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CfMD
Center for Metropolitan Density Michael p. Buckley, Director 917.562.5081 [email protected] of architecture, 601 W. nedderman ave., arlington, tX 76019http://www.uta.edu/architecture/realestate
Copyright © 2011-2012 by the University of Texas at ArlingtonCfMD has taken reasonable care in compiling contents, student research,
Roundtable Series, and Survey data, and shall not be responsible for misinterpretations or misstatements of facts.
CfMD RESEARCH JOURNAL 2011-2012 VOLUME 1
RESEARCH
CfMD will develop a database of economic and demographic information, conduct sponsored research, and produce a series of Whitepaper briefings on alternative development strategies for urban expansion. Financial research based on Investment Density will include new Metrics on Fiscal Performance and Asset Valuation.
EDUCAtiON
CfMD will provide a broad range of educational programs of benefit to stakeholders, from single-session workshops, roundtable panels, and full master’s degree and professional certificate programs in real estate development. For example, research on type, size and economic output of Industry Clusters within a region.
CONSULtiNg SERViCES
The Center will offer access to its database and produce studies for public and private clients on a contractual basis. As no such research center exists in the Southwest, the CfMD can have an immediate impact, promoting higher density to improve economic vitality, environmental quality, social interactions, and cultural options.
MiSSiON StAtEMENt
The Center’s mission is to demonstrate that greater density, including suburban scale density, will produce the most economically productive, operationally effective, fiscally efficient, environmentally responsible, and culturally supportive environments. CfMD will fulfill its mission by conducting sponsored research, convening symposia, and consulting with industry partners.
tHE CENtER FOR MEtROPOLitAN DENSitY
CfMD
UTA Assistant Professor of Landscape Architecture, Taner Ozdil brings extensive academic and practical experience, including graduate-level teaching, an appointment with the Dallas Urban Solutions Center for Texas A&M, and compiling Mixed-Use Case Studies for Vision North Texas.
Professor Ozdil utilizes GIS to analyze urban patterns to identify development issues and potentials. He holds a Ph.D in Urban and Regional Science from Texas A&M, is the author of numerous papers and the book ‘The Economic Value of Urban Design’ published by Verlag Munich.
MiChAel P. BUCkleyDirectorCenter for Metropolitan DensityUniversity of Texas at Arlington
taner r. ozDilAssociate Director for ResearchCenter for Metropolitan DensityUniversity of Texas at Arlington
DonAlD F. gATzkeDeanSchool of ArchitectureUniversity of Texas at Arlington
Research on the Benefits of DensityThe benefits of density are neither well-debated nor well-defined in terms of economic advantages and planning and design best practices. Quantitative metrics and real understanding of the benefits of density are woefully absent. higher density development fosters:
• Better use of valuable land resources and environmental efficiency
• greater choices for mobility and transportation modal options
• improved interaction leading to greater social cohesion and cultural innovation
• improved economic productivity and fiscal efficiency
• enhanced choices in workplace and residential alternatives
Research PremisesThe UTA Center for Metropolitan Density (CfMD) objective is to encourage high density development through promoting research and analysis of both benefits and critical success factors for urban and suburban high density development, in consultation with the CfMD Advisory Board.
The Center for Metropolitan Density will test the following premises:
• Density of investment:prove that higher density workplaces makes sense, given shifts in capital sources to pension and private equity funds.
• Valuation Rates:prove that more dense developments are more vauable and stable over time.
• Density as the Cradle of innovation:demonstrate that new ideas and artistic invention are sponsored in higher density environments.
• Workplace Density:prove that higher density workplaces provide better career choices and efficiency.
• Density Design Potentials:richer civic spaces and better use of open space.
Director’s Viewpoint
http://www.uta.edu/architecture/realestate Page 2
Director Buckley brings academic and private sector credentials to CfMD research, with significant experience in strategic planning, repositioning of urban districts, and mixed-use projects. Academic experience includes building core courses for graduate real estate programs at MIT, Columbia University, and UTA, where he heads the Certificate in Asset Repositioning and Turnaround Strategies.
