Residential capture rate for downtown Brunswick higher than expected

Downtown Brunswick could absorb at least 61 rental and for-sale housing units per year over the next five years, according to a new study of the city’s residential market potential.


The study, which was commissioned by the Coastal Georgia Foundation, found the annual potential for new downtown housing could be as high as 75 units. Prepared by the nationally respected firm Zimmerman/Volk Associates, the study also found that an additional 41 to 64 new housing units could be absorbed annually just outside Downtown in an area the study described as “In-Town Brunswick.”


Justin Callaway, the president of NewCIty Brunswick, said the study’s results are extremely encouraging. “We believe the key to revitalizing Brunswick is attracting new residents, so these findings couldn’t be much better news,” Callaway said. NewCIty Brunswick is the newly formed nonprofit that will support adding new housing units with creative, private sector funding.


The results of the study were shared on Nov. 13 at a meeting featuring Laurie Volk, a principal in the research firm. Interested to read the whole study? Contact Anna Hall for a copy.


The study was funded by individual stakeholders in collaboration with the foundation. Brad Piazza, of Port City Partners, said he was excited by the findings. “Zimmerman/Volk has provided, in granular detail, a meticulously constructed analysis of the future of housing downtown,” said Piazza. His firm is developing 12 loft apartment units to come online in 2021. “The appetite is there, now we need the inventory.”


Paul White, the foundation’s president, said the study more than confirmed what many Brunswick stakeholders had suspected after visiting Macon last summer. Zimmerman/Volk had estimated that Macon’s downtown housing demand was 200 units a year. “With all that Brunswick and the Golden Isles had to offer, we believed that Brunswick held rich potential for attracting new residents,” White said. “If people come, then businesses will follow.”


The research firm defined Downtown as generally encompassing the blocks between I Street to the north, George Street to the south and between Albany Street to the east and Bay Street to the west. In-Town Brunswick is bounded by L Street to the north, Glynn Avenue to the east, 1st Avenue to the south and Bay Street to the West.


Bert Roughton, who is leading the formation of Forward Brunswick, said he was encouraged by the study’s finding of substantial potential beyond Downtown. “For Brunswick to live up to its full potential, it must be about more than Downtown,” Roughton said. “While a lively regional Downtown is the lynchpin, this study provides a solid foundation to extend our vision beyond the central city.”

Other findings from the study include:
- Multi-family developments are the most appropriate form of housing for Downtown.
- Nearly half the potential new households live outside of Brunswick; the other half are households moving from one unit to another within the city.
- Most new households would comprise younger singles and childless couples, followed by empty nesters and retirees.

About Forward Brunswick
Forward Brunswick is an inclusive, broad-based collaboration of city stakeholders intended to foster economic vitality, engagement, communication and cooperation. Forward Brunswick supports the city’s residents, community leaders and business owners in the pursuit of a shared vision for prosperity.

About NewCity Brunswick
NewCity Brunswick, a 501c3 nonprofit organization founded this September, uses private capital to support residential development and redevelopment projects with creative financing tools and a revolving loan program. It also fills the gap in conventional approaches to financing such projects and provide support to local businesses and startups through training and some financial assistance. NewCity works in partnership with existing agencies, such as the Downtown Development Authority, and city and county economic development departments. www.newcitybrunswick.com

About the Coastal Georgia Foundation
The Coastal Georgia Foundation was incorporated in 2005, as a tax-exempt public charity created by and for the people of Glynn, McIntosh and Camden counties. The Foundation now has assets of approximately $20 million and has awarded over $14 million in grants, the majority to community organizations in the three-county region and beyond. The Foundation serves ordinary citizens who have the extraordinary vision for a better life for their neighbors, friends, families, and fellow coastal Georgians - today and for future generations. The Foundation seeks to be the region’s trusted source for thoughtful philanthropic counsel, sound financial management and strategic community investment. www.coastalgeorgiafoundation.org

Countdown to Year-End Giving

This is the perfect time to review your giving strategy since decisions made by December 31 can have a significant impact on your tax liability. Spending a few minutes thinking about both your charitable AND financial goals can give you an advantage in both. Here are ten ideas to help you think about year-end giving. 

10. Start Now!

There are many ways to give and you’ll want to consider which giving strategy provides the philanthropic and financial benefits that fit you best. We are happy to talk with you and/or your professional advisors (attorney, CPA, investment manager) to make the process seamless.

9. Donor Advised Funds

Donor Advised Funds (DAFS) are often the best way to both simplify your giving and amplify your tax benefit, and can be opened with a minimum of $10,000. 

8. Use Appreciated Securities

You can establish/add to any fund using cash, of course—but if you give shares of appreciated public stock or bonds that you’ve had more than a year, you will gain a tax advantage. Instead of triggering the capital gains tax, you will receive a charitable deduction based on the asset’s fair market value today, up to 30% of your adjusted gross income. You can carry the deduction forward for up to an additional five years.

