BJH completed an economic and fiscal impact analysis as a part of Angels LandingPartners’ response to a City of Los Angeles request for proposals to develop the 2.24-acre vacant Angels Landing site. Angels Landing Partners is comprised of the Peebles Corporation, Claridge Properties, and MacFarlane Partners. The proposal included the development of two mixed-use towers of 24 and 88 stories, comprised of apartment, condo, hotel, school, and retail/restaurant programs. BJH estimated the potential economic impacts (measured in direct, indirect, and induced jobs, wages, and economic output in Los Angeles County) and fiscal impacts (measured through net new taxes to the City of Los Angeles) that would be generated by the proposed development. In December 2017, the City of Los Angeles selected Angels Landing Partners to develop the site.
BJH was engaged by the City of Boston Mayor’s Office of Economic Development to develop a food truck market report that analyzed the potential for program expansion and improvements. The report was prepared in conjunction with the Boston Small Business Plan, released in 2016, which seeks to support micro businesses, including food truck owners, and to bolster an equitable economy that offers employment and entrepreneurship opportunities to a diverse group of Bostonians. BJH analyzed primary and secondary data to identify geographic areas that are underserved by food trucks, assessed the costs and benefits of the program to the City of Boston, and explored the mechanics of other cities’ food truck programs. BJH also conducted three focus groups and several individual interviews with food truck owners and other food truck sector stakeholders. BJH used these analyses to help inform a set of recommendations surrounding opportunities for new or enhanced food truck sites and programmatic and administrative improvements to Boston’s food truck program.
The Community Redevelopment Agency of the City of Clearwater, Florida engaged BJH to assist with its $1.6 million Downtown Tenant Anchor Incentive Program. The program will provide up to $250,000 to participating property owners, commercial breweries, brewpubs, and restaurant tenants locating in Downtown Clearwater. BJH’s project scope involved analyzing national, state and regional trends in the craft brewery market and assessing the market strengths for brewery expansion in Clearwater. In addition, BJH was tasked with presenting case studies of successful brewery incentive programs and developments from similar sized municipalities. BJH worked with the Community Redevelopment Agency to assemble findings and case studies into a presentation that the Director delivered to City Council.
BJH served as the financial analyst for the team selected by Empire State Development to assess the redevelopment potential of an 8-acre State-owned parcel of land in downtown Albany. The State sought guidance on a strategy that would encourage private sector interest in purchasing and developing the site despite challenging market conditions. Based on interviews with key stakeholders and a review of real estate market trends, BJH advised the team on two potential redevelopment scenarios that would leverage demand for housing in the area and introduce new commercial and open space amenities. Moreover, BJH prepared a phasing schedule for redevelopment that reflected market demand and absorption projections. This work will inform Empire State Development’s strategy to redevelop the property. The final report can be viewed here.
BJH, with a team of transit and economics consultants, contributed to a Port Authority of New York and New Jersey (PANYNJ) report detailing the connectivity benefits created by the flow of goods and services in and out of JFK Airport in Jamaica, Queens. BJH analyzed primary and secondary data on employment, wages and business expenditures for on- and off-airport businesses and government employers, such as airport operations (FAA tower, parking operations, TSA, Customs and other public agencies, in-terminal retail and service concessions, and on-property hotels), aviation services (maintenance, fueling, and support services), and off-airport related services (catering, hotels, car services, freight forwarders, and warehousing).
The League Education and Treatment Center is a non-profit in Brooklyn that provides services to clients with psychiatric and developmental disabilities. The League Center asked BJH to review its current operations and real estate holdings to identify opportunities to maximize value and reduce costs. BJH engaged an architect to assist in the facilities review and to create program and development scenarios. BJH prepared a report that outlined to League Center leadership options that would better align its real estate holdings with its program needs and financial capacity.
BJH is providing financial and economic advisory services to Empire State Development in the redevelopment of a portion of surplus land at Belmont Park in Nassau County. The project, which is being privately funded, will create a new home for the New York Islanders, as well as new retail, hotel and entertainment facilities. ESD’s designated development partner has also agreed to invest in site and transportation improvements that will enhance accessibility and improve the public realm. BJH’s role included assisting with the draft Environmental Impact Statement (EIS) and analyzing the economic and fiscal impacts of the project, which will include the creation of over 3,000 permanent jobs and 10,000 construction worker-years.
