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HomeMy WebLinkAboutNorth Park brochure 12-12.pdfSite Land Use and Development Strategy 39 Figure 4.7.: Mandeville Site Trade Area Map Total Retail Trade Area of 177,000 residents in 2012 spending $2.1 billion 4.0 Retail Market Analysis Local Context Map: Project Site ‘Connecting & Expanding’ Bozeman The North Park Opportunity • Provide a regional employment center and job creation hub comprising a mix of land uses. • Allow for the introduction of shops and services that will firstly cater to the emerging workforce, then secondarily to the local and wider trade area residents. • Utilize the extensive highway frontage, mountain backdrops and existing parks and cycling networks to promote full connectivity to, from and within North Park, so that all roads truly do lead to North Park. • The design standards should reflect an emphasis on 360 degree architecture so that building siting and design is unique and compatible with the surrounding community. Trade Area Retail Market Characteristics Inventory: ~ 2.5 million sf Vacancy: ~ 7% Mandeville Properties Land Use Planning Bozeman, Montana 0-5 Years 5 – 10 Years 10 – 15 Years 15 – 20 Years 20 + Years Retail Trade Area Potential Timing Degree of Opportunity (Based on site strengths & weaknesses) Inventory: ~2.5 million sf Vacancy: ~7% Lease Rates: ~$10 - ~15 psf Primary Trade Area Population (2012 est): 125,000 Primary Trade Area Retail Spending (2012 est): $1.5 Billion Total Trade Area Population (2012 est): 180,000 Total Trade Area Retail Spending (2012 est): $2.1 Billion Market Driven Demand & Market Share Estimates At 10% Market Share:400,000 sf by 2020 Retail Market Characteristics Degree of Opportunity (Based on site strengths & weaknesses) Mandeville Properties Land Use Planning Bozeman, Montana 0-5 Years 5 – 10 Years 10 – 15 Years 15 – 20 Years 20 + Years Retail Trade Area Potential Timing Degree of Opportunity (Based on site strengths & weaknesses) Inventory: ~2.5 million sf Vacancy: ~7% Lease Rates: ~$10 - ~15 psf Primary Trade Area Population (2012 est): 125,000 Primary Trade Area Retail Spending (2012 est): $1.5 Billion Total Trade Area Population (2012 est): 180,000 Total Trade Area Retail Spending (2012 est): $2.1 Billion Market Driven Demand & Market Share Estimates At 10% Market Share:400,000 sf by 2020 Retail Market Characteristics Potential Timing Market Driven Demand & Market Share Estimates At 10% Market Share: 400,000 sf by 2020 Retail Industrial Market Driven Demand & Market Share Estimates At 40% Market Share: 370,000 sf by 2020 Mandeville Properties Land Use Planning Bozeman, Montana 0-5 Years 5 – 10 Years 10 – 15 Years 15 – 20 Years 20 + Years Potential Timing Degree of Opportunity (Based on site strengths & weaknesses) Market Driven Demand & Market Share Estimates At 40% Market Share: 370,000 sf by 2020 Industrial Market Characteristics Inventory: ~2. million sf Vacancy: ~22% Lease Rates: ~$5 - ~7 psf Industrial Lease Rates MONTANA growth 10 to 20 Forecast INDUSTRIAL Manufacturing 1.30% INDUSTRIAL Wholesale trade 1.00% INDUSTRIAL Transportation & Warehousing 0.70% INDUSTRIAL Administrative and support and waste management and remediation services 2.40% Industrial Employment Forecasts Region 2 (Including Bozeman) Industry Employment Projections growth 10 to 20 Forecast INDUSTRIAL Manufacturing 2.10% INDUSTRIAL Wholesale trade 1.30% INDUSTRIAL Transportation & Warehousing 1.60% INDUSTRIAL Administrative and support and waste