman McCar ty analysis ( 1 ) Ta r g e t s u t i l i z e p e r c a p i t a b u s i n e s s i n f o r m a t i o n f o r t h e C o u n t y c o m p u t e d f o r t h e p o p u l a t i o n w i t h i n t h e 10 minute drive - commercial ser vice trade area (2) Size, sales and number of employees not factored into calculation, will var y based on each business OX F O R D C I R C L E F E A S I B I L I T Y S T U DY | PA G E 3 8
R E TA I L M A R K E T R e t a i l Tra d e A r e a
R E TA I L T R A D E A R E A D E M A N D FOR GOODS AND SERVICES Today the trade area for Oxford Circle contains a modest population of 34,602, but with growth projec tions above the
indicates that not enough retail stores are present to absorb the demand and it is therefore either not being spent or, more likely, leak ing outside the trade area to retailers in other retail areas.
I ncomes for trade
As can be seen, of the 28 location based
area residents are well below average
industr y groups, 20 are leak ing sales
compared to the region.
outside the trade area.
metropolitan area.
However, an
This represents
demand
an oppor tunit y for the Oxford Circle
conditions within the market indicate
projec t. O f the 20 industr y groups that
that the area is not being adequately
demonstrate leak age, 11 are deemed to be
ser ved and residents are having to leave
sufficiently under stored (high leak age)
the trade area to satisfy their need
to justify focusing on for potential retail
for various goods and ser vices. Retail
candidates for the market.
analysis
of
the
supply
and
Trade and Food & Drink is comprised of 30 industr y groups.
location based. The char t, Retail Market Place Profile (pg 41), visually displays the Leak age/Surplus Fac tors for each industr y group
(elec tronic
T I E R 1 R E TA I L P R I O R I T I E S
O f these 28 are
or
non-physical
stores are not represented in the char t), illustrating the degree to which each has
1. 2. 3. 4. 5. 6. 7.
Shoe Stores (Leakage/Surplus 100.0) Department Stores (93.2) Au t o D e a l e r s ( 8 6 . 2 ) B o o k s, Pe r i o d i c a l , M u s i c S t o r e s ( 7 4 . 8 ) Fl o r i s t s ( 6 8 . 3 ) Us e d M e r c h a n d i s e S t o r e s ( 6 3 . 8 ) Clothing Stores (56.2)
T I E R 2 R E TA I L P R I O R I T I E S
either a surplus of supply or a leak age of demand. The Leak age/Surplus Fac tor is a proprietar y measure developed by ESRI to measure the balance bet ween the volume of retail sales (supply) generated by retail businesses and the volume of retail potential (demand) produced by household spending on retail goods. The fac tor is not a percentage, but a ratio on a scale of -100 to +100.
A fac tor -100
indicates total surplus and a fac tor of +100 indicates total leak age.
Leak age
8 . Fu r n i t u r e S t o r e s ( 3 9 . 2 ) 9. Sporting Goods (36.7) 1 0 . O f f i ce S u p p l i e s, S t a t i o n e r y & G i f t s ( 3 5 . 1 ) 1 1 . O t h e r G e n e ra l M e r c h a n d i s e S t o r e s ( 2 3 . 3 ) These are the retail groups that should be
given
developing corridor.
the
highest
priorit y
a
leasing
plan
for
when the
They are the groups that are
most underrepresented in the trade area.
OX F O R D C I R C L E F E A S I B I L I T Y S T U DY | PA G E 3 9
R E TA I L T R A D E A R E A
source: ESRI Business Analyst and Gentleman McCar ty/DCI analysis
The second tier groups are also underrepresented in the market, but to a lesser degree. Still, they should be par t of the corridor's leasing plan. While much of the trade area indicates retail "leak age," it is not a given that Oxford Circle can recapture that spending. I f key fac tors (such as visibilit y, barriers and competition) that were discussed earlier in this analysis) are addressed, the abilit y to capture a larger share of the market will be possible. Even with those improvements, Oxford Circle must compete with other, possibly better suited, commercial sites and corridors.
OX F O R D C I R C L E F E A S I B I L I T Y S T U DY | PA G E 4 0
R E TA I L M A R K E T P L AC E P R O F I L E S u r p l u s / L e a k a g e Fa c t o r Automobile Dealers O t h e r M o t o r Ve h i c l e D e a l e r s A u t o Pa r t s , A c c e s s o r i e s & T i r e Fu r n i t u r e H o m e Fu r n i s h i n g s Electronic & Appliance Building Materials & Supplies L a w n / G a r d e n E q u i p. & S u p p l i e s Grocer y S p e c i a l t y Fo o d B e e r, W i n e & L i q u o r H e a l t h & Pe r s o n a l C a r e Gasoline Clothing Shoes J e w e l r y, L u g g a g e & L e a t h e r G o o d s Sporting Goods Books & Music Depar tment Stores Other General Merchandise Florist Office Supplies & Gifts Used Merchandise Other Misc. Retailers Fu l l - S e r v i c e R e s t a u r a n t s Limited-Service Restaurants S p e c i a l Fo o d S e r v i c e s Drinking Places -80
-60
-40
-20
Surplus
0
20
40
Leakage
source: ESRI Business Analyst and Gentleman McCar ty analysis
OX F O R D C I R C L E F E A S I B I L I T Y S T U DY | PA G E 4 1
60
80
100
OTHER MARKE TS N e i g h b o r h o o d & Vi s i t o r Tra d e A r e a s
NEIGHBORHOOD MARKET 1 0 M I N U T E WA L K Equal to a 10 minute walk from the site,
VISITOR MARKE T - C ARDINAL H I L L R E H A B I L I TAT I O N H O S P I TA L
the trade area equals a 0.5 mile radius and
Restating what was discussed earlier –
is illustrated on the map, Trade Area Map.
“ The hospital was established in 1950
As noted earlier, nearly 4,400 people
and presently houses 232 beds in 400,000
reside in this area today. This population
square feet of space. Repor tedly, the
is much less affluent compared to nearby
hospital has a staff of approximately
areas. Today, incomes are $32,179, 37.8%
600 persons and treats 9,500 patients
below the metropolitan area’s median
annually. The average patient stay at the
household income.
hospital is 1 week . I f each patient had
The population is
much younger (median age of 30.8 vs.
an average of 5 visitors over the week
metro at 36.1) and has a larger number of
stay, that would equal nearly 50,000
children at home (≤ 19 years at 29.8% vs.
visitors annually. Since the hospital
metro at 25.5%). I t also has a significant
draws patients and visitors from the
concentration of H ispanic residents.
State of Kentuck y, and beyond, the need
The demographics of this walk ing trade area are such that they will not suppor t any uses, commercial or non- commercial, by themselves.
They may in fac t prove
to be a barrier to attrac ting potential tenants interested in the other trade areas because the demographics are so different.
for overnight accommodations may be sufficient to suppor t the consideration of including a hotel as par t of the projec t. The hospital staff, patients and, maybe most impor tantly, patient visitors represent and ver y attrac tive “captive market ” that presently has vir tually no shopping or other commercial ser vices available locally to satisfy their daily needs.” While not a trade area in the traditional sense, the hospital population is a ver y attrac tive market. This population needs Food ser vice, convenience goods retailers, medical related ser vices, hotels, etc.
OX F O R D C I R C L E F E A S I B I L I T Y S T U DY | PA G E 4 2
TA R G E T M A R K E T S S o c i a l & Co m m u n i t y S e r v i ce s COMMUNITY SERVICE TRADE AREA (total population: 109,450) 9 .1%
1 6 .8%
2 8 .4%
18,404
9,982
28,355
H I S PA N I C
YOUTH % o f Po p u l a t i o n U n d e r 1 8 Ye a r s
AT R I S K
% o f Po p u l a t i o n Identifies as Hispanic
TRACT 20.01
% o f Po p u l a t i o n B e l o w Po ve r t y
FAY E T T E C O U N T Y
TA R G E T M A R K E T S Youth Market - A high percentage of youth, especially ver y young children (under 5 years of age) and ver y low preschool enrollment suppor ts stakeholder input that youth oriented ser vices are needed in and around Oxford Circle.
Hispanic Market - The immediate area around Oxford Circle has one of the highest H ispanic populations in the Trade Area, over 6 times higher than in the Count y. Language and education ser vices, as well as targeted outreach, is needed to ser ve this large concentration of H ispanic residents.
