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1996 SOUTH MANDALAY REDEVELOPMENT POTENTIAL ~~- - - - - - - - - - -. - ----- I LO(U. 1-1 y:J .4 . I I I I I I Redevelopment Potential I I I I I South Mandalay Area I of Clearwater Beach I May 1996 I I I I I I I FLORIDA PLANNING GROUP, INC. r-- I I I I I I I I I I I I; I I I I I I I Redevelopment Potential South Mandalay Area of Clearwater Beach I. INTRODUCTION In January 1996, Florida Planning Group, Inc. was retained by the City of Clearwater to conduct an initial feasibility study of the overall redevelopment potential of the city's South Mandalay Area. This area, which is bounded by SR 60 (Marianne Street) to the south, Baymont Street on the north, and runs from the Gulf to the Bay (Map 1), has been under study by the city since April 1994 when the City Commission requested that its staff begin exploring redevelopment options for the area. The city has good reason for looking at the long-term redevelopment potential of South Mandalay. Clearwater Beach has been a successful resort area since the late 1940s, and today the beach area has thousands of hotel rooms, and is home to 12 percent of the city's residents. The beach area provides the city with 30 percent of its property taxes and is a regional economic base industry that provides thousands of jobs. However, as this area's older properties (many are now fifty years old) become increasingly obsolete in the marketplace, they decline in value. The drop in value results in a drop in city revenue, which directly affects the city's ability to provide necessary public services. The city has another, perhaps more significant reason for acting to accelerate the modernization and redevelopment process of this area. Every resort location has a 'public perception' in the marketplace. The public perception of an area sets a general tenor for establishing both the types of people that will visit the area, and the type of new development that mayor may not occur. Thus, if an area looks like it is declining, it can become a self-fulfilling prophecy, as potential investors, and then visitors, shy away from a place that does not appear to have good long-tenn potential. This is what happened in Miami Beach's South Beach area, as well as in Fort Lauderdale Beach. Both of these resort areas went through a long period of decline and disinvestment before they were redeveloped. Now, after long redevelopment efforts, both are successfully repositioning themselves in the increasingly competitive international resort market. The city of Clearwater is wise to begin its redevelopment efforts at such an early stage, when it can be a facilitator in the ongoing modernization and enhancement of the collective value of the area, rather than waiting until the deterioration becomes widespread. Why Cities Engage in Redevelopment It is an unfortunate fact of life that buildings, like people, get old and wear out. Generally this is a long-term process; an area will age and grow obsolete and eventually cycle its way downward into less viable economic uses. Such a situation hurts a city's tax base, and blight tends to act like a cancer, spreading into adjacent healthy areas of the city, hurting everyone's property values. CITY OF CLEARWATER FLORIDA PLANNING GROUP,INC. 1 .5/31196 I I I I I I I I I I I I I I I I I I I A Noticeable N1UIlber Very Few House. Deteriorated THE CYCLE OF NEIGHBORHOOD DECLINE Property Value Enhancemeat More thaa Half Noticeable PubUc/Private Relave.tmeat Few Val" Habitable As the preceding graphic illustrates, every community can expect that, as its structures and neighborhoods age, it will be faced with the problems of decline and disinvesment. Cognizant of this fact, every state in the nation has empowered its local governments to engage in redevelopment. In Florida it is called the Community Redevelopment Act. Successful Redevelopment Successful redevelopment is always based on a combination of public and private actions. While the city can act as a facilitator and participant in the overall process, all the city can really do is set the stage. Private sector participation is required, but this participation is dependent on market forces. For example, while the city may wish to see an older, deteriorating area redeveloped, two other criteria must be met before redevelopment will actually occur. First, there must be a market for a new use. Someone must want to reuse the parcel. Second, the new use generally should be able to pay for the acquisition costs of the existing property. For example, if the city designates a city block, comprised of older one-story buildings, for redevelopment, the costs of acquisition of the properties, all relocation, appraisal and legal fees, demolition, and clearance of the site must be paid for by someone. Unless the city has the ability to absorb these costs, the new use must be able to pay the acquisition cost. The following chart illustrates this process. The city of Clearwater's ongoing planning efforts have begun the analysis of desirable future land uses in the South Mandalay Redevelopment Area. The purpose of this study is to look at the other two aspects of the redevelopment mangle to answer two critical questions: is there a market for the new uses contemplated by the city; and can the land needed for those new uses be acquired at a price that the proposed new use can afford to pay? CiTY 01' CLEARWATER FLORIDA PLANNING GROUP,INC. 2 . 