Posted Nov 30, 2015, 7:52 PM
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Join Date: May 2005
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How to get millenials to live and work in the Portland suburbs
Nov 30, 2015, 11:17am PST
Alisa Pyszka
Leland Consulting Group
Portland Business Journal
http://www.bizjournals.com/portland/...T&t=1448912265
Quote:
Earlier this year I participated on a panel that discussed the question of “How do we entice the subset of young professionals to work – and live- in the suburbs?”
Often these questions trigger a bifurcated debate of urban versus suburban lifestyles, which tends to miss the point. The question is more complex (as they usually are) and should instead ask what is the urban environment providing that young professionals want?
The overriding desire, which becomes more prevalent as the millennials’ lifestyle influences the market, is for a simple commute, immediate access to retail amenities and a well-designed setting. The Platform District, a mixed-use, 609 residential unit project developed by Holland Partners in Hillsboro, proves that these highly desired “urban features” can be successfully provided in a suburban setting and begins to answer the question of how to encourage young professionals to live in the suburbs.
Simplify the Commute
Businesses, with either a suburban or urban location, unilaterally state that their millennial workforce does not want to drive; they want public transit and an easy commute. Because talent attraction and retention is the number one issue for companies, this is a vital topic for suburban communities to address.
An easy commute traditionally has been available in the urban core through walking, biking or public transit. Similar offerings take time to develop in suburban areas traditionally built for one mode of transportation: the single occupancy vehicle.
The Platform District is built around the Orenco Light Rail Station along the TriMet MAX Blue Line, which gets a commuter to Pioneer Square, the heart of downtown Portland, in 40 minutes. If a resident doesn’t work downtown, there is a bus stop at the front door providing access to numerous employers in the area and a substantial bike lane system.
By capturing this significant transit opportunity, the project eliminates the need for a second car typically required in a suburban environment. This modification translates to an annual income increase of approximately $9,000, according to 2015 AAA figures. In turn, the project can comfortably provide 1.1 parking stalls per unit, allowing more of the project cost to go towards more units.
Density to Attract Retail
Discussing the desire for urban living often reflects the attraction to a walkable environment with quick access to retail amenities. The Platform District leverages the existing New Seasons grocery store and adds 13 new retail storefronts for a total of 29,000 square feet, including seven food and restaurant spaces. These retailers are supported by the 609 units within the Platform District and an additional 892 units adjacent to the district.
This dense form provides local residents with immediate access to retail. Furthermore, it serves a young professional demographic prone to dining out more frequently. An added bonus for retailers is that customers enjoy a larger disposable income due to the savings realized with only one vehicle.
This critical project component of density was driven through a collaborative vision and approach between the developer and the city of Hillsboro to fully maximize $1.5 billion in light rail investment. The enabling tool to bring the project to fruition was the Vertical Housing Tax Credit, which offsets property taxes on residential units for 10 years.
By implementing this tool, the city incentivized the developer to take vacant land that was generating $35,000 annually in property taxes and convert it to a project that immediately generates $750,000 annually based on the commercial uses.
More importantly, once the 10-year abatement ends, the city will earn $2.9 million annually in property taxes. In contrast, if the VHTC was not granted, the city would have a conventional project of approximately 350 units, limited commercial uses and permanent annual revenues of $800,000.
Amenities
The third key ingredient to lure the young professional to the suburbs is good design.
...(continues)...
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