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The 15-Minute City concept gains tracking.

The 15-Minute City Concept Gains Traction

The-15-Minute City concept is gaining traction around the world as a placemaking tactic and means to enhance quality of life.   Although “city” is used in this coined term, this planning concept is more about a focus on livable neighborhoods and districts.

 

The “15-minute city” is a term for urban design and master planning wherein it is possible to meet the basic “needs of living” within a 15-minute walk or bike ride from a person’s home.  The needs of living include such services and amenities as:

 

  • Places of work, or, at least a coworking venue;
  • Grocers;
  • Pharmacies;
  • Schools for children, youth;
  • Health care or medical facilities, or simply, doctor and dentist offices;
  • Recreation, leisure and/or green spaces; at least a pocket or linear park;
  • Cultural venues;
  • Mass transit accessibility;
  • Affordable housing is assumed;
  • Flexible zoning to allow places with different day-part uses, such as local school facility that can be a community gathering place at night or on weekends; and
  • Places of worship are seldom mentioned as part of the 15-Minute City concept, but such places may be among the most successful community-building forces that have existed.

 

 

The planning term was first coined by by Prof. Carlos Moreno, a professor at Sorbonne University (Paris, France).  Prof. Moreno is the director of entrepreneurship and innovation at The Sorbonne.  Though popularized by the professor, the 15-Minute City concept itself  has been explored in major cities throughout the world from Melbourne to Portland, prior to its burgeoning popularity as an planning concept.

 

During 2020, the 15-Minute City concept has surged in interest as a sturdy planning concept alongside the increasing acceptance of coworking facilities and communities.   Coworking venues situated in close proximity to homes simply adds an additional destination within a 15-minute “neighborhood” that is vital within a 15-minute radii.

 

The 15-Minute City concept is a multi-faceted placemaking tactic.

Another aspect of making the 15-Minute City concept workable is the presence of affordable housing within each 15-Minute City cluster.  Many neighborhoods and districts around the world may work well for most required services and work places, but do not have the array of housing choices necessary.

 

Integrating the 15-Minute City concept with allied planning concepts is particularly interesting to local governments charged with numerous quality of life objectives and economic development initiatives.   A 15-Minute City imperative, as an example, is also deemed helpful in reducing the use of fossil fuels (vehicles), fighting carbon emissions, and thereby fighting climate change.  Also, applying the 15-Minute City thresholds of accessibility also advances the objectives for some groups in reversing local zoning codes to allow increased affordable housing options and thereby, more diversity, inclusion, and social justice.

 

The 15-Minute City concept has created such interest that purpose-built apps have been created to evaluate any particular location for 15-Minute City thresholds. Here Technologies (Eindhoven, Netherlands) is one such company that has created this kind of threshold’s map to answer the question – Do You Live in a 15-Minute City? We expect that the 15-Minute City parameters and software applications that track such notions, will join similar concepts as a niche investment asset class among those pursuing environmental, social, and governmental investments (so-called ESG Investing).

REI's New Product Impact Standards

REI’s New Product Impact Standards

REI’s new Product Impact Standards for 2021, now include diversity, equity, and inclusion requirements for companies wanting REI shelf space.   The standards include the retailer’s core requirements as well as optional preferred attributes.   REI is an American retail and outdoor recreation services corporation, organized as a consumers’ co-operative.  The retailer sells sporting goods, camping gear, travel equipment, and clothing, as well as outdoor-oriented experiences, recreation activities, and courses.

 

Back in 2018, REI had originally devised its product standards to focus on ethical production practices and sustainability.  As part of this update, REI has also added two new programs to its list of preferred attributes—a collection of voluntary business certifications that vendor brands are encouraged to pursue, such as for certifications for aspects of climate and environmental stewardship, chemicals management, and animal welfare.

 

REI’s product impact standards are part of the emerging interest among global investors to evaluate environmental, social and governance issues (so called ESG Investing) when investing and operating.   REI’s dedication to sustainable and ethical production, diversity, equity, and inclusion are precisely what ESG Investing seeks to encourage.

 

According to an article by SNEWS, the outdoor recreation retailer consulted with brands of various sizes and product categories, as well as with more than a dozen DEI nonprofits, advocates, and ambassadors.   The advice from such third-parties included feasibility considerations.  SNEW is an outdoor industry publication of Pocket Outdoor Media Inc.

 

The full December 9, 2020 article by SNEWS is available at this link, along with with reference to the full document describing these REI standards:  REI holds vendors accountable for climate and DEI practices with new product standards

Planned Community Consultants

Golf Courses Remain a Focus for Redevelopment

Golf courses remain a focus for redevelopment and repurposing as property owners explore greater highest-and-best use for their golf assets.

 

The interest in such redevelopment is straight-forward.  Golf courses were overbuilt in the U.S. and in some global regions, and the 2008 recession decimated many golf owner’s financial resources.   At the same time golf participation has steadily declined year over year, at least through 2019 (there is an exception in 2020 due to Covid-19).  With this confluence of economic difficulties and ever-changing consumer preferences for their leisure-time activities, in many instances golf course assets offered a tantalizing opportunity for adaptive re-use and repurposing.  For many cities and communities with increasing interest in local economic development and specific agendas such as affordable (if not more inclusionary) housing, these golf assets are particularly ripe for highest-and-best-use consideration.

