New York Avenue Corridor Strategy Adopted Report New York Avenue Corridor Strategy Adopted Report | Page 92

IMPLEMENTATION
service organizations, neighborhood groups and
other public entities. Through this approach, the
City will be in a much stronger position to en-
sure that development is accomplished in a way
that balances private investment objectives with
community sustainability.
development initiatives will not succeed without
it. Changing market perceptions will be as im-
portant as changing building materials. Having
said this, however, placing additional financial
burdens associated with construction of public
spaces and higher design standards on pioneer-
ing initiatives can create a scenario whereby
Strategic Investment
development economics render the project fi-
nancially infeasible and prevent it from moving
Given the declining appearance of the Study forward. Conversely, a declining commercial
Area and the reality that comes with limited re- site without minimum standards is a highly risky
sources, capital investments should be strate- endeavor where new investment is largely un-
gically located (wherever possible) to leverage protected. While the City must establish stan-
early investment and advance the vision. As dards, it must recognize the financial challenges
discussed earlier, the approach to revitalization of the private sector and make available off-set-
of the New York Avenue Corridor is rooted in the ting financial solutions.
experience of similar environments and compa-
rable markets which shows why initiatives should Long-Term Vision
be focused in Opportunity Sites or “nodes” (of-
ten intersections) rather than distributed. To this As the entity to initiate this New York Avenue
end and regardless of whether improvements Corridor Strategy, the City has the largest and
are necessary to increase capacity or improve longest-term interest in the Study Area. To this
aesthetic appeal, a phasing plan should be de- end, it must be involved near- and long-term in
veloped and criteria applied in order to identify advancing the vision and, where appropriate,
early priority areas.
participate in new investment and reinvestment.
Aesthetic Improvements
The framework elements and concepts for the
New York Avenue Corridor include combinations
of multi-use commercial, office, residential, and
civic spaces supported by formal and informal
open and community spaces. As evidenced
by other successful redevelopment initiatives,
these amenities and open spaces are critical as
they communicate the identity of the place and
indirectly enhance property values. To this end,
they should either reflect the culture of the peo-
ple in the area, or those they intend to serve.
Whether necessary or an amenity, improve-
ments should be completed at a higher stan-
dard than what currently exists. Place-making
or identity-building comes with a price, but re-
Whereas the market analysis indicated that the
trade area in which the Study and Project Areas
compete could support more development than
the Opportunity Sites could accommodate over
the next 10 years, a market opportunity clearly
exists. However, market capture rates, timing,
and the character of development which occurs
will be largely dependent on the City’s willingness
to play multiple roles in the predevelopment, de-
velopment and post development processes.
Experience has shown that when a market op-
portunity exists but investment is not occurring
(or is occurring in a manner inconsistent with
the community vision), barriers will exist. The
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