New York Avenue Corridor Strategy Adopted Report New York Avenue Corridor Strategy Adopted Report | Page 83

NEW YORK AVENUE CORRIDOR STRATEGY offset the gaps estimated for Opportunity Site A and Opportunity Site B (with the City investing in the new library/recreation center). The gap for Opportunity Site C would likely require addi- tional contributions, such as a land acquisition or writedown. LEVERAGED INVESTMENT One of the primary objectives of corridor revi- talization is to leverage public investment to encourage private investment. As noted, public sector entities should expect a healthy return on any public investment made. The opportunity concepts summarized herein have the potential to effectively leverage a high degree of private investment. As shown, in total, the Opportunity Sites have the potential to generate approxi- mately $106.5 million in new private investment from the $19.2 million in new public investment in the New York Avenue Corridor, leveraging public investment at an average 5.5:1 ratio. LEVERAGED INVESTMENT Total Private Investment Opportunity Project Opportunity A: Abram at New York Avenue $12,100,000 Opportunity B: Park Row at New York Avenue $73,800,000 Opportunity C: Pioneer and New York Avenue $20,600,000 Totals $106,500,000 Total Public Investment* $3,800,000 $12,100,000 $3,300,000 $19,200,000 Leverage Ratio** 3.2 6.1 6.2 5.5 * Reflects both "direct" and "indirect" public investment. ** Reflects amount of private investment generated for every $1 dollar in public investment. Source: Jacobs Inc. and Ricker│Cunningham. Figure 5.24 Leveraged Investment 75 FINAL REPORT | SEPTEMPER 2013