5/28/96 I I I I I I I 'I I I I I I I I I I I I I C1RlITlElRllA lFOR RlEIDlBVaOlPMmIT LAND USE A market for the proposed project must exist Must meet community goals for the propeny. ACQUISITION COSTS The proposed reuse should be able to pay for the acquisition of the property. This market-based approach to redevelopment is very realistic, for unless all three items are satisfied, redevelopment will not occur. Such an approach is pragmatic, by providing the city with the ability to set the stage for redevelopment without incurring any significant up-front expenses. The city can then be in a position to proactively market the redevelopment potential of the area, and participate in a public/private redevelopment partnership in concert with the private sector. The City's Role In addition to its role in forming and leading the redevelopment process, the city has one critical ability that private developers lack: land assemblage. Under its redevelopment powers, the city can assemble land, which is often a critical component in the redevelopment process. Most city blocks are held under a multiplicity of ownership, which makes it difficult for the private sector to assemble the land needed for redevelopment. In addition to its critical role in land assemblage, the city can also provide zoning changes and public infrastructure improvements in support of its redevelopment partnership program. The South Mandalay Area The South Mandalay area of Clearwater Beach is an area that is slowly growing obsolete and deserves attention. Most of the area was built in the 1950s and 1960s, and reflects design ideas of that time period. As the area has aged, many of the older structures and housing have grown obsolete by today's design standards and are beginning to deteriorate. The area is broken into many small lots (Map 2), under different ownership, and the street and parking layout is highly inefficient. As a result, it appears that the South Mandalay area meets the state law requirements for designation as a community redevelopment area. Of more direct concern for the city is the under-valuation of the property in South Mandalay. By way of illustration, sector one (Map 3), which extends from Papaya Street north to Baymont and from Mandalay Avenue to the beach, currently has a total assessed value of $4.5 million, which is less than half of the value ($9.8 million) of the Doubletree Hotel that is directly south of this sector, on approximately the same size site. By way of further example, the newer and more modern Sheraton at Sand Key is valued at three times the total value of sector one. In addition to the under-valued property, the inefficient street layout of the area, if corrected, could produce highly CITY OJ- CLEAR WATER I'LORlDA PLANl\li\G GROUP,INC. 3 . 5128/96 I I I I I I I I I I I I I I I I I I I valuable surplus right-of-way which would then be available for future development Similar sectors within this area are also under utilized. At a minimum, redevelopment of this area into mcx:iem, higher value uses will significantly increase the city's tax base. One cannot look at the South Mandalay area by itself when thinking about the long-term future of the area, for it is an integral pan of what should really be looked at by the city as pan of the 'Clearwater Beach Resort Complex.' In many respects, the South Mandalay area serves as the commercial area for all the beach hotels, as well as for the beach area itself. While the current retail mix is primarily targeted toward tourists, the area's stores, restaurants and bars also serve the Greater Tampa Bay market Providing the area with a strong symbiotic relationship with the rest of the island and the region. CHY OF CLEAR WATER I'LORlDA PLANNING GROUP,INC. 4 . 5/28196 I I I I I I I I I I I I I I I I I I I :./~:~.tl I, :, , It,' ;n . , :' ;; : ,. :.' :: .1 .: : >:t: I ." I ';:i I :: :.' I) ., GULF . ::.::/J ; . ':lljl~. !? ..j~', " Or- : ,:;~~ .. . '..(, .. . . . 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I , I I I I I I I I I I I I I I I I I I " II. OVERALL MARKET CONDITIONS The purpose of this section is to look at the overall market potential for the types of uses that could be expected to locate at Clearwater Beach. These include: resort hotels, marinas, upper-end condominiums and general commercial/retail facilities. Clearwater Beach primarily serves and depends on two large markets: tourists, who visit from outside the region, and local residents from the surrounding four-county region (Pinellas, Hillsborough, Pasco and Polk) who also visit and vacation at the beach. Tourism The tourism industry is always dependent on a number of external factors, which are usually outside the control of local governments. The overall economic picture, exchange rates, and even public perceptions can affect the local market. Wimess the big drop in tourism visitations to Florida in 1994, following the highly publicized tourist murders. Tourism has since rebounded, and is now projected by the state to continue its slow growth above its very substantial base of approximating forty million visitors each year. The $1. Petersburg/Clearwater area has maintained a fairly stable percentage of the state's overall tourism, which reflects the area's established image as a beach resort. Interestingly, in 1994, when tourism was down across the state, the local area's numbers edged up slightly, which again reflects the area's relative strength in the worldwide (especially overseas) tourism marketplace. The state Department of Commerce is projecting that tourism will continue to grow over the next several years, which should also increase the city's tourism numbers. Projected Tourism Visitors St. Petersburg! Clearwaterz Floridal 1993 1994 1995 1996 (projected) 1997 41 million 40 million 41 million 42 million 43 million 3.86 million 3.9 million 3.9 million] 4.0 million 4.1 million 1. Florida Department of Commerce, Office of Tourism and Research, 1996. 1 Research Data Services, Inc., 1995. 3'Pcojected by Florida Planning Group, Inc. 1996. As this table illustrates, the number of tourists visiting the area is expected to slowly grow by approximately 100,000 additional people each year. Population Growth Clearwater Beach also serves a regional population who periodically use the beach. Fueled by the growing Tampa Bay regional economy strong population growth within the region is expected to CITY 010' CLEAR WATER 5 . 5/28196 fLORIDA PLANNING GROUP,INC. t I I I I I I I I I I I I I I I I I I continue far into the future. As the following table displays, the region is expected to add about 33,000 new people every year for the foreseeable future. Regional Population Growthl 1990 Census 1995 Estimate 2000 Projected 2005 Projected Pinellas 851,659 878,300 914,800 948,500 Hillsborough 834,054 893,800 963,700 1,026,100 Pasco 281,131 305,700 338,300 367,900 Polk 405,382 445,100 483,200 517,800 -.