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Case Study Instructions:
The specific requirements of the paper are in the word document on the attachment. Please use simple and easy to understand language and vocabulary. However, advanced vocabulary can be used if necessary. There is no specific number of sources as requirement, you can add sources according to the needs of the paper.
Please feel free to ask me any questions, and I will reply as soon as possible.
Requirements
The paper should be 10 pages, double spaced with margins not exceeding 0.5 inches, and 12-point font size. The page count does not include tables, charts and references. Use standard footnote and/or endnote formats and include fully identified references on a separate page(s).
There is no specific number of sources as requirement, you can add sources according to the needs of the paper.
Your analysis write up should begin with an Executive Summary that briefly states in less than one page the objective of your paper and what conclusions you came to. The paper should end with a conclusion section. In addition, use subheadings throughout the paper to separate different subtopics.
You can refer to the Summerlin development project in Las Vegas, Nevada as an example for analysis. Case Example: Summerlin, Las Vegas Nevada (www.summerlin.com)*
Select a development project in the United States, and then select a topic of interest based on this analysis. Use the PowerPoints of Chapters 5 and 6 to guide your analysis (on the attachment). For example, starting from Chapter 6, you can use the analysis of three development projects as examples: Elysian Forest, Palm Grove Office complex, and Plane Vista Apartments. Use the information sources identified in these discussions to apply your development, such as the population growth of the Census Bureau (www.census.gov).
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Planned Unit Development- Capitol Riverfront
Student Name
Couse
Instructor
Date
Table of Contents TOC \o "1-3" \h \z \u Planned Unit Development- Capitol Riverfront PAGEREF _Toc450544684 \h 3Overview of Planned Unit Developments (PUDs) PAGEREF _Toc450544685 \h 4Development and Growth of Capitol Riverfront PAGEREF _Toc450544686 \h 6Examination of the Vibrant Capitol Riverfront Neighborhood PAGEREF _Toc450544687 \h 9Residential Buildings PAGEREF _Toc450544688 \h 12Market Defining Story for Capitol Riverfront PAGEREF _Toc450544689 \h 13Capitol Riverfront Market Overview PAGEREF _Toc450544690 \h 16Bibliography PAGEREF _Toc450544691 \h 20
Planned Unit Development- Capitol Riverfront
The real estate industry is very lucrative and many individuals and organizations are continuously finding capital and investing in the business. With increasing population, real estate development is significantly helping to address and mitigate housing issues in various parts around the world. Through real estate, pieces of land that had been left vacant and unutilized have been effectively developed with not only residential neighborhoods and houses but also commercial and recreational facilities. Similarly, real estate developers have been instrumental in remodeling existing buildings and neighborhoods and transforming them to meet current standards, tastes and preferences. Real estate developers have also been keen on ensuring that their plans provide owners with convenience in the sense that they have access to shops and restaurants. They also ensure that there is regular maintenance done on common areas and in some cases even on the house exteriors. There are various types of development projects in real estate including planned unit development (PUD) which is an integration of residential and commercial buildings with open spaces in a single project. PUDs have typically originated from partnerships between local governments and developers and have seen the recreation of mixed-use orientation of pre-modern human communities. Through PUDs, developers are able to diversify and as such, mitigate on market risk that characterizes single-use projects in the sense that if for instance the residential portion fail, the other parts of the planned development help to protect the overall investment. Over the years there are several PUDs that have been instigated in the US with mixed fortunes. That as it may, Capitol Riverfront remains one of the region’s most successful and compelling real estate stories.