At-R isk Market - I ncomes well below the Count y ’s median household income, limited access to transpor tation and potential language barriers create an environment where somewhere bet ween 25% to 50% of residents live in pover t y.
OX F O R D C I R C L E F E A S I B I L I T Y S T U DY | PA G E 4 3
YO U T H M A R K E T Po p u l a t i o n U n d e r 1 8 Ye a r s o f Ag e
While the Trade Area’s percentage of
(5.4%).
youth
does
not
differ
The data provided by the US
significantly
Census backs up the anecdotal evidence
from the Count y ’s percentage, the area
provided by the communit y, stakeholders
immediately surrounding Oxford Circle
and organizations that ser ve this market
(Census Trac t 20.01) a larger percentage
- that this is a market with a substantial
of the population is made up of youths.
youth population.
The immediate area poses the greatest oppor tunit y to capture the youth market which
contains
approximately
1,300
children or 26.4% of the total population. However, with the right set of ser vices and other oppor tunities, it is possible to
attrac t
youth
populations
from
across the broader Ser vices Trade Area (approximately 10 minute drive.)
This
would create a pool of approximately 18,000 children or 16.8% of the total population. There
are
Several stakeholders indicated that early childhood educational ser vices, within the immediate area of Oxford Circle, are lack ing.
analysis, it can be assumed that the needs of the area’s youth are not currently being met by the available options. Within Census Trac t 20.01, only 26.8% of children (3-5 years of age) are enrolled in preschool. This leaves approximately 200 children who appear to not be receiving early
educational
ser vices.
subsets
Options for these ser vices are available in the neighborhoods surrounding Oxford
require different approaches, ser vices
Circle, but may lack in either qualit y,
and amenities.
availabilit y, outreach to the communit y
a
different
childhood
within the youth market that would
represents
several
Based on the findings of this
One in par ticular that good
oppor tunit y
for
Oxford Circle is the “under 5 years of age” population, more specifically, the preschool market (assumes ages 3 to 5 years.)
Within Census Trac t 20.01,
there is a higher than average percent of children under 5 years of age – approximately
10.8%
-
compared
to
the Count y (6.4%) and the Trade Area
or an understanding by parents of the value these ser vices offer. For instance, Cardinal Valley Elementar y School offers early childhood education (preschool) at
50%
but
capacit y.
currently While
operates this
is
an
accredited school with seats available. Communication or cultural barriers may
OX F O R D C I R C L E F E A S I B I L I T Y S T U DY | PA G E 4 4
TOTA L YO U T H M A R K E T
% o f Po p u l a t i o n U n d e r 1 8 Ye a r s
be limit their abilit y to ser ve the communit y
1 6 .8%
20.01
or specific educational outreach to parents of preschool aged children may be needed Tra d e Area
to help them understand the need for early childhood education.
co u n t y
I n addition to early childhood education options, it has been noted by stakeholders that there is a lack of accredited daycare options.
Po p u l a t i o n 1 8 Ye a r s o f A g e a n d O l d e r Po p u l a t i o n U n d e r 1 8 Ye a r s o f A g e
With a slightly higher percentage of single parent households, daycare becomes a critical piece of solving issues related to pover t y,
source: US Census American Community S u r v e y 2 0 1 4 5 -Ye a r E s t i m a t e s , D C I A n a l y s i s
employment and social mobilit y. O ther youth ser vices offered in the communit y include homework help, af ter school programming and recreation.
YO U T H P O P U L AT I O N
% Po p u l a t i o n U n d e r 1 8 Ye a r s
The capacit y of these programs,
15 to 17 years
while not fully understood, could likely be
12 to 14 years
increased to ser ve this large market.
9 to 11 years 6 to 8 years 5 years 3 to 4 years
P O T E N T I A L YO U T H PROGRAMMING Acc r e d i t e d D ayc a r e Early Childhood Education Af t e r S c h o o l P r o g ra m s Tu t o r i n g / E d u c a t i o n a l S e r v i ce s E n g l i s h L a n g u a g e S e r v i ce s Recreational Opportunities M e n t o r i n g P r o g ra m s
under 3 years 20%
10%
10%
Tra c t 2 0 . 0 1
20%
Tra d e A r e a
source: US Census American Community S u r v e y 2 0 1 4 5 -Ye a r E s t i m a t e s , D C I A n a l y s i s
P R E S C H O O L E N R O L L M E N T (1) % Po p u l a t i o n 3 - 5 Ye a r s
Tr a d e A r e a 20.01 County
20%
40%
60%
80%
% Enrolled in Preschool % Not Enrolled in Preschool
source: US Census American Community S u r v e y 2 0 1 4 5 -Ye a r E s t i m a t e s , D C I A n a l y s i s (1) Estimates based on the population enrolled in preschool and the total 3-5 year old population, some of this population may be enrolled in kindergar ten exaggerating the percent of enrolled population.
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H I S PA N I C M A R K E T H i s p a n i c o r L a t i n o Po p u l a t i o n
Fayette Count y has experienced growth in its H ispanic population since the early
TOTA L H I S PA N I C M A R K E T
% o f Po p u l a t i o n I d e n t i f i e s a s H i s p a n i c
2000s and has continued to see growth 9 .1%
in this population subset; growing at
20.01
rates 3 to 4 times faster than the total population. The distribution of H ispanic Tra d e Area
residents across the Count y and within the Trade Area, shows clustering within
co u n t y
specific areas – Census Trac ts with high H ispanic populations in 2010 have tended to increase their percentage of H ispanic residents in 2014.
N o n - H i s p a n i c Po p u l a t i o n
Additionally, Census
H i s p a n i c Po p u l a t i o n ( i n d e p e n d e n t o f r a c e )
data shows that recently immigrated H ispanic residents are likely to move to only a handful of Census Trac ts, including 20.01 which includes Oxford Circle.
source: US Census American Community S u r v e y 2 0 1 4 5 -Ye a r E s t i m a t e s , D C I A n a l y s i s
Of
the 28 Trac ts analyzed ( Trade Area), only 7 had H ispanic population increases from
are of H ispanic origins. Additionally, as
recently
(those
you move west, Census Trac t 20.02 has
that lived abroad one year ago.) O f the
another high concentration of H ispanic
537 recent “immigrants” in the Trade
residents, with 44.8% of its population
Area, 291 or 54.2% moved into Census
identified as H ispanic.
immigrated
residents
Trac t 20.01. This is a slight change from 2010, where 10 Census Trac ts gained recent
“immigrants”
and
Trac t
20.01
accounted for less than one - quar ter of all immigrants to the Trade Area.
Even with that said, the percentage of H ispanics to non-H ispanics in Trac t 20.01
has
slightly
decreased,
while
nearby Trac ts – like Trac t 20.02 – have experienced gains. This likely indicates
The H ispanic population in the Trade Area
not a net loss of H ispanic residents to
is ac tually lower than compared to the
the Trade Area, but a redistribution of
Count y, but there are significant pockets
residents to nearby areas as it begins to
of H ispanic residents within many of the
stabilize.
Trade Area’s Census Trac ts. Within Trac t
net increase of approximately 2,000 new
20.01, almost half (45.3%) of all residents
H ispanic residents.
O verall the Trade Area saw a
OX F O R D C I R C L E F E A S I B I L I T Y S T U DY | PA G E 4 6
P O P U L AT I O N C H A N G E To t a l Po p u l a t i o n s
Likely due to the influx of newly immigrated
20%
residents and a concentration of H ispanic
15%
residents,
10%
Trac t
20.01
has
the
largest
percentage of non-English speak ing residents in the Trade Area. Nearly half of the population speaks a “language other than English” at
5%
-5%
the Count y and Trade Area respec tively. O f the
-10%
47.6% of residents in 20.01, the vast majorit y –
third of Spanish speakers in Trac t 20.01, speak English “ver y well.” This leaves t wo -thirds of the population that speak English “less than well.” This likely presents a language barrier to some por tion of this group, which equates to approximately 1,400 people.
One of the
major concerns with language barriers are an inabilit y to communicate in a predominately English speak ing societ y.
This can cause
Tra d e A r e a
G e n e r a l Po p u l a t i o n
nearly 100% - speak Spanish or Creole.
population that speaks Spanish, about one -
20.01
0%
home, compared to just 11.8% and 14.3% in
While there is a significant subset of the
(2010-14)
(1)
Co u n t y
H i s p a n i c O n l y Po p u l a t i o n
source: US Census American Community S u r v e y 2 0 1 4 5 -Ye a r E s t i m a t e s , D C I A n a l y s i s (1) Comparison of the total general population and total the Hispanic population shown
PREVIOUS RESIDENCE
(1YR AGO)
% To t a l H i s p a n i c Po p u l a t i o n
Tr a d e A r e a 20.01 County
disconnec ts, social isolation and an inabilit y 20%
to find employment, education and receive the assistance needed to fully integrate into their new communit y.
