Value of Design - West Yard. Considerations to Make in A Master planning Project Proposal

Master Planning Project
Name
Institution
Considerations to Make in A Master planning Project Proposal
Location and Zoning Regulations
Hudson Yards is a private real estate development conceptualized over a decade ago, located in West Side, Manhattan. The zoning regulations and requirements set for Hudson Yards are well-fitting with a futuristic vision of the project and property development. However, the project proposal also needs to make some amendments to the existing requirements. Reason being that the set zoning regulations need to be reviewed to promote a balanced mix-use development from the current focus on mainly having residential parcels (Mattern, 2016). Mixed-use developments promote the long-term vision of mitigating urban gentrification and balanced wellbeing of Live-Work-Play type of settlements (Loftness, 1994).
left4609381Figure 1: Image showing the Hudson Yard Site Plan0Figure 1: Image showing the Hudson Yard Site Plan60384136855700However, the project proposal additionally proposes a change in increase in the Zoning Floor Area (ZFA) having being overtaken by the increased interest in increasing the state of vertical development height (increased number of floor stories). The neighboring sites have developments towering over the proposals that were made. Hence, with the projected growth in population in the state means there shall be a sharp rise in the future in property development thus the master planning needs to take advantage of that and incorporate the vision of the project to have optimal if not maximum use of the site (Ahn, 2006).
Potential Positive and Negative Benefits of the Project
A Master Planning project like West Yards gives the opportunity to have a strategic community plan and put measures in place to achieve a vision that is geared towards uplifting the state and face of their community that can the development phasing be spread over a period of time. The proposed project manifests itself as a justification to transform the direction of development but featuring futuristic plans, and planning the execution of the process with updated technology and current practices. The project gives the community to develop new and effectively working social structures, amenities and infrastructure in the broader planning of the project and injected development efforts. The proposed project presents the city with an opportunity to create iconic center nodes like the West Yard master planning project; a project that can be made attractive to investors and tourists on both local and foreign missions (Matterns, 2016).
The potential drawback of such a master planning project is the fact that they can inflexible to changes, they are costly to develop, and sometimes they take a long time before they are actually realized. The hired experts may also not guarantee satisfactory integration of all the social structures and fundamental community components, especially if the experts are not part of the immediate community, hence may lead to alienation of the locals (Campion, 2013).
1121424218317Figure 2: Image showing activity breakdown of a Master planning Concept0Figure 2: Image showing activity breakdown of a Master planning Concept
The master planning project is bound to expend quite a number of economic and socio-cultural benefits to the community. The master planning project is geared towards improving the wellbeing and social welfare of the community by improving the existing standards of living through the proposed infrastructure and innovative technologies of development. For example, if the project implements iconic structures with world-class standards, the resultant effect is it shall attract tourist excursions that will uplift the state of the community and the city, while also providing its citizens with decent spaces for working and housing. This shall also, in essence, attract foreign and local investors to start well-established franchises and businesses, hence making West Yard a center of well-planned excellence in urban development (Ahn, 2006).
The drawback of a master planning project economically is it may mark the onset of urban gentrification. It is creating a widening gap between social classes and economic disparity. It may attract non-residents who may eventually gradually erode the local social, cultural values. Hence, the project brings about with it a set of challenges in cultural conservation and efforts to bridge the gap in economic disparities (Campion, 2013).
The Main Commercial Risks to the Project’s Long-Term Feasibility and Financial Success
The project proposal has explored the approach of analyzing the inherent risks of the master planning development to facilitate that knowledge with mitigation measures; as a preventive measure first before application of the restorative measures so as to achieve both long-term and short-term project success vision.
To begin with, one of the notable intrinsic risks is having abortive costs which solely lies on the shoulders of the developers or investors. For the project to be successful, the proposed structures and infrastructural features have to be fully functional and operate at their optimal level. Therefore, any incurred costs that may come unforeseeable and unexpectedly may drive the project thin in terms of finance. The phasing program also needs to be upheld in totality with the whole masterplan hence any unpredictable alterations may compromise the development of the other phases either technically, politically, physically or financially (Mattern, 2016).
Time is also a risk factor because in terms of investment when calculating the internal rate of return, pointers indicate that the construction phase should take the shortest time possible in order to commence early revenue pooling of the project. Hence any delays in the development of the project pose a time risk of completing it early and better internal rate of return on investment. The project also carries a risk of being marketable to the current crop of a society of occupants/users, businessmen and investors. Hence, to mitigate this risk, the project needs to incorporate the latest and trendiest design of spaces and be able to promote environmental awareness in its designs and implementation processes (Mattern, 2016).
The project proposal feasibility also analyzes the external/extrinsic risk factors of the master planning project to the community and the environment. One of the extrinsic risks is the project facing resistance from the local community or the political class. Therefore, to manage this risk the project shall involve the stakeholders, locals and the community leaders in the decision making of some of the critical aspects of the project so as to have their opinions and cultural welfare inclusive of the project proposals (Verebes, 2013).
Obtaining of city development approvals is also another extrinsic risk that the project has forecasted. The process sometimes is usually lengthy and bureaucratic in nature, hence may cause a considerable delay in the commencement or worse off to have the project rejected in entirety. To manage this risk, the project shall observe extreme caution and care in considering and meeting the set city development regulations and zoning requirements which are necessary for the approval process. Additionally, all the legal and necessary documents of the project, developers, experts and site information have to be assembled and organized in order for submission with generated design drawings and development report from professionals to enable smooth issuance of the city approvals (Bullivant, 2012).
The project proposal has attempted to incorporate environmental sensitivity and appropriate infrastructure developments at the planning stage of the masterplan. These aspects include; creation of green spaces for social recreation, street lighting, proper waste management, use of courtyards for natural lighting and ventilation plus cutting down on non-renewable energy. They shall also implement solar power production, rainwater collection and water conservation features to promote the use of renewable energies and conservation of resources (Ahn, 2006).
12939623045125Figure 3: Diagram showing the relationship between socio-economic and Environmental Factors00Figure 3: Diagram showing the relationship between socio-economic and Environmental Factors
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