 

The mega project proposed by Hines for Riverwalk Golf Course in San Diego, will likely spur even greater interest in golf course redevelopment.   Golf courses are often situated within attractive residential communities, with reasonable roadway access and ingress/egress for feasible re-purposing as residential projects.   Hines found such an opportunity with the Riverwalk site in a decidedly “best case” way – the Riverwalk golf course just happens to be so well-located within its region that it can support substantial mixed-use redevelopment.  Hines has proposed such a mega redevelopment project there, which could see in excess of $1 billion in new development.

 

For more information about golf course redevelopment, we have started tracking such projects as part of our ongoing client project research.   We expect golf courses to remain a focus for redevelopment, for some time to come.   StoneCreek Partners also tracks other major real estate asset classes, with some of our research and tracking published here online.   The link is available  here:

 

Golf Course Redevelopment – the Latest

 

hotel project feasibility consultants

Hotel Project Feasibility Consultants

Our work as hotel project feasibility consultants starts with market analysis and the feasibility of new development, the acquisition and disposition of properties, and a role as owner representative and asset manager on behalf of owner.

 

Of course, as the hotel industry manages through the difficult circumstances wrought by the Covid-19 pandemic, the focus of much of our consulting work has necessarily changed. Operating occupancies in the U.S. remain at or about 40% (less in many international regions) and travelers have changing preferences for their accomodations.

 

As a real estate investment asset class, branded hotels and resorts are now in a period of focused reexamination.

 

Many hotel branded products that have depended upon corporate meetings and travel, are currently obsolescent from an economic standpoint, while other lodging products are proving almost pandemic-proof.  As one of the significant real estate investment asset classes, branded hotels and resorts are now in a period of focused reexamination.

 

Some examples of our recent work as hotel project feasibility consultants, include:

 

 

 

  • Feasibility, business planning, and conceptual design for new glamping and eco-resort products, recreational vehicle (RV) parks and campgrounds, as well as major recreation adventure resorts;

 

 

  • More traditional consulting support, such as project feasibility studies for new development, and due diligence for client acquisitions – whether single properties or portfolios.

 

 

Our firm’s essential value to clients is our hands-on experience in designing, developing, and operating projects and businesses. StoneCreek Partners is led by co-founder Donald Bredberg and his substantial experience as an executive with The Irvine Company, NBCUniversal, and the Riyadh-based family office of Newfield Enterprises International.

 

Glamping accommodations conceptual design - Adventure Entertainment Cos.

Glamping and eco-resort accomodations are likely to do well in coming years, as travelers adapt to a world of social distancing and health concerns.

 

The firm was first established in 1984 in Los Angeles, and is now headquartered in Nevada. Our work as hotel project feasibility consultants got started shortly after the firm’s founding.  In those early days, as part of managing a portfolio of luxury hotels for a Saudi family office, our firm’s co-founder Donald Bredberg was one of the initial founder members of the Hotel Asset Manager’s Association.

 

Additional information about our hotel and resort consulting practice, is available at the link below:

 

StoneCreek Partners – Hotel, Resort, and Accommodations Consulting Practice

Planned Community Consultants - project feasibility consultants

Golf Participation Up 11% Over 2019

According to the National Golf Foundation, golf participation is up 11% over 2019.   The U.S. data through October 2020, is now at 10.8% ahead of 2019’s pace despite losing 20 million rounds in the spring due to the Covid-19 lockdowns.  In fact, October marked the fifth straight month that play has been up year-over-year in every state in the continental U.S.   This increased play translates to roughly 39 million more rounds nationwide than a year ago.

 

Operating results for the U.S. golf industry represent a marked improvement over the generally dismal outlook that has existed for the past decade.   The reduction in golf participation over the decade has caused an increase in golf course’s being redeveloped or repurposed to new use.   Even with golf participation up 11% over 2019, more courses will proceed to partial or full redevelopment.  Our golf course redevelopment tracking has started and we’ll begin reporting in January 2021.

 

According to the National Golf Foundation (“NGF”), in both 2009 and 2016, roughly a quarter of public courses admitted to being in bad shape, financially.  Among private clubs, 21% were doing poorly in ’09, but seven years later that proportion had dropped to 14%.  This year, there’s been a dramatic rise in the proportion of U.S. golf facilities reporting to be in good financial shape compared to previous NGF studies, including more than half of public courses and nearly 2/3 of private clubs.  And, fewer than 1 in 10 (public and private combined) suggest that they’re currently in bad shape (0-4).

 

The National Golf Foundation article is based upon information from Golf Datatech’s monthly report.  According to its website, Golf Datatech provides the golf industry with specialized market research covering retail sales, inventory, pricing and distribution, along with consumer attitude and usage studies and strategic sales and marketing consulting.

 

The full article by National Golf Foundation about golf participation up 11% over 2019 (year over year), is available here:

 

Tracking the Impact of Covid-19 on the Golf Business – November 2020

 

 

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