-..--............................................................................................................................................................................................................................-..... Total 2,372,226 Change 2,533,900 161,674 2,700,000 166,000 2,860,300 160,300 1. Bureau of Economic and Business Research, Statistical Abstract, 1995. In addition to the strong population growth, the Tampa Bay region, contrary to state and national trends, will become slightly younger in the future, as the proponion of elderly among the new arrivals continues to decline. All of this bodes well for the beach area, where the primary local users of Clearwater Beach are under-45 households and families. Clearwater Market Region Change in Age Makeup 1994 to 2005 Under 24 25 to 64 Over 65 Total 2005 1994 817,291 74,318 1,456,199 1,230,919 586,811 520,610 2,862,306 2,486,841 .........-..-.....................................................................................................................................................................................................--...-.-................ Total 82,973 22.2% 225,280 60.2% 66,201 17.7% 374,465 100.0% Source: Florida Statistical Abstract, 1995, BEBR. Florida Planning Group, Inc. 1996 As this table indicates, the Tampa Bay region is attracting an increasing number of younger families and households, who have the highest propensity to frequent the beaches. Income The city's median household income in 1995 is slightly lower than the state and county medians. This reflects the higher than average number of retired households in the community, who generally show lower incomes after retirement although these households have high household CITY 01' CLEARWATER 6 . 5/28196 I'LORIDA PLANNI~G GROUP, INC. II I I I I I I I I I I I I I I I I I I levels. Map 4 displays the median household incomes by census tract in 1995 and Map 5 displays the area's household wealth patterns. Median Household Income 1990 Clearwater Pinellas County Florida $26,578 26,310 27,514 Source: Claritas. Inc., 1996. CITY 01' CLEAR WATER 7 . sn.8196 1995 Estimated $27,940 28,200 29,768 2000 Projected $28,948 29,258 30,694 nOR IDA PLANNING GROUP,INC. , I I I I I I I I I I I I I I I I I I Median Household Income 1995 . Under $20,000 . $20 to 30,000 . $30 to 40,000 . $40 to 50,000 . $50 to 75,000 DOver $75,000 A /o.$J ,i. ~ V Ii! .,';:: I. ..j t, - l I I I I I I I I I I I I I I I I I I ~ Median Household Wealth ~ 1995 . Under $25,000 . $25 to 50,000 . $50 to 75,000 . $75 to 100,000 DOver $100,000 - - .~ ., " ~>~ J ,.., ." """ \. i t\\.., t;.'~ ~-~ tlii~' tV'i .~ n t.~, ';" \,.,:.,.';,.10 ~~..'i.' ~ ,<r~ ~~ CD\C - I I I I I I I I I I I I I I I I I I III. OVERALL MARKET POTENTIAL As part of this study, the overall market potential for a number of potential reuses were examined. 1. Mid-to-High End Resort Hotel To say that Clearwater Beach offers a wide range of room rental choices understates the area's true market mix. Its hotel inventory currently ranges from privately owned condos, through 1950 and 60s style individually owned motels (commonly called mom and pop motels), to the national chain resort and convention hotels, like the Radisson at Sand Key. Depending on the choice, average room rates at the beach range from $40 to $250 a night. Off-season rates are generally 60-75 percent of the peak winter season (January-May) rates. There is a growing dichotomy in the market's response to the different types of hotel 'product' currently offered at the beach. Statistical evidence is showing that while the larger, primarily chain hotels are doing extremely well, with annual occupancy rates above the 70 percent occupancy rate (the standard for a successful hotel operation), the smaller older mom and pop operations are beginning to struggle, and some are seeing an overall decline in their occupancies. The St. Petersburg/Clearwater Area Convention and Visitors Bureau has an ongoing contract with Research Data Services, Inc. to track the area's hotel occupancy and room rates. While the specifics of the information gathered by the Bureau are proprietary in nature, and thus not available for release to the general public, their statistics support this finding. The difference should not be a surprise in the context of the hotel industry's marketplace. While overseas tourists still typically takes long vacations, the trend in America is toward shorter, three to five day get-aways. However, both of these markets are becoming increasingly influenced by the 'known commodity concept,' that the national hotel chains and resorts such as Disney embody. With less time, the average tourist is much more likely to depend on a name brand hotel or even a tour boat than to experiment. Thus, the known commodity concept. In addition to their inherent advantages in mass marketing, the chains also have sophisticated methods of networking with travel agents, airlines, and corporate convention planners to enhance their bookings. Single location operators typically lack this network. During the last five years, the national hotel chains have also been engaged in establishing tiered market versions of themselves (high, medium and low price range) to expand their overall market shares. This strategy will steal market share from local single store operators. These structural changes in the hotel industry mean, that unless a local motel can establish a true market niche, through the uniqueness of the product it provides, or has built up a following of loyal customers, it will have difficult time retaining market share and profitability in the future. Additional national hotels at the beach will accelerate this difficulty. Lacking a strong cash flow, many of the area's small motels will ultimately be unable to upgrade and modernize their operations, and will close or be forced to economically cycle their buildings downward to deterioration and/or abandonment, damaging the city's image as a world class resort destination in the process. While the ongoing shift in the hospitality marketplace, and the strong showing of the area's chain hotels is probably well known within the hotel industry, the current lack of a~~able. waterfr?nt sites has effectively precluded new development. However, based on the stansncal informauon available, which combines overall hotel occupancies with the strong tourism market (espeCially from overseas), and the growing regional economy, the beach area could support an additional 500 CITY 01' CLEARWATER I'LORIDA PLANNING GROUP,INC. 8 . 