Overview of Planned Unit Developments (PUDs)
Planned Unit Development (PUD) is a unique concept of land development not only in the US but around the globe. For many years, Americans have harbored the ironclad notion that an ideal development in the community comprises of single family homes that are situated on individually owned pieces of land and far away from commercial developments and industries. As such, many Americans have embraced and adopted the lifestyles and resisted any developments that may threaten that status quo. However, with population increasing rapidly in the region, single family residential development is no longer feasible. It has burdened municipal finances, created overcrowded schools, consumed large areas of open space and in general disrupted the existing character of a community. Particularly in communities outside of major cities, the population and housing growth escalating since the 1950 ' s has induced many towns to seek alternative forms of development.[Mandelker, Daniel R. "New Perspectives On Planned Unit Developments". SSRN Electronic Journal, vol 1, no. 1, 2017, pp. 7] [David, Nina Palmy. "Factors Affecting Planned Unit Development Implementation". Planning Practice & Research, vol 30, no. 4, 2015, pp. 395]
As such, PUD provides an alternative method of land use and development through the relaxation of zoning and subdivision regulations to allow the creative development of a parcel as a single entity. Not only is the land not subdivided into separate development parcels, but a variety of single family and multifamily housing types is encouraged. Additionally, PUDs support for nonresidential uses and it is common to find businesses such retail outlets, restaurants, recreational facilities and professional offices with the primary motive of creating a total community environment. These uses are placed in creative arrangements in order to maximize open space and preserve unique or important natural features within the site. According to Lloyd, “In exchange for this opportunity , however , the town asserts much stronger control over the final product; things such as open space, recreational areas and other amenities can be bargained for during the negotiation which is a key part of the review and approval process”. Developers are usually given the chance to design their properties not only in innovative and creative ways but in efficient fashions using the stipulations of the ordinance.[David, Nina Palmy, pp. 400] [Lloyd, Gerald D. "A Developer Looks At Planned Unit Development". University Of Pennsylvania Law Review, vol 114, no. 1, 1965, p. 3. ]
PUDs tend to vary significantly among different communities and developers and as such, there isn’t an exact definition of what constitutes a PUD. Nonetheless, Mandelker shares that “Planned unit development district” means an independent, freestanding zoning district, wherein the zoning regulations need not be uniform for each class or type of land use, but where the use of land shall be in accordance with a preliminary planned unit development plan approved by the legislative body”. There are some that take the form of large condominium developments that are constructed near major access roads while others are quite small and designed in remote rural settings. It is vital to note of the fundamental objective played by a PUD ordinance in the successful completion of the project. It is highly recommended to have clearly established zoning requirements that detail not only the phasing of construction but also the responsibilities of home owners association[Mandelker, Daniel R, pp. 10] [Lloyd, Gerald D, p. 3]
Development and Growth of Capitol Riverfront
Capitol Riverfront is a planned unit development (PDU) and community that is located in Washington D.C and harbors Capitol Hill and the Anacostia River. The project was approved by Mayor Fenty in 2007 and since then, the former industrial neighborhood has been transformed into an urban neighborhood, business center, entertainment district and waterfront destination. According to the company website, “The project involves adding over 9,000 new apartments, condominiums and lofts, modern office towers, 1,200 hotel rooms, one million square feet of retail amenities including a two future grocery stores, new restaurants, shops, and cafes”. The Capitol Riverfront is governed by the Business Improved District (BID) which comprises of several property and business owners and community stakeholders. Over the years, the BID has been instrumental in offering place management services that have helped in the creation of a clean, safe, vibrant and accessible neighborhood. The BID actively collaborates and forms partnerships to achieve the vision for the Capitol Riverfront neighborhood, and supports the development of the Capitol Riverfront neighborhood as a new downtown on the banks of the Anacostia River in Washington DC.[Capitolriverfront.org. "Brand Leader & Resident Falon Sweeney". Capitolriverfront.Org, 2020, /feature/sweetgreen-brand-leader-and-resident-falon-sweeney, n.p]
The growth and development of Capitol Riverfront provide a very compelling story that is highly motivating to any person or organization that is enthusiastic about engaging in real estate development. Capital Riverfront is built on 500 acres of land with beautiful sceneries of the Anacostia River providing not only the residents and businesses but also guests an exciting environment that supports exploration and creativity. There are new establishments including restaurants, residences and office spaces opening up monthly making it one of the fastest growing neighborhoods in the region and as shown in the figure below. As such, with new things and places to discover, Capitol Riverfront has been dubbed as the most dynamic waterfront neighborhood in DC.[Capitolriverfront.org n.p]
Figure: /_files/docs/2018annualreport.pdf
