doomed the Boca Raton Mall from the moment it opened in 1974. Aware of the Community Redevelopment Agency’s intention of replacing the mall with a mixed-use complex, the project developer entered into a partnership with the city to upgrade infrastructure to enable the transformation of the 30-acre site into a cultural and commercial village within downtown Boca. Mizner Park encompasses two blocks on either side of a central green space that replaced the concourse of the old enclosed mall. The program incorporates mixed-uses horizontally and vertically across 398,000 square feet. Four main mixed-use buildings with either office space or apartments over retail face each other across the park. Entertainment facilities and restaurants anchor the retail component. A 1,800-seat concert hall and an outdoor amphitheatre enhance civic and public uses. CityCenter Englewood—Englewood, Colorado CityCenter Englewood is a transit-oriented, public-private redevelopment of Cinderella City that opened in 2001. Once the largest mall west of the Mississippi River and 52 percent of Englewood’s sales tax revenue, Cinderella City closed its doors in 1997 after an economic downturn in the 1980s, growing competition, and shifting retail trends caused its anchor stores to vacate the mall. The city had originally selected a local
a multi-jurisdictional plan. Unlike a traditional retail tenanting strategy, the 750,000 square-foot development program accommodates anchor institutions in addition to an array of stores and services. The developer adaptively re-used one of the department stores on site for a public library and reused existing retail space for the regional branch of a community college. The site is also the home to multi-family housing, a large mailorder pharmaceutical company, a bank, and other retail tenants.
retail developer to build a large-format power center on the publicly owned site, but a lengthy and in-depth planning process redefined the project with New Urbanist and transit-oriented concepts. A former department store building is now a civic center with city offices, a library, municipal courts, and a cultural arts center. A new “main street” lined with a residential building on one side and offices over ground-floor retail on the other terminates at a two-acre public piazza. The piazza connects to a light-rail station with an eight-bay bus transfer station. There are 440 residential units, 330,000 square feet of retail space, 300,000 square feet of offices, and 50,000 square feet of restaurant space at CityCenter Englewood. Willingboro Town Center— Willingboro, New Jersey Willingboro Plaza, a former 54-acre open-air shopping center that originally served a Levittown, has evolved into the mixed-use Willingboro Town Center. The center’s decline began when the construction of Interstate 295 in the late 1960s started to draw larger malls away from older commercial areas. A major investment bank assumed control of the property in the early 1990s after foreclosure proceedings and the project developer approached the township with a vision that aligned with a smart growth strategy outlined in
Downtown Park Forest—Park Forest, Illinois In an inner suburb about 30 miles south of Chicago, the Village of Park Forest has transformed a 48-acre open-air regional mall originally built in 1949 into a suburban downtown. Competition from a new, enclosed mall at the intersection of two major highways and a large mortgage debt that prevented an appropriate level of maintenance and marketing were two important factors in the demise of Park Forest Plaza. The Village acquired the mall in 1995 after its owner had failed to meet terms set out in an earlier redevelopment agreement. It re-parceled the property into publicly-dedicated streets, publicly-owned parking lots, and privately-owned parcels so that it could implement a master plan that provided for pedestrian access, an interconnected network of streets centered on a new street through the
Table 1 ‐ Summary of Case Study Analysis Project
Acquisition
Entitlement
Developer Experience
Basis for Comps
Separate Ownership Patient Equity Entities Type Source
Winter Park Village
Joint venture between previous owner and new developer
Site consolidation; rezoning unnecessary; faced little opposition
Private master redeveloper
Redefine "comp": large‐ scale tenant mix and markets w/ similar level of competition
By use
Belmar
Negotiated discount purchase price; Eminent domain
High complexity due to unique zoning, architectural review board, self‐tax districts
Private master redeveloper
Redefine "comp": cross referenced mixed‐use in nearby & national submarkets
By building/group of buildings
Municipal sale‐leaseback @ less than market value
Opearting agreement; cooperative planning partnership w/ City
Public master redeveloper
Single‐use underwriting
By building/group of buildings
Land & building donated to muncipality by previous owner
Multiplie opearting agreements, parking most complex; very long planning process
Private master redeveloper
Single‐use underwriting
$1 purchase price from Municipality
Environmental remediation; cooperative process completed in 45 days
Private master redeveloper
Single‐use underwriting
By building/group Private of buildings
Land & building donated to muncipality by previous owner
Re‐parceling of site b/t public & private; covenants that permit sale
Public master redeveloper
Single‐use underwriting
By building/group of buildings
Mizner Park
CityCenter Englewood
Willingboro Town Center
Downtown Park Forest
By building/group of buildings
Private
Land
Private
Deferred fee
Public
TIF; Parking
Private
Cash
Public
Land; Infrastructure
Private
Cash
Public
Land
Local Public Finance No City Investment or Risk
Indirect Subsidy; Financial Assistance
Direct Investment; Indirect Subsidy; Financial Assistance
Direct Investment
Public
Exchanged fees; Cash
Direct Investment; Indirect Subsidy
Direct Investment; TIF; Infrastructure Financial Assistance
Summary of the six case studies.
19 Projec
Winter