Member of Pension Real Estate Association, Foreign Investors in Real Estate, CRE Finance Council, and Real Estate Roundtable, Buckley is a recognized speaker and convenor of discussions which focus industry viewpoints within an academic structure.
Professor Gatzke is Dean of the UTA School of Architecture, one of the largest architectural schools in the nation. Former Dean at Tulane University, he served on NEA’s Mayor’s Institute and was also a member of the Vieux Carré Commission and Mayoral appointee to the New Orleans Masterplan.
An early co-founder of Vision North Texas, where cities and agencies develop shared goals for managing growth, Dean Gatzke serves on the executive committees of Dallas and Fort Worth chapters of the AIA, and on the board of the Dallas Architectural Forum.
research topics
CfMD’s priority focus will be quantifying the economic effects of higher density development and investigating the physical implications on metropolitan form. CfMD will also track and assess emerging best practices across the globe and disseminate this information as case studies. The Center will support shared faculty and graduate student research, multi-disciplinary degrees and professional certificate programs, along with targeted symposia and strategic planning sessions on topics suggested by industry partners.
Physical impact of Density:Infrastructure optimization; operational efficiency measures; policy analysis on centralization of access and transportation.
environmental Advantages:Prove sustainability based on responsible land use and energy efficiency; assess sprawl and mitigation strategies.
Financial Performance:Establish higher density economic output; document municipal and fiscal efficiency; quantify institutional investment potentials.
Metrics and Units of Density:Document performance measures and land use comparables; create comparable visualizations of density, measures of economic output, and effects on Industry Clusters.
Demographic and Cultural opportunities:Create demographic databases and illustrate financing for affordable communities and Workforce residential; design prototypes for increased minority and Hispanic populations.
Social Benefit Assessment: Strategies for area-wide workforce development and enhancement of Industry Clusters; higher density impact on quality place making; access to cultural and entertainment options; concentration for educational resources.
http://www.uta.edu/architecture/realestate Page 3
CfMDTaking the DFW Metro’s Temperature: Recovery or Resuscitation in Commercial Real estate MarketsCo-Sponsored by ULI North Texas District Council and Cushman & Wakefield
What is the prognosis for the Metropolitan Dallas/Fort Worth market? Marked Recovery or continued Resuscitation? Has property re-pricing and de-leveraging peaked? This UTA Roundtable—organized by the new UTA Center for Metropolitan Density charged with research and analysis of metro growth factors—explored the new challenges and perils of Recovery and opinions on timing of Private Equity commitments to opportunistic investing. Real Estate Industry Leaders and top Professionals shared their insights on the DFW Metro Region.
• Have Asset prices adjusted enough to entice Buyers?• Is Acquisition financing available? Will Securitization contribute re-financing capital?• Will the expected wave of Re-Financings provide an adequate Value boost?• What Sectors are improving—Multi-Family? Hospitality? Office? Industrial?• Where are Private Equity returns in consideration of perceived Risk?• How fast will Property Upgrades and Repositioning commence? • Where will new Jobs arise? What can cities do to assist Economic Development? • Will the North Texas Region continue its expected growth?
Tom SalantyDirector Capital MarketsCushman & Wakefield
expect increased interest rates across the board; Class A properties getting good response; owners not keen to sell their assets; liquidity coming back; lots of equity looking for projects.
ChUCk BeDSoleManaging Director Hospitality Alvarez & Marsal
Business hotels doing well in DC, nyC and San Francisco; Consensus is full recovery by 2014; TX doing well in hospitality industry compared to rest of USA.
ralph heinsPresidentPrimera Companies and Dallas Chapter NAIOP
industrial markets and labor looking very positive; DFW has great connectivity which creates sense of identity; highly skilled and educated relocating to DFW.
MiChAel P. BUCkley [MoDeRAToR]
DirectorUTA Center for Metropolitan Density
Density drivers are: quality of life, entrepreneurship, and cultural density; DFW not overbuilt so took a pass on this crash; Strong work ethic to get things done.
kARl zAViTkoVSkyDirector Economic DevelopmentCity of Dallas
Marketing ‘Dallas’ city as brand name for region; DFW looking positive for next 5 years; Must stay focused on priority and incentives; Must identify areas for density to be encouraged.
