Waterfront Development Master Plan Kingston, Tennessee Bullock, Smith & Partners, Inc. Knoxville/Nashville, Tennessee Master Planners/Architects/Landscape Architects Barge Waggoner Sumner & Cannon Oak Ridge/Knoxville/Nashville, Tennessee Site Engineers/Planners/Transportation Engineers Economics Research Associates Washington, D.C. Market & Economic Feasibility Consultants May 9, 2005
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Waterfront Development Master Plan Kingston, Tennessee Bullock, Smith & Partners, Inc. Knoxville/Nashville, Tennessee Master Planners/Architects/Landscape.
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Waterfront DevelopmentMaster Plan
Kingston, Tennessee
Bullock, Smith & Partners, Inc.Knoxville/Nashville, TennesseeMaster Planners/Architects/Landscape Architects
Housing Waterfront: 20 to 70 units Downtown: 40 units
Total Housing Program of 60 to 110 Units
Commercial Restaurants: 12,000 SF Leisure & Entertainment: 6,500 SF Specialty Retail: 6,000 SF Office: 25,000 SF
Total Commercial Program of 50,000 SF
Economics Research Associates
Potential Economic Benefits
Temporary construction jobs & associated income
Permanent employment & wages generated by new commercial retail & restaurant uses
New, permanent residents attracted to new housing
Increasing retail sales taxes
Economics Research Associates
Potential Employment & Income
Temporary $3.4 million in construction income Generating approx. 25 construction jobs 5-year buildout
Permanent $6.5 million in annual wages Approximately 200 new jobs
Economics Research Associates
Potential Sales Tax Revenues
$5.5 million in annual retail spending
$2 million in general retail
$3.5 million in food & beverage
$470,000 in annual retail sales taxes
State of TN: $350,000
Roane County: $70,000 Kingston: $70,000
Economics Research Associates
Potential Property Tax Revenues
$136,000 in annual property taxes generated by new development
Distribution: $94,000 to Roane County; $42,000 to Kingston
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Supportable Retail Space
$320,000 in annual spending generated by on-site employment
$1.5 million in annual retail spending
generated by on-site households
9,000 SF of retail space supportable by new development
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Benefits of Downtown Revitalization
Protects property values Sense of identity & community pride Place to shop, visit, gather & socially interact Key indicator of social health of a place Visual representation of community heritage Attracts new residents, tourists, new
businesses Convenience & local accessibility to goods &
services
Economics Research Associates
Alternative Concepts
Bullock, Smith & Partners, Inc.
Program Recommendations
Restaurant OptionsBullock, Smith & Partners
Office Space OptionsBullock, Smith & Partners
Program Recommendations
Retail OptionsBullock, Smith & Partners
Program Recommendations
Residential OptionsBullock, Smith & Partners
Program Recommendations
Alternate Concepts
Options Bullock, Smith & Partners
Option A Option B
Option C
Development Strategy
Bullock, Smith & Partners, Inc.
Development Strategy
Site PlanBullock, Smith & Partners
Streetscape Improvements
Greenway
MarinaRestaurant
RetailOffice Space
Riverboat
Restaurant/MarinaBullock, Smith & Partners
Development Strategy
RetailBullock, Smith & Partners
Development Strategy
RetailBullock, Smith & Partners
Development Strategy
OfficeBullock, Smith & Partners
Development Strategy
Streetscape ImprovementsBullock, Smith & Partners
Development Strategy
Streetscape ImprovementsBullock, Smith & Partners
Development Strategy
Streetscape ImprovementsBullock, Smith & Partners
Development Strategy
Greenway EnhancementsBullock, Smith & Partners
Development Strategy
Financing Concepts
Economics Research Associates
Potential Financing Options
Examples of direct incentives for private investment:
Land assembly City-funded improvements Disposition of city-owned parcels at low or no cost Site preparation Property tax abatements or reductions “Gap" financing for business expansion or relocation Direct grants and/or other business development incentives Revolving business loan program City as developer/landlord
Economics Research Associates
Potential Financing Options
Examples of indirect incentives for private investment:
Public infrastructure improvements Underground utilities Streamline permitting & public approvals Main Street Program
Economics Research Associates
Implementation Strategy
Public Improvements: Funding
Capital Improvements Grants
Budgeting Issue RFP/RFQ Select Designer Design Bid Construction