Capitol Riverfront provides urban-minded tenants a distinct and thrilling DC experience that details the importance of family, work and life balance. Banister shares that “Living in the highly walkable Capitol Riverfront puts more of what matters closer at hand, from big-league sporting and signature events to an expanding inventory of grocery stores, restaurants, and other retail”. Capitol Riverfront also provides a wide area of private office space at discount prices. Considering that it is only five blocks from the US capitol, Capital Riverfront has become a popular destination for office tenants who are just starting out and cannot afford the high rent expense in the central business district. There are over 48 restaurants in the community and as such, it is impossible for one to get tired of sampling all the cuisines.[Banister, Jon. "D.C. Condo Market Experiencing Largest Supply Surge In A Decade". Bisnow, 2019, /washington-dc/news/multifamily/dc-condo-market-experiencing-largest-supply-surge-in-a-decade-97810, n.p] [Chung, Payton. "The Lion’s Share Of DC’S New Housing Is Only Going In One Part Of The City". Ggwash.Org, 2015, https://ggwash.org/view/38913/the-lions-share-of-dcs-new-housing-is-only-going-in-one-part-of-the-city, n.p]
Capitol Riverfront also has ample space that supports active lifestyles. There are free fitness classes and Friday night concerts in Yard Park. Residents and guests can ice skate at Canal Park. There are also various festivals all year round. Individuals can also jog along the Anacostia Riverfront Trail, rent a kayak at Ballpark Boathouse, take a trapeze class, or cheer on the Nationals and DC United. Additionally, the community also benefits from a good transport network. The Navy Yard Ballpark and Capitol South stations serve the community on the Washington Metro System. I-395 and I-295 serve the neighborhood residents and connects them to Union Station. Reagan National Airport is also just 10 minutes away using a taxi. The developers have also built a 26km Riverwalk that provides ample space for people to walk, run and ride their bikes while looking down on the Anacostia River.[Chung, Payton, n.p] [Banister, Jon, n.p]
Examination of the Vibrant Capitol Riverfront Neighborhood
Capitol Riverfront neighborhood does not only comprise of residential and commercial establishments. The region is also characterized by parks, waterfront recreation, sports attractions, convenient stores and outlets, world class restaurants, schools, worship centers among others. The community has 9 acres of world class parks from the interactive and playful water features of Yards Park to the urban and hip gathering space of Canal Park.[Davis, Lester. "For Its Residents, D.C.’S Capitol Riverfront Neighborhood Hits It Out Of The Ballpark". Washington Post, 2018, /realestate/for-its-residents-dcs-capitol-riverfront-neighborhood-hits-it-out-of-the-ballpark/2018/10/03/1c66c5fa-c288-11e8-b338-a3289f6cb742_story, n.p]
Canal Park: It is built on 3 acres of land and was opened in 2012 as a model of sustainable design for an outdoor space. Over the years, it has become home to ice skating during winter and dancing fountains in the summer. The northern block of the Canal Park provides ample space for picnics and open-format events as shown in figure 1 below.[Davis, Lester, n.p]
Figure 1:
Yard Park: The premier waterfront destination is characterized by green space and water features that thrill outdoor enthusiasts keen on spending time along the Anacostia River. The Yard Park has been dubbed an ideal place for recreation all year round. The dancing fountains as shown in figure 2 combine playful water jets and scrims for the enjoyment of both kids and adults. The Yards Park has repeatedly hosted large festivals such as Tour de Fat and DC Jazz Festival as well as smaller private events and even weddings. The revenue derived from these events is an important component of the park’s annual budget. [Jdland.com. "Capitol Riverfront BID Past News Items - Jdland.Com / Near Southeast DC". Jdland.Com, 2015, /dc/pastnews.cfm...
Student Name
Couse
Instructor
Date
Table of Contents TOC \o "1-3" \h \z \u Planned Unit Development- Capitol Riverfront PAGEREF _Toc450544684 \h 3Overview of Planned Unit Developments (PUDs) PAGEREF _Toc450544685 \h 4Development and Growth of Capitol Riverfront PAGEREF _Toc450544686 \h 6Examination of the Vibrant Capitol Riverfront Neighborhood PAGEREF _Toc450544687 \h 9Residential Buildings PAGEREF _Toc450544688 \h 12Market Defining Story for Capitol Riverfront PAGEREF _Toc450544689 \h 13Capitol Riverfront Market Overview PAGEREF _Toc450544690 \h 16Bibliography PAGEREF _Toc450544691 \h 20
Planned Unit Development- Capitol Riverfront
The real estate industry is very lucrative and many individuals and organizations are continuously finding capital and investing in the business. With increasing population, real estate development is significantly helping to address and mitigate housing issues in various parts around the world. Through real estate, pieces of land that had been left vacant and unutilized have been effectively developed with not only residential neighborhoods and houses but also commercial and recreational facilities. Similarly, real estate developers have been instrumental in remodeling existing buildings and neighborhoods and transforming them to meet current standards, tastes and preferences. Real estate developers have also been keen on ensuring that their plans provide owners with convenience in the sense that they have access to shops and restaurants. They also ensure that there is regular maintenance done on common areas and in some cases even on the house exteriors. There are various types of development projects in real estate including planned unit development (PUD) which is an integration of residential and commercial buildings with open spaces in a single project. PUDs have typically originated from partnerships between local governments and developers and have seen the recreation of mixed-use orientation of pre-modern human communities. Through PUDs, developers are able to diversify and as such, mitigate on market risk that characterizes single-use projects in the sense that if for instance the residential portion fail, the other parts of the planned development help to protect the overall investment. Over the years there are several PUDs that have been instigated in the US with mixed fortunes. That as it may, Capitol Riverfront remains one of the region’s most successful and compelling real estate stories.
