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Home My WebLink AboutCourt-Linn RFP TableTo: Court Linn RFP Review Committee From: Jeff Davidson, Economic Development Administrator Wendy Ford, Economic Development Coordinator Date: July 31, 2014 Re: Overview of Responses to RFP CITY OF IOWA CITY MEMORANDUM Here is a brief overview of the 6 proposals for the redevelopment of the former St. Pat's Parish Hall site at Court and Linn Streets. Project Millennium Linn and Court Court Linn Terrace Linn I Court Lofts HUB at Iowa City CA Venture Name (no promect name Image iff A� Owner Real Capital Sherman Associates, Prairie Sun Building CG Hanson, Inc. Core Campu Jorn Solutions ' owner owner Services, Mary Ellen Charlie Graves Harrington. (formerly known as Marcel Arsenault George Sherman and Louis Oliveira, NY Development Campus Acquisitions) Partner — DRW Holdings LLC Louisville, CO Minneapolis, MN Iowa City, A Iowa City, A Chicago, IL Chicago, IL Land $2,700,000 $0 $0 Fair Market Value, $4.5 Million $5 Million Purchase as informed by an 'less customary Offer appraisal factoring in prorations in cash at restrictions required closing." in project Estimated $34.9 M $66.9 M $65.7 M $56.5M They did not say, $87.7 M Project Cost however, this project is 611,000 SF and others in their portfolio range from 160,000 SF — Responses to RFP for Redevelopment of Court Linn, p.1 Project Millennium Linn and Court Court Linn Terrace Linn I Court Lofts HUB at Iowa Ci CA Venture Name (no promect name 506,000 SF and $25 million to $102.5 million. Bank Finances own Ability to structure unclear Letters of interest Letter of interest $57 M available Financing projects complex financial from Hills Bank and from BMC Harris projects UICCU Bank, PNC Real Estate letter of reference for financial capacity Gap $114,000 / yr x 15 $17 - 19 M. $17.8 M $14.1 M $0 $0 yrs. Can be filled in part by TIF request for Tax abatement of $2.5 office portion only - - $3 M, PLUS Tax 15 year 75% Increment Financing of abatement they $8M & New Markets estimated $114,000 Tax Credits per year. Market Students, staff, Market rate residential, Workforce (or hotel), Active seniors Students Students, visitors faculty, young visitors, office Students professionals Project 8 stories, 5 stories for residential 10 & 15 story mixed 12 (13?) story, 15 story Three high rise Description 186,200 SF total, rooftop deck, use including 330,000 SF Mixed use student towers. 166,200 SF community room, pool, incubator, daycare, residential for active housing for 900+ Tower 1) 117 hotel residential + patio, theater room, retail, nonprofit in 2 seniors (University- students and young suites and 3,500 SF 20,000 SF office fitness center, buildings -interesting based Retirement professionals, of retail. Included space for co- construction technique Community) with combine retail, letters of interest from working 6 stories for national (prefab?), all commercial space 20,000 SF office. E- 3 hotels. environment, 15,600 brand 146 room hotel, residential is rental. that encourages shaped building SF fitness center, learning and living wraps around Towers 2 & 3) 12,000 SF 23,000 SF flex office Court St building� 10 healthy lifestyle. All parking. 304 multi -family courtyard, hot tubs space stories. 2 levels universal design and (student) units with 3 fire pits and commercial 35,000 with smart home floors underground clubhouse. HUB. A Courtyard in back. total plus 63 units on 8 technology. parking connecting co -workspace levels residential 'Apartments for Life" al I. They would developer and workforce housing. manage the operator (52 Two levels of retail residential worldwide, 9 in US) Linn Street Building� 15 space total 22,114 Responses to RFP for Redevelopment of Court Linn, p.2 Project Millennium Linn and Court Court Linn Terrace Linn I Court Lofts HUB at Iowa Ci CA Venture Name (no promect name would manage the stories including SF Two levels of An alternative can co -work space if 14,000 SF commercial office space. include 21,000 SF desired, indicating and 72 units in twelve office space in which they'd bring some stories HQHA Units Open space where a bridge would financial interest to Phase 2 tower could connect portions of it. be built. Ll and L2. Office space Yes Yes Yes Yes Yes Yes we desire 20,000 SF 20,000 SF 33,506 SF 20,000 SF Affordable 10% in mix of 1 & 2 None proposed 63 units in Court St Minimum of 20% None proposed None proposed housing BR Building (46.7%) Residential 190 Class A rental 91 Class A market rate 63 Court 72 Linn 90 units between 430 units 304 units components units. units St. units St. units 900 — 1,800 SF 35% 1 BR Approx. 16% studio/1 BR of 600 — of 1,200 — 40% 2 BR 40% 1 BR 63% 2 BR 1,200 SF 2,500 SF 25% 3 BR 60% 2 BR 21% 3 BR Efficiency 15 at 350 SF n/a 6 1 BIR 15 -1 bath: 500 SF n/a 37 48 n/a 150 units at 475 SF 119 at 550 — 670 SF 2 BIR 120 - 2 bath 800 SF n/a 20 24 n/a 172 units at 850SF 185 at 850-955 SF 3 BIR 40 - 3 bath: 1,050 SF n/a 108 units at 1075 SF Parking 263 329 200 227 497 272 spaces on (30 of those on the site surface for office tenants) Sustainable pursue Enterprise will explore pursuing 33% site has 'green" goal of 15-20% strives to achieve will use certain LEED Qualities Green Communities LEED. 'committed to space, photovoltaic, better than Iowa LEED certification practices. 'Sticking to of LEED an efficient building." modular construction Energy code. the low parking ratio certification, on Court St. building encourages including Solar PV, pedestrian use' Low/no VOC finishes, Energy eff windows, recycled construction materials Contact Tim Fredrigill Jackie Nickolaus Tom Gourguechon Charlie Graves Tom Harrington John Diedrich person Responses to RFP for Redevelopment of Court Linn, p.3 Project Millennium Linn and Court Court Linn Terrace Linn I Court Lofts HUB at Iowa Ci CA Venture Name (no promect name Architect EVStudio, Denver, ESG architects, Mark Carlson Design Team, Rohrbach Karen Herold — HPA CO Swenson Iowa City Associates Studio K Design with Grant Brandenburg — Ware Malcomb. Contractor McComas Knutson Prairie Sun? John Calacci Evans Spileo Beal Derkenne (mentioned in Construction proposal) Manager Breadth of Company has 30 Experienced team New team New team Experienced team In 20 U.S. markets Experience other properties. doing high-rise student buildings Staff notes Have a couple of Extensive litigation Project team is new, Implementation plan High amenity level. High amenity level. lawsuits from condo financing ability reflects experience. Emphasis on A little light on project associations. unclear. Management & management and concept details, but Legal 'to be operating plan. meets submittal No cover letter. determined" — this is requirements. a newly formed group. Responses to RFP for Redevelopment of Court Linn, p.4