management and remediation services 3.10% Degree of Opportunity (Based on site strengths & weaknesses) Potential Timing Mandeville Properties Land Use Planning Bozeman, Montana 0-5 Years 5 – 10 Years 10 – 15 Years 15 – 20 Years 20 + Years Potential Timing Degree of Opportunity (Based on site strengths & weaknesses) Market Driven Demand & Market Share Estimates At 40% Market Share: 370,000 sf by 2020 Industrial Market Characteristics Inventory: ~2. million sf Vacancy: ~22% Lease Rates: ~$5 - ~7 psf Industrial Lease Rates MONTANA growth 10 to 20 Forecast INDUSTRIAL Manufacturing 1.30% INDUSTRIAL Wholesale trade 1.00% INDUSTRIAL Transportation & Warehousing 0.70% INDUSTRIAL Administrative and support and waste management and remediation services 2.40% Industrial Employment Forecasts Region 2 (Including Bozeman) Industry Employment Projections growth 10 to 20 Forecast INDUSTRIAL Manufacturing 2.10% INDUSTRIAL Wholesale trade 1.30% INDUSTRIAL Transportation & Warehousing 1.60% INDUSTRIAL Administrative and support and waste management and remediation services 3.10% Industrial Market Characteristics Inventory: ~ 2 million sf Vacancy: ~ 22% Industrial Lease Rates Mandeville Properties Land Use Planning Bozeman, Montana 0-5 Years 5 – 10 Years 10 – 15 Years 15 – 20 Years 20 + Years Potential Timing Degree of Opportunity (Based on site strengths & weaknesses) Market Driven Demand & Market Share Estimates At 40% Market Share: 370,000 sf by 2020 Industrial Market Characteristics Inventory: ~2. million sf Vacancy: ~22% Lease Rates: ~$5 - ~7 psf Industrial Lease Rates MONTANA growth 10 to 20 Forecast INDUSTRIAL Manufacturing 1.30% INDUSTRIAL Wholesale trade 1.00% INDUSTRIAL Transportation & Warehousing 0.70% INDUSTRIAL Administrative and support and waste management and remediation services 2.40% Industrial Employment Forecasts Region 2 (Including Bozeman) Industry Employment Projections growth 10 to 20 Forecast INDUSTRIAL Manufacturing 2.10% INDUSTRIAL Wholesale trade 1.30% INDUSTRIAL Transportation & Warehousing 1.60% INDUSTRIAL Administrative and support and waste management and remediation services 3.10% Industrial Employment Forecasts Region 2 (including Bozeman) Growth 10 to 20 Forecast Manufacturing 2.10% Wholesale trade 1.30% Transportation & Warehousing 1.60% Administration and support and waste management and remediation services 3.10% Montana Growth 10 to 20 Forecast Manufacturing 1.30% Wholesale trade 1.00% Transportation & Warehousing 0.70% Administration and support and waste management and remediation services 2.40% North Park Positioning Strategy Market Opportunities Market Opportunities Land Use Target Market, Price Point & Positioning for North Park Industrial • Incubator for statewide and regional economic development drivers, manufacturing and potential logistics • Combination of large users and multi-tenant warehouse/office “flex” space • Business park environment Retail • Tenant mix catering to firstly the North Park Lands Employment Center, then upon potential introduction of overpass to wider Bozeman City and Gallatin County • Value price point • Local and community-scale shops and services with food and beverage and potential future symbiotic entertainment and recreation uses Office • Medical/Health/Wellness services, professional services • Smaller user segments ranging from 500 sf to 3,000 sf • Multi-tenant office space in freestanding 1, 2 or 3-story office building formats or as integrated into multi-tenant flex light industrial