7. Put Your Non-Cash Assets to Work

Do you have appreciated stock, mutual funds, private company or restricted stock, retirement assets or certain tangible personal property? Often, we can use these non-cash assets to fund your charitable giving. The key is to start now; these transactions can take longer to convert.

6. Take Advantage of the Charitable IRA Rollover

If you’re 70½ or older, you can put your Required Minimum Distribution (RMD) to work for you! You can donate up to $100,000 of your RMD to a nonprofit organization, including the Coastal Georgia Foundation. Think about establishing or adding to your fund here, or take the opportunity to support our work by making a gift to our Community Impact Fund or our Coastal Georgia Foundation Endowment Fund. Please note: RMDs are not able to be deposited into Donor Advised Funds.

5. Give the Gift of a Designated Agency Endowment Fund

There are many worthy nonprofits that struggle with resources. By establishing a Designated Agency Endowment in their name, you can be assured that Coastal Georgia Foundation will steward a specific portion of your fund assets to your named agency, along with your instructions, each year in perpetuity.

4. Start a Field of Interest Fund or an Unrestricted Fund

If you’re interested in improving Glynn, Camden or McIntosh counties, but are uncertain about which specific nonprofits to recommend, consider a Field of Interest Fund or an Unrestricted Fund. Both put the Foundation’s knowledgeable staff in charge of decision-making, either from your stated area of interest or using their discretion regarding the greatest needs/opportunities.

3. Update Your Beneficiaries

You can update the beneficiaries on your bank accounts, retirement accounts or insurance policies at any time, but it’s a good idea to review them at least annually. If you choose to, you can use this opportunity to add the Coastal Georgia Foundation or any nonprofit as a beneficiary—it’s the simplest way to leave a planned gift.

2. Think About Estate Planning

As we near the end of another year, it’s often a time of reflection about the arc of our lives. It may be a good time to think about your charitable legacy and talk to your professional advisor about your estate plans. Charitable gifts will be excluded from your taxable estate, and we can work with you and/or your professional advisors to identify what charitable vehicles might be appropriate.

1. Talk with Your Family About Your Philanthropic Values

As Andy Williams sang, “…when loved ones are near, it’s the most wonderful time of the year.” It may also be the perfect time to articulate what you value in your charitable giving. Your loved ones may know that you give generously and to whom, but they may not know why. Enlighten them! If charitable giving is important to you, share your motivation with your family members and also the fulfillment that your gifts bring. 

"Cash bad, non-cash good," says Clontz, charitable giving expert

Bryan Clontz wowed a group of over 25 professional advisors with case studies and examples of complex non cash charitable gifts he's worked on throughout his career. According to Clontz, the average American's balance sheet assets are less than 3% cash, the rest non cash. When it comes to giving, he says, "cash bad, non cash good." Charitably inclined individuals can increase their giving impact if they start to think beyond simply giving cash.

Some examples of good non cash gifts are appreciated stock, real estate, privately held company stock - and, donors could give interests in the aforementioned items, keeping the majority of their holdings. All of these creative solutions offer maximum tax advantages to the individual, and maximum charitable impact to the agency receiving the gift. 

"Your local community foundation is often better suited to receive and manage complex non cash gifts," he said. "The Communities of Coastal Georgia Foundation can do just about anything your clients and prospective donors need."

For professional advisors or donors looking to learn more about this, take a look at Bryan Clontz's free Noncash Assets book at this link. 

Watch this video for a version of Bryan's full presentation on this important topic (from the Greater New Orleans Foundation):

 

 

Register Here for Nov. 13 Housing Results Presentation

To attend the presentation on November 13, click here to register. This event is open to public and anyone interested in learning about downtown redevelopment efforts should attend.

The results of the residential market potential study of downtown Brunswick will be presented on Wednesday, November 13, 6pm at the College of Coastal Georgia. Laurie Volk of Zimmerman Volk Associates will lead the presentation. The presentation will be hosted by NewCity Brunswick and is sponsored by Forward Brunswick, the College of Coastal Georgia, and the Coastal Georgia Foundation.

“We learned about this type of data-driven housing study on our May 30 trip to Macon,” says Justin Callaway, President & CEO of NewCity Brunswick. “There, the housing study said downtown Macon could absorb ‘200 residential units per year.’ This number became a shared goal for developers, entrepreneurs, lenders and other investors in downtown Macon. We are excited to hear the results from Laurie on the thirteenth.”

Over the summer, the Coastal Georgia Foundation led discussions with business, community and local government leaders to build on efforts to improve downtown’s economy and quality of life. Together stakeholders identified housing downtown as a key element in strengthening Brunswick’s economic vitality. “Through discussions among stakeholders, it became clear that if we focus on attracting residents, businesses will follow,” Paul White, President & CEO of the Foundation, said.