MFY Legal Services and Housing Conservation Coordinators engaged BJH to conduct an analysis of the interaction between the short-term residential rental market, primarily short term units listed on Airbnb, and the traditional rental housing market in New York City. In order to carry out this analysis, BJH created a classification system using third-party listings data that isolated a category of units it referred to as Impact Listing. In conjunction with providing an analysis of the neighborhood and price effects of Impact Listings, BJH analyzed broader neighborhood and housing trends in the neighborhoods with high concentrations of these listings. The analysis demonstrated high correspondence between areas with growth in Impact Listings and increases in housing prices and constrained supply. The full report, which was issued in June 2016, is available here.
BJH worked as an advisor to Civic Builders in the early conceptual design of a new program, the Building Equity Initiative, an innovative approach to financing charter school construction. Traditionally, charter schools have had difficulty accessing standard financial products and capital due to a lack of expertise (school management focused on quality education, not financial markets and construction) or equity (funding based on per pupil allocations and donations, not capital needs). This program supports a loan pool of standardized transactions, allowing for faster execution, lower borrowing costs, and greater access to capital for both established and emerging schools.
BJH provided strategy and analysis around the structure of the program, both financially and operationally. The team reviewed current financial market conditions for short and long term products, identifying the largest gaps in the market, and participated in interviews with potential lenders and borrowers, summarizing findings for funder presentations. BJH also vetted issues related to program operations, advising on board structure, compliance and risk management tools.
BJH participated on a team of architects, engineers, and historic preservationists to reimagine the “Parsonage Parcel” at Historic Richmond Town (HRT) in Staten Island. HRT aspired to better utilize their unique real estate assets, increase foot traffic on the campus and create more retail opportunities to support their operations and programming budget. BJH created an economic implementation strategy for the new master plan design, highlighting financial feasibility, development tradeoffs, and potential funding sources. The plan allows HRT to prioritize development projects across the Parsonage Parcel to fit their organizational goals and resources and leverage additional funding sources.
BJH worked with the Long Island City Partnership and Public Works Partners on the LIC Comprehensive Plan, which was released in November 2016. BJH was responsible for the existing conditions and incentives recommendations sections of the Plan, which include a study of demographics, market trends across a variety of real estate types, and business sector changes over the past 10 years. The report highlights the recent and significant development of apartment units in LIC, as well as the challenges arts organizations, industrial companies, and commercial office users are experiencing in finding affordable space. The Plan's recommendations seek to enhance the area's revitalization, leverage the district's market potential, and retain the mixed-use fabric of the neighborhood. Find the Plan here.
BJH, working with a talented team of design and construction professionals, created the lowest-cost proposal in the Port Authority of New York and New Jersey’s (PANYNJ) 2016 Midtown Bus Terminal Design Competition. BJH’s main task on the team was to identify a potential receiver district to land unused air rights from the surrounding PANYNJ properties and to model potential real estate revenues streams that could help pay for the construction of the new terminal. BJH’s approach takes into account the complicated construction phasing and existing conditions in the neighborhood, careful to protect community facilities and historic properties. The team’s proposal reshapes the public realm surrounding the PANYNJ bus terminal, adding significant new open space and connecting the improvements already underway at Hudson Yards, the High Line, and the Javits Center.
As part of a larger planning team, BJH provided analysis on existing conditions and priority project feasibility in the Campau/Banglatown/Davison neighborhood of Detroit. Home to a large enclave of Bangladeshi immigrants and rich arts and agricultural communities, BJH detailed implementable strategies that integrated neighborhood goals of supporting growth of existing businesses and attracting new business and employment opportunities to the area. BJH performed high level financial feasibility analysis to determine the level of gap/value across multiple development scenarios for three priority projects in the planning area, creating ‘investment memos’ the City could include in future requests for proposals or program marketing.