Peter MckeePartner, Securitization PracticeAndrews Kurth
Financial transparency very important and has dual benefits of: educating the investor and deflecting regulatory pressures; Class B&C property markets slow to recover due to financing but have real value potential.
Cushman & Wakefield hosted session
UTA Certificate Students
MARk SeileyChair ULI North Texas Council
Corporate and education markets up; growth in interior and master planning since no new projects; higher education student housing and dorms increased due to 20% student population growth.
MiChael DaltonDirectorArchon Group
good idea to invest in gateway cities like Dallas; 70% of economy driven by consumer; With inflation, high interest on distressed debts could negatively affect recovery.
http://www.uta.edu/architecture/realestate Page 4
rounDtable series
Strategies for Sustained Metropolitan growthCo-Hosted by Haynes and Boone LLP, and Ernst & Young LLP
Metropolitan Dallas/Fort Worth will be subject to significant expansion pressures over the next three decades. What will be the Critical Success Factors for Sustained Growth? Organized by UTA’s new Center for Metropolitan Density, charged with research and analysis of the benefits of Density at the Metropolitan scale, this Panel explored opinions from a diverse set of Industry Leaders, who shared their insights on strategies for sustaining growth.
• Will growth be affected by Freeway Expansion and alternative Transit options?• Can new methods of Public Finance emerge, considering Tax Increment increases? • Will the expected Hispanic Demographic shifts create a new market dimension?• What role will Cultural/Recreational amenities play? • How can enhanced Private School options influence Metropolitan Growth?• What are the primary Developer issues—Financing? Civic Approvals? Product Innovation?• Will an evolving Metropolitan Strategy for North Texas Region effectively facilitate growth?
PAUl RoWSeyManaging Partner, E2M Private Equity
Sustained growth should be main priority; Nodes of density a good model for growth; Dallas Uptown has good walkability precedent; Build in places with universities which invite the highly-talented.
DAViD zAToPekPresident, Dallas AIA
DFW has proven work ethic but now important to focus on amenities that families need; Young professionals move here for networking, but better education options would keep them.
John CUllinSPartner, Ernst & Young
Connected local and global economy; Green initiative and sustainability now a culture imperative to young people; Government and private sectors inextricably linked and important to future employment.
DonalD poWellPrincipal, BOKA Powell
DFW best place to build and design; Sustainable growth in Automated Building System technology; now Dallas offices more successful than those in other cities.
MiCkey AShMoRePresident, UCR Realty
New Urbanism not fully delivered as driving a must in DFW; Density is better for amenities but retail rates that developers require don’t encourage; Large perception that public education is a challenge.
lUCy BillingSleyPartner, Billingsley Company
Dallas stands for economics and entrepreneurship; American dream no longer on ownership as experience is priority with connectivity and walkability; Magnet schools have tremendous opportunity.
DaviD leiningerCFO, Dallas Area Rapid Transit
Ridership growth rates exponential; Demand beyond DART boundaries, may mean premium pricing for non-residents; Light-rail under construction to airport; Streetcar potential if development community willing to pay.
linDa MCMahonPresident, The Real Estate Council
Improve zoning, education and learning systems; People want to live near good schools so build high-performing magnets; Experience and vision already here, but need to eliminate fear of density.
kARen WAlzExecutive Director, Vision North Texas
Rules of game changing; Innovation important; More development at Transit stations; Growth must be sustainable; Younger people demanding new kinds of work, housing, and social lifestyles.
RiCk MARTinPartner, Haynes & Boone
Dallas a destination city and regional logistics center; Needs more options for mass transit; Great factors for growth; No barrier to entry; Great amenities that attract high talent.
http://www.uta.edu/architecture/realestate Page 5
Above left: UTA Adjunct Faculty Steve Kennedy of E2M Partners, with Cari Peretzman of Haynes & Boone, Professor Michael Buckley, and UTA Certificate Graduate Richmond Collinsworth.
Above right: Haynes & Boone and Ernst & Young co-hosted session.