5/28/96 1 I I I I I I I I I I I I I I I I I I I higher-end resort hotel rooms, or at least two additional hotels. (The increase in tourism numbers alone support an additional 350 - 490 rooms.) A long-range shift of the beach's hotel market mix away from the lower end of the hotel rental market towards the higher end has the potential to strengthen the retail and restaurant markets within the area, as the customer mix changes and per person expenditure rates rise. For example, because the daily expenditure rate for the typical resort hotel visitor is almost twice what it is for a small unit hotel, visitors at higher-end hotels are expected to spend more in the local shops and restaurants. 2. Marina In 1984, the Department of Natural Resources (DNR) conducted an internal, statewide study on the future demand for marina slips in Florida. DNR was cognizant that while its environmental concerns with marinas were legitimate, there was a growing demand for marinas that was not being met. DNR, now the Department of Environmental Protection (DEP) , acknowledged the need for additional marinas, but stayed fmnly on the side of the environment. The department's strict permitting process has reinforced the shonage of marina slips throughout Florida. There were 42,687 registered pleasure boats in Pinellas County in 1994. Of particular interest are boats over 25 feet in length which are difficult to transport. These are the boats most likely to be berthed in a wet slip. Thus, while DEP estimates that 11 percent of all pleasure boats will be wet slipped, this number rises to 67 percent for all boats over 25 feet. . There are 21,043 boats over 16 feet long and 4,692 boats over 26 feet registered in Pine lias County. By comparison, the state estimates that there are approximately 3,500 to 4,000 marina slips available within the county. Thus, a strong market for additional marina slips exists today, and will continue to exist into the foreseeable future. A strict permitting process does not completely preclude the construction of a new marina. Based on discussions with cities in similar situations, in order to successfully expand the number of local marina slips the city must develop a master plan for marina expansion for all of Clearwater Bay. The city must also be willing to comply, on an ongoing basis, with DEP's legitimate environmental concerns. The city's existing marina, on the south side of SR 60, is immediately adjacent to the South Mandalay area. Its locations is advantageous because the city may be able to expand the availability of docking space by adding additional slips, rather than building a new marina. In addition to the visual and property value enhancement that a marina provides to a waterfront activity zone, additional slips and docking space also bring maritime customers to the area's commercial establishments. 3. Housing The strong market for watenront condominium units in southwest Florida (including the Clearwater area) is being driven both by the continued stream of retirees choosing to locate in southwest (rather than southeast) Florida and by a growing number of foreign (primarily European) buyers. The state projects continued growth in this market far into the future. For the past five years the city has pennitted the construction of an annual average of 400 higher-end condominium units at the beach. However, condominium developers are now in a similar situation to potential hotel developers, facing the lack of available, buildable sites. The lack of available land will continue to hinder hotel and condominium development. CITY Ofo' CLEAR WATER foLORIDA PLANNING GROUP, INC. 9 . 5/28/96 I il I. I I I I I I I I I I I I I I I I If there was available land, the city could expect to see the continued construction of similar type luxury condominium units at current levels well into the foreseeable future. This market demand could support the annual construction of two 120 to 150 unit mid-rise buildings for the next five years. 4. Multi-Use Commercial/Recreational Facilities The multiplicity of ownership, and the ad-hoc development pattern in the South Mandalay area, coupled with the lack of and strong waterfront commercial focus, have contributed to restraining the necessary commercial modernization and growth that the area needs and could support. As a result, the current commercial market mix is focused on the local common denominator: the tourist. With two million visitors a year, and serving a two and a half million person metropolitan area, Clearwater Beach meets the basic demographic criteria for almost every chain restaurant and specialty retail outlet operating in the county. The facilities most likely to find Clearwater Beach attractive will be those that have successfully operated in existing festival marketplace waterfront venue type operations. However, the disjointed development pattern of the area precludes the necessary symbiotic relationship from occurring between the hotels, restaurants, shops and entertainment venues, One of the major underlying design considerations for the redevelopment of the area is that the city must 'design in' the cross connections that will link together the existing and new commercial facilities. This linkage should be copied from the most successful festival marketplace centers. If the district were organized as a single retail unit (even if held in diverse ownership), and laid out in a more conventional, symbiotic manner (especially if more facilities were oriented