BJH Advisors worked with an urban design and planning firm to analyze the financial feasibility of a new, state-of-the-art, USDA compliant food distribution hub that supports regional Michigan farmers for the Detroit Eastern Market Corporation. The proposed hub includes a multi-building campus that would house large and small distributors, provide dedicated wholesale space for local farmers, and include on-site food processing. BJH created a financial model to estimate the construction costs necessary to build such a project, assess the revenue associated with the project based on market demand, and ultimately, project the gap associated with development of this hub. The analysis also tested the impact of conditions such as changes in demand, real estate tax obligations, or access to funding resources on feasibility. BJH also prepared economic impact analysis to estimate the number of jobs and the values of wages and total economic output associated with the proposed hub. The findings of the analysis will help Eastern Market Corporation negotiate with prospective public and private partners, funding sources, and tenants.
BJH is advising Civic Hall on the creation of an 80,000 square foot community facility, including a Tech Training Center, at the site of the former P.C. Richard’s store. The location, on 14th Street in Manhattan, is in Community Board 3 and well positioned to serve a broad array of entrepreneurs, students, local residents, and businesses that are becoming more reliant on digital skills to shape an increasingly collaborative and civic minded workforce. The project will contain a digital skills learning center with conference and meeting space as well as educational and networking facilities. Training will be provided through partners such as Per Scholas, CUNY, Mouse.org and FedCap. BJH is advising Civic Hall on public-private partnership structures and business model analysis to ensure the financial sustainability of the project.
Empire State Development (ESD) / Moynihan Station Development Corporation (MSDC) engaged BJH to provide real property tax analysis, financial feasibility, and underwriting support for the Moynihan Station redevelopment project. Using its expertise in New York City tax and incentive policies, BJH was able to assist ESD / MSDC in negotiating the payment in lieu of tax (PILOT) structure in the State’s ground lease with the selected developer. Arriving at an appropriate PILOT structure required BJH to determine baseline market and assessed values for comparable properties, project the property taxes that would be due from the repositioned asset, and advise on available incentives and current tax policy in the geography. ESD / MSDC used BJH’s work in support of a successful effort to obtain a Transportation Infrastructure Finance and Innovation Act(TIFIA) loan from the U.S. Department of Transportation. BJH prepared and presented materials on project economics and estimated PILOT revenues to rating agencies, including stress testing for downside scenarios.
Edward Lamson recently passed his AICP Certification Exam. The AICP is the American Planning Association’s professional institute and provides the only nationwide, independent verification of planners' qualifications. Certified planners pledge to uphold high standards of practice, ethics, and professional conduct, and to keep their skills sharp and up to date by continuously pursuing advanced professional education.
BJH is working with the Council of Fashion Designers of America (CFDA) to create a set of multi-faceted business support programs for fashion producers interested in remaining and growing in New York City. BJH's role has been to provide primary research into the needs of fashion production companies, as well as to understand how designers and manufacturers might more closely cluster in Brooklyn, both physically and through other business model synergies. BJH also worked with the Harvard School of Design to study innovative design ideas that reimagine a new, modern industrial production center in Sunset Park, Brooklyn.
BJH assisted the Sabey Corporation with leasing and acquiring permits for 375 Pearl Street, a 1.2 million square foot mixed-use project in Lower Manhattan. Sabey successfully leased 570,000 square feet of renovated Class A office space to New York City agencies during this period. Sabey also completed a renovation of the building to improve tenant experience. The renovations included restoring the building’s public plaza and installing curtain walls on floors 15 through 31. BJH facilitated lease negotiations, assisted with governmental relations services during the approvals process, and estimated the economic impacts for the City from reactivating this important asset
The Brooklyn Chamber of Commerce engaged BJH to research, define, and contextualize the existing state of Brooklyn’s Innovation Coast and its growth over time. The Innovation Coast is defined as the 21 neighborhoods along Brooklyn’s western coastline from Greenpoint to Fort Hamilton – a corridor that has experienced significant, concentrated growth in the innovation sector over the past decade. BJH used public and proprietary data sources to analyze the real estate, business, demographic, infrastructure, and cultural context of the Coast. The Brooklyn Chamber plans to use the research from this project for business attraction efforts on the Coast to ensure continued growth in the innovation sector. The final report defines and quantifies the Innovation Coast and highlights an action plan comprised of branding, research, policy, and specific projects to support future business attraction.