CfMDResearch initiativesThe Center will assemble professional domains of urban design, development planning, and finance as represented by the intended collaboration of three academic units: the Schools of Architecture, Urban and Public Affairs, and the College of Business. The Center will develop economic/demographic databases and conduct sponsored research and studies of alternative development strategies for urban expansion. The Center will have an immediate impact as no such research center exists in Texas.
Research Initiatives currently underway include:
Urban/Suburban Density Survey:With cooperation by major professional organizations: TREC, ULI, and AIA, survey tested attitudes on Urban/Suburban Density including variables of open space, privacy, security, educational quality and desired amenities.
interim Uses for Vacant Urban Sites:With an initial gift from Cityplace Company to support a design studio Idea Charette and a White Paper on issues including city approvals, legal issues, economic contribution and image building.
Case Studies:Building from a series of explorations in increased densities, CfMD is postulating a correlation between increased density, the Tax Increments thus produced, and the on-site Cultural, Educational and Lifestyle amenities that can be supported.
Cluster Analysis and new District Whitepaper:CfMD has created an engagement methodology to determine Industry Clusters, both existing and attractable, as “footloose industries” which can be integrated into new Urban/Suburban Districts.
urban/suburban Density surVey
The DFW Metropolitan region is facing protracted expansion over the next 30 years to nearly double the land coverage of today, a potentially horrific outcome in terms of stretched commute times, environmental impact, and loss of cohesion. UTA CfMD found remarkable agreement and positive endorsement for higher density, provided certain amenities are included within new higher density environments:
• Majority agree higher-density Workplace contributes to productivity and innovation and creates talent pools which promise career advancement.
• Broad agreement that high-density provides better access to retail, entertainment, cultural offerings, and Mixed-Use is preferred format.
• Most recognized conflicts with raising children in high-density zones due to educational shortcomings compared to suburban options.
• An incredible 95% agreed that access to reliable and results-oriented schools is a primary driver, and the need for urban schools to be on par with suburban.
• Strong agreement for wider range of educational options, including specific endorsement of Charter and Magnet Schools, suggesting alternative education.
• 85% agreed that increased gas prices influence decision to live closer to work. Commute times are a real worry, and infill Sites are more valuable closer to the City.
• As to transit options, a clear 77% endorsed Streetcars over Buses.
• 80% agreed we need more high-density prototypes—a mandate for new design-oriented solutions.
• 76% agreed access to entertainment and cultural attractions is a principal attraction of higher density. Combined with new density models and alternative education, this is an implicit social and urban design platform worthy of debate.
• 77% agreed that high-density will provide more energy-efficient environments.
• 84% endorsed walkable, secure neighborhoods with amenities and education.
• Asked to imagine the future, a whopping 86% agreed DFW must lead in establishing sustainable environments, with architectural character that expands quality of life.
Survey Conclusion
With remarkable agreement on advantages of density, in spite of clear challenges for family living, the desire for more imaginative design prototypes and product experimentation is a mandate for new urban policies. CfMD looks forward to creating compelling economic justification for higher density live, work, shop and learning environments.
the CfMD Density Survey was distributed by UTA CfMD and co-sponsors, the leading DFW real estate professional organizations, Uli, AiA and TReC.
“Our recent online Density Survey tested preferences about urban and suburban lifestyles and using density to mitigate sprawl. We addressed sensitive issues such as education, the high density workplace, and solicited personal views of the future on the need for more urban experimentation.”
http://www.uta.edu/architecture/realestate Page 6
“A Gift from Cityplace Company initated research on Interim Uses, defined as temporary Venues on underutilized sites. CfMD and UTA Architecture students created innovative revenue concepts such as Interactive Media, Performance Venues, Pop-up Foodservice, and Marketplaces. Interim Uses confront existing zoning and building codes, but also contribute to City Image, provide substantial Tax Revenues, and serve as Incubators for permanent tenants.”