towards the Gulf or bay-front) the area has a significant unrealized market potential for additional commercial facilities. New commercial development should utilize the 60/40 rule of thumb for festival type marketplaces, where 60 percent of the new space is utilized by bars/restaurants and 40 percent is retail. Interestingly, increasing the number of restaurants and shops at the beach will have the effect of increasing the business for all the businesses there, by creating enough critical mass to make the area a 'destination' in the eyes of the regional marketplace. A similar potential exists for the area's local/regional commercial markets. At present the area has not yet made itself into a true 'day trip/weekend' destination for the in-Florida market, like a St. Augustine, Cedar Key, or even Mt. Dora. Such an addition to the area's current marketing focus could significantly expand the scope of the area's overall market potential. Additional restaurant! shopping/entertainment opportunities at the beach would also help through their symbiotic relationship to strengthen the overall tourism and hotel markets. FLORIDA I'LANNIi\G GROUP,lNC. Cll Y 01< CLEARWATER 10. 5128/96 I I I I I I I I I I I I I I I I I I I IV. REDEVELOPMENT POTENTIAL As noted in the introduction, even if a market exists for a particular type of use, unless there is a site available that meets the unique spatialllocational requirements of that use, and that can be acquired at a cost that the new use can afford to pay, then redevelopment will not occur. The purpose of this section is to evaluate if the existing area can meet this criteria. The Pinellas County Property Appraiser's data files were accessed to develop the total appraised values of the various city blocks that make up the South Mandalay area. As Map 2 illustrates, the project area is currently divided into many small pieces of property which, would need to be purchased to assemble a site large enough for any major new development to occur. Although the appraised value is often a good indicator of a property's current value, under a condemnation scenario, fair market value, business or residential relocation costs, site clearing, appraisals, legal and administrative costs all must also be included if a realistic estimate of the total acquisition cost is to be made. In addition to the assessed values, a visual survey of the area was made to identify those properties and businesses (Barnett Bank is a good example) that would be expected to stay in the area under any redevelopment scenario. Using this baseline criteria, three sectors of the South Mandalay area appear to have redevelopment potential: sector one, which is the beach front property north of Papaya Street; sector two, the bayfront property from Marianne Street (SR 60) to Papaya; and sector three, the bayfront from Papaya to Baymont Street. Map 6 illustrates their locations. The following table estimates the acquisition cost of the private property located within these sectors. Estimated Total Acquisition Costs Area Low Ran2e Hi2h Ran2e Sector One: $ 4,700,000 $ 9,400,000 Sector Two: $ 3,500,000 $ 7,000,000 Sector Three: $ 2,600,000 $ 5,200,000 In order to support such high acquisition costs, any new development will obviously need to intensify the uses on the property. However, because there is excess road right-of-way (Map 6) within the area, the city gains this valuable real estate in a redevelopment scenario, which reduces the overall acquisition cost on a per acre basis. The following table displays this reduction. CITY 01' CLEAR W Al ER FLORIDA PLANNING GROUP,INC. 11.613196 1 I I I I' I I I I I I I I I I I I I I Cost per Acre Area Acres Low Hi2h Sector One 3.799 $1.24 million $ 2.38 million ROW 1.033 $ 0 $ 0 Total: 4.832 $0.97 milliom to $ 1.27 million Sector Two 4.109 $0.86 million $ 1.73 million ROW 0.964 $ 0 $ 0 Total: 5.073 $0.70 million to $ 1.23 million Sector Three 3.570 $0.73 million $ 1.43 million ROW 0.689 $ 0 $ 0 Total: 4.259 $0.61 million to $ 1.19 million As this table shows, including the excess right-of-way significantly reduces the overall cost of the propenies on a per acre basis, making future redevelopment financially feasible. The next step in the feasibility process is to estimate whether a single use, or a combination of uses could afford to pay these prices for an assembled site. Note: It is a rule of thumb that land costs should generally not exceed ten percent of the overall commercial project cost; however, in beach settings, the intrinsic value of the property highly skewers this rule. Sector one is a prime location for an oceanfront reson hotel. The approximately five acre site would provide enough room for one large hotel, including necessary on-site parking, or two smaller hotels with structured parking. Utilizing comparable land values at other beach front hotels in the area (see appendix), and assuming that the total complex on this parcel would contain 450 rooms with supporting commercial facilities along Mandalay, a proposed new resort hotel development could support the acquisition cost of this property. (Note: A smaller hotel could also be built on a portion of this site.) Current density levels for this area would allow an approximately 300-unit hotel to be built on the site, so some increased density allowance may need to be considered by the city as part of a future redevelopment program. Sectors two and three appear to be prime locations for the construction of two mid-rise condominium developments (approximately 300 units in total) in combination with waterfront commercial facilities. At current (or slightly higher) densities for this type of development, and assuming that significant emphasis would be placed on siting commercial waterfront out-parcels, these proposed reuses could support the acquisition costs for these sectors. (Note: This area could also be developed incrementally.) As with sector one, some increase in density and intensity of uses in this area may be necessary in order to increase the commercial opportunities available, and to pay for the acquisition and development costs. In conclusion, the redevelopment potential of the South Mandalay area meets the three conditions for successful redevelopment: (1) it meets the city's overall development plan for the area, (2) a markeQl' exist for the uses envisioned, and (3) the land that would be needed for future redevefOpment can be acquired for a cost that the new uses can support. FLORIDA l'LANNl/llG GROUP,lNC. CITY Of CLEAR WATER 12 . 