Overview of Planned Unit Developments (PUDs)
Planned Unit Development (PUD) is a unique concept of land development not only in the US but around the globe. For many years, Americans have harbored the ironclad notion that an ideal development in the community comprises of single family homes that are situated on individually owned pieces of land and far away from commercial developments and industries. As such, many Americans have embraced and adopted the lifestyles and resisted any developments that may threaten that status quo. However, with population increasing rapidly in the region, single family residential development is no longer feasible. It has burdened municipal finances, created overcrowded schools, consumed large areas of open space and in general disrupted the existing character of a community. Particularly in communities outside of major cities, the population and housing growth escalating since the 1950 ' s has induced many towns to seek alternative forms of development.[Mandelker, Daniel R. "New Perspectives On Planned Unit Developments". SSRN Electronic Journal, vol 1, no. 1, 2017, pp. 7] [David, Nina Palmy. "Factors Affecting Planned Unit Development Implementation". Planning Practice & Research, vol 30, no. 4, 2015, pp. 395]
As such, PUD provides an alternative method of land use and development through the relaxation of zoning and subdivision regulations to allow the creative development of a parcel as a single entity. Not only is the land not subdivided into separate development parcels, but a variety of single family and multifamily housing types is encouraged. Additionally, PUDs support for nonresidential uses and it is common to find businesses such retail outlets, restaurants, recreational facilities and professional offices with the primary motive of creating a total community environment. These uses are placed in creative arrangements in order to maximize open space and preserve unique or important natural features within the site. According to Lloyd, “In exchange for this opportunity , however , the town asserts much stronger control over the final product; things such as open space, recreational areas and other amenities can be bargained for during the negotiation which is a key part of the review and approval process”. Developers are usually given the chance to design their properties not only in innovative and creative ways but in efficient fashions using the stipulations of the ordinance.[David, Nina Palmy, pp. 400] [Lloyd, Gerald D. "A Developer Looks At Planned Unit Development". University Of Pennsylvania Law Review, vol 114, no. 1, 1965, p. 3. ]
PUDs tend to vary significantly among different communities and developers and as such, there isn’t an exact definition of what constitutes a PUD. Nonetheless, Mandelker shares that “Planned unit development district” means an independent, freestanding zoning district, wherein the zoning regulations need not be uniform for each class or type of land use, but where the use of land shall be in accordance with a preliminary planned unit development plan approved by the legislative body”. There are some that take the form of large condominium developments that are constructed near major access roads while others are quite small and designed in remote rural settings. It is vital to note of the fundamental objective played by a PUD ordinance in the successful completion of the project. It is highly recommended to have clearly established zoning requirements that detail not only the phasing of construction but also the responsibilities of home owners association[Mandelker, Daniel R, pp. 10] [Lloyd, Gerald D, p. 3]
Development and Growth of Capitol Riverfront
Capitol Riverfront is a planned unit development (PDU) and community that is located in Washington D.C and harbors Capitol Hill and the Anacostia River. The project was approved by Mayor Fenty in 2007 and since then, the former industrial neighborhood has been transformed into an urban neighborhood, business center, entertainment district and waterfront destination. According to the company website, “The project involves adding over 9,000 new apartments, condominiums and lofts, modern office towers, 1,200 hotel rooms, one million square feet of retail amenities including a two future grocery stores, new restaurants, shops, and cafes”. The Capitol Riverfront is governed by the Business Improved District (BID) which comprises of several property and business owners and community stakeholders. Over the years, the BID has been instrumental in offering place management services that have helped in the creation of a clean, safe, vibrant and accessible neighborhood. The BID actively collaborates and forms partnerships to achieve the vision for the Capitol Riverfront neighborhood, and supports the development of the Capitol Riverfront neighborhood as a new downtown on the banks of the Anacostia River in Washington DC.[Capitolriverfront.org. "Brand Leader & Resident Falon Sweeney". Capitolriverfront.Org, 2020, /feature/sweetgreen-brand-leader-and-resident-falon-sweeney, n.p]