Zimmerman/Volk Associates uses a proprietary target market methodology to determine the depth and breadth of the potential market derived from the housing preferences and socio-economic characteristics of households in the defined draw area, even in locations where no close comparables exist.

“The study’s findings could provide a cornerstone in the movement to reinvigorate Brunswick,” said Bert Roughton, who is helping to organize Forward Brunswick. “Understanding the demand and pace for creating new housing downtown is essential to setting priorities for the future.”


To attend the presentation on November 13, click here to register. This event is open to public and anyone interested in learning about downtown redevelopment efforts should attend.

About Forward Brunswick
Forward Brunswick is an inclusive, broad-based alliance of the city’s stakeholders intended to foster continued engagement, communication and collaboration. Forward Brunswick supports the city’s residents, community leaders and business owners in the pursuit of a shared vision for prosperity.

About NewCity Brunswick
NewCity Brunswick, a 501c3 nonprofit organization founded this September, uses private capital to support residential development and redevelopment projects with creative financing tools and a revolving loan program. It also fills the gap in conventional approaches to financing such projects and provide support to local businesses and startups through training and some financial assistance. NewCity works in partnership with existing agencies, such as the Downtown Development Authority, and city and county economic development departments. www.newcitybrunswick.com

About the Coastal Georgia Foundation
The Coastal Georgia Foundation was incorporated in 2005, as a tax-exempt public charity created by and for the people of Glynn, McIntosh and Camden counties. The Foundation now has assets nearing $20 million and has awarded over $14 million in grants, the majority to community organizations in the three-county region and beyond. The Foundation serves ordinary citizens who have the extraordinary vision for a better life for their neighbors, friends, families, and fellow coastal Georgians - today and for future generations. The Foundation seeks to be the region’s trusted source for thoughtful philanthropic counsel, sound financial management and strategic community investment. www.coastalgeorgiafoundation.org

"Special places won't protect themselves" says McMahon

Over 45 conservation funders and leaders gathered at Musgrove September 26 to hear a moving presentation from Ed McMahon, the Charles E. Fraser Chair on Sustainable Development and Environmental Policy, Urban Land Institute. Ed’s presentation focused on preserving our country’s special places and leveraging them effectively for economic development. In his presentation, he discussed home buyers seeking real estate on golf courses, not because they are golfers, but because they want the expansive natural views. He also cited that today’s workforce first looks for a quality place to live, and only then seeks employment in those places. Natural areas, trees, shade, community, walkability and outdoor amenities are all variables that people are searching for in the places they call home.

5 Key Differences: Community Foundation Fund vs. Commercial Gift Fund

What’s the difference between opening a community foundation fund versus a commercial gift fund?

The simple answer is donor-advised funds at community foundations, like the Coastal Georgia Foundation, provide philanthropists with opportunities to strengthen your community and maximize the impact of your charitable giving in ways that commercial gift funds at firms cannot.

Rich's Consumer Brands Fund and Davis Love Foundation make gifts

The Rich's Consumer Brands Charitable Fund of the Coastal Georgia Foundation, in joint effort with the Davis Love Foundation, made significant donations to support the efforts of five organizations: Boys and Girls Club of Southeast Georgia, Coastal Coalition for Children, Inc., Foster Love Ministries, Inc., Hope 1312 Collective and Marshes of Glynn Libraries.

Effort to revitalize Brunswick takes next steps forward

  An effort to revitalize Brunswick took substantial steps forward with a community meeting Sept. 24 and the formation of a new nonprofit focused on raising private capital to support bringing residents and businesses downtown.

      “We believe this will be a big day for Brunswick and the hopes and dreams everyone has to bring fresh vitality to downtown,” said Paul White, president and CEO of the Coastal Georgia Foundation.

Bringing It Home: A Panel Discussion on Downtown Brunswick, Sept. 25

In the final event of the College of Coastal Georgia Foundation's 2019 Distinguished Speakers Series event, co-hosted by the Coastal Georgia Foundation, a panel of local leaders and influencers discusses the momentum around the revitalization of downtown Brunswick, Georgia. Wednesday, September 25, 2019, 5:30pm.

Featuring:

Bert Roughton (Moderator), former senior managing editor, Atlanta Journal-Constitution;

Jeff Clark, outreach director, Safe Harbor's Street Beat;

Tres Hamilton, CEO, Coastal Georgia Area Community Action Authority;

Mathew Hill, executive director, Downtown Development Authority;

Michael Kaufman, managing member, Kaufman Development Group;

Josh Rogers, president and CEO of NewTown Macon; 

Maggie Wilkes, owner, Maggie Mae’s restaurant.

Click here to Register

Price/Blackburn Fund featured in Golden Isles Magazine

Read the latest Golden Isles Magazine feature on the Price/Blackburn Fund of the Coastal Georgia Foundation here