Valley Elementar y and the Village Branch –
provide
60%
Same House
Same State
Same County
Different State
80%
Abroad
Several social and
educational organizations – such as Cardinal Librar y
40%
bi-lingual
suppor t
resources.
and
source: US Census American Community S u r v e y 2 0 1 4 5 -Ye a r E s t i m a t e s , D C I A n a l y s i s
L A N G U A G E S P O K E N AT H O M E % o f To t a l Po p u l a t i o n
100%
P O T E N T I A L H I S PA N I C PROGRAMMING ESL or Language Education Ta r g e t e d B i l i n g u a l O u t r e a c h I m m i g ra t i o n S e r v i ce s Early Childhood Education “ N e wco m e r Ac a d e my ”
80% 60% 40% 20% 0%
Trade Area
20.01
Co u n t y
Speak Only English Speak a Language Other than English
source: US Census American Community S u r v e y 2 0 1 4 5 -Ye a r E s t i m a t e s , D C I A n a l y s i s
OX F O R D C I R C L E F E A S I B I L I T Y S T U DY | PA G E 4 7
AT - R I S K M A R K E T Po p u l a t i o n s i n Po ve r t y
Approximately one -third of the residents in the Trade Area are considered “in
T O TA L AT - R I S K M A R K E T
% o f Po p u l a t i o n B e l o w Po ve r t y
pover t y.” The Census determines pover t y status based on earnings, other forms of compensation and compares that to the
20.01
2 8 .4%
threshold established for a par ticular household t ype, which var y depending on the size and age of family members.
Tra d e Area co u n t y
The established pover t y threshold for a family of four (2 adults, 2 children) in 2014 was $19,055.
Depending on the
size and composition of the household, pover t y thresholds range from $12,071 for a single person to $45,768 for a family
Po p u l a t i o n A b o v e Po v e r t y L e v e l Po p u l a t i o n B e l o w Po v e r t y L e v e l
source: US Census American Community S u r v e y 2 0 1 4 5 -Ye a r E s t i m a t e s , D C I A n a l y s i s
of 9 or more people. I n most cases, youth populations (those under 18 years of age) are more likely to
propor tions of their households receiving some level of financial assistance.
be living in pover t y. O f ten times, elderly
Within the households receiving some
populations are also likely to have a
level of financial assistance, households
greater percentage of below pover t y
that are headed by single -parents make
households, however, this is not the case
up the majorit y of recipients.
in the Trade Area.
occurrence is even more evident in Trac t
Financial
assistance,
supplemental
which
securit y
includes
income
(SSI),
cash public assistance income, or food
This
20.02, where, of the 415 households receiving assistance, 408 (or 97.2%) of them are headed by single -parents.
stamps/SNAP, is collec ted by 13.6% of
O verall incomes in the Trade Area are
the
significantly
Trade
Area’s
population,
less than in the Count y.
slightly
Census Trac t
lower
than
the
median
household income for the Count y.
Of
20.01 has a somewhat higher percentage
the 28 census trac ts in the Trade Area,
of
assistance,
18 have incomes below the Count y ’s
approximately one -fif th, but other trac ts
median, including Trac t 20.01 which is
within the Trade Area have much higher
over $21,000 lower.
households
receiving
OX F O R D C I R C L E F E A S I B I L I T Y S T U DY | PA G E 4 8
POVERTY BY AGE COHORTS % o f B e l o w Po ve r t y Po p u l a t i o n
Unemployment in the immediate area around
100%
Oxford Circle ( Trac t 20.02) is similar to that
80%
of the Count y, approximately 8% as of 2014.
60%
This is higher than the State’s average, which
40%
in 2014 was approximately 6%. However, it is far lower than some of the surrounding census trac ts which range from ver y low unemployment (1.40% in Trac t 42.08) to ver y high (20% in Trac t 3) O verall, the average for the Trade Area is around 10%. Lack of available jobs within a person’s communit y
and
the
inabilit y
to
get
to
20% 0%
Trade Area
20.01
U n d e r 1 8 Ye a r s
Co u n t y
1 8 t o 6 4 Ye a r s
O v e r 6 4 Ye a r s
source: US Census American Community S u r v e y 2 0 1 4 5 -Ye a r E s t i m a t e s , D C I A n a l y s i s
F I N A N C I A L A S S I S TA N C E
(1)
available, but fur ther away jobs can lead to
% H o u s e h o l d s R e ce i v i n g A s s i s t a n ce
underemployment and unemployment issues
Tr a d e A r e a
in many at-risk communities.
Less than
10% of workers in Trac t 20.02 work within 9
20.01
minutes of their residence, yet nearly 30% lack any access to a vehicle.
This requires
County
heav y reliance on family/friends and public transpor tation which can be unreliable and expensive for many low wage workers.
P O T E N T I A L H I S PA N I C PROGRAMMING Fa m i l y / L i fe S k i l l s Tra i n i n g Fi n a n c i a l L i t e ra c y J o b R e a d i n e s s / M a t c h i n g P r o g ra m s M o b i l i t y o r Tra n s p o r t a t i o n Support Af fo r d a b l e D ayc a r e ESL/Language Education H o u s i n g A s s i s t a n ce Increased Job Opportunities
20%
Fa m i l y H H
40%
60%
N o n - Fa m i l y H H
80%
S i n g l e - Pa r e n t H H
source: US Census American Community S u r v e y 2 0 1 4 5 -Ye a r E s t i m a t e s , D C I A n a l y s i s ( 1 ) Fi n a n c i a l a s s i s t a n c e i n c l u d e s s u p p l e m e n t a l s e c u r i t y income (SSI), cash public assistance income, or food stamps/SNAP in the last 12 months.
V E H I C L E AVA I L A B I L I T Y % o f To t a l H o u s e h o l d s
Tra c t 20.01
no car
1 car
3 cars
4 or more cars
2 cars
source: US Census American Community S u r v e y 2 0 1 4 5 -Ye a r E s t i m a t e s , D C I A n a l y s i s
OX F O R D C I R C L E F E A S I B I L I T Y S T U DY | PA G E 4 9
KEY FINDINGS
R e t a i l , Co m m e r c i a l & S e r v i ce M a r ke t A n a l ys i s
•
Several key submarkets and their trade areas were defined – neighborhood / visitors market, commercial ser vices and retail based on their abilit y to compete with existing ser vices, retail and other oppor tunities in the Lexington Metro.
•
R ank ings for the trade area fac tors (site and visibilit y, transpor tation net work , physical / psychological barriers and competition) rank low for the site and will require significant improvements be made in order to attrac t the market.
•
Commercial ser vice market (10 minute drive) faces significant competition from Downtown and Universit y areas, but will likely attrac t new businesses due to the unique appeal of the proposed librar y anchor.
•
There is sufficient retail “leak age” to indicate an unmet demand for goods and ser vices, but the site is unlikely to recapture this demand without significant improvements to the site and its surroundings.
•
The neighborhood market alone is unlikely to suppor t retail or commercial development of any scale. However, paired with the visitor market generated by Cardinal H ill Rehabilitation Hospital and the abilit y to pull cars off Versailles Road, there may be adequate demand to suppor t new retail businesses.
•
There are areas within the site that are better suited for retail and more traditional commercial uses ( Versailles frontage) and those that are better suited for social ser vices, commercial ser vices and neighborhood-ser ving retail (interior of the site.)
•
Youth, H ispanic and “at-risk ” populations present the greatest oppor tunit y for social and communit y ser vices.
•
The immediate area around Oxford Circle has one of the highest H ispanic populations in the Trade Area, over 6 times higher than in the Count y. Language and education ser vices, as well as targeted outreach, is needed to ser ve this large concentration of H ispanic residents.
•
Lower incomes, language barriers, limited access to transpor tation, substantial underser ved youth population and a large percentage of households living in pover t y provide justification for the development of a social and communit y ser ving “hub” in this location.