The growth and development of Capitol Riverfront provide a very compelling story that is highly motivating to any person or organization that is enthusiastic about engaging in real estate development. Capital Riverfront is built on 500 acres of land with beautiful sceneries of the Anacostia River providing not only the residents and businesses but also guests an exciting environment that supports exploration and creativity. There are new establishments including restaurants, residences and office spaces opening up monthly making it one of the fastest growing neighborhoods in the region and as shown in the figure below. As such, with new things and places to discover, Capitol Riverfront has been dubbed as the most dynamic waterfront neighborhood in DC.[Capitolriverfront.org n.p]
Figure: /_files/docs/2018annualreport.pdf
Capitol Riverfront provides urban-minded tenants a distinct and thrilling DC experience that details the importance of family, work and life balance. Banister shares that “Living in the highly walkable Capitol Riverfront puts more of what matters closer at hand, from big-league sporting and signature events to an expanding inventory of grocery stores, restaurants, and other retail”. Capitol Riverfront also provides a wide area of private office space at discount prices. Considering that it is only five blocks from the US capitol, Capital Riverfront has become a popular destination for office tenants who are just starting out and cannot afford the high rent expense in the central business district. There are over 48 restaurants in the community and as such, it is impossible for one to get tired of sampling all the cuisines.[Banister, Jon. "D.C. Condo Market Experiencing Largest Supply Surge In A Decade". Bisnow, 2019, /washington-dc/news/multifamily/dc-condo-market-experiencing-largest-supply-surge-in-a-decade-97810, n.p] [Chung, Payton. "The Lion’s Share Of DC’S New Housing Is Only Going In One Part Of The City". Ggwash.Org, 2015, https://ggwash.org/view/38913/the-lions-share-of-dcs-new-housing-is-only-going-in-one-part-of-the-city, n.p]
Capitol Riverfront also has ample space that supports active lifestyles. There are free fitness classes and Friday night concerts in Yard Park. Residents and guests can ice skate at Canal Park. There are also various festivals all year round. Individuals can also jog along the Anacostia Riverfront Trail, rent a kayak at Ballpark Boathouse, take a trapeze class, or cheer on the Nationals and DC United. Additionally, the community also benefits from a good transport network. The Navy Yard Ballpark and Capitol South stations serve the community on the Washington Metro System. I-395 and I-295 serve the neighborhood residents and connects them to Union Station. Reagan National Airport is also just 10 minutes away using a taxi. The developers have also built a 26km Riverwalk that provides ample space for people to walk, run and ride their bikes while looking down on the Anacostia River.[Chung, Payton, n.p] [Banister, Jon, n.p]
Examination of the Vibrant Capitol Riverfront Neighborhood
Capitol Riverfront neighborhood does not only comprise of residential and commercial establishments. The region is also characterized by parks, waterfront recreation, sports attractions, convenient stores and outlets, world class restaurants, schools, worship centers among others. The community has 9 acres of world class parks from the interactive and playful water features of Yards Park to the urban and hip gathering space of Canal Park.[Davis, Lester. "For Its Residents, D.C.’S Capitol Riverfront Neighborhood Hits It Out Of The Ballpark". Washington Post, 2018, /realestate/for-its-residents-dcs-capitol-riverfront-neighborhood-hits-it-out-of-the-ballpark/2018/10/03/1c66c5fa-c288-11e8-b338-a3289f6cb742_story, n.p]
Canal Park: It is built on 3 acres of land and was opened in 2012 as a model of sustainable design for an outdoor space. Over the years, it has become home to ice skating during winter and dancing fountains in the summer. The northern block of the Canal Park provides ample space for picnics and open-format events as shown in figure 1 below.[Davis, Lester, n.p]
Figure 1:
Yard Park: The premier waterfront destination is characterized by green space and water features that thrill outdoor enthusiasts keen on spending time along the Anacostia River. The Yard Park has been dubbed an ideal place for recreation all year round. The dancing fountains as shown in figure 2 combine playful water jets and scrims for the enjoyment of both kids and adults. The Yards Park has repeatedly hosted large festivals such as Tour de Fat and DC Jazz Festival as well as smaller private events and even weddings. The revenue derived from these events is an important component of the park’s annual budget. [Jdland.com. "Capitol Riverfront BID Past News Items - Jdland.Com / Near Southeast DC". Jdland.Com, 2015, /dc/pastnews.cfm...
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