Solar Market [left]Josh Barnes & John Morrison
Dramatic membrane roof structure covers pop-up Food service and Retail operators; Large Performance Venue with electronic Media Board has visibility from Highway 75; Illuminated from below, roof structure becomes an Upton night beacon, a highly recognizable feature.
interim uses for Vacant urban sites
little Uptown [above]Erin Dorsey & Tim McCutcheon
Features refurbished containers as temporary facilities for arts, crafts and food service; prominent media tower, for sponsored digital announcement of upcoming Dallas events; special interactive features creating online Art Forum and social media interactions with visibility from Highway 75.
The Technology Phase [above and right]Wai Iam Tam
Innovative technology-oriented scheme focused deliberately on Social Media with venues devoted to “Learn & Appreciate” digital workshop; “Taste & Rest” featuring Food service pop-up installations; “Connect & Interact” digital pavilion; “Watch + Listen” electronics marketplace and “Play & Challenge” featuring laser playfield and large-scale multi-player gaming simulation.
“garland gateway” [above] transforms vacant superstore and auto dealer site with high-density Village green with surrounding Workforce housing, a Mercado celebrating ethnic diversity, and a major auto oriented exposition Center marked by Media Tower, with corporate sponsorship.
“Academy green” [above] transforms vacant retail with green Park linking elementary and high School. Park creates address for Workforce Residential, Digital, and offices atop Community Retail. Tax increment Finances public sector Arts Magnet and Digital Media academy.
garland Strategic Plan Halcyon Ltd + JHP Architects
Scenarios envision higher densities transforming vacant sites, with workforce housing facing new Parks, producing Tax increment Finance for educational and Cultural facilities as significant marketing and lifestyle amenities.
http://www.uta.edu/architecture/realestate Page 7
CfMD
Center for Metropolitan Density Michael p. Buckley, Director 917.562.5081 [email protected] of architecture, 601 W. nedderman ave., arlington, tX 76019http://www.uta.edu/architecture/realestate
Copyright © 2011-2012 by the University of Texas at ArlingtonCfMD has taken reasonable care in compiling contents, student research,
Roundtable Series, and Survey data, and shall not be responsible for misinterpretations or misstatements of facts.
CfMD RESEARCH JOURNAL 2011-2012 VOLUME 1
Mickey AshmorePresident/CEO, UCR Dallas
lucy Billingsley Partner, Billingsley Company
Clifford A. Booth President, Westmount Realty Capital
Richie Butler SVP National Development, CityView Dallas
C. keith Cargill President, Texas Capital Bank
leland C. Clemons President, LSPT Capital
John Cullins Partner, Ernst & Young
Michael Dalton Director, Archon Group
CfMD ADViSORY BOARD
An Advisory Board represents leading Industry Leaders who will provide guidance and assist by promoting activities of the CfMD, supporting research opportunities, aiding in student recruitment, and in securing financial support.
Randy gideon President, Gideon Holdings
Ralph heins President, Primera Companies
Phillip huffines Co-owner , Huffines Communities
Daniel l. JeakinsPrincipal, HKS Architects
David leininger SVP/ CFO, DART
Peter k. Mckee Partner, Andrews Kurth
Steve kennedy Partner, E2M Partners
Daniel k. olsen SVP, KeyBank Real Estate Capital
David W. Parham Attorney at Law, Baker & McKenzie
Donald R. Powell Principal, BOKA Powell
Ann M. Saegert Partner, Haynes & Boone
neal D. Sleeper President, Cityplace Company
John M. Walsh, iii President, TIG Real Estate Services
karen Walz Owner, Strategic Community Solutions
Phillip Wiggins President, Stratford Land
J. Mark Wolf Vice President, JHP Architecture
Donald F. gatzkeDean, UTA School of Architecture817.272.6042 [email protected]
Taner R. ozdilAssociate Director for Research, UTA CfMD817.272.5089 [email protected]
Michael P. BuckleyDirector, UTA Center for Metropolitan Density917.562.5081 [email protected]
Janelle A. BrathwaiteCfMD Graduate Research Editor, UTA M.Arch ‘12
Diane R. CooperDirector of Development, UTA817.272.5276 [email protected]
Cecilia B. garciaDevelopment Assistant, UTA
CfMD CONtACt iNFORMAtiON