OX F O R D C I R C L E F E A S I B I L I T Y S T U DY | PA G E 5 0
OX F O R D C I R C L E F E A S I B I L I T Y S T U DY | PA G E 5 1
0 3 | D E V E LO P M E N T P R O G R A M
03
OX F O R D C I R C L E F E A S I B I L I T Y S T U DY | PA G E 5 2
3
DEVELOPMENT PROGRAM Ox fo r d C i r c l e R e d e ve l o p m e n t Fra m e wo r k
Today Oxford Circle represents a collec tion of real estate parcels and improvements that are clearly in transition. The most successful business operations are a blood plasma center and a fitness center ; both ser ve mostly customers from outside the immediate neighborhood. There are t wo small convenient-t ype grocers, but even they do not fully ser ve the local market. The majorit y of the buildings that are not direc tly on Versailles Road have outlived their useful lives and suffer from deferred maintenance and obsolete design. Few of the buildings have direc t street frontage, t ypically a requirement of well-func tioning commercial spaces, and there is no synergy amongst the small grouping of businesses. I n other words, Oxford Circle is comprised of a series of isolated outlots with businesses that demonstrate no abilit y to attrac t customers wanting or needing a diverse set of retail and ser vice oppor tunities. This 10 acre commercial real estate is dysfunc tional and provides little value to the adjacent neighborhoods. Both the t ypes of businesses and the site configuration must change if Oxford Circle is going to contribute and ser ve the surrounding households and Versailles Road commuters. Oxford Circle is clearly in transition and there are only a small handful of viable businesses still in operation. The proper t y owners have experienced difficult y in maintaining both their buildings and the shared park ing and common area spaces. The real estate economics for most of the proper t y owners is a losing proposition. This is coupled with several proper t y owners who are ready to retire and intend to sell their real estate in the near future. The prevailing sentiment amongst the proper t y owners is that change is needed and most would be happy to sell their proper ties and suppor t a new day for Oxford Circle and the neighborhood. I t would be difficult to imagine a better window of oppor tunit y to accomplish a large scale redevelopment of Oxford Circle then the one that exists today.
OX F O R D C I R C L E F E A S I B I L I T Y S T U DY | PA G E 5 3
OBJECTIVES Co m m u n i t y - B a s e d R e d e ve l o p m e n t
C ATA LY Z E
R E L O C AT E
e n co u ra g e + a t t ra c t a d d i t i o n a l i nve s t m e n t
f i n d a n e w h o m e f o r t h e l i b ra r y
The goal of early public investments should be to create a contex t that paves the way for future private investments. This approach leverages scarce public resources to encourage investment in area’s that are not likely to attrac t development on their own.
The Cardinal Valley Small Area Plan identified an oppor tunit y to relocate the Village Branch Librar y that would ser ve t wo purposes - provide larger, better space for the high demand librar y and anchor the redevelopment of the underutilized Oxford Circle Center.
EMPOWER
CONNECT
create new oppor tunities for residents
i m p r o ve co n n e c t i v i t y a n d a cce s s t o s i t e
Due to limited access to ser vices and suppor t, libraries have become a quasi- communit y center. However, this site has the oppor tunit y to create an “Oppor tunit y Hub” that becomes the entr y point for residents look ing to improve their current situation with inclusion of social ser vices, life -long education options and job net work ing.
Built during the era of the automobile, Oxford Circle does not work for its current users who arrive primarily on foot. By improving how traffic pedestrian, bike, transit and vehicular - flows on and off the site, it becomes much more attrac tive to users, investors and potential customers.
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TRANSFORM
DIVERSIFY
c r e a t e a n a t t ra c t i ve, we l co m i n g e nv i r o n m e n t
o f f e r m o r e r e t a i l + s e r v i ce o p t i o n s
Lack of investment is ver y visible in the number of marginal uses, deferred maintenance issues and overall neglec t of the proper ties. There must be improvements to the physical and built environment that re - establishes a welcoming and safe environment if the site can attrac t additional users, tenants and investment.
There is a documented unmet demand for retail and commercial ser vices that presents an oppor tunit y to expand and diversify the existing offerings. Restaurants, convenience goods and general retail options are missing. By diversifying the offerings, there is potential to attrac t a broader market to Oxford Circle.
R E C R E AT E
E X PA N D
i n c r e a s e r e c r e a t i o n a l + n a t u ra l a m e n i t i e s
a t t ra c t + s e r ve a b r o a d e r m a r ke t
Vaughn’s Branch Creek presents a unique oppor tunit y to ex tend the existing trail net work and create a series of open spaces within Oxford Circle. I mprovement to the creek itself, along with improvements to the existing open space will enhance the development contex t of the site.
Today Oxford Circle primarily ser ves the immediate neighborhood. I ts location along Versailles and across from an ac tive hospital use provides the oppor tunit y to expand the market and attrac t an additional customer base that could suppor t expanded retail and ser vice offerings.
OX F O R D C I R C L E F E A S I B I L I T Y S T U DY | PA G E 5 5
A P P R O AC H O V E R V I E W |
M o derate Acqui si t io n + D evelo p m ent Strateg y
t arg eted prop er t y acqu is it ion s t rateg ic t rans format ion w/ improve d site pla n new l ibrar y facil it y commu nit y/ rec facil it y (rehab + addition) abil it y to infl u ence fu t u re d irec t io n chang e p ercept ions to at t rac t investme nt E s t imated Bu d g et : $15,000,000
O b j e c t i ve s Acco m p l i s h e d ( 7 o f 8 )
M O D E R AT E A P P R O AC H
Stre ng t hs o f Ap p ro a c h
Ch a l l e n g e s to Ap p ro a c h
•
Reconfigures dysfunc tional site layout into one that has the abilit y to transform site to better ser ve the neighborhood
•
Requires proper t y acquisition of key proper ties and long-term transition of less complementar y uses
•
•
Adapts existing uses to meet current demand/need
Provides limited impac t visually along Versailles Road and will require long-term plan to transition uses
•
Creates better internal connec tions and meets communit y objec tives identified in Small Area Plan
•
Gradual approach fails to address all physical constraints in the shor t-term
The Moderate Approach is a realistic t wo -par t approach
this newly revitalized node. Finally, the parcels along
of creating a librar y, communit y space, and recreation
Versailles Road would become oppor tunit y sites for
space through proper t y acquisition or reuse, and
vehicular- centric commercial businesses to capture a
enhancing the public realm through streetscape,
por tion of the visitors that drive by ever yday.
infrastruc ture, strategically
and
greenway
acquiring
and
improvements.
setting
aside
By
critical
proper ties along the backside of the Circle for civic use, a problematic area from a retail perspec tive is turned into a positive. A new Village Librar y Branch building in this location will be closer to the communit y it ser ves, with enhanced transit, bic ycle, and pedestrian access along Oxford Circle, with ample park ing both on site and in new on-street spaces along Oxford Circle. The reuse of the Ford’s Fitness building provides the oppor tunit y for optional phasing of the librar y while a new building is under design and construc tion.
I t provides an unique oppor tunit y to
transform the current gym direc tly into a communit y/ recreation center. The remaining buildings would be allowed to develop over time to best suite the needs of
I mprovements to the public realm, most notably the addition of a village green, redesign of the park ing lots and a “complete streets” approach to Oxford Circle, will work to strengthen the existing infrastruc ture and bolster retail oppor tunities. A central green ac ts as outdoor space for the librar y, shared communit y space for gatherings and festivals and a new frontage for the existing commercial buildings. By adding islands within the park ing lots and sidewalks internal to the site, the communit y is encouraged to circulate around the site, ac tivating it fur ther and increasing safet y. The por tion of Vaughn’s Branch that bisec ts the site will be fur ther revitalized to become a greenway amenit y, as well as an ac tive piece to the stormwater and drainage plan.
