West Coast Archives - Page 3 of 3

NBC Universal Evolution Plan

December 18, 2015 / Comments Off

HR&A provided detailed economic analysis for NBC Universal’s entertainment and studio complex expansion plan.

HR&A analyzed population, housing, public school enrollment, employment, economic and fiscal impacts of a proposed $1.6 billion Specific Plan that will increase the intensity of development at Universal City. The project site is the home of NBC Universal’s 400-acre film studio, studio tour, entertainment retail, commercial office and hotel complex. HR&A’s analyses were included in the Environmental Impact Report on the project.

The project is located in an unincorporated area of Los Angeles County, but also includes areas that are in the City of Los Angeles. Some areas may be annexed to or detached from each jurisdiction, which required rigorous attention to measuring impacts by jurisdiction under multiple development scenarios.

All project entitlements, except for the minor jurisdictional annexations/detachments have now been approved by both the City of Los Angeles and the County of Los Angeles.

HR&A also prepared similar impact analyses for the Walt Disney Company’s multi-billion dollar expansion of Disneyland in the City of Anaheim, 20th Century Fox’s expansion of its facilities in Century City, and a new pending master plan for Paramount Pictures Corporation in Hollywood.

Los Angeles Mental Health Services Act Housing Program

December 18, 2015 / Comments Off

HR&A collaborated with the Los Angeles County Department of Mental Health to design and implement the County’s Mental Health Services Act (MHSA) Housing Program. Within 12 months, the original MHSA funds were committed to 30 projects, and together with $131 million of supplemental funding added during subsequent years, the County deployed a total of $243 million to fund 92 developments with 5,400 units, 1,700 of which were targeted to vulnerable populations.

The Mental Health Services Act (MHSA) Housing Program is a voter-approved initiative charged with expanding mental health services in the state of California. Among its many initiatives is a funding allocation to each county to provide pre-development, permanent financing, and capitalized operating subsidies for new, permanent supportive housing for persons with serious mental illness who are homeless or at risk of homelessness. From 2007 to 2019, HR&A served as chief housing consultant to assist with design and implementation of deploying the County’s initial $116 million share of the MHSA Housing program to provide capital and operating subsidy loans for service-enriched, permanent supportive housing for homeless Angelenos.

HR&A helped Department of Mental Health staff design a process for screening and selecting development proposals for funding, perform initial due diligence review of successful application financing plans, facilitate coordination between the department staff and other funders, and assist the department and California Housing Finance Agency to complete underwriting review of loan applications.

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Learn more about the program on Los Angeles County’s Mental Health Services Act Website

LAX Economic Impact Study

December 18, 2015 / Comments Off

HR&A advised Los Angeles World Airports on the local and regional economic impacts of redeveloping and expanding Los Angeles International Airport.

HR&A prepared detailed regional and local economic impact analyses necessary to evaluate alternative Master Plan concepts for the future of the Los Angeles Airport (LAX) as they evolved over nearly 10 years, and through three different mayoral administrations.

Using extensive REMI and IMPLAN modeling, the firm projected future baseline economic conditions and forecasted conditions under alternative development scenarios. Our forecasts considered the City of Los Angeles, various subareas of the City, the County of Los Angeles, the other four urban counties in the region, and the five-county Southern California region as a whole.

HR&A also assisted senior management, City officials and other project team leaders to respond to questions from a wide range of elected officials and other local and regional leaders, and the general public, about the economic implications of the alternatives.

Our work with LAX led to airport economic impact work across the country.

In association with the Los Angeles Economic Development Commission and other consultants, HR&A estimated the economic value to Los Angeles of accommodating new transoceanic flights, like those associated with next-generation aircraft.
Prepared regional and local economic impact analyses for Chicago O’Hare International Airport’s O’Hare Modernization Program and alternatives, for the Chicago Department of Airports and the FAA.
Provided two rounds of regional economic impact analysis for future options to expand capacity at San Diego International Airport, first for the San Diego Association of Governments and then for the San Diego County Regional Airport Authority.
Contributed to the socioeconomic forecasts used by aviation consultants to the FAA to analyze future airspace and airport capacity in the New York City-Northern New Jersey-Connecticut-Delaware metro area.
Prepared an in-depth economic impact and fiscal impact analysis demonstrating that the Santa Monica Airport generates $275 million in direct and indirect economic activity for the City of Santa Monica, and supports almost 1,500 full- and part-time jobs.

Wilshire Grand Redevelopment

December 18, 2015 / Comments Off

HR&A assessed the economic and fiscal impacts of the Wilshire Grand Tower to justify public investment in the tallest building in Los Angeles.

For Hanjin International and Thomas Properties Group, HR&A prepared the detailed economic and tax revenue analyses components of a proposal to replace Los Angeles’ obsolete Wilshire Grand hotel with a 2.4 million square foot, mixed-use development. The development, located in Los Angeles’ central business district, will house a five-star luxury hotel, Class-A office space, 100 condominiums, and retail to draw international businesses to downtown Los Angeles. Once completed in 2017, the 73-story Wilshire Grand will be the first high-rise office building constructed in Downtown Los Angeles in over 20 years.

Our analysis demonstrated that the new development would generate sufficient net new revenues to justify a subvention agreement, with the City committing 50 percent of the project’s transient occupancy tax revenue for a fixed period of time to aide development feasibility. HR&A participated in working group sessions with senior City staff and the City’s outside real estate advisor to confirm analysis assumptions and results.

The Los Angeles City Council unanimously approved the financial structure of the subvention in 2011. The Wilshire Grand Tower was completed in June 2017.

Economic Impacts of Airbnb

November 12, 2015 / Comments Off

On behalf of Airbnb, an online service for short-term vacation rentals, HR&A conducted an economic impact assessment of Airbnb rental activities in San Francisco and New York City.

Airbnb is a leader in the “sharing economy,” a new trend in the sharing of resources facilitated by network technologies and social tools, and HR&A’s reports are among the most in-depth studies to date of the impacts of this economic trend.

The studies reveal multiple ways in which the new economic activities associated with Airbnb — which has grown exponentially since 2008 to serve 9 million guests in cities around the world — have significant impacts on a city and its neighborhoods, businesses, and residents:

Airbnb benefits its many hosts, who use Airbnb to supplement their income;
Airbnb impacts neighborhoods that are off the main hotel beat, distributing visitor spending across many neighborhoods and businesses throughout the city;
Airbnb benefits the city as a whole. In San Francisco, it generated $56 million in direct and indirect spending in one year and supported 380 full-time equivalent jobs. In New York, it generated $632 million in economic activity in New York and supported 4,580 jobs throughout all five boroughs.;
Much of this economic activity is new. Even as hotel occupancy has climbed, the number of Airbnb reservations has grown dramatically, indicating that many Airbnb users are a different visitor segment than hotel guests. Airbnb brings new economic spending to cities from visitors who are price-sensitive and seek a “live like a local” experience they may not otherwise find in conventional accommodation; and
Airbnb also enables cities to become more competitive by attracting skilled workers and incentivizing relocation with innovative short-term stay opportunities.

HR&A’s studies have been covered by WNYC, The Wall Street Journal, Business Insider, Real Estate Weekly, Media Post, New York Business Journal, Digital Journal, Tech Hive, Curbed,Morningstar, Forbes, TechCrunch, Marketwire, and The Huffington Post, among other news sources. It also attracted substantial attention from policy experts, and elected officials. The official press release for the New York Study is available online.

Image Courtesy of: Airbnb