TACTICAL REVITALIZATION PLAN FOR DOWNTOWN ALBANY NY

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Project Approach, Scope of Work, and Deliverables Promoting physical space innovation through flexibility (proximity to Wow): The trends in the previous statement require a good deal of flexibility and innovation in downtowns to best take advantage of these trends. The ability to provide temporary (popup) installations and businesses, the need to integrate living and work spaces, the need to provide small and flexible spaces for entrepreneurs, technology start-ups, and internet-based businesses all require a different mindset regarding zoning and other regulations. Similarly, the ability to develop new housing prototypes – both for sale and rental – in downtown areas with maximum flexibility and the ability to integrate smaller retail and business activity at ground level in Louisville required a complete overhaul of the existing zoning categories, but has resulted in great success – and the ability to accommodate a downtown housing need not available prior to that effort. Prototyping and beta testing through temporary and interim strategies (experience designing Wow): Before committing to major public investments to recreate public spaces, pedestrian improvements or related infrastructure, temporary strategies modeled after the idea of beta testing may serve a useful purpose of helping to understand how concepts will work in real world environments. An interim approach particularly for concepts being introduced from other markets allows for the opportunity to refine the projects to fit the realities of Albany before committing resources toward final design and construction. Economic infrastructure to mitigate innovation risk (the gravitational pull of Wow): Business and product innovation is critical to the health of businesses. Entrepreneurialism in any industry provides vitality to an economy and is an important source of Wow. The proximity of SU<strong>NY</strong> University at Albany and RPI provide terrific opportunities for partnerships regarding a focus on technology as part of the “Albany story” and the ability to create interesting reuse opportunities in Albany’s historic properties and a new paradigm of supporting technological innovation through creating economic infrastructure as part of the downtown revitalization strategy. Prototyping to explore design opportunities
Section 2 SCOPE OF WORK AND DELIVERABLES A. EXISTING CONDITIONS ANALYSIS The framework for our approach includes the following concepts: • Thoroughly understand what work has already been completed and update where appropriate • Understand Albany within the context of the region and the “Tech Valley” within the context of the tech universe • Understand Downtown Albany as an investment opportunity and as a “consumer product” • Competitive assessment The approach NNBJ recommends for understanding the existing conditions is significantly more layered that a typical real estate market assessment. In addition to seeking out new market niche opportunities based on the existing asset base, given the primary focus on developing a tactical implementation plan the team proposes to take a unique approach to the project integrating real estate analysis with an approach similar to that used for product development / product launch. We will examine the market from the perspective of potential customers (potential residents and potential businesses emerging from economic activity) by identifying their needs and desires and match them to the physical abilities (existing real estate, vacant land, amenities) to focus the planning and real estate programming decisions on items with the best chances for success. Our approach is therefore designed with an understanding that cities – and downtowns in particular – are being utilized today in ways much differently from traditional roles, and the way we assess market strengths and opportunities must be able to address these different uses. Those predisposed to living, working, recreating in, and visiting Downtown – a growing demographic – are less interested in the housing types, retailing, food , entertainment, etc. that were the norm even a decade ago. The rise of social media, food trucks, smaller and more flexible housing units, access to pedestrian and bike trails, outdoor entertainment and fitness opportunities, social gathering places, pop-up installations and the like all impact how downtowns are developed and the atmosphere they offer. These trends require far more flexibility and innovation in the use of downtown spaces – both public and private, and an understanding of the needs of entrepreneurs, technology start-ups, internet based businesses, and small commercialization and manufacturing operations, as well as new concepts of Downtown housing and live/work spaces. These opportunities are far less likely to be addressed within typical market analyses and require much more in-the-ground investigation and focus groups. In addition, members of the team who have real experience providing these spaces and units in other cities with characteristics similar to Albany provide our team with a tremendous advantage in fully flushing out such market opportunities in Albany.
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TACTICAL REVITALIZATION PLAN FOR DOWNTOWN ALBANY NY

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