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CO M P L E T E A P P R O AC H
robus t prope r t y a cqu i si ti o n new l ibrar y f a c i li t y co mmunit y/ re c f a ci li t y (reh ab + addition ) new re t ail an d/ o r se r v i ce sp a ce co nt rol fut ure o f si te c hang e pe rce p ti o n s a n d attra c t i nve stm e nt E st i mated Bu d g e t: $ 2 0 - $ 3 0 ,0 0 0 ,0 0 0
M I N I M U M A P P R O AC H
m i n i m a l p ro p e r t y a cq u i s i t i o n l i b ra r y /co m m u n i t y s p a ce ( reha b + a d d i t i on) v i l l a g e gre e n re q u i re s a d d i t i o n a l a cq u i s i t i o n l a c k d i re c t i o n /co nt ro l o f o t h e r p ro p e r t i e s l i m i te d a b i l i t y to c at a l y ze o t h e r i nve s t m e nt s E s t i m ate d Bu d g e t : $ 5 ,0 0 0 ,0 0 0
O bje c t ive s Acco m p li sh e d (8 o f 8 )
O b j e c t i ve s Acco m p l i s h e d ( 2 o f 8 )
St re ng t hs o f Ap p ro a ch
St re n g t h s o f Ap p ro a c h
•
Provides maximum impac t and eliminates uncer taint y for new users
•
Ver y limited acquisition could result in near-term development outcomes
•
Expands market appeal
•
•
Holistic approach fully utilizes site and creates better synergy bet ween the anchor uses
Existing building compatible for reuse as librar y and would reduce upfront cost to redevelopment
Ch a l l e n g e s to Ap p ro a c h
Chal l e ng e s to Ap p ro a c h • •
•
Requires significant upfront acquisition of proper ties, including Versailles frontage
Limited abilit y to impac t and attrac t other investment to the site and broader communit y
•
May be too much too soon for some long-term residents who have attachment to the site
Little to no visual impac t on Versailles or the majorit y of Oxford Circle
•
No control and limited abilit y to influence surrounding proper ties
OX F O R D C I R C L E F E A S I B I L I T Y S T U DY | PA G E 5 7
4
CO M P L E T E S T R E E T S A P P L I C AT I O N
N E W V I L L AG E L I B R A R Y
1
2 0,000 s q. f t. f l ex ib l e, a d a p t ive s p a ce innovat ive l ib ra r y m o d e l ind o o r / o utd o o r p ro g ra m m ing co m m unit y- d rive n s e r v ice s E s t im ate d Co ns t ruc t io n B ud g e t : $6,000,000
C R E E K R E S TO R AT I O N & I M P R O V E D O P E N S PAC E
6
F U T U R E D E V E LO P M E N T PA D S
7
R E A L I G N M A S O N H E A D L E Y / OX F O R D C I R C L E
OX F O R D C I R C L E F E A S I B I L I T Y S T U DY | PA G E 5 8
V I L L AG E G R E E N / P U B L I C P L A Z A
5
N E I G H B O R H O O D R E TA I L
2
CO M M U N I T Y C E N T E R 17,000* + 4,000 s q. f t. recre at io na l f l ex s p a ce early l e a rning cl a s s ro o m s co m m unit y s e r v ice s E st im ate d Co ns t ruc t io n Bud g e t : $2,600,000
*assumes renovation of existing structure
8
V
LLES ERSAI
ROAD
OX F O R D C I R C L E F E A S I B I L I T Y S T U DY | PA G E 5 9
3
3
V I L L AG E G R E E N / P U B L I C P L A Z A fl exi b l e, adap t i ve s p ace s h are d p ar k i n g outdoor p rogram m i n g com m un i t y g at h e r i n g / fe s t i val s p ace E s t i m ate d Budg e t : $620, 000
4
CO M P L E T E S T R E E T S A P P L I C AT I O N o n- s t re e t p a rk ing w / b ike l a ne s cont i n uous s i dewal k s i m p rove d t ran s i t faci l i t i e s up grade d s tor mwate r i n fras t r uc t ure E s t i m ate d Budg e t : $870, 000
5
N E I G H B O R H O O D R E TA I L & S E R V I C E S t ran s i t i on of n on - com p at i b l e b us i n e s s e s re l ocat i on of de s i rab l e b us i n e s s e s on - s i te i m p rove d “re t ai l ” e nvi ron m e nt m ore t ran s p are nt i nvi t i n g facade s E s t i m ate d Budg e t : $490, 000
C A S E S T U DY |
B aker- R i p ley Co m m uni t y Vi llage In 2007, 12 par tner organizations began a community-based process to develop an innovative community village in the low/moderate -income minority community of Baker-Ripley in Houston, Texas. As par t of that redevelopment, a mixeduse village was designed to bring a variety of social, health, educational, and recreational amenities to the underser ved neighborhood. The place -based strategy blends traditional elements of redevelopment and placemaking with ser vice deliver y in a unique village setting that ultimately became a focal point of the larger community.
A P P R OX I M AT E CO S T ( I N 2 015 D O L L A R S ) $16.9 M I L L I O N OX F O R D C I R C L E F E A S I B I L I T Y S T U DY | PA G E 6 0
6
C R E E K R E S TO R AT I O N & O P E N S PAC E build on re ce nt re s torat i on / cl e an - up e ffor t s ex te nd b i ke / p e d p at h s out h expand re cre at i on al an d op e n s p ace are as E s t imate d Budg e t : $450, 000
7
R E A L I G N M A S O N H E A D L E Y / OX F O R D C I R C L E improve con n e c t i vi t y to h os p i t al / vi s i tor m ar ke t cre ate b e t te r contex t for fut ure re t ai l deve l op m e nt re move vi s ual an d p hys i cal b ar r i e r s on Ve r s ai l l e s R oad E s t imate d Budg e t : $3. 4 m i l l i on
8
F U T U R E D E V E LO P M E N T PA D S
February, 2015
cre ate n ew we l com i n g g ateway vi a deve l op m e nt expand re gi on al / com m ute r m ar ke t s t rans iti on n on - com p at i b l e / un de s i rab l e us e s E s t imate d Budg e t : t b d
N OT E : a l l e s t i m a t e d b u d g e t s r e f l e c t h a r d c o n s t r u c t i o n c o s t o n l y
OX F O R D C I R C L E F E A S I B I L I T Y S T U DY | PA G E 6 1
BUDGET E s t i m a t e d Co s t + Fu n d i n g S t ra t e g y The recommended redevelopment program for Oxford Circle represents an estimated $14,440,000 investment in new facilities and infrastruc ture improvements. This investment will produce a public gathering place that will attrac t local residents to a variet y of ser vices, retail offerings and oppor tunities to connec t to a variet y of greater Lexington resources. Like most redevelopment initiatives, the implementation requires a strong public/ private par tnership. I n this instance, the private sec tor is strongly represented by local “high- capacit y ” not-forprofits that are critical to producing the desired redevelopment outcome. Another t ypical charac teristic of an ambitious redevelopment initiative is the variet y of the “capital stack ” that is assembled to suppor t the effor t. There will be no less than eight sources of funds to suppor t the redevelopment of Oxford Circle, and likely the list will grow as the final projec t details are established. The budget as represented in this repor t is an estimate of total projec t costs and the t ypes of funding sources that can be used to suppor t them. The budget demonstrates that there is a viable approach for realizing the desired redevelopment objec tive.
The redevelopment budget as represented is based on several key
assumptions: 1. With the Librar y and Communit y Ac tion Council as the key redevelopment anchors, establish a program that minimizes long term debt thus reducing the annual impac t of capital expenditures on their respec tive annual budgets; 2. Utilize resources available to each of the anchor entities to reduce the need for outside funding; 3. I ntroduce low cost funding sources such as a federal 108 loan and new markets tax credits, both of which have program objec tives that reflec t those of this initiative; 4. Utilize flexible debt instruments that allow both entities to fundraise and to retire their debt as they secure funds to do so. Both the Librar y and Communit y Ac tion Council demonstrate the capacit y to retire most of the projec t debt within a 10 year period or less; and 5. Pack age redevelopment objec tives in a manner that will appeal to ex ternal philanthropic and governmental funders. I t is likely that additional sources will be identified as the projec t details are finalized. Finally, as can be seen the budget reflec ts the broad categories of redevelopment projec t expense and then the funding sources which will suppor t the overall effor t. The “sources and uses” budget will eventually be put in a form that represents each of the individual effor ts (i.e. librar y projec t, communit y center projec t, retail infill projec t, etc). The sum of these individual projec ts is represented in this budget as seen here, as well as the means to suppor t them. As local leadership rolls up its sleeves and begins to explore the best path for ward, it is impor tant to realize that the budget will be modified and likely improved to the benefit of each of the projec t components.
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D E V E LO P M E N T U S E S p reli mi nar y projec t budget
Property Acquisition (10 parcels totals)
$1,440,000
L i b r a r y (1) ( 2 0 , 0 0 0 s q f t n e w c o n s t r u c t i o n ) 1
$6,000,000
Community/Rec Center
$2,600,000
(1)
(20,000 sqft rehab) 2
Retail Infill Incentives (rehab)
$500,000
Site Preparation and Demolition
$500,000
Public Improvements (street and common area)
$1,500,000
1 LIBRARY Fundraising and grants will retire 50% to 75% of $6 million debt Lease rate of $6 - $12 / sqft will retire remaining 25% to 50% of debt over 20 years at 5% Likely to have additional tenants
Soft Costs (design, engineering, etc.)