6/3196 I ,I I I I I I I I I I I I I I I I I I GULF PAPAYA I ~I o $/ ... fIl 8/ ". .: . ~e 9.66 AclC> .. .. .; .. to I It,?", . ~~i" ~ -' ~opy Availa"le Potential Redevelopment Areas Map Six f South Mandalay Area FTI)RTnA PTJANNTNC CRnr!p, INC. 1 I I I I I I I I I I I I I I I I I f [I - ~~ I al i/ Ef I fll7m ~r It en .. .. -n DI 0 !oa CD'( . .. ~ . e $.50 .Ace . . · :; 16 . -- II I%~." 51 < r~f~i :;:.~~.: IF ~ ... 'i:.. I). I..:..: - <:( l~LZ ~J. _ _ _ _ _ l.-.I ..J ~ -:~ CI1 <:( II... ,7"~ . _ :: _ _ z a ---;1 ';1 !; 0 z ~. - '-ot - - - - - - Cl.. <:( :> ~f" I ~ .. -- . --i,,. --- - -- .Oii1Q .,~:. I /0 I 01 A C'" , I Potential Reparcelization Map Seven South Mandalay Area FT,()RTDA PT,ANNTN(; (;RQllP INC. ) I I I I I I I I I I I I I I I I I I al ~I ;;:: if '"'I I :. -t. :._ ~ . ~--;-!i I ;t--. .~_. r.. -i- . .~. ~ . lo..-<-~ ~ I'". ,. .. .:- .. .. .. .. - - .. " -.,,- - =~ - !! ~I ' ~.---_.. I ;;~;; -E!7 I ~~:--, '~.;.;':o_1 :: J: ... ,,-,It,. .. /:::: .:..;...... -.. :: 1.0. :: : .~ . ..- .:: L... ~'_ .z:\.~ ef < I.i. .:15.....' ,;~..~.: - ;:: >- L.. ..I!.~~: z: J -- <( I.oal'" , -. - - - t..J I ~. ,~-: -- I cr. < F~11 .:':__. i c ~--..;t1 .!! !: c :z r-";t-'''---~ c:-. S :~,!C I. .. :i~ j- -l~" :-: e 9.S.. .-.. ._.L i~OPY 8~~';;;;i'ab,e General Development Concept f South Mandalay Area FIJ{)RTTJA PIJANNTNC CR()lIP. INC. Map Eight 1 I I I t I I II I I I I I I I I I I I V. VALUE-ADDED SITE AMENITIES As part of this study, the 'value-added' potential of a number of existing and proposed site amenities were looked at. These site amenities could be built by the city or by a developer, or even shared. The purpose of this section is to evaluate some potential amenities that would strengthen the attractiveness and property values of the area. 1. Civic Center Relocation The city's old civic center is located on one of the traffic islands that separate the east and west lanes of SR 60. The need for this facility is reduced, if not eliminated, by the new Clearwater Beach Recreation Center and the improved accessibility via the new Clearwater Beach Bridge to the Sailing Center of Sand Key. The city should demolish this structure and replace it with another use. The city may want to consider relocating the US 60 corridor to a single side, freeing the current underutilized islands for commercial development, in conjunction with a South Mandalay redevelopment program. 2. Landscaping and Streetscaping The value added to local property values from streetscaping and landscaping has been so successfully proven, in so many venues, that its importance in new development and redevelopment is now a given. The entire Clearwater Beach area should have a unified, clearly recognizable streetscape/landscaping look that carries over into both the public and private sector. Once again, the importance of appearances is a critical determinant for how people view an area. By way of example, both Miami Beach and Fort Lauderdale have invested heavily in their public landscaping and streetscaping programs. Although it is outside the scope of this project, there is also a need to reexamine the traffic flow, the important pedestrian flow for the whole beach area. Sidewalks, in a number of areas, need to be widened, and wherever possible, covered. Although the area handles a large amount of traffic on a routine basis, the transportation pattern needs to be redesigned to facilitate pedestrian travel as much as possible, especially in off-peak and weekend situations. The whole system of roads, sidewalks and parking needs to be designed to be flexible enough so that it can change to suit the particular user needs (both cars and people) that will vary with the season, and even the time of day. While the city can adopt new development standards to effect gradual change over time, in order to create a dramatic change, the city should plan to landscape and streetscape the whole Clearwater Beach commercial resort area, as well as the South Mandalay area. While some of these improvements can be made concurrent with new development, general streetscape improvements will enhance the existing value of the area, and should precede irrespective of redevelopment plans. 3. Harbor Walk A continuous linear park, along the harbor from SR 60 north to Baymont Street, would be a major prerequisite for opening the harbor to commercial development. As noted in the market study portion of this report, this area would be an excellent location for the addition of a large number of boat slips, and a pedestrian accessway would serve this use as well. More important, this would provide a place for people to gather together in a beautiful setting. By way of comparison, Fort ClfY OF CLEARWATER FLORIDA PLANNING GROUP,INC. 13 . 6/3196 1 I I I I I I I I I I I I I I I I I I Lauderdale estimates that its harbor walk brings an additional one million visitors a year to the city. This amenity would cost in the $3-4 million range, including the additional marina slips that would be constructed. 4. Papaya Street Pedestrian MaJllBaymont Street Walk Papaya and Baymont serve as the two main east/west cross connectors for the area, and should not be closed to vehicle traffic. However, both these streets could have their sidewalks widened so that they can selVe the very important function of providing an interesting, attractive, pedestrian cross-connection between the beach and the bay. s. Additional Public Waterfront Parks There does not appear to be a need for additional public recreational areas in South Mandalay. The beach is currently an underutilized asset, and the open space on both sides of the Oearwater Bay causeway currently meet the need for this type of amenity. 