buildings to provide diversity in offerings Hotel • Regional event and sports tourism patrons and business travelers • Potential University related • Value to mid-scale price point with or without food and beverage or extended stay, family friendly • 2- to 3-star branded hotel NORTH PARK Market Feasibility / Land Use Study Mandeville Properties Land Use Planning Bozeman, Montana 0-5 Years 5 – 10 Years 10 – 15 Years 15 – 20 Years 20 + Years Potential Timing Degree of Opportunity (Based on site strengths & weaknesses) Market Driven Demand & Market Share Estimates At 75% Market Share: 80 Rooms by 2020 Hotel Market Characteristics Inventory: 26 Hotels / 2,008 Rooms (Accounting for ~32% of total rooms in the Bozeman/Yellowstone Tract/Study Area) Occupancy: ~56.4% (Smith Travel Research based on Bozeman/Yellowstone Area Tract/Study Area) 2 Proposed Hotels in Downtown 1 Hotel (Comfort Inn) Proposed 33% of Hotels older than 30 Years Hotel Occupancy (Bozeman/Yellowstone Tract) Bozeman Hotel Age Profile 1 7 7 3 9 0 2 4 6 8 10 Post 2010 2000 - 2010 1990 - 1999 1980 -1989 Pre 1980 Total Hotels 17% 27% 9% 17% 30% UPSCALE UPPER MIDSCALE MIDSCALE ECONOMY INDEPENDENT Hotel Occupancy (Bozeman/Yellowstone Tract) Hotel Market Driven Demand & Market Share Estimates At 75% Market Share: 80 rooms by 2020 Degree of Opportunity (Based on site strengths & weaknesses) Mandeville Properties Land Use Planning Bozeman, Montana 0-5 Years 5 – 10 Years 10 – 15 Years 15 – 20 Years 20 + Years Potential Timing Degree of Opportunity (Based on site strengths & weaknesses) Market Driven Demand & Market Share Estimates At 75% Market Share: 80 Rooms by 2020 Hotel Market Characteristics Inventory: 26 Hotels / 2,008 Rooms (Accounting for ~32% of total rooms in the Bozeman/Yellowstone Tract/Study Area) Occupancy: ~56.4% (Smith Travel Research based on Bozeman/Yellowstone Area Tract/Study Area) 2 Proposed Hotels in Downtown 1 Hotel (Comfort Inn) Proposed 33% of Hotels older than 30 Years Hotel Occupancy (Bozeman/Yellowstone Tract) Bozeman Hotel Age Profile 1 7 7 3 9 0 2 4 6 8 10 Post 2010 2000 - 2010 1990 - 1999 1980 -1989 Pre 1980 Total Hotels 17% 27% 9% 17% 30% UPSCALE UPPER MIDSCALE MIDSCALE ECONOMY INDEPENDENT Potential Timing Mandeville Properties Land Use Planning Bozeman, Montana 0-5 Years 5 – 10 Years 10 – 15 Years 15 – 20 Years 20 + Years Potential Timing Degree of Opportunity (Based on site strengths & weaknesses) Market Driven Demand & Market Share Estimates At 75% Market Share: 80 Rooms by 2020 Hotel Market Characteristics Inventory: 26 Hotels / 2,008 Rooms (Accounting for ~32% of total rooms in the Bozeman/Yellowstone Tract/Study Area) Occupancy: ~56.4% (Smith Travel Research based on Bozeman/Yellowstone Area Tract/Study Area) 2 Proposed Hotels in Downtown 1 Hotel (Comfort Inn) Proposed 33% of Hotels older than 30 Years Hotel Occupancy (Bozeman/Yellowstone Tract) Bozeman Hotel Age Profile 1 7 7 3 9 0 2 4 6 8 10 Post 2010 2000 - 2010 1990 - 1999 1980 -1989 Pre 1980 Total Hotels 17% 27% 9% 17% 30% UPSCALE UPPER MIDSCALE MIDSCALE ECONOMY INDEPENDENT Mandeville Properties Land Use Planning Bozeman, Montana 0-5 Years 5 – 10 Years 10 – 15 Years 15 – 20 Years 20 + Years Potential Timing Degree of Opportunity (Based on site strengths & weaknesses) Market Driven Demand & Market Share Estimates At 75% Market Share: 80 Rooms by 2020 Hotel Market Characteristics Inventory: 26 Hotels / 2,008 Rooms (Accounting for ~32% of total rooms in the Bozeman/Yellowstone Tract/Study Area) Occupancy: ~56.4% (Smith Travel Research based on Bozeman/Yellowstone Area Tract/Study Area) 2 Proposed Hotels in Downtown 1 Hotel (Comfort Inn) Proposed 33% of Hotels older than 30 Years Hotel Occupancy (Bozeman/Yellowstone Tract) Bozeman Hotel Age Profile 1 7 7 3 9 0 2 4 6 8 10 Post 2010 2000 - 2010 1990 - 1999 1980 -1989 Pre 1980 Total Hotels 17% 27% 9% 17% 30% UPSCALE UPPER MIDSCALE MIDSCALE ECONOMY INDEPENDENT Mandeville Properties Land Use Planning Bozeman, Montana 0-5 Years 5 – 10 Years 10 – 15 Years 15 – 20 Years 20 + Years Potential Timing Degree of Opportunity (Based on site strengths & weaknesses) Market Driven Demand & Market Share Estimates At 75% Market Share: 80 Rooms by 2020 Hotel Market Characteristics Inventory: 26 Hotels / 2,008 Rooms (Accounting for ~32% of total rooms in the Bozeman/Yellowstone Tract/Study Area) Occupancy: ~56.4% (Smith Travel Research based on Bozeman/Yellowstone Area Tract/Study Area) 2 Proposed Hotels in Downtown 1 Hotel (Comfort Inn) Proposed 33% of Hotels older than 30 Years Hotel Occupancy (Bozeman/Yellowstone Tract) Bozeman Hotel Age Profile 1 7 7 3 9 0 2 4 6 8 10 Post 2010 2000 - 2010 1990 - 1999 1980 -1989 Pre 1980 Total Hotels 17% 27% 9% 17% 30% UPSCALE UPPER MIDSCALE MIDSCALE ECONOMY INDEPENDENT Mandeville Properties Land Use Planning Bozeman, Montana 0-5 Years 5 – 10 Years 10 – 15 Years 15 – 20 Years 20 + Years Potential Timing Degree of Opportunity (Based on site strengths & weaknesses) Market Driven Demand & Market Share Estimates At 75% Market Share: 80 Rooms by 2020 Hotel Market Characteristics Inventory: 26 Hotels / 2,008 Rooms (Accounting for ~32% of total rooms in the Bozeman/Yellowstone Tract/Study Area) Occupancy: ~56.4% (Smith Travel Research based on Bozeman/Yellowstone Area Tract/Study Area) 2 Proposed Hotels in Downtown 1 Hotel (Comfort Inn) Proposed 33% of Hotels older than 30 Years Hotel Occupancy (Bozeman/Yellowstone Tract) Bozeman Hotel Age Profile 1 7 7 3 9 0 2 4 6 8 10 Post 2010 2000 - 2010 1990 - 1999 1980 -1989 Pre 1980 Total Hotels 17% 27% 9% 17% 30% UPSCALE UPPER MIDSCALE MIDSCALE ECONOMY INDEPENDENT Mandeville Properties Land Use Planning Bozeman, Montana 0-5 Years 5 – 10 Years 10 – 15 Years 15 – 20 Years 20 + Years Potential Timing Degree of Opportunity (Based on site strengths & weaknesses) Market Driven Demand & Market Share Estimates At 75% Market Share: 80 Rooms by 2020 Hotel Market Characteristics Inventory: 26 Hotels / 2,008 Rooms (Accounting for ~32% of total rooms in the Bozeman/Yellowstone Tract/Study Area) Occupancy: ~56.4% (Smith Travel Research based on Bozeman/Yellowstone Area Tract/Study Area) 2 Proposed Hotels in Downtown 1 Hotel (Comfort Inn) Proposed 33% of Hotels older than 30 Years Hotel Occupancy (Bozeman/Yellowstone Tract) Bozeman Hotel Age Profile 1 7 7 3 9 0 2 4 6 8 10 Post 2010 2000 - 2010 1990 - 1999 1980 -1989 Pre 1980 Total Hotels 17% 27% 9% 17% 30% UPSCALE UPPER MIDSCALE MIDSCALE ECONOMY INDEPENDENT Mandeville Properties Land Use Planning Bozeman, Montana 0-5 Years 5 – 10 Years 10 – 15 Years 15 – 20 Years 20 + Years Potential Timing Degree of Opportunity (Based on site strengths & weaknesses) Market Driven Demand & Market Share Estimates At 75% Market Share: 80 Rooms by 2020 Hotel Market Characteristics Inventory: 26 Hotels / 2,008 Rooms (Accounting for ~32% of total rooms in the Bozeman/Yellowstone Tract/Study Area) Occupancy: ~56.4% (Smith Travel Research based on Bozeman/Yellowstone Area Tract/Study Area) 2 Proposed Hotels in Downtown 1 Hotel (Comfort Inn) Proposed 33% of Hotels older than 30 Years Hotel Occupancy (Bozeman/Yellowstone Tract) Bozeman Hotel Age Profile 1 7 7 3 9 0 2 4 6 8 10 Post 2010 2000 - 2010 1990 - 1999 1980 -1989 Pre 1980 Total Hotels 17% 27% 9% 17% 30% UPSCALE UPPER MIDSCALE MIDSCALE ECONOMY INDEPENDENT Mandeville Properties Land Use Planning Bozeman, Montana 0-5 Years 5 – 10 Years 10 – 15 Years 15 – 20 Years 20 + Years Potential Timing Degree of Opportunity (Based on site strengths & weaknesses) Market Driven Demand & Market Share Estimates At 75% Market Share: 80 Rooms by 2020 Hotel Market Characteristics Inventory: 26 Hotels / 2,008 Rooms (Accounting for ~32% of total rooms in the Bozeman/Yellowstone Tract/Study Area) Occupancy: ~56.4% (Smith Travel Research based on Bozeman/Yellowstone Area Tract/Study Area) 2 Proposed Hotels in Downtown 1 Hotel (Comfort Inn) Proposed 33% of Hotels older than 30 Years Hotel Occupancy (Bozeman/Yellowstone Tract) Bozeman Hotel Age Profile 1 7 7 3 9 0 2 4 6 8 10 Post 2010 2000 - 2010 1990 - 1999 1980 -1989 Pre 1980 Total Hotels 17% 27% 9% 17% 30% UPSCALE UPPER MIDSCALE MIDSCALE ECONOMY INDEPENDENT Upscale Upper midscale Midscale Economy Independent Market Driven Demand & Market Share Estimates At 30% Market Share: 55,000 sf by 2020 Mandeville Properties Land Use Planning Bozeman, Montana 0-5 Years 5 – 10 Years 10 – 15 Years 15 – 20 Years 20 + Years Office Lease Rates Potential Timing Degree of Opportunity (Based on site strengths & weaknesses) Office Market Characteristics Inventory: ~3.8 million sf Class A Vacancy: ~1% Lease Rates: ~$15 - ~19 psf Class B Vacancy: ~5% Lease Rates: ~$12 - ~14 psf Market Driven Demand & Market Share Estimates At 30% Market Share: 55,000 sf by 2020 Class A Class B Potential Timing Mandeville Properties Land Use Planning Bozeman, Montana 0-5 Years 5 – 10 Years 10 – 15 Years 15 – 20 Years 20 + Years Office Lease Rates Potential Timing Degree of Opportunity (Based on site strengths & weaknesses) Office Market Characteristics Inventory: ~3.8 million sf Class A Vacancy: ~1% Lease Rates: ~$15 - ~19 psf Class B Vacancy: ~5% Lease Rates: ~$12 - ~14 psf Market Driven Demand & Market Share Estimates At 30% Market Share: 55,000 sf by 2020 Class A Class B Degree of Opportunity (Based on site strengths & weaknesses) Office Market Characteristics Inventory: ~ 3.8 million sf Class A Vacancy: ~ 1% Class B Vacancy: ~ 5% Office Lease Rates Mandeville Properties Land Use Planning Bozeman, Montana 0-5 Years 5 – 10 Years 10 – 15 Years 15 – 20 Years 20 + Years Office Lease Rates Potential Timing Degree of Opportunity (Based on site strengths & weaknesses) Office Market Characteristics Inventory: ~3.8 million sf Class A Vacancy: ~1% Lease Rates: ~$15 - ~19 psf Class B Vacancy: ~5% Lease Rates: ~$12 - ~14 psf Market Driven Demand & Market Share Estimates At 30% Market Share: 55,000 sf by 2020 Class A Class B Office Class A Mandeville Properties Land Use Planning Bozeman, Montana 0-5 Years 5 – 10 Years 10 – 15 Years 15 – 20 Years 20 + Years Office Lease Rates Potential Timing Degree of Opportunity (Based on site strengths & weaknesses) Office Market Characteristics Inventory: ~3.8 million sf Class A Vacancy: ~1% Lease Rates: ~$15 - ~19 psf Class B Vacancy: ~5% Lease Rates: ~$12 - ~14 psf Market Driven Demand & Market Share Estimates At 30% Market Share: 55,000 sf by 2020 Class A Class B Mandeville Properties Land Use Planning Bozeman, Montana 0-5 Years 5 – 10 Years 10 – 15 Years 15 – 20 Years 20 + Years Office Lease Rates