$450,000
Financing Costs (includes NMTC)
$850,000
2 CO M M U N I T Y / R E C C E N T E R
C o n t i n g e n c y (2)
$600,000
Head Star t grant will retire 60% to 75% of their debt
TOTA L $14,440,000
Lease rate of $4 - $8 / sqft will retire 15% to 20% of debt over 20 years at 5%
D E V E LO P M E N T S O U R C E S p reli m i na r y pro jec t b udget
Conventional Debt 3
$940,000
108 Financing 4
$4,000,000
Head Start Grant
$2,000,000
New Markets Tax Credits (NMTC) 5
$4,000,000
Kentucky NMTC
$500,000
Public Infrastructure Funds
$1,250,000
Community Foundations / United Way
$1,500,000
Land Sales
$250,000
TOTA L $14,440,000
NOTE: The provided budget does not include any environmental remediation and is only an estimate intended for discussion (1) Cost represents construction hard cost only. Does not reflect total project cost. To see total project cost see implementation budget on page 66. (2) Contingency funds could be used for a variety of redevelopment activities include, but not limited to additional proper ty acquisition and business relocation assistance.
OX F O R D C I R C L E F E A S I B I L I T Y S T U DY | PA G E 6 3
3 CO N V E N T I O N A L D E B T 25% of construction cost may be reduced by grants and fundraising
4 108 F I N A N C I N G Local government issued, provides favorable interest rate and terms Retired via Librar y fundraising and future grants
5 N M TC Interest only loans for 7-years with ability to negotiate forgiveness of up to 50% of loan at end of term
Q UA L I T Y O F L I F E cultural opportunities community gardens community building life-long learning
SOCIAL family services youth services preschool childcare
E CO N O M I C
OPPORTUNITY HUB CONCEPT
H E A LT H + G R O W T H preventative health out-patient services active recreation food + nutrition
financial counseling entrepreneurial services employment network workforce training
The Opportunity Hub concept employs a holistic approach to community empowerment by layering traditional social ser vices with improved quality of life, access to economic oppor tunities and improved health and wellness options. While not all of these objectives will be m e t b y e a c h O p p o r t u n i t y H u b, t h e s e r v i c e s and offerings should reflect the current and future needs of the community it ser ves.
The concept of recasting Oxford Circle as an “Oppor tunit y Hub” effec tively repositions the area to better ser ve the current and future needs of the residents of Cardinal Valley and beyond. The Small Area Plan began to identify those changing needs and the market analysis helped pinpoint both the growing need and the lack of available, easy to access programming. As par t of the Oxford Circle redevelopment effor t a conscious, thoughtful communit y engagement process is needed to fully flush out the ser vices that would best ser ve the adjacent communities. From inter views with the Lexington Public Librar y and other key stakeholders in the area, the librar y is already ac ting as a de fac to communit y center, providing a variet y of social and educational ser vices to its patrons. Those ser vices paired with the existing, and planned expansion of Communit y Ac tion Council programming, require a level of par tnership and communication bet ween the t wo key anchors. This early engagement will ensure each organization’s programming does not duplicate, but instead complements the other ’s offerings.
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0 4 | I M P L E M E N TAT I O N P R O G R A M
04
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IMPLEMENTATION Ac t i o n P l a n ( s ) a n d Fu n d i n g S t ra t e g i e s
The implementation plan described uses, as its primar y foundation, the 2015 Cardinal Valley Small Area Plan.
The plan outlines several redevelopment priorities for Oxford Circle, most
prominently the inclusion of a communit y librar y branch to anchor the site. Following a market and real estate analysis the consulting team agreed that a redevelopment initiative is both feasible and impor tant in reinforcing a neighborhood at risk .
Eliminating the existing site
and building obsolescence, reconfiguring Oxford Circle in a manner that is more conducive to ser ving its businesses and customers in a qualit y and convenient fashion and providing a well- designed, attrac tive communit y gathering place as the Small Area Plan states, is a needed wor thwhile objec tive.
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PA R T N E R S H I P S Ke y P l aye r s a n d Th e i r R o l e s
will involve at least 2 phases as described
Lexi n g ton Faye t te Ur b an Count y G ove r n m e nt ( L F UCG)
in this document. The first phase, to occur
ROLE: establish redevelopment plan for Oxford
over a 5 year period will involve several
Circle and assist with organizing the required
critical par tners.
communit y suppor t.
The Oxford Circle Development Program
The most impor tant
par tners are the Lexington Count y Public
EXPER TISE: leadership, planning, funding
Librar y and Lexington Communit y Ac tion Council. Both organizations have indicated an interest in establishing a significant presence on the Oxford Circle site. Their combined involvement would result in nearly $10,000,000 in new investment,
Lexi n g ton Pub l i c L i b rar y ( L i b rar y ) ROLE:
potential
on-site
anchor
institution
providing librar y, education, and a variet y of communit y ser vices
approximately 40 jobs and up to 40,000
EXPER TISE: ser vice provider, fundraising, public
square feet of ac tive building space.
engagement, communit y program development
I t is impor tant to understand that Oxford Circle is a difficult redevelopment projec t. The logistics of acquiring the land, site design, funding and managing multiple land uses is challenging and requires a unique set of sk ills. I n most communities it is difficult to find the requisite sk ills and capacit y to successfully plan, design, fund
and
implement
such
a
complex
redevelopment initiative. For tunately, the Lexington communit y has several entities that when organized and committed are more than capable of under tak ing this t ype of effor t.
The potential par tner list
Com m un i t y Ac t i on Coun ci l (C AC ) ROLE: potential on-site anchor ser vices provider offering early education (Head Star t),
and a
diverse set of ser vices for low income families and children EXPER TISE: ser vice provider, fundraising, access to employment and training net work
Com m un i t y Ve nt ure s * ROLE: potentially ser ve as redevelopment projec t lead helping to organize all elements of Oxford Circle development program
identifies organizations that are believed
EXPER TISE:
to
proper t y acquisition, projec t financing, projec t
be
integral
to
the
Oxford
Redevelopment Work Program.
Circle
development
ser vices
management
* Par ticipation by Community Ventures is contingent upon future conversations with the organization OX F O R D C I R C L E F E A S I B I L I T Y S T U DY | PA G E 6 7
including
5 - Y E A R AC T I O N + I N V E S T M E N T P L A N Oxford Ci rc le O pp or tun it y H ub K E Y P L AY E R S
E A R LY A C T I O N I T E M S
Proper ty Acquisition The intent of this initial “project” is to get critical properties under control prior to putting together the final financing strategy. This will likely come in the form of 6-12 month options on key properties.
LFUCG w/ support from Community Ventures or other redevelopment entity
6-12 month options on key proper ty Pe r f o r m p r e l i m i n a r y d u e d i l i g e n c e o n p r o p e r t y
( s u r v e y, e n v i r o n m e n t a l )
Identify and secure funding/financing Identify who will purchase and own proper ty Wo r k w i t h e x i s t i n g b u s i n e s s e s a n d o w n e r s o n r e l o c a t i o n o p t i o n s
N e w Vi l l a g e L i b r a r y The goal of relocating the Village Branch Library can be accomplished and a new facility will be constructed that better meets their current and future needs. Working with their timeline this will likely occur in 2018.
Library w/ support from Community Ventures or other redevelopment entity and LFUCG
Develop and formalize par tnerships with key players Initiate 6-12 month community engagement on programming Develop schematic designs (site and librar y) Identify and secure funding/financing Begin entitlement and approval process
R e h a b b e d C o m m u n i t y / R e c Fa c i l i t y With a community lacking in community services and indoor recreational options, this is an ideal location to provide those services. Ideally both uses would occur together, but there are options to incrementally add in recreational uses in later phases.
Establish and formalize par tnerships with key players
CAC w/ support from Community Ventures or other redevelopment entity and LFUCG
Identify program and operational structures Wo r k w i t h C A C a n d c o m m u n i t y o n p r o g r a m m i n g Develop schematic designs (site and facility) Identify and secure funding/financing Begin entitlement and approval process
Oxford Circle Complete Streets Increasing access and connectivity around and to Oxford Circle was a critical need identified by the community. This project would enhance multi-modal travel modes and increased safety for those traveling to the site.