6. Outdoor Commercial Recreation In the city's initial redevelopment plan envisioned utilizing some of the area for low density, family-oriented outdoor commercial recreation facilities, such as a miniature golf course facility. While the addition of such facilities is certainly desirable, this type of operation cannot support the high land acquisition costs that the redevelopment of this area will require. Outdoor commercial recreation facilities are certainly needed at the beach, but these uses would be better situated on underutilized parcels, closer to the beach itself. 7. Public Parking Garage The city is wise to insist that there be a market for a structured parking garage before constructing one. At the time of this report, the city's consulting engineers have projected that there is currently not a need for a public parking garage in this area. This may not preclude the need for structured parking as part of a more intensive redevelopment scenario in the future, at which time the city may find it cost-effective to participate in a joint venture to share space in a garage with a private developer. cn Y 01' CLEARWATER FLORIDA PLANNING GROUP, INC. 14.5131196 1 I I I I I I I 'I I I I I I I I I , I I VI. POTENTIAL FOR INCREASED REVENUES. Although it is outside the scope of this project to estimate the full positive economic impact of a future redevelopment program, an estimate of the potential increase in the city's ad valorem taxes can be made relatively easily, which can show the immense difference in property values that could be created. The current collective ad valorem value of the three sectors that have been identified as having the best potential for redevelopment is currently around $11 million. Under the total redevelopment program envisioned in the city's redevelopment program, with the construction of an additional reson hotel, 300 additional condominium units, and additional commercial space, the collective ad valorem value from these new developments could be in excess of $100 million, which would provide the city with a dramatic increase in revenue. "-102 CITY 01- CLEARWATER FLORIDA PLANNING GROUP,INC. 15 . 5/28/96 J I I I I. I I I I I I I I I I I I I I ~ ..... "0 = Q,) 8: < Appendix Florida Planning Group, Inc. 1 I I I I' I I I I I I I t I I I I I I ONE TWO THREE FOUR FIVE SIX N.I02 ApPENDIX CONTENTS Property Appraisal Report Data for the South Mandalay Area Clearwater Market Region, Change in Age Makeup, 1994 to 2005 Vessels Registered in Florida, FY 1994/95 Comparable Resort Hotel Values/Condominium Values Household Age by Income Reports, 1990-95-2000 1995 Visitor ProfIle Reports - St. Petersburg/Clearwater Area Convention and Visitors Bureau CITY OF CLEAR WATER 1 Sheet1 I Appendix I City of Clearwater South Mandaley Redevelopment Area Property Appraisal Report I Sector One: Papaya to Baymont, MandaJay to Beach I C To Marlcet o Co Ra wn Income d unt ng shl Subdl Implied Just Cost Estimated eye p SectIon vision Lot Just Value Value Approach Value I 8,152908, 16398 ,000 ,0060, $ 191,300 $ $ 191,300 C ,15 29 08, 16398 ,000 ,0090, $ 318,800 $ 55,200 M, S 318,800 o ,152908, 16398 ,000 ,0140, $ 438,600 $ 292,400 M, $ 438,600 E ,152908, 16398 ,000 ,0190, $ 489,100 $ 284,900 M, $ 489,100 II F ,152908, 16398 ,000 ,0290, $ 185,100 $ S 185,100 G ,152908, 16398 ,000 ,0330, $ 247,700 $ 195,000 J, $ 247,700 H ,152908, 16398 ,000 ,0390, $ 98,900 $ 52,100 I, $ 98,900 I I ,152908, 16398 ,000 ,0410, $ 85,000 $ 42,500 , $ 85,000 J ,152908, 16398 ,000 ,0430, $ 692.300 $ 481,800 , S 692,300 K ,152908, 16398 ,000 ,0490, $ 187,000 $ 8,800 , $ 187,000 I N ,152908, 16398 ,000 ,ono, $ 106,300 $ 275,500 I, $ 275,500 o ,152908, 16398 ,000 ,0740, $ 212,500 $ $ 212,500 P ,152908, 16398 ,000 ,0780, $ 106,300 $ 107,800 I $ 107,800 Q ,152908, 16398 ,000 ,0800, $ 212,500 $ 310,200 I, S 310,200 I R ,152908, 16398 ,000 ,0840, $ 52.300 $ 21,200 , S 52,300 R ,152908, 16398 ,000 ,0850, $ 28,100 $ 40,100 \, S 40,100 S ,152908, 29251 ,000 ,0001, $ $ S I S ,152908, 29251 ,000 ,0010, $ $ 190,700 $ 190,700 S ,152908, 29251 ,000 ,0020, $ $ 193,800 S 193,800 S ,152908, 29251 ,000 ,0030, $ $ 190,700 S 190,700 S ,152908, 29251 ,000 ,0040, $ $ 193,800 S 193,800 I Total: $ 3,651,800 $ 2,936,500 $ 4,701,200 Acres Estimated Land 3.799 ROW 1.033 I Total: 4.832 Remainder of Block A ,152908, 16398 ,000 ,0010, $ 516,000 $ 453,300 I, I L ,15 2908, 16398 ,000 ,0530, $ 214,200 $ 142,800 M, M ,152908, 16398 ,000 ,0570, $ 376,300 $ 231,700 I $ 1,106,500 $ 827,800 Clearwater Beach I ,15 29 08, o ,220 ,0100, S 2.683,300 $ Double Tree Hotel Site I ,152908, o ,230 ,0100, $ 9,630,000 $12.384,200 I, I I I Page 1 I I I I I I I I I I I I I I I I I I I Sheet1 South Mandaley Redevelopment Area Property Appraisal Report Sector Two: Marianne to Papaya, Poinsetta to the Bay c To Marteet o Co Ra wn Income d unt ng shI subdl Implied Just Cost Estimated e y . p Sec1lon vision Lot Just Value Value Approach Value ,152908, 2592 ,002 ,0010, $ 237,400 $ 232,900 , $ 237,400 ,152908, 2592 ,002 ,0040, $ 102,000 $ 85,000 M, S 102,000 ,152908, 2592 ,002 ,0050, $ 156,400 $ 58,BOO , S 156,400 ,152908, 2592 ,002 ,0070, $ 78,200 $ 70,900 I, S 78,200 ,152908, 2592 ,002 ,0080, $ 78,200 $ 3,500 , S 78,200 ,15 2908, 2592 ,002 ,0090, $ 156,400 S 149,600 M, S 156,400 ,152908, 2592 ,002 ,0110, $ 78,200 $ 69,200 I, S 78,200 ,152908, 2592 ,002 ,0120, $ 412,800 $ 619,200 M, S 619,200 ,152908, 2592 ,003 ,0010, $ 191,300 $ 78,500 I, S 191,300 ,152908, 2592 ,003 ,0020, $ 170,000 $ 70,100 I, S 170,000 ,152908, 2592 ,003 ,0030, $ 301,000 S 121,100 I, S 301,000 ,152908, 2592 ,003 ,0050, $ 102,600 $ 50,400 , S 102,600 ,15 29 08, 2592 ,003 ,0070, $ 335,400 $ 223,600 M, S 335,400 ,15 29 08, 2592 ,003 ,0100, $ 177,900 $ 119,600 M, $ 177,900 ,152908, 2592 ,003 ,0120, $ 190,000 $ 14,000 M, $ 190,000 ,152908, 2592 ,003 ,0130, $ 228,700 $ 43,300 M, $ 228,700 ,152908, 2592 ,003 ,0140. $ 344,000 $ 173,600 I, S 344,000 Total: $ 3,340,500 $ 2,183,300 $ 3,546,900 Acres. Estimated Land 4.109 ROW 0.964 Total: 5.073 Page 2 l I I I I' I I I I I I I I I I I I I I Sheet1 City of Clearwater South Manda/ey