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CITY OF IOWA CITY
UNESCO CITY OF LITERATURE
Court and Linn Street Proposals
(redevelopment of former St. Pat's Parish Hall site)
October 2014
Project
Millennium
Linn and Court
Court Linn Terrace
Linn I Court Lofts
HUB at Iowa City
CA Venture
Name
(no project name)
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Owner
Real Capital
Sherman Associates;
Prairie Sun Building
CG Hanson, Inc.;
Core Campus, Tom
CA Ventures
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, IA
Iowa City, IA
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 -
Project
Millennium
Linn and Court
Court Linn Terrace
Linn I Court Lofts
HUB at Iowa City
CA Venture
Name
(no project 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
Rnancing
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.
$17.8M
$14.1M
$0
$0
yrs.
Can be filled in part by
TI 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'
all. 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
Project
Millennium
Linn and Court
Court Linn Terrace
Linn I Court Lofts
HUB at Iowa City
CA Venture
Name
(no project name)
would manage the
stories including
SF. Two levels of
An alternative can
co -work space 4
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.
L1 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%l 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 BR
15 -1 bath: 500 SF
n/a
37
48
n/a
150 units at 475 SF
119 at 550 — 670 SF
2 BR
120 - 2 bath: 800 SF
n/a
20
24
n/a
172 units at 850SF
185 at 850 -955 SF
3 BR
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
Project
Millennium
Linn and Court
Court Linn Terrace
Linn I Court Lofts
HUB at Iowa City
CA Venture
Name
(no protect 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
ro osal )
Manager
Breadth of
Company has 30
Experienced team
New team
Newteam
Experienced team
In 20 U.S. markets
Experience
other properties.
doing high -rise
student buildings
Staff notes
Have a couple of
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.