Wo r k w i t h M P O t o i d e n t i f y p o t e n t i a l f u n d i n g / f i n a n c i n g
MPO w/ support from LFUCG, TAP, LexTran
Identify highest priority elements Complete design and engineering of improvements Secure funds and bid work
Vi l l a g e G r e e n / P u b l i c P l a z a The community identified the need for a gathering space for events and festivals. This flexible space would accommodate parking and community events as well as outdoor programming from the Library and Community Center.
LFUCG w/ support from Community Ventures or other redevelopment entity
Develop par tnerships with key players Complete sur vey and determine necessar y right-of-way needed Wo r k w i t h p a r t n e r s t o s e c u r e f u n d i n g / f i n a n c i n g Complete design and engineering of improvements Bid and construct
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2016 E S T. BUDGET
Q2
Q3
2017 Q4
Q1
Q2
2018
Q3
Q4
Q1
Q2
Q3
POTENTIAL FUNDING SOURCES
2019 Q4
Q1
Q2
Q3
2020 Q4
Q1
Q2
Q3
Q4
INTENDED OUTCOMES
execution
included in project budgets
• •
CDBG, Section 108 Loan
• •
acquisition + programming
project execution + construction •
$7,340,000
Conventional Financing, CDBG, Section 108 Loan, New Markets Tax Credits, Local Foundations acquisition + programming
• • •
Conventional Financing, Head Start, New Markets Tax Credits, Local Foundations
• • •
planning + design
New Markets Tax Credits, Federal and Local Transportation Dollars
• • •
planning + design
$1,715,000
expanded recreational programs
Establish a comprehensive set of programming objectives that meet the needs of existing and future residents of Cardinal Valley Redevelop existing space to accommodate the growing needs of Community Action Council and provide early learning classroom space Identify and contract with the YMCA or other like organization to provide programming for the indoor recreational space Bring additional partners to the table to create “win-win” opportunities for them and CAC as well as the community
project execution + construction
•
$1,400,000
Establish a comprehensive set of programming objectives that meet the needs of existing and future residents of Cardinal Valley Create new, innovative and flexible library space that better suits the needs of the Library Identify synergistic uses that would complement library uses and provide alternative services to the community in which it is located Bring additional partners to the table to create “win-win” opportunities for them and the Library as well as the community
project execution + construction •
$3,400,000
Within 6-12 months, all critical property under control with assignable option on property Property owners inform tenants of intent to sell and work to find new locations, provide business relocation assistance on a case by case basis Clear understanding of property ownership of “common area” owned by Rental Association with a plan for disposition or shared use by new owners Once financing is secured, LFUCG or assigned party exercises option to purchase properties at negotiated price
Work with community to create design that integrates multi-modal transportation options into the existing right-of-way Support additional parking demand with on-street parking within existing right-of-way Incorporate natural elements and high quality design to increase community identity and placemaking Increase safety of all users - pedestrians, bicyclist, transit riders and auto users
project execution + construction
Section 108 Loan, New Markets Tax Credits, Federal and Local Transportation Dollars, KY New Markets Tax Credits
• • •
Creation of flexible outdoor space that can accommodate various community events and provide ample space for Library and Community Center programming Increase access to natural amenities and recreational space for nearby residents and users Improve and provide additional parking to support higher intensity uses such as the Library and Community Center
OX F O R D C I R C L E F E A S I B I L I T Y S T U DY | PA G E 6 9
5 - Y E A R I N V E S T M E N T + F U N D I N G S T R AT E G Y Ox fo rd Ci rc le R e de ve lop me nt
LIBRARY
COM/REC CENTER
COMPLETE STREETS
Acquisition
$275,000
$350,000
$-
Site Prep
$175,000
$75,000
$50,000
Hard Costs
$6,000,000
$2,600,000
$1,000,000
Financing
$500,000
$100,000
$150,000
Soft Costs
$90,000
$75,000
$150,000
$300,000
$200,000
$50,000
$7,340,000
$3,400,000
$1,400,000
Budget Uses
Contingency Total Cost by Project
Budget Sources
Conventional Debt 108 Financing
$940,000 $3,535,000
Head Start Grant New Market Tax Credits
$2,000,000 $2,200,000
$900,000
$400,000
KY-NMTC
Public Infrastructure Funds
$1,000,000
Community Foundations
$500,000
Land Sales
$165,000
$500,000
* Ownership and acquisition of the Village Green parcels assumes negotiation and/or subdivision of the common area currently owned by the Renter ’s Association to be determined during final negotiation with future proper ty owners.
OX F O R D C I R C L E F E A S I B I L I T Y S T U DY | PA G E 7 0
VILLAGE GREEN
R E TA I L
TOTA L PROJECT C A S E S T U DY |
$815,000*
$-
$1,440,000
$150,000
$50,000
$500,000
$500,000
$500,000
$10,600,000 $850,000
$100,000 $100,000
$35,000
$450,000
$50,000
$-
$600,000
$1,715,000
$585,000
$14,440,000
J o hn H. B o ner Center The John H. Boner Community Center was developed to solve challenging issues on Indianapolis’ near-eastside. The multi-use center offers youth ser vices, adult ser vices, youth and senior day care, financial education, senior ser vices, transpor tation assistance and recreational/fitness options. The area has also seen significant improvement in the quality and availability of affordable and market-rate housing. Several years after the initial investment, the near-eastside raised additional dollars to expand the existing facility and to fund a health and rec center that incorporates physical activity with healthy lifestyle educational assistance.
$940,000 $4,000,000
$465,000
$2,000,000 $500,000
$4,000,000
$500,000
$500,000
$250,000
$1,250,000 $500,000
$1,500,000
$85,000
$250,000
R E C E N T P R O M I S E ZO N E D E S I G N AT I O N
1 0 - Y E A R AC T I O N + I N V E S T M E N T P L A N Oxford Ci rc le O pp or tun it y H ub K E Y P L AY E R S
E A R LY A C T I O N I T E M S
Va u g h n’s B r a n c h R e s t o r a t i o n LFUCG
The restoration of this unique site feature will open up new recreational options along the creek’s bank, connecting to the existing network of trails and greenways throughout Lexington.
w/ support from Foundations and other non-profit organizations
Pe r f o r m n e c e s s a r y s u r v e y a n d e n g i n e e r i n g w o r k f o r s t a b i l i z a t i o n Design open space, trail, bridge and other improvements Bid and construct
Mason Headley Realignment By aligning these two critical intersections additional developable land is created and connectivity between the employment center (hospital) and Oxford Circle would be greatly enhanced.
Wo r k w i t h c e m e t e r y a n d o t h e r p r o p e r t y o w n e r s o n r e l o c a t i o n
LFUCG w/ support from KY DOT, MPO
Acquire proper ty needed for right-of-way improvements Engineering and design work Bid and construct
Ve r s a i l l e s Fr o n t a g e D e v e l o p m e n t The current retail/service options lack broad market appeal and visually detract from the area. Improved retail pads that support higher and better uses would improve the market and likely attract additional users to the site.
Private Developers w/ support from Community Ventures or other redevelopment entity and LFUCG
Engage proper ty owners to understand future plans Tr a c k c h a n g e s t o p r o p e r t y o w n e r s h i p a n d a v a i l a b i l i t y Acquire and assemble proper ty as it becomes available Determine best use and site design for proper ties Engage local developers on potential oppor tunity
Housing Stabilization Program The current multi-family housing surrounding Oxford Circle is a liability to the Opportunity Hub. Improving the overall aesthetic and quality of these units may attract more stable residents that benefit from proximity to the services offered nearby.
LFUCG w/ support from Community Ventures, CAC or private developers
Engage local code enforcement, public health and safety officials Evaluate potential of targeted enforcement strategy Wo r k w i t h p r o p e r t y o w n e r s t o i m p r o v e p r o p e r t i e s Wo r k w i t h l o c a l d e v e l o p e r s a n d / o r h o u s i n g o r g a n i z a t i o n s
Retail Incentive Program A need exist to transition retail uses that do not reflect the future “brand” of the Opportunity Hub and replace them with complementary uses or better aligned retail businesses.
