Creekside Village: MICA, LLC A Development Proposal for 415 W. Washington, Ann Arbor, MI MICA, LLC Sam Butler / Christine Hintz John Law / Janette Nunn BA/UP 517, Fall 06

Overview Site Analysis Risks Economic Analysis Site Design Context in the Community Key Stakeholders

Site Analysis Location: 415 W. Washington Existing structures Surrounding community Current uses Environmental status

Context in the Community Creekside Village:(krëk’sïd•vilij) n. An innovative development that values accessibility and activity by offering immense cultural amenities, affordable condominiums and practical retail services; a seamless transition space between Ann Arbor’s residential and downtown neighborhoods. Talk about the transition - inclus

» Old West Side Neighborhood Association » City of Ann Arbor Key Stakeholders » Old West Side Neighborhood Association » City of Ann Arbor Allen Creek Greenway Task Force DDA » Ann Arbor YMCA Old west side City Arts alliance Ymca Greenway Dda » Ann Arbor Arts Alliance and Art Association

Site Design Historic Buildings – Artists Space Residential Building Retail Office Greenspace

10 Artist Live / Work Units Sculpture Garden Residential Condos (15% Affordable) Bike path & Green space Studio Space Restaurant & Bakery Retail and Office

Site Design

Project Timeline Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 2007 2008 Obtain Site Plan & Zoning Approvals Acquire Land Select General Contractor Commence condo sales 2008 Rehab historic buildings Start new construction Continue with residential sales Fill retail with tenants 2009 Complete artists space Complete residential construction Finalize residential sales Operate retail as landlord 2010 Manage office and retail space Prepare for sale of development 2011 Property is stabilized and ready to sell Split proceeds of sale

Financial Strategy Affordable at all levels Balanced 15% Affordable housing 10 Artists live work/space units 56 Market rate condos @ $268k parking included Balanced Land use Revenue streams Financial structure Condominium Pricing 50 65 80 95 110 200 250 300 385 Average Condo Price Average Gross Income ($k/yr) 2005 - 2006 $268k Land Usage 14% 34% 17% 24% 11% Retail Commercial Residential Arts Green space

Financial Summary Development costs Cash flows Overall Annual Cash Flow $4,959 $324 $287 $9,279 ($10,123) ($15,000) ($10,000) ($5,000) $0 $5,000 $10,000 $15,000 YR 1 YR 2 YR 3 YR 4 YR 5 Total Cash Flow ($K)

Risks Phase I: Sales Agreement & Closing Land acquisition Environmental PUD and permits Political Financing Phase III: Stabilization Art Association and Arts Alliance funding Vacancy rates Market status Phase II: Construction Historic rehab Subcontracting Timing Costs

Whether a nearby resident, a local artist, or a downtown pedestrian… Creekside Village offers convenience, excitement, and comfort.