Redevelopment Area Property Appraisal Report Sector Three: Papaya to Baymont, Poinsett a to Bay c To Market o Co Ra wn Income d unt ng shl Subdl Implied Just Cost Estimated e y . p Section VIsion Lot Just Value Value Approach Value ,15 29 08, 16434 ,002 ,0010, $ 78,900 $ 206,300 I, $ 206,300 ,15 29 08, 16434 ,002 ,0020, $ 159,800 $ 79,900 , $ 159,800 ,15 29 08, 16434 ,002 ,0021, $ 144,600 $ 2,300 , $ 144,600 ,15 2908, 16434 ,002 ,0060, $ 157,800 $ 93,700 , $ 157,800 ,152908, 16434 ,002 ,0080, $ 45,900 $ 21,000 , $ 45,900 ,15 29 08, 16434 ,002 ,0081, $ 30,800 $ 13,400 , $ 30,800 ,152908, 16434 ,002 ,0090, $ 75,400 $ 16,000 , $ 75,400 ,15 29 08, 16434 ,002 ,0100, $ 157,800 $ 139,700 M, $ 157.800 ,152908, 16434 ,002 ,0120, $ 75,400 $ 61,200 , $ 75,400 ,15 29 08, 16434 ,002 ,0130, $ 78,200 $ 61,200 , $ 78,200 ,152908, 16434 ,002 ,0140, $ 75,400 $ 32,300 , $ 75,400 ,152908, 16434 ,002 ,0150, $ 102,000 $ 153,000 M, $ 153,000 ,152908, 16434 ,003 ,0050, $ 152,500 $ 55,800 M, $ 152,500 ,152908, 16434 ,003 ,0060, $ 305,000 $ 35,000 M, $ 305,000 ,152908, 16434 ,003 ,0080, $ 266,900 $ 56,000 I, $ 266,900 ,15 2908, 16434 ,003 ,0100, $ 514,900 $ 21,100 , $ 514,900 Total: $ 2,421,300 $ 1,047,900 $ 2,599,700 Estimated Land 3.570 ROW 0.689 Total: 4.259 Page 3 1 I I I I I I I I I I I I , I I I I I Sheet1 City of Clearwater South Manda/ey Redevelopment Area Property Appraisal Report Sector Four: Marianne to Papaya, Manda/ay to Poinsetta c To Market OCoRawn Income d unt ng shl Subdl Implied Just Cost Estimated e y . p Section vision Lot Just Value Value Approach Value ,152908, 2592 ,001 ,0010, $ 112,500 $ 144,600 , $ 144,600 ,15 2908, 2592 ,001 ,0030, $ 52,800 $ 41 ,700 I, S 52,800 ,15 29 08, 2592 ,001 ,0040, $ 62,000 $ 30,400 I, S 62,000 ,152908, 2592 ,001 ,0050, $ 195,000 $ 6,000 $ 195,000 ,15 29 08, 2592 ,001 ,0070, $ 556,900 S 525,100 S 556,900 ,152908, 2592 ,001 ,0110, $ 114,800 $ 114,400 I, S 114,800 ,152908, 2592 ,001 ,0130, $ 57.400 $ 114,800 I, S 114,800 ,15 29 08, 2592 ,001 ,0140, $ 57,400 $ 48,400 I, S 57,400 ,152908, 2592 ,001 ,0150, $ 97,500 S 140,500 $ 140,500 ,15 29 08, 2592 ,001 ,0160, $ 97,500 S 171,100 S 171,100 ,152908, 2592 ,001 ,0170, $ 313,400 S 135,600 $ 313,400 ,152908, 2592 ,001 ,0210. $ 28,900 $ 26,600 $ 28,900 ,152908, 2592 ,001 ,0220, $ 85,900 $ 74,900 S 85,900 ,152908, 2592 ,001 ,0230, $ 172,100 $ 156,000 , S 1n,100 ,152908, 2592 ,001 ,0260, $ 172,100 S 152,400 I, $ 172,100 ,152908, 2592 ,001 ,0290, $ 407,000 S 309,600 S 407,000 ,152908, 2592 ,001 ,0410, $ 80,200 $ 81,100 S 81,100 ,152908, 2592 ,001 ,0420, $ 39,200 $ 30,100 $ 39,200 ,152908, 2592 ,001 ,0421, $ 36,600 $ 28,100 $ 36,600 $ 2,739,200 $ 2,331,400 $ 2,946,200 Page 4 ~ I 5heet1 I I City of Clearwater South Mandaley Redevelopment Area Property Appraisal Report I Sector Five: Papaya to Baymont, Manda/ay to Poinsetta c I To Marlcet o Co Ra wn Income dun! ng sht Subdl Implied Just Cost Estimated e y . p Section vIIIon Lot Just Value Value Approach Value I ,152908, 16416 ,002 ,0160, $232,200 $298,800 I, $298,800 ,152908, 16416 ,002 ,0200, $229,500 $15,600 , $229,500 ,152908, 16416 ,002 ,0240, $148,000 $ $148,000 ,152908, 16416 ,002 ,0270, $319,300 $280,500 , $319,300 I ,152908, 16416 ,002 ,0440, $114,800 $76,100 , $114,800 ,152908, 16434 ,001 ,0010, $ 80,200 $ 138,700 I, $ 138,700 ,152908, 16434 ,001 ,0020, $ 1,294,300 $ 1,826,400 , $ 1,826,400 I ,15 2908, 16434 ,001 ,0090, $ 160,500 $ 4,100 I $ 160,500 ,15 29 08, 16434 ,001 ,0110, $ 80,200 $ 3,300 , $ 80,200 ,152908, 16434 ,001 ,0120, $ 321,000 $ 43,100 , $ 321,000 Total: $2,980,000 $2,686,600 $3,637,200 I Bayfront condominium at Baymont and East Shore ,152908, 18135 ,001 ,0010 $ $ 50,300 I ,152908, 18135 ,001 ,0020 $ $ 50,300 ,152908, 18135 ,001 ,0030, $ $ 30,800 ,152908, 18135 ,001 ,0040, $ $ 30,800 ,152908, 18135 ,001 ,0050, $ $ 30,800 I ,15 29 08, 18135 ,001 ,0060, $ $ 30,800 ,15 29 08, 18135 ,002 ,0010, $ $ 60,400 ,152908, 18135 ,002 ,0020, $ $ 60,400 I ,152908, 18135 ,002 ,0030, $ $ 30.800 ,152908, 18135 ,002 ,0040, $ $ 36,900 ,152908, 18135 ,002 ,0050, $ $ 51,700 ,152908, 18135 ,003 ,0010, $ $ 60,400 I ,152908, 18135 ,003 ,0020, $ $ 60,400 ,152908, 18135 ,003 ,0030, S $ 30,800 ,152908, 18135 ,003 ,0040. $ $ 36,900 I ,152908, 18135 ,003 ,0050, $ $ 51,700 ,152908, 18135 ,004 ,0010, $ $ 50,300 ,152908. 18135 ,004 ,0020, $ $ 50,300 ,152908, 18135 ,004 ,0030, $ $ 30,800 , I ,152908, 18135 ,004 ,0040, $ $ 30,800 ,152908, 18135 ,004 ,0050, $ $ 30,800 ,15 29 08, 18135 ,004 ,ooeo, $ $ 30,800 I ,152908, 18135 ,005 ,0010, $ $ ,152908, 18135 ,005 ,0020, $ $ 27,100 ,15 29 08, 18135 ,005 ,0030, $ $ 60,600 Total: $ 1,015,700 I Bayfront condominium on East Shore ,152908, 86480 ,000 ,0001, $ $ I ,152908, 86480 ,000 ,0010, $ $ 104,600 , ,152908, 86480 ,000 ,0020, $ $ 104,600 , I Page 5 , I I I I I I I .1 .1 I I I I I I I I I Sheet1 ,15 2908, 86480 ,000 ,0030, $ ,152908, 86480,000 ,0040, $ ,15 2908, 86480 ,000 ,0050, $ ,15 2908, 86480 ,000 ,0060. $ ,15 2908, 86480 .000 ,0070, $ ,15 2908. 86480 ,000 ,0080. $ Total: $ 104,600 $ 104,600 $ 104,600, $ 104,600 $ 115,000, $ 115,000 $ 857,600 Page 6 i I II I I I I I I I I I I I I I I I I Sheet1 Appendix Four South Mandalay Redevelopment Area Comparable Land/Building Values Source: County Appraiser Data Sheraton at Sand Key Land $ 8,677,500 Improvements $ 10,534,900 Total Value $ 19,212,400 Size of parcel 265,029 SF Acres 6.084 Hotel units 390 Units/acre 64.1 Land costIunit $ 22,250 ConstrucIIonIunit $ 27,013 TotalcostJunit $ 49,263 Land costISF $ 32.74 Land costIacre $ 1,426,282 Radisson at Sand Key Land $ 4,405,500 Improvements $ 9,995,000 Total Value $ 14,400,500 Size of pllrcel 185,865 SF Acres 4.267 Hotel units 220 Units/acre 51.6 Land costIunit $ 20,025 ConstrucIionlunit $ 45,432 Total coatIunit $ 65,457 Land costISF $ 23.70 Land costIacre $ 1,032,458 Condominium Units Assuming a baseline value of $200,000 a unit, with 25% of the baseline cost going for land, the current Condominium market, with site densities at twenty-eight units per acre, could support land acquisition costs up to $1.4 million per acre. 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