BPDA projects are prioritized based on criteria set out in the Strategic Plan, which outlines the development strategy and recommended highest and best uses for a specific property that meet the goals and objectives of the City and the BPDA. The Strategic Plan can be found on our Library Page under Operating Documents. The Strategic Plan, which is periodically updated, ranks projects based on the best return from invested public capital, leveraged private capital investment, as well as direct or indirect contributions to the achievement of social, cultural and environmental goals and objectives.
The Strategic Plan addresses the early years of set-up and operation of the BPDA. Given the continuing challenging economic and financial conditions, capital resources must be deployed as effectively as possible to achieve defined purposes. The plan ranks the various properties previously or currently owned by the City for which management or ownership responsibility has been conveyed to the BPDA. The plan identifies those properties and their future development meriting the assignment of highest priorities for the allocation of limited staff and capital resources prerequisite to the development of these projects. These projects may be undertaken directly by the BPDA, or jointly with a number of owners for surrounding properties and other joint venture formats or through the conveyance of the properties to third parties for development.
Comparative evaluations of the properties reflect a subjective and, when possible, an objective assessment of the development potentials for each property and an assessment of conditions affecting the implementation of development programs for the properties. The comparative evaluation of the properties and priority rankings is based on an assessment of project contribution to the achievement of forty-eight objectives related to nine goals defined by the BPDA. The nine goals relate to the following considerations in project evaluations and rankings:
The Army Street Project, 600 West Holly Street Property, 1100 Cornwall Property, and Federal Building were the first development and redevelopment projects under the BPDA's purview. The 1100 Cornwall Property was sold as a land assemblage for a mixed-use development commencing in late 2013, and management of the adaptive reuse of the Federal Building for City government office uses has since been assumed by City staff. Developing the remaining sites – involving a mix of publicly and privately-owned properties – will provide enhanced asset values and improve development and investment feasibility for surrounding areas influenced by each project.
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