Port Authority – port property value enhancement, port stakeholder community development
Port authority was looking to enhance the value of land holdings and a substantial wharf located in an historic district several hundred years old. The district had experienced significant depopulation through urban flight and sprawl. The only effective way to enhance the port’s asset values was to redevelop the district in a concerted and planned fashion.
A ‘hub and spoke’ urban re-development plan was developed, major anchor landlords were identified and contacted, an urban planning studio with extensive experience in ‘hard and soft’ port and urban waterfront planning was retained and in conjunction with the urban planners a strategic and financial re-development plan for the district was created. This plan included such strategies as connecting four distinctly different and separated tourist areas with a hybrid diesel trolley system; structuring loan guarantees from the Central Bank and the European Union for soft re-development loans for individual property owners; creating a local community support initiative for the projects; and obtaining commitments for the re-development of key anchor parcels with the district by the anchor major landlords.
THE NET RESULTS:
The plan was presented to the community and addressed every major issue that the port’s shareholders and stakeholders had and was widely and robustly accepted by the community at large.