Potential Timing Degree of Opportunity (Based on site strengths & weaknesses) Office Market Characteristics Inventory: ~3.8 million sf Class A Vacancy: ~1% Lease Rates: ~$15 - ~19 psf Class B Vacancy: ~5% Lease Rates: ~$12 - ~14 psf Market Driven Demand & Market Share Estimates At 30% Market Share: 55,000 sf by 2020 Class A Class B Class B The following are considered key land use planning themes for North Park. An overpass on Interstate 90 providing access into the site Expanded access on North 7th Street Continued use and improvement of the MRL crossing location on the northernmost portion of the property Creation of rail siding along the existing MRL line with addition of a second rail spur Buffering of the existing Mandeville Creek Light Industrial use bordering the railroad Commercial land bordering the interstate Four Corners12 miles(17 mins. drive) Four Corners12 miles(17 mins. drive) Billings146 miles (2 hrs & 17 mins. drive) Billings146 miles (2 hrs & 17 mins. drive) Belgrade8 miles (8 mins. drive)Belgrade8 miles (8 mins. drive) Montana State University3.25 miles (10 mins. drive) Montana State University3.25 miles (10 mins. drive) The following are general design assumptions for the North Park master plan: • Roadways to include concrete curb and gutter with asphalt road profile. • Boulevard Road is separated by a 10 foot landscape planting median • Ductile Iron Water Lines • Two major detention basins planned for the development • Street lighting throughout the boulevard roadway and at intersections throughout the remainder of the development. • All utilities including electric underground. • Entry signage at four locations within the development. • Street trees on 50' centers throughout all roads. • An asphalt bike trail following the greenway corridor of Mandeville Creek. • A 400' bridge deck over Interstate 90 with four 12' lanes and two 2' striping lanes on the outside for comfort for bicyclists. North Park Concept Plan The project defines a 20–30 year project build-out based on 2012 development rates and includes: • 90 rooms of Hotel • 790,000 sq. ft. of Light Industrial Space • 468,500 sq. ft. of Flex Space • 72,000 sq. ft. of Office Space (with additional office space integrated into “flex”) • 270,000 sq. ft. of Retail Space • 17 acres of Recreational Development that could be temporary land use 4 Figure 1.2: Mandeville Concept Plan with Parcel Numbers Residual Land Value & Financial Analysis North Park Development Parcels North Park Land Use Allocation by Parcel North Park Land Use Demand Summary DN R C P r o p e r t y City o f B o z e m a n P r o p e r t y The infrastructure development for North Park is proposed in a four (4) phase process. Land Use Segment Phase 1 Phase 2 Phase 3 Phase 4 TOTAL Phases 1 – 4 Retail 63,000 sf 207,000 sf 270,000 sf Office 27,000 sf 45,000 sf 72,000 sf Light Industrial 941,000 sf 317,500 sf 1,258,500 sf Hotel 90 rooms 90 rooms Land Use Segment Phase 1 Phase 2 Phase 3 Phase 4 TOTAL Phases 1 – 4 Retail 6.5 acres 19.0 acres 25.5 acres Office 1.5 acres 2.5 acres 4.0 acres Light Industrial 44.5 acres 19.5 acres 64.0 acres Hotel 2.0 acres 2.0 acres 44.5 acres 21.0 acres 11.0 acres 19.0 acres 95.5 acres The project envisions a central greenway, a railroad siding and spur line, a major north-south boulevard roadway and a new east-west route with an overpass at Interstate 90. The preferred option has a 2012 development price tag of $17.5 Million for infrastructure, roadway, amenity and engineering costs.