Downtown bothell redevelopment economic feasibility analysis and downtown programming
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Downtown Bothell Redevelopment Economic Feasibility Analysis and Downtown Programming. THE CONCORD GROUP. THE CONCORD GROUP. Real Estate Advisory Services. The Concord Group provides vital analytical and market input throughout all stages of an asset’s lifecycle: Market and economic analysis

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Downtown Bothell Redevelopment Economic Feasibility Analysis and Downtown Programming

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Downtown bothell redevelopment economic feasibility analysis and downtown programming

Downtown Bothell RedevelopmentEconomic Feasibility Analysis and Downtown Programming

THE CONCORD GROUP

THE CONCORD GROUP


Real estate advisory services

Real Estate Advisory Services

  • The Concord Group provides vital analytical and market input throughout all stages of an asset’s lifecycle:

    • Market and economic analysis

    • Land-use programming and phasing

    • Product segmentation & positioning strategy

    • Comprehensive marketing strategy

    • Consumer research and focus groups

    • Property due diligence

    • Financial optimization

    • Value assessment

    • Investment and disposition strategy

    • Strategic planning

    • Asset repositioning

Downtown

Programming

Asset or Property Level

Recommendations


Objectives

Objectives

  • The project team was tasked to identify a development strategy for Downtown Bothell that:

    • Represents the market and financial ‘highest and best’ mix of uses

    • Meets the planning and financial criteria of potential third party developers

    • Meets the needs and wants of the citizens of Bothell


Methodology

Methodology


Market results

Market Results

46 Net Acres;

1.07MM Square Feet of Development over 10yrs


Residential opportunities

Residential Opportunities

  • Future employment and household growth in the region will fuel demand for 228 for-sale units in Downtown Bothell over the next ten years. Buyers qualified by lifestyle, product type and income.

  • Key buyer types:

    • Close-In Urban Adventurers

    • Bothell Boosters

    • Puget Sound Commuters

    • Regional Upscale Urbanites

  • Key issues:

    • Downtown competition

    • Rent versus own

    • Synergy of uses

    • Product types


Retail opportunities

Retail Opportunities

  • Current spending gap and additional growth over 10 Years demonstrates demand for 130k square feet of NEW retail in Downtown Bothell.

  • Key tenant types:

    • Restaurants

    • Pubs

    • Clothing

    • Grocery

  • Competitive strengths:

    • Mixed Use Environ.

    • Pedestrian-oriented

    • Synergy of uses

    • High traffic counts/road improvements


Retail gaps and demand

Retail Gaps and Demand


Catalytic parcels

Catalytic Parcels

Anderson Building’s unique character and northern location will provide a draw for potential tenants. Key ‘promontory’ and intro to downtown activity

Future new City Hall development will serve as a linkage between Main Street and 527.


Programming

Programming


Value creation

Value Creation


Key conclusions

Key Conclusions

  • Catalytic parcels are available and under City control

  • City involvement as active development partner

  • Future mixed use district anchored by retail, residential, civic and cultural uses

    • 46 Acres

    • 1MM+ Square Feet of development over 10yrs

  • Market opportunity is strong for retail uses – 130ksf of total demand/capture opportunity

  • Additional demand

    • 770 residential units (for sale and for rent)

    • 100ksf office

  • Majority of demand opportunity is for complimentary or appropriate tenant types

  • Anderson Building and future City Hall developments represent first developments in a new, mixed-use development node.


The concord group overview

The Concord Group: Overview

Core Services

Our services include market analysis, transaction due diligence and asset valuation. Recently our focus has been on strategic market and financial valuations of distressed assets. Additionally, we continue to be involved with developer, financial and public agency clients assessing strategies and tactics to maximize the value of owned-assets.

Clients in the financial sector include major investment/commercial banks, private equity firms and other institutional and entrepreneurial capital. In land use and infrastructure specifically, we have a cadre of developer/builder clients spanning all property sectors.

The Firm

The firm was founded in 1995 with a vision of delivering the highest level of quality, insight and responsiveness to the real estate industry. Today we have offices in Newport Beach, San Francisco and Boston, whose teams complete over 350 engagements annually in the United States, Europe, Asia, Latin America and the Caribbean.

Our team consists of highly talented and dedicated professionals with deep roots in real estate development, strategy and finance. We hold leadership roles in associations that help shape the future of real estate.


The concord group thg

The Concord Group & THG

Richard M. Gollis Principal in Charge [email protected]

Tim M. Cornwell Director [email protected]

www.theconcordgroup.com

Newport Beach: 130 Newport Center Dr, Suite 230, Newport Beach, CA 92660| Phone: 949.717.6450

San Francisco: 251 Kearny St, 6th Floor, San Francisco, CA 94108 | Phone: 415.397.5490

Boston: 77 Summer St, 7th Floor, Boston, MA 02110 | Phone: 617.451.1100

Robert Holmes [email protected]

www.thgadvisory.com

Dexter Horton Building Suite 1400, 710 Second Avenue, Seattle, WA 98104| Phone: 206.245.2006


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