What's in it for developers and property owners?

Community benefits from redevelopment are clear: walkable streets, a more vibrant commercial district, safer pedestrian interaction with traffic, greatly improved aesthetics, etc. The next question becomes how to make it economically viable for developers and property owners. First, and most importantly, no one is required to tear down their existing building and start fresh under the new rules. Existing structures and uses are grandfathered in, and new rules only trigger when rebuilding or expanding square footage. Redevelopment will happen when the market is ready on a parcel by parcel basis. Some properties will go sooner and reap the early benefits of the community's interest and goodwill; others will only follow after the market potential is well proven or as newer buildings begin to age.

In terms of the actual ordinance requirements, developers and property owners who take advantage of the new regulations will benefit in several important ways:

• Expanded building coverage. Significantly more of a parcel can be built out than under today's regulations due to increased coverage percentages and smaller set-backs; this translates into additional square footage that can be rented
• Reduced parking requirements. Especially for smaller parcels, this also allows more of the property to be built out
• Additional allowed uses. In the Neighborhood Center types, non-conforming properties (those still zoned Residential or B-1) will be effectively up-zoned to Transitional Business (T-B) uses
• Potential for shared parking. The ordinances have provisions for businesses to share parking which is clearly in abundance at the current time; as redevelopment occurs, structured parking may be financially viable and could be shared by property owners
• Increased retail potential. Higher density brings with it additional retail sales, especially as the district evolves into a park-once, shop-many format; increased sales drive higher rents and faster pay-back
• Residential and office demand. The Blueprint for Spring Hill analyzed current and future needs for residential (condo) and office space within the Spring Hill community; denser redevelopment of mixed-use facilities helps satisfy these needs and generate higher income
  

That's just a high-level summary. Additional benefits are discussed in the detailed topics elsewhere in the blog.