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Home My WebLink AboutSherman Associate.pptCollege & Gilbert Street Proposal An energizing mixed -use development in the heart of Iowa City A r ^1M r'osherman A S S O C I A T E S I� 4( Cri Presentation Overview Opportunity at the site Qualifications of the development team Sherman Associates: George Sherman Elness Swenson Graham Architects (ESG): David Graham, FAIA Project design overview Project financing Outcomes Question & answer The Opportunity Project location Proximity to employment centers, resources and landmarks Prominent corner, poised for investment Stakeholder commitment Iowa City, private developer, potential tenant (New Pioneer) Community benefit Quality housing, commercial and office space Market & economic conditions Need for market rate, non - student housing options in the core of Iowa City Bold development Development Team Sherman Associates, Inc Record of Success Over $2.5 billion in development 8,500 multifamily, townhouse and single - family homes built or rehabilitated 600,000 square feet of commercial space Two hotels Organizational Strengths Create strong public - private partnerships Assemble complex financing from a variety of sources Thoughtful design and quality construction Tangible community impact rpsherman ASSOCIATES Development Team Sherman Associates, Inc We are uniquely qualified due to the variety of our portfolio and the complexity of developments we have successfully completed Zenith Condominiums - with first floor commercial Metro Lofts I Vine Street Lofts Midtown Exchange - with first floor commercial Sheraton Hotel / Condominiums Riverside Plaza Numerous mixed -use projects Photos on following slides 1■ ■ I ` I7' 1/ l' �' ,r � r fill mod 911 9;, Zenith Condominiums B 1� I ftut IN, I 1� I' Or Metro Lofts I Vine Street Lofts LJ it r Midtown Exchange e TOP is :'•�m��mon! • C \\ m R A � I N %S At Riverside Plaza Development Team Sherman Associates, Inc Completed & stabilized residential & mixed -use projects in portfolio 6,000 Units Projects under development or completed within past 12 months 1,146 Units - $200 million Projects in pipeline expected to commence in the near future 313 Units Development Team Elness Swenson Graham Architects, Inc Award winning architecture AIA Firm Award: "Innovation in urban residential mixed use design" National practice with award winning expertise in urban, residential, mixed -use redevelopment, hospitality and city building design • Over 40,000 dwelling units designed and built over the past 40 years • Passion for quality design • Passion and experience for urban infill redevelopment exactly like College & Gilbert Street, Iowa City architects I�I�I'I t e } Ail .r, Mi. 47 ■ [7r Ic I ,� -,, y' ' /, Development Team Other Members Confluence Landscape Architects Local: Iowa City experience Park & Open Space Design The Weidt Group International energy and software consulting firm Over 1200 Energy Design Assistance projects General Contractor To be determined ■ Project Design Overview David Graham Design Principles and Public Benefits • High quality public realm steetscape and landscape improvements at Gilbert, College and Chauncey Park for vibrant pedestrian experience and enhanced public use of Chauncey Park. • Innovative, contemporary mixed use architecture to build on and strengthen the existing Iowa City urban fabric and vitality. • Transparent and Active Commercial uses along Gilbert, College and Chauncey Park to enhance the pedestrian experience. • Classic city building architectural design featuring an elegant 11 story point tower set back atop a two story commercial podium creating a comfortable and inviting street level scale. • North -South orientation of point tower to maximize solar access to Chauncey Park and Roof terrace. • Innovative residential dwelling unit design to meet the needs of a full spectrum of user groups. • Utilize existing parking resource (ramp) to efficiently support new commercial uses • Green and sustainable building practices. Seek LEED certification. 6 \b .. �� 01. I�d, ill` 104. 