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Item No. 6a Date of Meeting October 11, 2016 Pier 66 Exterior and Interior Modernization Maritime and Economic Development Divisions October 11, 2016 Contents Background Pier 66 Modernization Program Objectives Exterior Faade Improvements Bell Harbor International Conference Center Improvements Next Steps Pier 66 - 2016 Pier 66 Program Efforts to Date Initial discussion April, 2016 Faade Concepts options discussed with Port Commissioners and executive team May, 2016 Early cost estimating at zero % design range $5-$20 Million Preferred faade option approximately $13 Million Conference Center local market review May, 2016 Interior concept design development June, 2016 Interior improvements at zero % design estimated $7 Million Commission briefing August 23, 2016 Financial analysis September, 2016 Preliminary Planning Key Principles The project supports the Port's overall mission and continues our tradition and commitment to enhancing Seattle's waterfront Enhancing the entire Alaskan Way waterfront experience for local citizens and tourism Improving functionality of the facility for both cruise and conference/event customers Enhancing the environmental footprint of the terminal The project will protect existing revenues and can generate new revenue over time to reduce levy obligation The project needs to be sensitive to the community and surroundings through architecture, history, and access Listening to feedback Key Exterior Components Environmental enhancements Functional enhancements Increase Natural Light Canopies Research Solar potential Entrances Landscaping Improved facility operations Efficiency enhancements Public enhancements Identities Plaza for Public Gatherings and Signage Tourism Exterior Elements to Explore Protect Port Revenues Faade options considered 8 Preliminary concept designs 3 Favored hybrid concepts 1. Basic upgrades $5 million 2. Preferred hybrid $13 million 3. "Cadillac" version $20 million Range of Options Considered Preferred Exterior Hybrid Concept Additional Views in Appendix Bell Harbor International Conference Center Key Interior Components Protect the Port's investment Enhance loyalty and grow repeat business Remain competitive and respond to evolving market demands Upgrade technology and audio visual infrastructure More flexibility = adaptability to more uses Expand capacity to drive new business Improve the customer experience Unified design, improved wayfinding, improved flow and connection Natural light and water views Improved integration of expanded cruise and event spaces Let's Grow Revenue Proposed Bay Auditorium Pre-function - New Seaway Room with operable glass walls Flexible Open Space With Water Views Financial Impacts Interior Upgrade: $7M Exterior Faade Upgrade: $13M With investment Columbia Hospitality estimates Assume no impact to revenue revenue will increase by 5% annually Provides Revenue Protection Without investment, CHI estimates revenue will Stay in step - changing waterfront decline by over 2% annually. NOI to Port $3.0 $2.5 $2.0 Millions $1.5 $1.0 $0.5 $- 2018 2021 2024 2027 2030 2033 2036 No Investment $7M Investment Remain Competitive, Preserve/Protect and Grow Revenue Project Considerations Exterior Faade Upgrade: $13M Maintains Ports reputation of leading positive change on Seattle's Waterfront Modernization of a World Class Facility to provide Best-in-Class service Potentially attract new cruise business and large scale conference and events Interior Upgrades: $7M More flexibility = More uses/customers Upgrade layout, technology, AV infrastructure Remain competitive and respond to evolving market demands With investment Columbia Hospitality estimates revenue will increase by 5% annually Without investment, CHI projects revenue to decline by over 2% annually. NPV of est. 20-year incremental NOI: $300K Making Ready for the Future Next Steps Procure design services Perform design / permitting / environmental review Engage stakeholders and community throughout design process Return to Commission for construction funding authorization Appendix Exterior Faade Design Concepts Interior Space Design Concepts Preferred Hybrid Concept View 1 Preferred Hybrid Concept View 2 Preferred Hybrid Concept View 3 Preferred Hybrid Concept View 4 Bell Harbor Conference Center Interior Space Design Concepts Updated for Current Demand Existing Entry - Main Entrance View of Proposed Design - Reception area not visible - Increase natural light and views to water - No sense of waterfront setting - Enhance arrival experience First Steps into the Facility Existing Condition - Lobby View from Proposed "Hub" - Solid entry vestibule - Views to water - No water view - More natural light - Concierge visible Improved Guest Experience Existing Condition - Lobby Proposed Operable Glass Wall - Limited views - Connect to expanded cruise spaces - Limited natural light - Provide access to atrium, light and water Creating New Connections New Waterlink Atrium - Balcony and stair connection to all three levels Creating New Connections New Waterlink Atrium Stair connection to all three levels Creating New Connections Proposed Cove Room - with operable glass walls closed to create private spaces Flexibility to create new meeting spaces Proposed Cove Room - with operable glass walls open to create event space Flexibility to create new open space Existing Condition - Harbor Dining Proposed Expanded Harbor Pre-function Area Room - Increase Capacity - Hard wall separation - Enhance flexibility - Limited flexibility - Increase natural light and views to water Dated and Dark to Flexible and Open Existing Bay Auditorium Pre-function - view towards existing Seaway Room Dated furnishings & fixed walls Proposed Bay Auditorium Pre-function - New Seaway Room with operable glass walls Flexible Open Space With Water Views
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