LFUCG w/ support from Community Ventures, CAC or private developers
Continue conversatinos with local proper ty and business owners Identify ideal retail/ser vices that suppor t the Oppor tunity Hub Explore funding sources and mechinisms like a revolving fund Assist proper ty owners with business relocation ser vices Wo r k w i t h p r o p e r t y o w n e r s t o r e c r u i t d e s i r e d b u s i n e s s t y p e s
OX F O R D C I R C L E F E A S I B I L I T Y S T U DY | PA G E 7 2
E S T. BUDGET
‘16
‘17
‘18
‘19
‘20
‘21
POTENTIAL FUNDING SOURCES planning + prep
• •
go-no go decision
• • •
Federal and Local Transportation Dollars
Creation of single, easy to understand intersection at Oxford Circle and Mason Headley Assembled land at new intersection for future auto-oriented retail Relocated cemetery entrance Improved pedestrian connections to Cardinal Valley Rehabilitation Hospital and to neighborhoods to the south
project execution + construction
•
Conventional Financing, Public Resources (ex: TIF, Section 108, CDBG if available and applicable)
• • •
project evaluation
go-no go decision
program design + capacity building
Conventional Financing, Public Resources (ex: TIF, HOME, Section 108, CDBG if available and applicable), HUD Resources
• •
planning + prep
$585,000
Assembled properties at key intersections ( Versailles Road and both corners of Oxford Circle/Mason Headley) Identification of targeted retail and service types that complement Opportunity Hub and appeal to broader market (commuters) Attraction of retail and service offerings that attract and support employees, visitors and patients at Cardinal Valley Rehab Hospital Evaluation of hotel and/or housing options for southwest corner of newly aligned Oxford Circle/Mason Headley road
project execution + construction •
tbd
‘26
project execution + construction
planning + preparation
tbd
‘25
Stabilized banks that support native vegetation and natural habitats Remove current and future pollutants and their sources from the creek with the intention of improving water quality and water habitats Connect to existing trails and greenways to provide multi-modal options for connectivity Create a natural setting that provides relief from (sub)urban conditions found in the majority of the Cardinal Valley Neighborhood
design + engineering
•
$3,400,000
‘24
on-going maintenance
project execution
EPA Funding, Conservation Fund, Trails Program project evaluation
‘23
INTENDED OUTCOMES
• •
$450,000
‘22
Ongoing and consistent enforcement of existing zoning, building code and health/public safety laws with emphasis on properties adjacent to the Oxford Circle Opportunity Hub Established pool of resources and programmatic assistance for private developers and/or individuals to improve residential units Added organizational/programmatic capacity (example CDC) on-going assistance as needed
execute inital project
Conventional Financing, Public Resources (ex: TIF, HOME, Section 108, CDBG if available and applicable)
on-going assistance + programming
• • •
Transition of underperforming or non-complementary businesses Attraction of like-minded businesses and complementary retail to fill vacant storefronts Diversified retail and service offerings that better support the community and the commuter/visitor markets
OX F O R D C I R C L E F E A S I B I L I T Y S T U DY | PA G E 7 3
FUNDING SOURCES M e n u o f Po t e n t i a l R e s o u r ce s *
SOURCE
LEAD
SUPPORT
o f Fu n d s
Organization
Organization(s)
Fe d e r a l / L o c a l
L F U CG
L i b r a r y, C A C , C o m m u n i t y Ve n t u r e s
Head Start
Fe d e r a l
CAC
--
New Markets Tax Credits (NMTC)
Fe d e r a l
C o m m u n i t y Ve n t u r e s
L F U CG
KY NMTC
State
C o m m u n i t y Ve n t u r e s
L F U CG
Sponsorships
Other
Librar y or CAC, L F U CG
--
United Way
Other
Librar y or CAC
L F U CG
CDBG
Fe d e r a l / L o c a l
L F U CG
L i b r a r y, C A C , C o m m u n i t y Ve n t u r e s
Public Transportation Funds
Fe d e r a l / L o c a l
L F U CG
K Y TC , L e xTr a n , C V N A
Local
L F U CG , F O W R
FOWR, CVNA
Fe d e r a l
L F U CG , M P O
K Y TC , L e xTr a n , C V N A
EPA - 319(h)
S t a t e / Fe d e r a l
L F U CG
FOWR
Land and Water Conservation
S t a t e / Fe d e r a l
L F U CG
FOWR, CVNA
Recreational Trails Program
S t a t e / Fe d e r a l
L F U CG
FOWR
Five Star
S t a t e / Fe d e r a l
L F U CG
FOWR, CVNA
OCS Grant
Fe d e r a l
L F U CG , C o m m u n i t y Ve n t u r e s
L i b r a r y, C A C
Section 42
Fe d e r a l
C o m m u n i t y Ve n t u r e s , Private Developer
L F U CG
HOME
Fe d e r a l
C o m m u n i t y Ve n t u r e s , L F U CG
CAC, Private Developers
Fu n d i n g To o l s / R e s o u r c e s
Section 108
Water Quality Incentives Grant FHWA TAP
FOWR = Friends of Wolf Run TAP = Transpor tation Alternatives Program
CVNA = Cardinal Valley Neighborhood Association
OX F O R D C I R C L E F E A S I B I L I T Y S T U DY | PA G E 7 4
ELIGIBLE ACTIVITIES
PRIMARY USE
P r o g ra m s / Us e s
a t Ox f o r d C i r c l e
Acquisition, Relocation, Construction
L i b r a r y, V i l l a g e G r e e n
Programming, Construction
Community Center
Acquisition, Relocation, Construction, Programming
L i b r a r y, C o m m u n i t y C e n t e r, C o m p l e t e Streets, Village Green
Acquisition, Relocation, Construction, Programming
Village Green
Construction, Programming
V i l l a g e G r e e n , C o m m u n i t y C e n t e r, Library
Construction, Programming
L i b r a r y, C o m m u n i t y C e n t e r
Acquisition, Relocation, Construction, Programming
L i b r a r y, C o m m u n i t y C e n t e r, V i l l a g e Green, Retail Incentives
P u b l i c R i g h t - o f - Wa y E n h a n c e m e n t
Complete Streets, Village Green
Wa t e r Q u a l i t y I m p r o v e m e n t , E d u c a t i o n
Creek Restoration, Site Improvements
P u b l i c R i g h t - o f - Wa y E n h a n c e m e n t , Tr a n s i t
Complete Streets
Wa t e r Q u a l i t y I m p r o v e m e n t , E d u c a t i o n , Te c h n o l o g y
Green Infrastructure, Stream Restoration
Wa t e r Q u a l i t y I m p r o v e m e n t , Tr a i l s , R e c r e a t i o n
Tr a i l s , Pe d e s t r i a n B r i d g e
Tr a i l s a n d B r i d g e C o n s t r u c t i o n o n P u b l i c L a n d s
Tr a i l s , Pe d e s t r i a n B r i d g e
Wa t e r Q u a l i t y
Stream Restoration
Construction, Programming
Library
Construction
Housing Stabilization
Affordable Housing (buying, building or rehabbing), Direct Rental Assistance
Housing Stabilization
* This list only represents the most applicable sources, but additional local, state, federal and private funds could be available for this project that have not been included. OX F O R D C I R C L E F E A S I B I L I T Y S T U DY | PA G E 7 5
CRITICAL TIMELINE P r e l i m i n a r y P r e - D e ve l o p m e n t S c h e d u l e
KEY ACTIVITIES Ta r g e t e d S t a r t / End Date
April 2016
6 - 1 2 M o n t h P r e - D e ve l o p m e n t Ac t i v i t i e s
Present feasibility study to City Council Planning and Public Safety Committee and discuss next steps
May/June 2016
Wo r k w i t h C i t y C o u n c i l t o i d e n t i f y s o u r c e s o f p r e l i m i n a r y f u n d i n g d u r i n g Budget Review Session
June/July 2016
Initiate conversations with critical proper ty owners to validate proper ty acquisition assumptions from feasibility study
June/Sept 2016
Pe r f o r m s i t e s u r v e y t o d e t e r m i n e o w n e r s h i p a n d p r o p e r t y a p p r a i s a l s
July/Dec 2016
Negotiate 6 - 12 month assignable options on critical proper ties
July/Dec 2016
Engage Library and potential consultant on community-based programming process to determine uses, ser vices and space needs
July/Dec 2016
Identify and formalize par tnerships for redevelopment activities
Sept 2016 Nov 2016/Mar 2017 Q4 2016/Q1 2017
Bid out work for schematic design and preliminar y engineering work
Pe r f o r m s c h e m a t i c d e s i g n a n d p r e l i m i n a r y e n g i n e e r i n g w o r k
Apply for and secure initial funding and financing for project
OX F O R D C I R C L E F E A S I B I L I T Y S T U DY | PA G E 7 6
OX F O R D C I R C L E F E A S I B I L I T Y S T U DY | PA G E 7 7