0, I� M i Mw � tl h . MIS a I�I �� lib I „�.. ,,aw 15 --2vn EAST COLLEGE STREET EXISTING 4 LEVEL PARKING RAMP Office Elevator Lobby STREET LEVEL PLAN um«s 2.10 7 SF I I H I ¢ � i N F o 0 o i❑ o w Mezzanine m Commercial Above O 19,066 SF 0 0 0 ' o N f 0 0 o i ❑ Loading DOCK I i ' o ❑ i o 0 - Residence 1 Lobby ,,aw 15 --2vn EAST COLLEGE STREET EXISTING 4 LEVEL PARKING RAMP Office Elevator Lobby STREET LEVEL PLAN um«s I I I I I I I I w ccW 2 F- 0 w �I NA! N �Q Z "` l� IIIIIIII IIIIIIII, Office 24,39 ] SF IIIIIIII. nnlm ,o'- "139BT EAST COLLEGE STREET 1 EXISTING 4 LEVEL PARKING RAMP 0 OFFICE WORKPLACE ENVIRONMENT I J I I I I I I I I Chauncey Swan Park I 41141141 Tr Cu p n n Rw O J O - - - 17 T - - spa EAST COLLEGE STREET EXISTING 4 LEVEL PARKING RAMP dra GREEN AMENITIES TERRACE �IIIIIIII� • • ' I , 41141141 Tr Cu p n n Rw O J O - - - 17 T - - spa EAST COLLEGE STREET EXISTING 4 LEVEL PARKING RAMP dra GREEN AMENITIES TERRACE I J I I I I i I w w x w CC W m C7 - H o Chauncey Swan Park sus "ed Area 12,156 SF 1 _ g. ,=9121M EAST COLLEGE STREET rr ►T EXISTING 4 LEVEL PARKING RAMP are L -_ . INNOVATIVE AND FLEXIBLE RESIDENTIAL LIVING (132) b ESG+ Sherman Associates Gilbert Street Redevelopment • • • esc - : 611 .OLn MOM '� r TIR' R�l11 RIO l�;�+9� I I V IN-n-- Project Financing George Sherman Uses Sources Sources and Uses Acquisition $ 175007000 Construction & Site Work 3976747773 Interim Costs 170757000 Soft Costs 171077200 Development Fee 475507000 Financing Costs 7447800 Project Reserves 174637973 Total Uses: $ 5091159746 First Mortgage $ 1970007000 TIF 576007000 Owner Equity 670507000 Grocery Store Source 475007000 City Office Source 576007000 EZ Tax Credit Equity 176077760 EZ Sales Tax Rebate 3667760 City Land Contribution 170007000 Additional Sources 673917226 Total Sources: $ 5091159746 Tax Increment Financing Residential Value Per Unit Residential Class Rollback Commercial Value Commercial Class Rollback Tax Rate Current Tax Capacity Residential Value Roll Back $1571807000 $777047123 Commercial Value Roll Back $470507000 $410507000 Total Taxes Generated Value Added less 10% Admin DCR 1.15 $115,000 50.75% 019T • =v- 0.03949917 0 Taxes Generated $3047306 Taxes Generated $1597972 $464,278 $464,278 $4177850 $3637348 Max Payment $5,676,253 Max TIF Mortgage Revenue Expenses Operating Budget Residential Income Commercial Income Parking Income Other Income Less: Vacancy Loss Administrative Maintenance Utilities Insurance Property Taxes Reserves Other Net Operating Income $ 270197600 577960 (103,878) Total Revenue: -$ 179737682 $ 2307064 1787500 821000 201000 3051000 26,400 51000 Total Expenses: $ 8467964 $ 15126,718 Outcomes Quality housing, commercial and office space Market rate non - student housing option Increased tax base Revitalization of prominent corner Expansion of prominent community co -op grocery store Spur additional development Question &Answer George Sherman — Sherman Associates Jackie Nickolaus — Sherman Associates David Graham — ESG Architects WRY ,I o i1 o 01 �I 4PRI1.,' C k d ��•. ,-N��rll� rill i �Mwm " ftaiim Q� Mixed Use Project Iowa City, Iowa Gilbert and College Streets Level Use Total GSF I Parking GSF I Commercial Office Apt GSF I NRSF I Units I Parking GSF* Level P2 parking 24,695 24,695 67 Level P1 parking 24,695 24,695 69 Level commercial* 24,570 21,175 168 1,562 Mezz office 3,484 3,484 Level 2 office 24,570 24,397 1,151 Level residential 12,156 12,156 10,614 11 Level residential 12,156 12,156 10,614 13 Levels 1 residential 12,156 1 1 12,156 1 10,614 13 Level residential 12,156 12,156 10,614 13 Level 7 residential 12,156 12,156 10,614 13 Level residential 12,156 12,156 10,614 13 Level residential 12,156 12,156 10,614 13 Level 10 residential 12,156 12,156 10,614 13 Level 11 residential 12,156 12,156 10,614 13 Level 12 residential 12,156 12,156 10,614 17 Level 13 residential 3,828 3,828 1 3,802 Total 227,402 49,390 24,659 24,565 128,101 1 109,942 132 136 *Includes 1,665 SF Loading Dock I I I I 1 I I I A B G D E F G H I t 1�1 2i 3 �YS�7i �aa"oiae "o F sr "a {ie-vF as "a }te�� 11 Slom Mach BOO st 67 Parking Spaces -11' I I 11 M'' -15 F Entry up to Pt ( -11') from adjacent parkung ramp P I I 11 I I I p o — � — _ — 4B aea Entry doom to P2 ( -21') from 5 29— parking ramp II sF I I I IIV [A W v l 5 -II Bice I Parkin Plan (P2 Similar) ESG+ Sherman Aasoclates Gilbert Street Redevelopment esc eee!eee!e ®e!ee! I I IIV [A W v l 5 -II Bice I Parkin Plan (P2 Similar) ESG+ Sherman Aasoclates Gilbert Street Redevelopment esc