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Public Private Partnerships

This document outlines the rationale for expanding public-private partnerships for mixed-income housing development in Greenville, South Carolina. It notes that (1) most home sales in the county are for 3-4 bedroom units, but these occur primarily outside the city; (2) more new construction versus existing home sales are occurring outside the city, especially for homes priced $100,000-$250,000; and (3) infill construction is typically more expensive than greenfield development. Public-private partnerships could help the city compete for residents by delivering more affordable 3-4 bedroom housing options within city limits.

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74 views1 page

Public Private Partnerships

This document outlines the rationale for expanding public-private partnerships for mixed-income housing development in Greenville, South Carolina. It notes that (1) most home sales in the county are for 3-4 bedroom units, but these occur primarily outside the city; (2) more new construction versus existing home sales are occurring outside the city, especially for homes priced $100,000-$250,000; and (3) infill construction is typically more expensive than greenfield development. Public-private partnerships could help the city compete for residents by delivering more affordable 3-4 bedroom housing options within city limits.

Uploaded by

asdf789456123
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© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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CITY-WIDE HOUSING STRATEGY

#7 - EXPAND PUBLIC PRIVATE PARTNERSHIPS FOR MARKET RATE, MIXED INCOME HOUSING
WHAT IS A PUBLIC-PRIVATE PARTNERSHIP ?

WHY PARTNERSHIPS FOR MIXED INCOME HOUSING?


1) Regional homes sales are made up primarily of 3 and 4 bedroom units
Greenville County Home Sales 2002-2011
7000

Building and rebuilding cities and new communities is a complex and challenging endeavor under the best of circumstances. The need to rebuild and revitalize older portions of our urban areas and the public need to monetize underused assets have dramatically changed the rules of this game. No longer can private capital be relied upon to pay the high price of assembling and preparing appropriate sites for redevelopment. No longer can local governments bear the full burden of paying the costs of requisite public infrastructure and facilities. Partnerships between the public and private sectors have successfully implemented a range of pursuits from single projects to long-term plans for land use and economic growth. Partnerships have completed real estate projects such as mixed-use developments, urban renewal through land and property assembly, public facilities such as convention centers and airports, and public services such as affordable and military housing.
- Ten Principles for Successful Public/Private Partnerships - Urban Land Institute (ULI)

2) The majority of 3 and 4 bedroom sales occur outside of the City of Greenville
Home Sales by Bedroom and Geography 2002-2011

6000

5000

17353

4000

3000

4 Bed: 31-36%

11336

2000

1000

3 Bed: 55-59% 2 Bed: 7-8% Other: 2-3%

10183 1215 2814 4863

0 2002 2003 2004 2005 2 Bedrooms 2006 2007 2008 4 Bedrooms


Source: Greenville MLS, DCI Analysis

2009

2010

2011

2 Bedroom
City of Greenville

3 Bedroom
Greenville County (less City of Greenville)

4 Bedroom
Source: Greenville MLS, DCI Analysis

3 Bedrooms

3) Considerably more home sales outside of the City were 4) The majority of housing at preferred price points from new construction, rather than sales of existing homes ($100,000 - $250,000) is found outside of the City.
Home Sales vs. Single Family Permits, City and County of Greenville (2002-10)
30000

Sales of Homes by Price Band and Geography 2002 - 2011

25000

20000

15000

10000

5000

TEN PRINCIPLES FOR SUCCESSFUL PUBLIC/PRIVATE PARTNERSHIPS

0 City Housing Sales / Transactions County(less City) Single Family Permits

1 Prepare Properly for Public/Private Partnerships 2 Create a Shared Vision 3 Understand Your Partners and Key Players 4 Be Clear on the Risks and Rewards or All Parties 5 Establish a Clear and Rational Decision-Making Process 6 Make Sure All Parties Do Their Homework 7 Secure Consistent and Coordinated Leadership 8 Communicate Early and Often 9 Negotiate and Fair Deal Structure 10 Built Trust as a Core Value

* Note: Permits do not necessarily indicate built or sold units - the impact from the housing bubble likely has resulted in many permitted structures not ever being constructed, while others may not have been sold within the time period examined.

0 - 25000 25000 50000

50000 75000

75000 - 100000 - 125000 - 150000 - 175000 - 200000 - 250000 - 300000 - 350000 - 400000 - 500000 - 600000 - 800000 100000 125000 150000 175000 200000 250000 300000 350000 400000 500000 600000 800000 1000000
City of Greenville Greenville County (less City of Greenville)

Source: Greenville MLS, DCI Analysis

5) Infill construction is typically more expensive than greenfield construction


Additional Unknown Costs
Environmental Cleanup Demolition Additional Infrastructure

* Note: This analysis represents an example comparison between two projects in North Carolina, and does not necessary represent the precise costs of two projects in Greenville County.

$225,000 up to $300,000 for basic 1,750 house.

$150,00 $200,000 for basic 1750 house

Through a lack supply, - both in number and price point - Greenville has been unable to offer the type of for-sale housing most preferred by the regional market, mid-priced 3 and 4 bedroom housing. If the City is to compete for households who prefer this product, it must find a way to deliver cost-effective supply.

Infill Infill
Land Site Prep Hard Construction

Sprawl Sprawl
Soft Costs Contingency Marketing

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