BARRIERS TO INVESTMENT
NEW YORK AVENUE CORRIDOR STRATEGY
BARRIERS TO INVESTMENT
The following discussion summarizes both research and input gained from representatives of the community during interviews and group discussions conducted during the planning process . Interviewees included property owners , developers , institutional representatives , neighborhood representatives and other members of the “ delivery system ” 1 who were selected for the breadth of their experience and familiarity with the New York Avenue Corridor Study Area . All conversations focused on opportunities and challenges to investment and reinvestment in area .
Experience has shown that an understanding of challenges or barriers to investment , and the issues which perpetuate them , is critical to effectively arrive at recommendations designed to “ ready an area for investment ” and position key Opportunity Sites . As expected , many of the issues are in direct conflict with the City ’ s ability to advance the expressed vision . In addition , whereas many were raised by stakeholders rather than discovered by the consultant team , they include both perceptions and realities . Regardless of which they are , they are all relevant and considered in the context of identifying key implementation strategies .
The observations which follow are grouped into broad categories -- physical , market , financial , regulatory , organizational and political . Experience in many markets has shown that opportunities to be capitalized on , and challenges to be overcome , tend to fall within one of these categories . The successful implementation of any redevelopment strategy largely depends on the accurate identification of both opportunities and challenges , as well as the political will to share this information with the community and collectively define a market-based strategy ( vision ) for the near- and long-term .
PHYSICAL CHALLENGES
Comments regarding New York Avenue ’ s physical environment primarily fell under the headings of aesthetics / beautification , aging or inadequate infrastructure , underutilized properties , and a lack of connections , both within neighborhoods and along the corridor , and beyond the Study Area . Most participants agreed that the overall Study Area is not as visually attractive as it used to be and that contributors included the presence of overhead utilities , deteriorating and inconsistent fencing and vacant and under-utilized properties and buildings . Infrastructure issues primarily centered on road conditions , the incomplete system of sidewalks , and mature trees . In addition , many individuals cited a general lack of pedestrian connections and “ walkability ” within the Study Area , as well as a lack of mobility to access areas outside the neighborhood . Participants spoke about the need for better transit to / from the Study Area and more choices for alternative modes of transportation ( pedestrian , bike ).
1 The “ delivery system ” includes those individuals and organizations which affect delivery of a project or product to the market .
77 FINAL REPORT | SEPTEMBER 2013